Graham vs Perma-pipe International Holdings
Graham is the larger business, with $245m of revenue in fiscal 2026 against $211m for Perma-pipe International Holdings (1.2 times as much). Perma-pipe International Holdings grew faster (33.2% against 16.9%). Perma-pipe International Holdings kept more of each dollar of sales as profit: a net margin of 8.1% against 5.1%.
| Latest fiscal year | GrahamGHM, 2026 | Perma-pipe International HoldingsPPIH, 2026 |
|---|---|---|
| Revenue | $245m | $211m |
| Revenue growth | 16.9% | 33.2% |
| Net income | $12.5m | $17.0m |
| Operating margin | — | — |
| Net margin | 5.1% | 8.1% |
| Return on equity | 9.6% | 20.9% |
| Free cash flow | −$121,000 | −$1.3m |
| Cash | $6.6m | $18.7m |
| Total debt | $13.0m | $32.5m |
| Debt to equity | — | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 732 | — |
| Market value | $863m | $239m |
| Price vs our value range | — | Below our value range |
| Moat score | 27 (Weak) | 29 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |