Cactus makes and sells highly engineered equipment used in onshore oil and gas drilling, completion, and production operations. The company operates two business segments. Pressure Control (roughly 64% of FY25 revenue) designs, manufactures, sells, and rents wellhead systems, production trees, and frac trees — equipment required on every new well drilled and completed. Because each new well needs a wellhead and each hydraulic fracturing job requires a frac tree rental, Cactus's revenue is driven by well counts rather than rig counts. Field services (installation, maintenance, repair) are bundled with nearly all product and rental sales. In January 2026, Cactus expanded internationally by acquiring Baker Hughes' former Surface Pressure Control business (now Cactus International), which is heavily focused on the Middle East and had a backlog of roughly $550M at end of 2025. Spoolable Technologies (roughly 36% of FY25 revenue) makes spoolable reinforced pipe under the FlexSteel brand, used to move oil, gas, or liquids from the wellhead. FlexSteel pipe deploys faster than traditional steel pipe, helping customers bring new wells online quicker. Cactus's business model relies on product sales (~76% of revenue), rentals (~8%), and field services (~16%). A key operational feature is a deliberately variable cost structure, allowing Cactus to flex costs quickly when activity declines. Pressure Control manufacturing spans Louisiana, China, and a new Vietnam facility being ramped to reduce tariff exposure on U.S.-bound product. FlexSteel manufactures entirely domestically in Baytown, Texas, insulating it from import tariffs.