WHD // Cactus Inc.

DES <GO> NYSE CIK 0001699136 ↗

Consumer Discretionary • Oil and Gas Field Machinery

$65.49 ▲ +1.15 (+1.79%)

MKT CAP: $5.25B • VOL: 1.23M

52W L $39 52W H $74

ALTMAN Z

9.22 SAFE

PIOTROSKI

7 / 9

WHD // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 65/100 [C] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

65 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

16 / 20

STRONG

FCF -20.9% vs NI -10.5% • ROIC-WACC +5.9% • Z 9.22

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON WHD)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 85/100 Z-SCORE: +2.65σ

WHD Accounting Gap: Net Income (-10.5%) Outpaced OCF (-18.3%) With +97% Working-Capital Build

CASH CONVERSION GAP

+7.8% (NI vs OCF)

RECEIVABLES / WC BLOAT

+97.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Cactus Inc. (WHD) exposes a +7.8% Cash Conversion Gap as YoY Net Income growth (-10.5%) diverged from Operating Cash Flow growth (-18.3%). Non-cash current assets and receivables expanded +97.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

WHD // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +17.91%▲ ASCENDING CHANNEL

2026-10-30O $65.10H $66.12L $63.88C $65.70VOL 753.9K

RES: $82.52SUP: $60.42SMA50: $65.86SMA200: $58.36

WHD // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 47/100

BEAR 0

100 BULL

Cactus Inc. (WHD) exhibits 37.0% gross margins and 15.4% return on invested capital within Consumer Discretionary (Oil and Gas Field Machinery), balanced against a 18.2x enterprise multiple and 7.0% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 37.0% gross profitability converts into 23.2% operating margin and 15.4% ROIC, outpacing sector cost of capital.

ROIC: 15.4% // GM: 37.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -4.5% paired with 4.00% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -4.5% // FCF YLD: 4.00%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 9.22 and Piotroski F-Score of 7/9 indicate low near-term refinancing stress.

ALTMAN Z: 9.22 // F-SCORE: 7/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 31.6x trailing P/E (29.4x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 31.6x // EV/EBITDA: 18.2x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.0% implied move with a 0.85 put/call ratio around $64.00 max pain.

IMPL MOVE: ±7.0% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Oil and Gas Field Machinery require continuous execution to defend 15.4% net margins.

NET MARGIN: 15.4% // D/E: 0.15x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 29.4x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.03).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 31.6x

FORWARD P/E 29.4x

EV / EBITDA 18.2x

FCF YIELD 4.00%

GROSS MARGIN 37.0%

OPERATING MARGIN 23.2%

NET MARGIN 15.4%

ROIC % 15.4%

REV GROWTH YOY -4.5%

DILUTED EPS TTM $2.07

DEBT / EQUITY 0.15x

DIVIDEND YIELD 0.71%

RSI-14 MOMENTUM 55.0

5Y EQUITY BETA 1.03

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // WHDPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $59.93

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for WHD & activate live FRED threshold breach alerts.

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