Perma-Pipe International Holdings, Inc. logo

Perma-Pipe International Holdings, Inc.

PPIH

NASDAQIndustrialsIndustrial - Machinery

Previous close

$27.61

+$0.72 · +2.68%

Aug 21, 4:00 PM ET

PPIH company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

81

Deep Value

Momentum

24

Weakening

Sentiment

58

Mixed

Risk resilience

45

Elevated Risk

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Company profile

Company website

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.

Industry
Industrial - Machinery
Sector
Industrials
Headquarters
US
CEO
Saleh Sagr
Listed since
Dec 15, 1989
Employees
909

Market position

Day range

Current $27.61

52-week range

Current $27.61

Open
$27.63
Previous close
$26.89
Volume
161.03K
1.42× average
Average volume
113.13K
Average daily volume
Market cap
224.35M USD
Beta
0.59
Market reference 1
50-day average
$26.0246
+6.09% above average
200-day average
$29.3617
-5.97% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
260.54M USD
P/E (TTM)
16.05×
P/B (TTM)
2.43×
P/S (TTM)
1.05×
EV / EBITDA
7.55×
Earnings yield
7.33%
Free cash flow yield
-0.55%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
31.43%
Operating margin
12.22%
Net margin
6.47%
Return on equity
18.79%
Return on assets
7.83%
Return on invested capital
13.85%

Financial health

Debt / equity
0.6×
Current ratio
1.84×
Altman Z-score
3.24
Piotroski F-score
5 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends37%25%13%1%Gross margin, FY2021: 23.48%Gross margin, FY2022: 26.86%Gross margin, FY2023: 27.52%Gross margin, FY2024: 33.62%Gross margin, FY2025: 32.94%Operating margin, FY2021: 5.85%Operating margin, FY2022: 7.82%Operating margin, FY2023: 8.87%Operating margin, FY2024: 12.82%Operating margin, FY2025: 13.96%Net margin, FY2021: 4.38%Net margin, FY2022: 4.17%Net margin, FY2023: 6.95%Net margin, FY2024: 5.67%Net margin, FY2025: 8.08%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 23.48%. Gross margin FY2022 26.86%. Gross margin FY2023 27.52%. Gross margin FY2024 33.62%. Gross margin FY2025 32.94%. Operating margin FY2021 5.85%. Operating margin FY2022 7.82%. Operating margin FY2023 8.87%. Operating margin FY2024 12.82%. Operating margin FY2025 13.96%. Net margin FY2021 4.38%. Net margin FY2022 4.17%. Net margin FY2023 6.95%. Net margin FY2024 5.67%. Net margin FY2025 8.08%.

Income trends

Revenue

210.93M USD+33.17%

Operating income

29.45M USD+45.06%

Net income

17.04M USD+89.64%
Income trends across reported periods231.42M USD149.43M USD67.44M USD−14.55M USDRevenue, FY2021: 138.55M USDRevenue, FY2022: 142.57M USDRevenue, FY2023: 150.67M USDRevenue, FY2024: 158.38M USDRevenue, FY2025: 210.93M USDOperating income, FY2021: 8.11M USDOperating income, FY2022: 11.14M USDOperating income, FY2023: 13.36M USDOperating income, FY2024: 20.3M USDOperating income, FY2025: 29.45M USDNet income, FY2021: 6.06M USDNet income, FY2022: 5.95M USDNet income, FY2023: 10.47M USDNet income, FY2024: 8.98M USDNet income, FY2025: 17.04M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 138.55M USD. Revenue FY2022 142.57M USD. Revenue FY2023 150.67M USD. Revenue FY2024 158.38M USD. Revenue FY2025 210.93M USD. Operating income FY2021 8.11M USD. Operating income FY2022 11.14M USD. Operating income FY2023 13.36M USD. Operating income FY2024 20.3M USD. Operating income FY2025 29.45M USD. Net income FY2021 6.06M USD. Net income FY2022 5.95M USD. Net income FY2023 10.47M USD. Net income FY2024 8.98M USD. Net income FY2025 17.04M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue210.93M USD158.38M USD150.67M USD142.57M USD138.55M USD
Cost of goods sold141.44M USD105.14M USD109.21M USD104.27M USD106.02M USD
Gross profit69.49M USD53.25M USD41.46M USD38.3M USD32.53M USD
Research and development100K USD
Selling, general, and administrative40.04M USD32.95M USD28.1M USD27.16M USD24.42M USD
Operating expenses40.04M USD32.95M USD28.1M USD27.16M USD24.42M USD
Interest income298K USD284K USD163K USD124K USD90K USD
Interest expense2.12M USD2.22M USD2.43M USD2.24M USD918K USD
Depreciation and amortization4.91M USD3.63M USD3.83M USD3.65M USD4.32M USD
Operating income29.45M USD20.3M USD13.36M USD11.14M USD8.11M USD
Net income17.04M USD8.98M USD10.47M USD5.95M USD6.06M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
25%
1 beat, 3 misses, 0 met estimates
Average EPS surprise
-38.54%
4 comparable reports
Latest EPS result
0.22
Estimate 0.48 · Miss by 54.17%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.820.580.330.09Q4 '24No estimateQ2 '25No estimateQ2 '25No estimateQ3 '25No estimateQ4 '25No estimateQ2 '26BeatQ2 '26MissQ3 '26Estimate
Q4 2024, reported Dec 23, 2024: actual 0.31, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 1, 2025: actual 0.27, estimate —, surprise —, Comparison unavailable. Q2 2025, reported Jun 13, 2025: actual 0.61, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Sep 15, 2025: actual 0.1, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Dec 12, 2025: actual 0.77, estimate —, surprise —, Comparison unavailable. Q2 2026, reported Apr 16, 2026: actual 0.6, estimate 0.44, surprise +36.36%, Beat. Q2 2026, reported Jun 9, 2026: actual 0.22, estimate 0.48, surprise -54.17%, Miss. Q3 2026, reported Sep 9, 2026: actual —, estimate 0.55, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates63.59M55.43M47.28M39.12MQ4 '24No estimateQ2 '25No estimateQ2 '25No estimateQ3 '25No estimateQ4 '25BeatQ2 '26BeatQ2 '26MissQ3 '26Estimate
Q4 2024, reported Dec 23, 2024: actual 41.56M USD, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 1, 2025: actual 44.99M USD, estimate —, surprise —, Comparison unavailable. Q2 2025, reported Jun 13, 2025: actual 46.75M USD, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Sep 15, 2025: actual 47.9M USD, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Dec 12, 2025: actual 61.15M USD, estimate 55M USD, surprise +11.18%, Beat. Q2 2026, reported Apr 16, 2026: actual 55.13M USD, estimate 55M USD, surprise +0.23%, Beat. Q2 2026, reported Jun 9, 2026: actual 50.27M USD, estimate 54M USD, surprise -6.92%, Miss. Q3 2026, reported Sep 9, 2026: actual —, estimate 51.2M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$36.00

30.39% upside
Past 12 months12-month forecastHigh $36.00Average $36.00Low $36.00

Recent analyst actions

1 institution
Freedom BrokermaintainBuy

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