Cactus Business Summary

Cactus, Inc. (WHD) operates a high-margin business model centered on the design, manufacture, and sale of engineered wellhead and pressure control equipment, alongside spoolable pipe technologies. The company generates approximately 75% of its revenue from product sales, with the remainder derived from equipment rentals (9%) and specialized field services (16%). Its operations are organized into three primary segments: Pressure Control, which provides high-spec wellhead systems under the Cactus Wellhead brand; Spoolable Technologies, following the 2023 acquisition of FlexSteel; and Cactus International, a joint venture with Baker Hughes (Cactus holds a 65% stake) that integrated Baker Hughes' Surface Pressure Control business as of January 1, 2026. Cactus competes directly with industry giants such as Halliburton (HAL), NOV Inc. (NOV), and Patterson-UTI Energy (PTEN), maintaining a dominant market position with roughly 40% share in core U.S. product lines by focusing on high-efficiency pad drilling applications. The company was founded by the Bender family, who previously built and sold Wood Group Pressure Control. The current leadership team is led by Scott Bender, who has served as CEO and Chairman since 2011, and Joel Bender, a co-founder who serves as President and Director. Other key executives include Steven Bender as Chief Operating Officer, Jay Nutt as Executive Vice President and CFO, and Stephen Tadlock, who was appointed CEO of the Cactus International joint venture in early 2026 while continuing to lead the Spoolable Technologies segment. Cactus is backed by significant institutional investors, including BlackRock, Vanguard, and FMR LLC, and its board features seasoned industry veterans such as Lead Independent Director Gary Rosenthal and former Cadent Energy partner Bruce Rothstein.