Latest Ratios: P/E Ratio 21.6x · EV/EBITDA 9.3x · ROE 12.3%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $3.2B | $4.7B | $3.6B | $3.8B | $2.9B | $2.0B | $2.6B | $896M | — | — |
| Enterprise Value | $3.1B | $2.7B | $4.4B | $3.5B | $3.5B | $2.6B | $1.7B | $2.4B | $841M | — | — |
| P/E Ratio → | 21.56 | 18.95 | 21.07 | 17.67 | 27.92 | 45.94 | 36.21 | 16.58 | 13.71 | — | — |
| P/S Ratio | 3.34 | 2.92 | 4.13 | 3.29 | 5.57 | 6.62 | 5.65 | 4.12 | 1.65 | — | — |
| P/B Ratio | 2.50 | 2.20 | 3.69 | 3.39 | 5.40 | 4.88 | 3.57 | 5.01 | 1.64 | — | — |
| P/FCF | 16.61 | 14.51 | 16.84 | 12.17 | 42.82 | 58.25 | 16.55 | 17.25 | 9.23 | — | — |
| P/OCF | 14.09 | 12.31 | 14.75 | 10.60 | 32.55 | 45.51 | 13.73 | 12.34 | 5.36 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.50 | 3.86 | 3.20 | 5.12 | 6.00 | 4.90 | 3.85 | 1.55 | — | — |
| EV / EBITDA | 9.29 | 7.95 | 12.46 | 10.67 | 16.89 | 23.57 | 15.45 | 10.91 | 4.05 | — | — |
| EV / EBIT | 12.57 | 10.17 | 14.47 | 13.14 | 19.88 | 34.66 | 24.00 | 12.78 | 4.85 | — | — |
| EV / FCF | — | 12.41 | 15.75 | 11.86 | 39.37 | 52.86 | 14.36 | 16.15 | 8.66 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.6% | 54.6% | 38.6% | 37.0% | 35.2% | 27.7% | 32.0% | 37.4% | 40.1% | 34.0% | 19.2% |
| Operating Margin | 23.2% | 23.2% | 25.6% | 24.1% | 25.4% | 17.2% | 20.1% | 29.1% | 32.7% | 26.0% | 6.8% |
| Net Profit Margin | 15.4% | 15.4% | 16.4% | 15.4% | 16.0% | 11.3% | 9.9% | 13.6% | 12.0% | 19.5% | -5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.3% | 12.3% | 15.9% | 19.1% | 16.9% | 8.7% | 6.5% | 16.1% | 25.6% | — | — |
| ROA | 9.2% | 9.2% | 11.4% | 12.8% | 10.5% | 5.5% | 4.2% | 12.1% | 15.4% | 30.8% | -4.8% |
| ROIC | 19.4% | 19.4% | 22.5% | 28.9% | 36.0% | 18.3% | 16.4% | 32.6% | 37.8% | 38.2% | 5.6% |
| ROCE | 15.3% | 15.3% | 19.9% | 22.5% | 18.5% | 9.1% | 9.3% | 29.2% | 49.1% | 50.1% | 7.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.04 | 0.05 | 0.06 | 0.05 | 0.07 | 0.03 | — | — |
| Debt / EBITDA | 0.11 | 0.11 | 0.12 | 0.12 | 0.17 | 0.30 | 0.25 | 0.17 | 0.08 | 2.29 | 7.79 |
| Net Debt / Equity | — | -0.32 | -0.24 | -0.09 | -0.43 | -0.45 | -0.47 | -0.32 | -0.10 | — | — |
| Net Debt / EBITDA | -1.35 | -1.35 | -0.86 | -0.28 | -1.48 | -2.40 | -2.36 | -0.74 | -0.26 | 2.22 | 7.51 |
| Debt / FCF | — | -2.10 | -1.09 | -0.32 | -3.45 | -5.39 | -2.19 | -1.10 | -0.56 | 94.87 | 106.18 |
| Interest Coverage | 60.94 | 60.94 | 78.86 | 26.11 | 144.50 | 67.42 | 63.12 | 124.35 | 46.60 | 4.28 | 0.63 |
Net cash position: cash ($495M) exceeds total debt ($38M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.81 | 5.81 | 4.33 | 3.17 | 5.61 | 5.60 | 8.69 | 4.55 | 3.68 | 3.10 | 3.42 |
| Quick Ratio | 4.13 | 4.13 | 3.06 | 2.00 | 4.23 | 4.31 | 6.90 | 3.31 | 2.34 | 1.88 | 1.85 |
| Cash Ratio | 3.01 | 3.01 | 1.92 | 0.76 | 2.95 | 3.26 | 5.90 | 2.22 | 0.95 | 0.14 | 0.36 |
| Asset Turnover | — | 0.58 | 0.65 | 0.72 | 0.62 | 0.45 | 0.43 | 0.75 | 0.93 | 1.28 | 0.94 |
| Inventory Turnover | 1.77 | 1.77 | 3.06 | 3.36 | 2.76 | 2.65 | 2.71 | 3.47 | 3.26 | 3.49 | 3.30 |
| Days Sales Outstanding | — | 55.64 | 61.91 | 68.34 | 73.32 | 74.24 | 46.15 | 51.03 | 61.89 | 90.05 | 76.01 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.5% | 1.7% | 0.7% | 0.8% | 0.7% | 0.7% | 0.9% | 0.2% | 3.6% | — | — |
| Payout Ratio | 32.0% | 32.0% | 18.2% | 17.8% | 24.3% | 42.7% | 49.8% | 5.0% | 48.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 5.3% | 4.7% | 5.7% | 3.6% | 2.2% | 2.8% | 6.0% | 7.3% | — | — |
| FCF Yield | 6.0% | 6.9% | 5.9% | 8.2% | 2.3% | 1.7% | 6.0% | 5.8% | 10.8% | — | — |
| Buyback Yield | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 1.6% | 1.9% | 0.9% | 1.0% | 0.8% | 0.8% | 0.9% | 0.2% | 3.6% | — | — |
| Shares Outstanding | — | $69M | $80M | $79M | $76M | $76M | $75M | $75M | $33M | $21M | $11M |
US Land Activity Cyclicality
According to recent market data, WHD trades at a forward P/E of 19.09, which appears to command a premium over diversified oilfield service peers, suggesting investors are pricing in the company's superior capital efficiency and its unique position within the US unconventional completion and pressure control market.
The current valuation multiple implies that the market expects WHD to maintain its competitive moat despite the ongoing consolidation among E&P operators. While the PEG ratio of 0.79 suggests potential undervaluation relative to growth, investors should monitor whether the softening rig count forces a downward revision of these expectations.
Based on reported figures, WHD has demonstrated a robust ROIC trend, peaking at 24.4% in 2026Q1, which significantly outperforms the broader oilfield services sector and indicates that the company's vertically integrated supply chain and high-touch service model are effectively compounding capital despite recent market volatility.
The ability to sustain high returns on invested capital during a period of revenue contraction suggests that the company's asset-light manufacturing model is highly effective. However, the recent divergence between ROIC and net margins warrants caution, as it may imply that non-operating factors are currently inflating the efficiency metrics.
As reported in financial statements, the company's cash conversion cycle has fluctuated significantly, reaching 167 days in 2026Q1, which highlights the inherent challenges in managing inventory for specialized wellhead components amidst a shifting demand environment for US onshore drilling and completion services.
The sharp increase in days inventory outstanding suggests that the company may be holding excess stock in anticipation of future activity that has yet to materialize. This buildup of working capital could become a drag on free cash flow if the current slowdown in the US rig count persists.
Based on reported figures, WHD maintains a negligible debt-to-equity ratio of 0.03%, a position that provides the company with significant financial flexibility and insulation against the high-interest-rate environment that continues to constrain the capital expenditure budgets of many of its E&P customers.
This lack of leverage is a structural advantage that allows the company to pursue inorganic growth opportunities, such as the FlexSteel acquisition, without the burden of debt service. Investors should view this as a primary risk-mitigation factor in an otherwise highly cyclical and volatile industry.
According to institutional analysis, the P/E ratio is frequently misapplied to WHD, as it fails to account for the significant non-cash amortization resulting from the FlexSteel acquisition, which obscures the company's true cash-generating capacity and its underlying operational performance in the pressure control segment.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the company's ability to convert earnings into cash. Relying solely on GAAP earnings may lead to an inaccurate assessment of the company's valuation, particularly given the high-margin, recurring nature of its rental and service-based revenue streams.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying WHD stock.
Cactus, Inc.'s current P/E ratio is 21.6x. The historical average is 24.8x. This places it at the 63th percentile of its historical range.
Cactus, Inc.'s current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
Cactus, Inc.'s return on equity (ROE) is 12.3%. The historical average is 15.1%.
Based on historical data, Cactus, Inc. is trading at a P/E of 21.6x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cactus, Inc.'s current dividend yield is 1.48% with a payout ratio of 32.0%.
Cactus, Inc. has 54.6% gross margin and 23.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cactus, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.