Cactus, Inc. (NYSE: WHD)

Cactus Inc. designs manufactures sells and rents highly engineered pressure control and spoolable pipe technologies for the oil and gas industry. The company focuses on onshore unconventional wells providing equipment used during drilling completion and production phases. It also offers field services and repair and refurbishment support for its products. The company maintains service centers and pipe yards in key regions to support its product lines. Its manufacturing footprint includes facilities in Louisiana Texas China and Vietnam.

Revenue comes from three sources product sales equipment rentals and field service and other activities. In 2025 product sales accounted for 76% of total revenue rentals for 8% and field service and other for 16%. The company serves a diverse set of oil and gas operators in the United States Canada Australia and select international markets. Product sales are driven by new well drilling and completion activity while rental revenue follows the pace of well completions and workover operations. Field service revenue is closely tied to both product sales and equipment rental as most items require installation or maintenance support.

The company operates through the following segments:.

• Pressure Control: This segment designs manufactures sells and rents wellhead and pressure control equipment under the Cactus Wellhead brand. It provides field services for installation maintenance and handling of equipment and serves customers mainly in onshore unconventional oil and gas wells. The segment also offers repair and refurbishment services to extend the life of its hardware.

• Spoolable Technologies: This segment designs manufactures and sells spoolable pipe and associated end fittings under the FlexSteel brand. It also offers field services and rental items to support installation of its products which are used as production gathering and takeaway pipelines for oil gas or other liquids. The segment focuses on delivering corrosion resistant and lightweight solutions for midstream and downstream applications.

Cactus Inc. is a leading supplier of wellhead equipment in the United States and holds a notable share of the spoolable pipe market. In the Pressure Control segment it competes with Vault divisions of SLB and TechnipFMC and many other firms. In the Spoolable Technologies segment it faces competition from companies such as Baker Hughes Mattr NOV and traditional pipe producers like Tenaris and Vallourec. The company differentiates itself through product performance safety reliability and timely delivery. Its integrated approach to design manufacturing and field service helps customers reduce project timelines and operating costs.

The company serves more than 300 customers including private operators publicly traded independents and major integrated oil and gas companies operating in key U. S. basins as well as in Australia Canada the Middle East and other international regions. Its client base spans exploration and production companies service firms and midstream operators. Long term relationships with major producers contribute to repeat business and stable demand. The company also works with national oil companies and independent contractors in various global markets.