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Perma-pipe International Holdings, Inc. (PPIH) stock

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NASDAQ: PPIH Nasdaq Industrial Machinery & Supplies & Components Next results ~December 10, 2026

C Fundamentals grade

Perma-pipe International Holdings, Inc. is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$44

Cash-flow model

Base case. Range ~$33–$58 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 48% above it.

Price used: $29.84, November 2, 2026

Perma-pipe International Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds55 adding, 47 cuttingOf 23 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Perma-pipe International Holdings files

Where Perma-pipe International stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $226m, up 24.8% on a year earlier, slower than the 25.5% growth a quarter earlier. That growth ranks 4 of 56 among the industrial machinery & supplies & components companies we cover. Free-cash-flow margin rose to 6.0% from 2.6% a year earlier. The diluted share count is up 2.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $46.84 a share, against a share price of $30.32. At that price, our model says the market is pricing in about 12.6% a year of cash-flow growth for five years, faster than the 10.3% a year revenue growth it has delivered.

Source: 10-Q filed September 9, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 10, 2026 (estimated)

Perma-pipe International Holdings, Inc.'s trailing-twelve-month revenue grew 24.8% year on year, with a free-cash-flow margin of 6.0%. Where it stands out: revenue growth of 24.8% ranks 11 of 75 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$44 per share in the base case (~$33–$58 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 187.0% while net income grew 55.0%: a 132pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $29.84 is 48% below our value per share of $44.
  • Fast growth. Revenue grew 24.8% over the last 12 months, against a median of 8.3% for industrial machinery & supplies & components companies we cover.

Things to watch

  • Share dilution. Diluted shares rose 2.5% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 1.8 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.2 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 79 days ranks 52 of 65 industrial machinery & supplies & components companies we cover (median 63 days).
  • Below peers: change in growth rate. Change in growth rate of -0.8pp ranks 57 of 75 industrial machinery & supplies & components companies we cover (median +1.2pp).

Latest results: FY2027 Q2

Filed September 9, 2026
Earnings per share
$0.31 against an average estimate of $0.55: missed by 43.6%
Revenue
$60m, up 24.4% on a year earlier
Share reaction
+0.9% in the first session after the results on September 9, 2026, against -1.1% for the S&P 500
Next report
December 10, 2026

Perma-pipe International Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.4%
  • 1 week+1.8%
  • 1 month-6.7%
  • This year-2.1%
  • 1 year+7.2%
  • 5 years+241.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$226M
Operating margin
12.1%
Net margin
6.9%
EPS (TTM, diluted)
$1.90

Growth

Revenue growth
+24.8%
Change in growth rate
−0.8 pts
Share count change
+2.5%

Cash

Free cash flow (TTM)
$13.6M
FCF margin
6.0%
Stock pay % of revenue
0.6%

Earnings

Last results
September 9, 2026
Next results (est.)
December 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Perma-pipe International Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 12.2% a year of cash-flow growth for five years.That is close to the 10.3% a year revenue growth Perma-pipe International Holdings has delivered.

  • Priced in12.2%
  • Last 12 months24.8%
  • 3 years a year17.6%
  • 5 years a year10.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($29.86, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$44
Price used
$29.86close November 3, 2026
Implied change
▲ +47%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Perma-pipe International Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($9M, FY2027 Q2 TTM), growing 14.9% and 18.6% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$33–~$58 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Perma-pipe International Holdings, Inc.'s free cash flow after stock-based pay ( $9M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Perma-pipe International Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$44 ~$33–$58 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$27 ~$36–$59 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$20 ~$14–$29 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$18 ~$16–$21 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$31 ~$18–$44 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Perma-pipe International Holdings, Inc. with Industrial Machinery & Supplies & Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −17%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $13$19$26$36$49$66
8.5% $10$14$19$26$35$47
10% $7$10$15$20$27$36

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$6.40$8.75$9.05$8.74$9.03$6.09$8.85$10.15$8.03$15.19$28.88$29.71
Market value$47m$66m$70m$68m$76m$49m$74m$82m$65m$122m$235m$244m
+ Net debt (− = net cash)−$17m−$8m−$7m−$10m−$13m−$7m−$8m−$6m−$6m−$16m−$19m$4m
Enterprise value$31m$58m$62m$58m$63m$42m$66m$77m$59m$106m$217m$249m
Multiples
Price / sales 0.4x0.7x0.7x0.5x0.6x0.6x0.5x0.6x0.4x0.8x1.1x1.1x
Price / earnings ————21.3x—12.3x13.9x6.2x13.6x13.8x15.7x
Price / free cash flow ———18.9x34.7x———17.9x11.0x—17.9x
EV / EBITDA 3.5x——8.0x6.7x—5.3x5.2x3.4x4.4x6.3x7.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

29 /100

Weak moat

How hard Perma-pipe International Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.0% of total assets over 10 years.

  • Pricing power 4 / 20

    Gross margin has been a median 22.7%, moving by 7.1 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.1%; its worst year was -10.4%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 1.9% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.7% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 10, 2026, before the open. Analysts expect revenue of $64m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.52 −27% $235m +11%
Next $2.49 +64% $257m +9%

Next year's EPS estimate has moved −1.2% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −28.0% on 90 days ago. In the last 30 days, 0 analysts raised Perma-pipe International Holdings, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Perma-pipe International Holdings, Inc., last 90 days
$1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.11 Current fiscal year, 60 days ago: $2.11 Current fiscal year, 30 days ago: $2.11 Current fiscal year, 7 days ago: $2.11 Current fiscal year, Now: $1.52 $1.52 Next fiscal year, 90 days ago: $2.52 Next fiscal year, 60 days ago: $2.52 Next fiscal year, 30 days ago: $2.52 Next fiscal year, 7 days ago: $2.52 Next fiscal year, Now: $2.49 $2.49

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.11$2.52
60 days ago $2.11$2.52
30 days ago $2.11$2.52
7 days ago $2.11$2.52
Now $1.52$2.49

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.55 $0.31 −43.6%
Apr 2026 $0.48 $0.22 −54.2%
Jan 2026 $0.44 $0.60 +36.4%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Perma-pipe International Holdings, Inc.'s revenue by +14.9% next year and +18.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.8%, weight 45%) and the company's own record (+20.0%, weight 55%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering Perma-pipe International Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.1%
of tradable shares
Days to cover
6.06
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
55%
of shares
Held by insiders
5.8%
of shares
Employees
909
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +7.2%

$27.72 on October 31, 2025 to $29.71

ThenNowEffect
Revenue (last 12 months) $181m $226m +24.8%
Net margin 5.5% 6.9% +24.2%
P/E multiple 22.1x 15.7x −29.1%
Share count 8m 8m −2.4%

Biggest factor: p/e multiple.

Last 3 years +340.1%

$6.75 on November 3, 2023 to $29.71

ThenNowEffect
Revenue (last 12 months) $139m $226m +62.5%
Net margin 3.5% 6.9% +97.2%
P/E multiple 11.3x 15.7x +38.9%
Share count 8m 8m −1.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PPIH+43%+9%−16%+88%+103%−2%
Industry peers (median)+19%−15%+21%+2%+9%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PPIH67%67%50%75%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PPIH−19%−50%−45%−21%−44%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 59% from May 25, 2022 to November 13, 2023. Getting back needed a 141% gain, reached on November 20, 2024, 373 days after the low.

Price behaviour

52-week range
$23.02 – $35.29
From 52-week high
−15.8%
vs 50-day average
+0.3%
vs 200-day average
+0.6%
Volatility (1 year)
50%
Beta vs S&P 500
1.75

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±17.2%
After a week
8 up, 4 down
typical move ±17.5%
After a month
9 up, 3 down
typical move ±19.1%
Results releasedNext dayS&P 500 next day5 days21 days
September 9, 2026 +0.9% −1.1% +4.0% +7.1%
June 9, 2026 −18.0% −1.9% −14.6% −19.8%
April 16, 2026 −11.5% +1.5% −8.7% −6.6%
December 12, 2025 +10.5% −1.2% +10.1% +7.3%
September 15, 2025 −26.7% +0.4% −24.7% −17.8%
June 13, 2025 +51.6% −0.2% +61.4% +54.8%
May 1, 2025 +12.5% +2.2% +10.4% +12.7%
December 23, 2024 +21.6% +1.7% +10.9% +18.7%
September 11, 2024 +19.5% +1.9% +28.6% +33.7%
June 13, 2024 +1.6% +0.3% −0.8% +2.2%
April 26, 2024 +14.4% +1.3% +23.4% +27.6%
December 8, 2023 +17.5% +0.8% +12.8% +21.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Perma-pipe International Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Perma-pipe International Holdings, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Perma-pipe International Holdings, Inc.
$140M $160M $180M $200M $220M $240M FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $146.9M Revenue (TTM), FY24 Q4: $150.7M Revenue (TTM), FY25 Q1: $155.3M Revenue (TTM), FY25 Q2: $157.7M Revenue (TTM), FY25 Q3: $153.6M Revenue (TTM), FY25 Q4: $158.4M Revenue (TTM), FY26 Q1: $170.8M Revenue (TTM), FY26 Q2: $181.2M Revenue (TTM), FY26 Q3: $200.8M Revenue (TTM), FY26 Q4: $210.9M Revenue (TTM), FY27 Q1: $214.4M Revenue (TTM), FY27 Q2: $226.1M $226.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $146.9M
FY24 Q4 $150.7M
FY25 Q1 $155.3M
FY25 Q2 $157.7M
FY25 Q3 $153.6M
FY25 Q4 $158.4M
FY26 Q1 $170.8M
FY26 Q2 $181.2M
FY26 Q3 $200.8M
FY26 Q4 $210.9M
FY27 Q1 $214.4M
FY27 Q2 $226.1M
Revenue growth, TTM YoY Perma-pipe International Holdings, Inc.
0% 10% 20% 30% 40% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 1.2% Revenue growth, TTM YoY, FY24 Q4: 5.7% Revenue growth, TTM YoY, FY25 Q1: 10.2% Revenue growth, TTM YoY, FY25 Q2: 13.3% Revenue growth, TTM YoY, FY25 Q3: 4.5% Revenue growth, TTM YoY, FY25 Q4: 5.1% Revenue growth, TTM YoY, FY26 Q1: 10.0% Revenue growth, TTM YoY, FY26 Q2: 14.9% Revenue growth, TTM YoY, FY26 Q3: 30.7% Revenue growth, TTM YoY, FY26 Q4: 33.2% Revenue growth, TTM YoY, FY27 Q1: 25.5% Revenue growth, TTM YoY, FY27 Q2: 24.8% 24.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 1.2%
FY24 Q4 5.7%
FY25 Q1 10.2%
FY25 Q2 13.3%
FY25 Q3 4.5%
FY25 Q4 5.1%
FY26 Q1 10.0%
FY26 Q2 14.9%
FY26 Q3 30.7%
FY26 Q4 33.2%
FY27 Q1 25.5%
FY27 Q2 24.8%
Operating margin (TTM) Perma-pipe International Holdings, Inc.
8% 10% 12% 14% 16% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 8.1% Operating margin (TTM), FY24 Q4: 8.9% Operating margin (TTM), FY25 Q1: 10.6% Operating margin (TTM), FY25 Q2: 12.6% Operating margin (TTM), FY25 Q3: 12.6% Operating margin (TTM), FY25 Q4: 12.8% Operating margin (TTM), FY26 Q1: 14.7% Operating margin (TTM), FY26 Q2: 12.2% Operating margin (TTM), FY26 Q3: 13.9% Operating margin (TTM), FY26 Q4: 14.0% Operating margin (TTM), FY27 Q1: 12.2% Operating margin (TTM), FY27 Q2: 12.1% 12.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 8.1%
FY24 Q4 8.9%
FY25 Q1 10.6%
FY25 Q2 12.6%
FY25 Q3 12.6%
FY25 Q4 12.8%
FY26 Q1 14.7%
FY26 Q2 12.2%
FY26 Q3 13.9%
FY26 Q4 14.0%
FY27 Q1 12.2%
FY27 Q2 12.1%
FCF margin (TTM) Perma-pipe International Holdings, Inc.
-2% 0% 2% 4% 6% 8% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: -0.3% FCF margin (TTM), FY24 Q4: 2.4% FCF margin (TTM), FY25 Q1: 1.5% FCF margin (TTM), FY25 Q2: 5.3% FCF margin (TTM), FY25 Q3: 6.9% FCF margin (TTM), FY25 Q4: 7.0% FCF margin (TTM), FY26 Q1: 6.7% FCF margin (TTM), FY26 Q2: 2.6% FCF margin (TTM), FY26 Q3: 6.1% FCF margin (TTM), FY26 Q4: -0.6% FCF margin (TTM), FY27 Q1: 1.8% FCF margin (TTM), FY27 Q2: 6.0% 6.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 -0.3%
FY24 Q4 2.4%
FY25 Q1 1.5%
FY25 Q2 5.3%
FY25 Q3 6.9%
FY25 Q4 7.0%
FY26 Q1 6.7%
FY26 Q2 2.6%
FY26 Q3 6.1%
FY26 Q4 -0.6%
FY27 Q1 1.8%
FY27 Q2 6.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Perma-pipe International Holdings took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $211M
  2. Cost of revenue $141M · 67.1%
  3. Gross profit $69.5M · 32.9%
  4. Selling, general and admin $35.3M · 16.7%
  5. Other operating costs $4.7M · 2.3%
  6. Operating income $29.4M · 14.0%
  7. Income tax $6.8M · 3.2%
  8. Interest and other $5.6M · 2.6%
  9. Net income $17M · 8.1%

Shares of revenue. Source: Perma-pipe International Holdings's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Jan 2011 2012 Jan 2012 2013 Jan 2013 2014 Jan 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 219 233 169 227 127 123 99 105 129 128 85 139 143 151 158 211 226
Gross profit 44 36 27 52 31 27 12 12 23 29 11 33 38 41 53 69 70
EBITDA 9 1 −3 19 12 9 −6 −4 7 9 −7 12 15 17 24 34 34
Operating income 3 −5 −9 13 6 3 −12 −10 3 5 −11 8 11 13 20 29 27
Net income 4 −5 −18 21 −0 −4 −12 −10 −1 4 −8 6 6 10 9 17 16
Diluted EPS — −$0.72 −$2.67 $2.96 −$0.04 −$0.61 −$1.67 −$1.30 −$0.07 $0.42 −$0.94 $0.72 $0.73 $1.30 $1.12 $2.09 $1.90
Growth (year on year)
Revenue — +6.8% −27.7% +34.4% −44.0% −3.3% −19.4% +6.5% +22.5% −1.0% −33.7% +63.6% +2.9% +5.7% +5.1% +33.2% +24.8%
EBITDA — −94.2% — — −37.8% −25.0% −168.8% — — +27.7% −171.2% — +18.9% +16.2% +39.2% +43.6% +29.4%
Operating income — — — — −55.3% −50.8% −502.5% — — +79.3% −333.1% — +37.4% +19.9% +52.0% +45.1% +23.4%
Net income — −213.3% — — −100.9% — — — — — −313.7% — −1.9% +76.1% −14.2% +89.6% +55.0%
Diluted EPS — — — — −101.4% — — — — — −323.8% — +1.4% +78.1% −13.8% +86.6% +51.2%
Margins
Gross margin 20.3% 15.6% 16.3% 23.0% 24.2% 21.8% 11.9% 11.2% 18.1% 22.8% 13.2% 23.5% 26.9% 27.5% 33.6% 32.9% 31.1%
EBITDA margin 4.1% 0.2% −1.8% 8.3% 9.3% 7.2% −6.1% −4.3% 5.7% 7.3% −7.8% 9.0% 10.4% 11.4% 15.1% 16.3% 14.8%
Operating margin 1.3% −2.2% −5.2% 5.8% 4.6% 2.3% −11.7% −9.0% 2.1% 3.8% −13.4% 5.9% 7.8% 8.9% 12.8% 14.0% 12.1%
Net margin 2.0% −2.1% −11.0% 9.3% −0.1% −3.6% −12.6% −9.5% −0.4% 2.8% −9.0% 4.4% 4.2% 6.9% 5.7% 8.1% 6.9%
Free-cash-flow margin — −4.4% −0.0% 1.6% −1.9% −7.6% −7.8% −4.2% 2.8% 1.7% −2.1% −3.5% −5.8% 2.4% 7.0% −0.6% 6.0%
Cash flow
Cash from operations 9 −0 5 6 3 −3 −5 −2 5 4 0 −3 −1 15 14 9 24
Capital spending — 10 5 3 6 6 2 3 1 2 2 2 7 11 3 10 10
Free cash flow — −10 −0 4 −2 −9 −8 −4 4 2 −2 −5 −8 4 11 −1 14
Stock-based pay 1 1 0 0 0 0 1 1 1 1 1 1 1 1 1 3 1
Free cash flow after stock pay — −11 −0 3 −3 −10 −9 −6 2 1 −3 −6 −9 3 10 −4 12
Balance sheet
Cash 17 4 7 13 10 17 8 7 10 13 7 8 6 6 16 19 32
Total debt — — — — — — — — — — — — — — — — 36
Net debt (negative = net cash) −17 −4 −7 −13 −10 −17 −8 −7 −10 −13 −7 −8 −6 −6 −16 −19 4
Diluted shares 7m 7m 7m 7m 7m 7m 7m 8m 8m 8m 8m 8m 8m 8m 8m 8m 8m
Returned to shareholders
Buybacks — — — — — −0 — — — — 0 2 0 1 0 — —
Total returned — — — — — −0 — — — — 0 2 0 1 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · July 31, 2026
What it owns · $233m
Short-term assets $154mLonger-term assets $79m
What it owes, and who funded it · $164m
Short-term liabilities $70mShareholders' equity $93m
  • Short-term assets cover short-term liabilities $154m of assets due within a year against $70m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $32m of cash against $36m of debt.
  • Debt below 40% of shareholders' equity Debt is 39% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 9% to 39% over five years.
  • A year's operating cash flow covers at least 20% of debt $24m of operating cash flow against $36m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Perma-pipe International Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.5%
year over year
Days sales outstanding
79 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated PPIH GHM KEQU HURC TWIN ERII Median
Revenue, last 12 months $226m $261m $277m $183m $381m $121m $1.4bn
Revenue growth, last 12 months 24.8% 21.2% 5.3% −1.9% 11.9% −15.0% 8.3%
Revenue growth, 3-year average 17.6% 15.7% 8.1% −6.6% 11.2% 4.1% 4.0%
Revenue growth, latest quarter 24.4% 28.6% −6.7% 3.2% 18.3% −57.2% 9.1%
Gross margin 31.1% 23.3% 28.6% 21.4% 26.9% 64.0% 35.2%
Operating margin 12.1% 5.4% 5.4% −2.8% 3.6% 11.8% 13.1%
Operating margin, 3-year average 12.3% 5.6% 7.2% −3.0% 3.1% 13.2% 13.7%
Net margin 6.9% 4.5% 3.0% −3.6% 7.1% 12.7% 8.9%
Cash from operations / revenue 10.5% 2.1% 5.3% 4.9% 6.0% 34.2% 11.9%
Free-cash-flow margin 6.0% −2.3% 3.9% 4.6% 2.4% 32.0% 8.8%
Free-cash-flow margin, 3-year average 4.7% 0.8% 4.9% 3.7% 4.5% 23.7% 9.8%
Stock pay / revenue 0.6% 0.9% 1.3% 0.9% — 5.9% 0.8%
Change in share count 2.5% 2.0% −0.2% −0.3% 3.1% −6.6% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth 24.8% 8.3% 11 of 75
Change in growth rate Growth -0.8pp +1.2pp 57 of 75
Gross margin Profitability 31.1% 35.4% 45 of 70
Operating margin Profitability 12.1% 13.0% 41 of 75
Net margin Profitability 6.9% 8.9% 42 of 76
Free-cash-flow margin Cash generation 6.0% 9.1% 48 of 76
Stock pay as % of revenue Cash generation 0.6% 0.8% 13 of 70
Long-term debt as % of assets Balance sheet 12.9% 23.4% 13 of 59
Change in share count Balance sheet 2.5% -0.0% 58 of 73
Days sales outstanding Balance sheet 79 days 63 days 52 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Geography
Region Revenue Share YoY
United States $59.6M 28.3% ▲ 13.5%
Canada $48.1M 22.8% ▲ 46.8%
AE $47.3M 22.4% ▲ 98.2%
SA $45.4M 21.5% ▲ 20.5%
Other Geographical Area $10.5M 5.0% ▼ 9.0%

From Perma-pipe International Holdings, Inc.'s 10-K filed April 16, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$114M
Institutions reporting
81
Shares held vs prior quarter
0.0%
Positions opened / closed
31 / 30

Top buyers and sellers, Q2 2026: 55 institutions bought and 47 sold ; the biggest buyer was Blackrock, Inc (+384K shares) and the biggest seller Millennium Management LLC (−173K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Raymond James Financial Inc $15.3M 561K 13.4% ▲ 10.4%
Blackrock, Inc. $11.6M 424K 10.1% ▲ 948.3%
Dimensional Fund Advisors LP $10.5M 384K 9.2% ▼ 1.0%
Vanguard Capital Management LLC $9.3M 343K 8.2% ▲ 6.0%
Caldwell Sutter Capital, Inc. $6.3M 232K 5.5% ▼ 1.1%
Geode Capital Management, LLC $5.5M 201K 4.8% ▲ 115.6%
Wedbush Securities Inc $5.4M 197K 4.7% ▲ 0.3%
Royce & Associates LP $5.4M 197K 4.7% ▲ 50.3%
Morgan Stanley $4.7M 172K 4.1% ▲ 12.6%
Renaissance Technologies LLC $4.2M 154K 3.7% ▼ 26.2%
Meros Investment Management, LP $3.6M 132K 3.2% ▲ 112.1%
Jacobs Levy Equity Management, Inc $3.2M 117K 2.8% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Perma-pipe International Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 11, 2026 estimated from the company's past filing pattern, not announced

  • September 9, 2026
  • June 9, 2026
  • April 16, 2026
  • December 12, 2025
  • September 15, 2025
  • June 13, 2025

Recent SEC filings

Data status

When each part of this page on Perma-pipe International Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Perma-pipe International Holdings, Inc. in brief

What does Perma-pipe International Holdings, Inc. do?
Perma-pipe International Holdings, Inc. is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in January.
What is Perma-pipe International Holdings, Inc.'s stock ticker?
Perma-pipe International Holdings, Inc. trades under the ticker PPIH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Perma-pipe International Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Perma-pipe International Holdings, Inc. reported revenue of $226M, 24.8% higher than a year earlier, according to its SEC filings.
What is Perma-pipe International Holdings, Inc.'s free cash flow?
Perma-pipe International Holdings, Inc.'s free-cash-flow margin is 6.0% of revenue over the trailing twelve months, ranking 48 of the 76 industrial machinery & supplies & components companies we cover.
What is Perma-pipe International Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Perma-pipe International Holdings, Inc.'s free cash flow after stock-based pay gives ~$44 per share in the base case, and ~$33–$58 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Perma-pipe International Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Raymond James Financial Inc, Blackrock, Inc. and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Perma-pipe International Holdings, Inc.'s market cap?
On November 2, 2026, Perma-pipe International Holdings, Inc.'s market capitalisation was about $244M, with a price-to-earnings ratio of 15.7 and net debt of $4.3M. Market figures come from third-party market data and may be delayed.
How much debt does Perma-pipe International Holdings, Inc. have?
Perma-pipe International Holdings, Inc.'s debt-to-equity ratio is 38.6%, from its latest balance sheet (9.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Perma-pipe International Holdings, Inc.'s competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Perma-pipe International Holdings, Inc. are Graham Corp, Kewaunee Scientific Corp, Hurco Companies Inc, Twin Disc Inc and Energy Recovery, Inc. The side-by-side comparison below sets their revenue, margins and growth against Perma-pipe International Holdings, Inc.'s.
When is Perma-pipe International Holdings, Inc.'s next earnings date?
Around December 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Perma-pipe International Holdings, Inc. announces its own schedule.