Perma-Pipe International Holdings, Inc.
PPIH· Nasdaq· Industrial & Commercial Fans & Blowers & Air Purifing Equip
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- -0.6%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +20.0%
We record prices for the companies we cover; PPIH is not one of them yet.
Company statistics
Profile · FY2026
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 8.1M
- Revenue
- $210.9M
- Free cash flow
- -$1.3M
- Owner earnings
- -$3.8M
Valuation · FY2026
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2026
- Gross
- 32.9%
- Operating
- 14.0%
- Net
- 8.1%
- Free cash flow
- -0.6%
- Owner earnings
- -1.8%
- Stock pay
- 1.2%
Returns
- ROIC, FY2026
- 29.1%
- ROIC, 5 yr avg
- –
- ROE, FY2026
- 18.8%
- ROE, 5 yr avg
- 13.7%
Growth (CAGR)
- Revenue, 3 yr
- 13.9%
- Revenue, 5 yr
- 20.0%
- Revenue, 9 yr
- 8.8%
- Diluted EPS, 3 yr
- 42.0%
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- –
Financial health · FY2026
- Cash and investments
- $18.7M
- Total debt
- $4.2M
- Net cash
- $14.6M
- Debt/Equity
- 0.0x
- Debt/FCF
- –
Shareholder returns · FY2026
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 0.1%
Financials: ten years from the 10-Ks
Revenue
$210.9M
+8.8% a year over 9 years
FY2017FY2026
Margins
Gross32.9%Operating14.0%Net8.1%
FY2026
FY2017FY2026
Free cash flow and owner earnings
Free cash flow-$1.3MOwner earnings-$3.8M
FY2026
FY2017FY2026
Diluted shares
8.1M
+8.8% over 9 years, net dilution
FY2017FY2026
Return on invested capital
29.1%
FY2026
FY2017FY2026
Net cash
$14.6M
$14.6M more cash than debt
FY2017FY2026
Every figure, year by year
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $98.8M | $105.2M | $129.0M | $127.7M | $84.7M | $138.6M | $142.6M | $150.7M | $158.4M | $210.9M |
| Revenue growth | -19.4% | 6.5% | 22.5% | -1.0% | -33.7% | 63.6% | 2.9% | 5.7% | 5.1% | 33.2% |
| Gross margin | 11.9% | 11.2% | 18.1% | 22.8% | 13.2% | 23.5% | 26.9% | 27.5% | 33.6% | 32.9% |
| Operating margin | -11.7% | -9.0% | 2.1% | 3.8% | -13.4% | 5.9% | 7.8% | 8.9% | 12.8% | 14.0% |
| Net income | -$12.5M | -$10.0M | -$550.0K | $3.6M | -$7.6M | $6.1M | $5.9M | $10.5M | $9.0M | $17.0M |
| Net margin | -12.6% | -9.5% | -0.4% | 2.8% | -9.0% | 4.4% | 4.2% | 6.9% | 5.7% | 8.1% |
| Diluted EPS | – | – | $-0.07 | $0.42 | $-0.94 | $0.72 | $0.73 | $1.30 | $1.12 | $2.09 |
| Return on invested capital? | – | – | – | 5.0% | – | 8.9% | 8.9% | – | 18.3% | 29.1% |
| Cash | ||||||||||
| Operating cash flow | -$5.5M | -$1.8M | $5.0M | $4.1M | $165.0K | -$2.6M | -$1.2M | $14.7M | $13.9M | $9.2M |
| Capital expenditure | $2.3M | $2.5M | $1.4M | $1.9M | $2.0M | $2.3M | $7.0M | $11.1M | $2.9M | $10.4M |
| Free cash flow | -$7.7M | -$4.4M | $3.6M | $2.2M | -$1.8M | -$4.8M | -$8.2M | $3.6M | $11.1M | -$1.3M |
| Stock-based compensation | $1.4M | $1.4M | $1.2M | $1.0M | $1.0M | $1.1M | $1.0M | $913.0K | $860.0K | $2.5M |
| Owner earnings? | -$9.2M | -$5.8M | $2.5M | $1.2M | -$2.8M | -$5.9M | -$9.2M | $2.7M | $10.2M | -$3.8M |
| Free cash flow per share | $-1.03 | $-0.57 | $0.46 | $0.26 | $-0.22 | $-0.58 | $-1.01 | $0.45 | $1.38 | $-0.16 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | $0 | $2.0M | $69.0K | $942.0K | $0 | – |
| Diluted shares | 7.5M | 7.7M | 7.8M | 8.4M | 8.1M | 8.4M | 8.1M | 8.1M | 8.0M | 8.1M |
| Share count change? | 1.6% | 2.6% | 1.7% | 7.8% | -3.5% | 3.3% | -3.3% | -0.5% | -0.7% | 1.7% |
| Balance sheet | ||||||||||
| Cash and equivalents | $7.6M | $7.1M | $10.2M | $13.4M | $7.2M | $8.2M | $5.8M | $5.8M | $15.7M | $18.7M |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | $16.2M | $23.8M | $25.8M | $26.8M | $19.8M | $19.8M | $25.6M | $23.1M | $22.2M | $4.2M |
| Net debt | $8.6M | $16.7M | $15.7M | $13.4M | $12.6M | $11.6M | $19.8M | $17.2M | $6.5M | -$14.6M |
| Shareholders' equity | $59.4M | $51.2M | $51.7M | $55.6M | $49.3M | $54.5M | $57.8M | $65.7M | $72.1M | $90.6M |
Latest filings
| 2026-09-09 | 10-Q | Quarterly report |
| 2026-09-09 | 8-K | Earnings release |
| 2026-06-09 | 10-Q | Quarterly report |
| 2026-06-09 | 8-K | Earnings release |
| 2026-05-13 | DEF 14A | Proxy statement |
| 2026-04-16 | 8-K | Earnings release |
| 2026-04-16 | 10-K | Annual report |
| 2025-12-12 | 8-K | Earnings release |
| 2025-12-12 | 10-Q | Quarterly report |
| 2025-09-15 | 8-K | Earnings release |
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