Cactus, Inc. is entering the second half of 2026 with faster earnings growth, expanding international exposure and substantial liquidity, but its premium valuation and execution risks argue against ignoring price discipline. Second-quarter Pressure Control revenues reached $344 million, helped by the Cactus International acquisition and stronger Middle East deliveries, while Spoolable Technologies generated $105.5 million in revenues with a margin improving to 39.9%. The company received more than $80 million of incremental international Spoolable Technologies orders in July, and total international purchase orders after the quarter exceeded $130 million. As of June 30, Cactus had $365.8 million in cash and no bank debt, with second-quarter operating cash flow of $104.6 million and net capital expenditures of $15.6 million. The Zacks Consensus Estimate calls for 2026 earnings of $3.07 per share, implying 14.1% growth, and the 2027 estimate rises to $3.54, another 15.4% increase. WHD trades at 3.2 times forward 12-month sales, above the sub-industry's 1.8 times and the stock's five-year median of 3.0 times, leaving less room for disappointment if international orders, margins or domestic activity soften.
Baker Hughes Co
Schlumberger NVCactus IncStrong international orders and revenue growth in Pressure Control and Spoolable Technologies
