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WHD

Cactus, Inc.
7 filings tracked
industrialsoil gas equipmentSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Cactus, Inc. has successfully transitioned from a domestic leader to a global powerhouse in the pressure control market.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the headline revenue growth, the underlying profitability of Cactus is showing signs of stress. Operating income fell 28% year-over-year to $49.5 million, as the cost of product revenue surged by 71%, far outpacing the growth in sales.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing reveals a company in the midst of a high-stakes transformation. The acquisition of the Baker Hughes business has fundamentally changed the company's revenue profile and geographic reach, but the transition is creating significant accounting and operational friction. While the top-line growth is impressive, the disconnect between revenue and operating income suggests that integration costs and macroeconomic headwinds are currently offsetting the benefits of scale. Investors are now faced with a trade-off between the long-term potential of a globalized equipment provider and the short-term reality of margin erosion and geopolitical risk. The company's ability to maintain its fortress balance sheet while navigating a volatile Middle East landscape will be the primary determinant of whether this expansion creates sustainable shareholder value or introduces unacceptable levels of risk.

Selected Quarter

Core Takeaway

Cactus has successfully pivoted to a global model, but integration costs and geopolitical volatility are currently squeezing the bottom line.

Investor Lens

Whether the long-term synergies of the Baker Hughes deal can outweigh the immediate margin compression and regional instability.

Watch Next

Quarterly operating margins in the Pressure Control segment and updates on Middle East operational stability.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)-0.05Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 8

Acquisition of Baker Hughes surface pressure control business significantly expands global footprint.

acquisition
90%
bearishMay 8

Operating income fell 27.8% YoY despite a 38.5% increase in total revenues.

margin compression
70%
bearishMay 8

Net loss of $48.6 million attributable to common shareholders due to redeemable equity charges.

earnings miss
80%
bullishMay 8

Maintains a $150 million share repurchase authorization to support shareholder value.

buyback
40%
bullishMay 8

Acquisition of Baker Hughes surface pressure control business significantly expands global footprint.

acquisition
90%
bearishMay 8

Operating income fell 27.8% YoY despite a 38.5% increase in total revenues.

margin compression
70%
bearishMay 8

Net loss of $48.6 million attributable to common shareholders due to redeemable equity charges.

earnings miss
80%
bullishMay 8

Maintains a $150 million share repurchase authorization to support shareholder value.

buyback
40%
bullishMay 8

Acquisition of Baker Hughes surface pressure control business significantly expands global footprint.

acquisition
90%
bearishMay 8

Operating income fell 27.8% YoY despite a 38.5% increase in total revenues.

margin compression
70%
bearishMay 8

Net loss of $48.6 million attributable to common shareholders due to redeemable equity charges.

earnings miss
80%
bullishMay 8

Maintains a $150 million share repurchase authorization to support shareholder value.

buyback
40%
bullishMay 8

Acquisition of Baker Hughes surface pressure control business significantly expands global footprint.

acquisition
90%
bearishMay 8

Operating income fell 27.8% YoY despite a 38.5% increase in total revenues.

margin compression
70%
bearishMay 8

Net loss of $48.6 million attributable to common shareholders due to redeemable equity charges.

earnings miss
80%
bullishMay 8

Maintains a $150 million share repurchase authorization to support shareholder value.

buyback
40%
bullishMay 8

Acquisition of Baker Hughes surface pressure control business significantly expands global footprint.

acquisition
90%
bearishMay 8

Operating income fell 27.8% YoY despite a 38.5% increase in total revenues.

margin compression
70%
bearishMay 8

Net loss of $48.6 million attributable to common shareholders due to redeemable equity charges.

earnings miss
80%
bullishMay 8

Maintains a $150 million share repurchase authorization to support shareholder value.

buyback
40%
bullishMay 8

Acquisition of Baker Hughes surface pressure control business significantly expands global footprint.

acquisition
90%
bearishMay 8

Operating income fell 27.8% YoY despite a 38.5% increase in total revenues.

margin compression
70%
bearishMay 8

Net loss of $48.6 million attributable to common shareholders due to redeemable equity charges.

earnings miss
80%
bullishMay 8

Maintains a $150 million share repurchase authorization to support shareholder value.

buyback
40%
bullishMay 8

Acquisition of Baker Hughes surface pressure control business significantly expands global footprint.

acquisition
90%
bearishMay 8

Operating income fell 27.8% YoY despite a 38.5% increase in total revenues.

margin compression
70%
bearishMay 8

Net loss of $48.6 million attributable to common shareholders due to redeemable equity charges.

earnings miss
80%
bullishMay 8

Maintains a $150 million share repurchase authorization to support shareholder value.

buyback
40%

Filing History

10-QMay 8, 2026
Expand Sequence

The Q1 2026 filing reveals a company in the midst of a high-stakes transformation. The acquisition of the Baker Hughes business has fundamentally changed the company's revenue profile and geographic reach, but the transition is creating significant accounting and operational friction. While the top-line growth is impressive, the disconnect between revenue and operating income suggests that integration costs and macroeconomic headwinds are currently offsetting the benefits of scale. Investors are now faced with a trade-off between the long-term potential of a globalized equipment provider and the short-term reality of margin erosion and geopolitical risk. The company's ability to maintain its fortress balance sheet while navigating a volatile Middle East landscape will be the primary determinant of whether this expansion creates sustainable shareholder value or introduces unacceptable levels of risk.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.