Cactus Inc (WHD)

Operating profit margin

		Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Operating income (ttm)	US$ in thousands	277,228	264,366	234,034	197,727	193,446	174,748	152,239	121,709	94,782	75,427	58,138	49,928	41,489	70,039	97,701	132,268	174,843	183,150	190,929	195,939
Revenue (ttm)	US$ in thousands	1,136,594	1,090,876	1,013,935	910,546	774,942	692,436	630,002	560,884	499,562	438,080	377,939	322,365	280,020	349,742	420,714	521,621	623,460	625,996	625,582	615,274
Operating profit margin		24.39%	24.23%	23.08%	21.72%	24.96%	25.24%	24.16%	21.70%	18.97%	17.22%	15.38%	15.49%	14.82%	20.03%	23.22%	25.36%	28.04%	29.26%	30.52%	31.85%

March 31, 2024 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $277,228K ÷ $1,136,594K
= 24.39%

The operating profit margin of Cactus Inc has displayed fluctuations over the periods presented in the table. The trend indicates that the operating profit margin started at a high of 31.85% in June 2019, gradually declined to a low of 14.82% in March 2021, and then showed some recovery since.

Specifically, the operating profit margin was relatively stable around the mid-20s percentage range from December 2022 to June 2023, with slight variations between 24.16% and 25.24%. However, there was a drop to 21.72% in June 2023 before increasing to 24.39% in March 2024.

Overall, while the operating profit margin has exhibited some volatility, the recent uptick from the low points in 2021 is a positive sign. It indicates that the company's profitability from its core operations has improved, potentially due to cost management, revenue growth, or other strategic initiatives. Monitoring this trend over further quarters will help assess the sustainability of this positive momentum.