MeritValue

Cactus, Inc.

WHDdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Cactus, Inc. earns about 37% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$438.6M1$688.4M2$1.1B3$1.13B3$1.08B3
Net income$49.6M4$110.2M5$169.2M6$185.4M6$166M6
Operating cash flow$63.8M7$117.9M8$340.3M9$316.1M9$258.4M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$010$011$012$013$013
Cash & equivalents$301.7M14$344.5M15$133.8M16$342.8M16$123.6M16
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
37% avg · 5y
FY21 41%FY22 64%FY23 30%FY24 32%FY25 18%

It earned an average 37% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001699136-24-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001699136-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-012377 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001699136-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001699136-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-012377 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001699136-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001699136-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-012377 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001699136-23-000017 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001699136-24-000007 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001699136-25-000014 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001628280-26-012377 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001699136-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001699136-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001628280-26-012377 (CashAndCashEquivalentsAtCarryingValue)