This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Cactus Inc. designs, manufactures, sells, and leases pressure control equipment and spoolable pipes specifically for the oil and gas industry. This equipment is essential for the upstream segment of fossil fuel operations, including well construction, completion, and production. The company's products and services are integral to the exploration and extraction of oil and gas.
As a specialized equipment provider, Cactus's business model is directly tied to the capital expenditure cycles of oil and gas producers. Its revenue is derived from enabling and supporting fossil fuel extraction activities. There is no evidence of a strategic pivot away from this core business or a material commitment to renewable energy services.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.