Industrials · Construction
Price
$27.67
Market Cap
$224.8M
Employees
750
Beta
0.55
Avg Volume
108,414
CEO
Saleh Sagr
Business Description
Perma-Pipe International Holdings, Inc., along with its subsidiaries, specializes in the engineering, design, manufacturing, and sale of specialized piping and leak detection solutions. Its product portfolio includes jacketed district heating and cooling pipeline systems, facilitating energy distribution from centralized power plants to diverse destinations. The company also provides primary and secondary containment piping systems, crucial for the secure transport of chemicals, hazardous liquids, and petroleum products. Additionally, Perma-Pipe undertakes the coating and insulation of oil and gas gathering and transmission pipelines. They offer liquid and powder-based anti-corrosion coatings for both the exterior and interior surfaces of steel pipes, including complex components like bends, reducers, tees, and various spools/fittings, which are utilized in pipelines for conveying oil and gas products as well as potable water. Maintaining a global presence, the company operates across the United States, Canada, the Middle East, Europe, India, and other international markets. Incorporated in 1993, the entity was formerly known as MFRI, Inc. before adopting the name Perma-Pipe International Holdings, Inc. in March 2017. Its corporate headquarters are situated in Niles, Illinois.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
13.05
Stock Price: $27.67
EPS (Diluted): 2.12
EPS (Diluted): 2.12
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.56
Stock Price: $27.67
Total Equity: $90.64M
Shares: 8,148,000
Total Equity: $90.64M
Shares: 8,148,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
7.55
Market Cap: $224.84M
Total Debt: $23.84M
Cash: $18.72M
EBITDA: $34.52M
Total Debt: $23.84M
Cash: $18.72M
EBITDA: $34.52M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$260.5M
Market Cap: $224.84M
Total Debt: $23.84M
Cash: $18.72M
Total Debt: $23.84M
Cash: $18.72M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
32.9%
Gross Profit: $69.49M
Revenue: $210.93M
Revenue: $210.93M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
14.0%
Operating Income: $29.45M
Revenue: $210.93M
Revenue: $210.93M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
8.1%
Net Income: $17.04M
Revenue: $210.93M
Revenue: $210.93M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
18.8%
Net Income: $17.04M
Total Equity: $90.64M
Total Equity: $90.64M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
23.1%
Operating Income: $29.45M
Tax Rate: 24.9%
Equity: $90.64M
Total Debt: $23.84M
Cash: $18.72M
Tax Rate: 24.9%
Equity: $90.64M
Total Debt: $23.84M
Cash: $18.72M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.84
Current Assets: $146.73M
Current Liabilities: $79.79M
Current Liabilities: $79.79M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.26
Short-Term Debt: $19.67M
Long-Term Debt: $4.17M
Total Debt: $23.84M
Total Equity: $90.64M
Long-Term Debt: $4.17M
Total Debt: $23.84M
Total Equity: $90.64M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$25.89
Revenue: $210.93M
Shares: 8,148,000
Shares: 8,148,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$11.12
Total Equity: $90.64M
Shares: 8,148,000
Shares: 8,148,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.16
Operating CF: $9.17M
CapEx: -$10.44M
Shares: 8,148,000
CapEx: -$10.44M
Shares: 8,148,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $27.67
Stock Price: $27.67
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $17.04M
Net Income: $17.04M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares PPIH against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 25, 2026 3:42pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $138.6M | $142.6M | $150.7M | $158.4M | $210.9M |
| Cost of Revenue | $106.0M | $104.3M | $109.2M | $105.1M | $141.4M |
| Gross Profit | $32.5M | $38.3M | $41.5M | $53.2M | $69.5M |
| Operating Expenses | $24.4M | $27.2M | $28.1M | $32.9M | $40.0M |
| Operating Income | $8.1M | $11.1M | $13.4M | $20.3M | $29.4M |
| Net Income | $6.1M | $5.9M | $10.5M | $9.0M | $17.0M |
| EBITDA | $13.6M | $15.4M | $16.2M | $24.0M | $34.5M |
| EPS | $0.75 | $0.75 | $1.31 | $1.13 | $2.12 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 25, 2026 3:42pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $8.2M | $5.8M | $5.8M | $15.7M | $18.7M |
| Total Current Assets | $78.4M | $85.7M | $98.8M | $108.8M | $146.7M |
| Total Assets | $123.4M | $123.0M | $155.7M | $165.2M | $217.5M |
| Current Liabilities | $38.4M | $43.8M | $57.7M | $54.1M | $79.8M |
| Long-Term Debt | $5.1M | $4.4M | $4.2M | $3.7M | $4.2M |
| Total Liabilities | $68.9M | $65.2M | $83.7M | $82.1M | $111.2M |
| Total Equity | $54.5M | $57.8M | $65.7M | $72.1M | $90.6M |
| Retained Earnings | -$2.3M | $1.6M | $12.1M | $20.1M | $37.1M |
Cash Flow (Annual)
Last updated: Jun 25, 2026 3:42pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$2.6M | -$1.2M | $14.7M | $13.9M | $9.2M |
| Capital Expenditure | -$2.3M | -$7.0M | -$11.1M | -$2.9M | -$10.4M |
| Free Cash Flow | -$4.8M | -$8.2M | $3.6M | $11.1M | -$1.3M |
| Acquisitions (net) | $9,000 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$2.2M | $-69,000 | $-942,000 | $-179,000 | $0 |
| Net Change in Cash | $1.4M | -$3.0M | $447,000 | $9.9M | $5.2M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 4:40pm (16h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$221.0M $221.0M – $221.0M
|
$242.0M $242.0M – $242.0M
|
$258.0M $258.0M – $258.0M
|
$262.0M $262.0M – $262.0M
|
| EBITDA |
$27.8M $27.8M – $27.8M
|
$30.4M $30.4M – $30.4M
|
$32.5M $32.5M – $32.5M
|
$33.0M $33.0M – $33.0M
|
| Net Income |
$17.2M $17.2M – $17.2M
|
$20.5M $20.5M – $20.5M
|
$21.7M $21.7M – $21.7M
|
$17.8M $17.8M – $17.8M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 25, 2026 3:42pm (1d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +2.9% | +5.7% | +5.1% | +33.2% |
| Gross Profit Growth | +17.7% | +8.2% | +28.4% | +30.5% |
| Operating Income Growth | +37.4% | +19.9% | +52.0% | +45.1% |
| Net Income Growth | -1.9% | +76.1% | -14.2% | +89.6% |
| EBITDA Growth | +13.8% | +4.6% | +48.8% | +43.6% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for PPIH — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30