WHD Cactus, Inc.
Price Chart
Executive Summary
Cactus amended its ABL credit facility to extend the delayed draw term loan commitment termination date from June 1, 2026 to December 31, 2026, keeping a $100 million undrawn facility available to fund the Baker Hughes acquisition. Separately, management issued an investor presentation providing Q2 2026 guidance: Pressure Control revenue up low single digits QoQ with 23%-25% Adjusted EBITDA margin, and Spoolable Technologies revenue up mid-to-high single digits QoQ with 36%-38% margin. The amendment is a routine extension that avoids a near-term maturity crunch, while the guidance suggests continued sequential growth in both segments.
Actionable Insight
The credit facility extension removes a June 1 deadline overhang on the undrawn $100M term loan, but the facility remains undrawn and no new borrowing is signaled. The Q2 guidance is consistent with prior May 7 conference call expectations — no upside surprise. Monitor Q2 results for execution on the guided margins, particularly Pressure Control's 23%-25% range which is below the corporate average.
Key Facts
- Fourth Amendment to credit agreement extended delayed draw term loan commitment termination date from June 1, 2026 to December 31, 2026
- Term loan facility is undrawn and has $100 million capacity to fund the Baker Hughes acquisition
- Q2 2026 guidance: Pressure Control revenue up low single digits QoQ, Adjusted EBITDA margin 23%-25%
- Q2 2026 guidance: Spoolable Technologies revenue up mid-to-high single digits QoQ, Adjusted EBITDA margin 36%-38%
- Corporate and Other expected Adjusted EBITDA loss of approximately $5 million in Q2 2026
- Q1 2026 annualized revenue of $1.56 billion, Adjusted EBITDA of $400 million (23% margin)
- As of March 31, 2026: $292 million cash, ~$224 million revolver availability, $100 million undrawn term loan
- Management owns approximately 13% of the business
Financial Impact
Routine credit facility extension with no new borrowing; Q2 guidance implies modest sequential revenue growth in both segments
Risk Factors
- Pressure Control margin guidance of 23%-25% is below the company's historical 33%+ average, reflecting integration of lower-margin Cactus International
- Delayed draw term loan still undrawn — any future draw for Baker Hughes deferred consideration would add leverage
- Oil & gas equipment demand is cyclical; a downturn could pressure both revenue and margins
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-039880 |
| Document: june2026investorpresenta.htm | 0001628280-26-039880 |
| Document: whd-20260529.htm | 0001628280-26-039880 |
| Document: 0001628280-26-039880-index-headers.html | 0001628280-26-039880 |
| Document: 0001628280-26-039880-index.html | 0001628280-26-039880 |
| Document: 0001628280-26-039880.txt | 0001628280-26-039880 |
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Filters
| Type | Now | ||||
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Jun 2, 2026
10d ago
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8-K
| $58.80 $58.88 | ▲ +0.14% | ▼ −0.26% | $59.10 (+0.51%) |
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May 22, 2026
21d ago
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144
| $62.26 $62.74 | ▲ +0.77% | ▲ +0.19% | $59.10 (−5.08%) |
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May 13, 2026
4w ago
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3
| $57.69 $56.82 | ▼ −1.50% | ▼ −0.28% | $59.10 (+2.44%) |
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May 12, 2026
4w ago
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144
| $57.23 $56.07 | ▼ −2.03% | ▼ −2.60% | $59.10 (+3.27%) |
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May 7, 2026
5w ago
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8-K
| $56.13 $54.14 | ▼ −3.55% | ▼ −4.38% | $59.10 (+5.29%) |
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Mar 5, 2026
14w ago
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Insider Cluster
| $50.67 $50.01 | ▼ −1.30% | ▲ +0.01% | $59.10 (+16.64%) |
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Mar 5, 2026
14w ago
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Insider Cluster
| $50.67 $50.01 | ▲ +1.30% | ▼ −0.01% | $59.10 (−16.64%) |
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Feb 26, 2026
15w ago
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8-K
| $51.43 $53.86 | ▼ −4.73% | ▼ −5.18% | $59.10 (−14.92%) |
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