Cactus, Inc. (WHD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1.6%

$63.29

vs $64.32 price

Levered DCF

$111.21

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.1

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.88×	20.92×	17.33×	27.46×	31.25×	20.86×	9.89×	13.57×
P/B	2.55×	3.62×	3.39×	5.3×	4.51×	3.51×	4.71×	2.45×
P/S	2.9×	3.43×	2.68×	4.4×	4.82×	3.55×	2.46×	1.63×
EV / EBITDA	7.57×	9.83×	8.55×	12.87×	16.5×	8.75×	6.04×	4×
Gross margin	54.6%	38.6%	37.0%	35.2%	27.7%	32.0%	37.4%	40.1%
Operating margin	23.2%	25.6%	24.1%	25.4%	17.2%	20.1%	29.1%	32.7%
Net margin	15.4%	16.4%	15.4%	16.0%	11.3%	9.9%	13.6%	12.0%
Current ratio	5.81×	4.33×	3.17×	5.61×	5.6×	8.69×	4.55×	3.68×
Debt / equity	0.03×	0.04×	0.05×	0.06×	0.07×	0.08×	0.12×	0.04×
Interest coverage	57.6×	75.74×	25.83×	142.3×	66.93×	62.15×	120.18×	47.73×
Dividend yield	1.7%	0.9%	1.0%	0.9%	1.0%	1.4%	0.3%	3.6%
Payout ratio	32.0%	18.2%	17.8%	24.3%	42.7%	49.8%	5.0%	48.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	17.3%	19.5%	19.3%	10.6%	9.8%	26.1%	18.0%
Return on invested capital	11.3%	14.3%	15.9%	14.2%	7.5%	7.6%	20.1%	30.4%
Return on assets	8.9%	10.7%	11.1%	9.8%	5.0%	4.2%	10.3%	11.2%
Free cash flow yield	6.9%	7.1%	10.1%	3.0%	2.4%	9.6%	9.7%	11.0%
Earnings yield	5.3%	4.8%	5.8%	3.6%	2.3%	2.8%	5.5%	7.4%
Enterprise value	$2.7B	$3.6B	$2.8B	$2.7B	$1.8B	$976.7M	$1.4B	$831.4M
Net debt / EBITDA	-1.29×	-0.83×	-0.28×	-1.46×	-2.4×	-2.33×	-0.72×	-0.26×
Cash conversion cycle (days)	208	143	139	166	163	150	118	127