Perma-Pipe International Holdings, Inc. (PPIH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.55	$0.31	-43.6%	—	$59.6M	—
Q1 27	$0.48	$0.22	-54.2%	—	$50.3M	—
Q4 26	$0.44	$0.6	+36.4%	—	$55.1M	—
Q3 23	—	$0.21	—	—	$37.9M	—
Q2 23	—	$0.23	—	—	$37M	—
Q1 23	—	-$0.11	—	—	$31.2M	—
Q4 22	—	$0.36	—	—	$39.1M	—
Q3 22	—	$0.06	—	—	$35.2M	—
Q2 22	—	$0.41	—	—	$39.8M	—
Q1 22	—	-$0.1	—	—	$24.4M	—
Q4 21	—	-$0.31	—	—	$21.3M	—
Q2 21	—	$0.03	—	—	$20.4M	—
Q1 21	—	-$0.31	—	—	$22.7M	—
Q4 20	—	$0.18	—	—	$32.3M	—
Q3 20	—	-$0.02	—	—	$34.5M	—
Q2 20	—	$0.46	—	—	$36.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$2.12	—	—	$210.9M	—
FY25	—	$1.13	—	—	$158.4M	—
FY24	—	$1.31	—	—	$150.7M	—
FY23	—	$0.75	—	—	$142.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$98.8M	$105.2M	$129M	$127.7M	$84.7M	$138.6M	$142.6M	$150.7M	$158.4M	$210.9M
YoY change	-19.4%	+6.48%	+22.5%	-1.01%	-33.7%	+63.6%	+2.9%	+5.68%	+5.12%	+33.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	98.8M	105.2M	129M	127.7M	84.7M	138.6M	142.6M	150.7M	158.4M	210.9M
Cost of revenue	87.1M	93.5M	105.6M	98.6M	73.5M	106M	104.3M	109.2M	105.1M	141.4M
Gross profit	11.7M	11.7M	23.3M	29M	11.2M	32.5M	38.3M	41.5M	53.2M	69.5M
Gross margin	11.9%	11.2%	18.1%	22.8%	13.2%	23.5%	26.9%	27.5%	33.6%	32.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	23.3M	21.3M	20.6M	24.2M	22.6M	24.4M	27.2M	28.1M	32.9M	40M
Operating expenses	23.3M	21.3M	20.6M	24.2M	22.6M	24.4M	27.2M	28.1M	32.9M	40M
Operating income	-11.6M	-9.5M	2.7M	4.9M	-11.4M	8.1M	11.1M	13.4M	20.3M	29.4M
Operating margin	-11.7%	-9.04%	2.11%	3.82%	-13.4%	5.85%	7.82%	8.87%	12.8%	14%
Non-operating income, net	-1.6M	—	—	1.1M	4M	1M	533K	-1.2M	107K	-134K
Pretax income	-13.8M	-10.2M	1.6M	5M	-7.8M	8.3M	9.6M	9.9M	18.5M	27.5M
Income tax	-611K	-233K	2.1M	1.5M	-133K	2.3M	3.6M	-3.3M	5.4M	6.8M
Net income	-12.5M	-10M	-550K	3.6M	-7.6M	6.1M	5.9M	13.2M	13.1M	20.6M
Net margin	-12.6%	-9.48%	-0.43%	2.8%	-9.02%	4.38%	4.17%	8.77%	8.27%	9.79%
EBITDA	-7.5M	-4.4M	7.5M	10.6M	-2.4M	13.6M	15.4M	16.1M	24.3M	34.5M
EPS	-1.67	-1.3	-0.07	0.45	-0.94	0.75	0.75	1.31	1.13	2.12
Diluted EPS	-1.67	-1.3	-0.07	0.43	-0.94	0.72	0.73	1.3	1.12	2.09

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	45.7M	40.2M	34.3M	37.5M	41.6M	45M	46.7M	47.9M	61.1M	55.1M	50.3M	59.6M
Cost of revenue	32.5M	28.1M	23.8M	24M	27.5M	29.8M	30M	33.5M	40.1M	37.8M	35.6M	42.2M
Gross profit	13.2M	12M	10.5M	13.5M	14.1M	15.2M	16.7M	14.4M	21M	17.3M	14.6M	17.4M
Gross margin	28.9%	30%	30.6%	35.9%	33.9%	33.7%	35.8%	30.1%	34.4%	31.4%	29.1%	29.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.1M	7.5M	7.4M	7.3M	8.5M	9.7M	8.8M	11.2M	9.6M	10.4M	10M	13.2M
Operating expenses	7.1M	7.5M	7.4M	7.3M	8.5M	9.7M	8.8M	11.2M	9.6M	10.4M	10M	13.2M
Operating income	6M	4.6M	3.1M	6.1M	5.6M	5.4M	7.9M	3.2M	11.4M	7M	4.6M	4.3M
Operating margin	13.2%	11.3%	9.13%	16.4%	13.4%	12.1%	16.9%	6.65%	18.6%	12.6%	9.23%	7.14%
Non-operating income, net	-502K	-852K	-67K	-38K	-50K	263K	-47K	-21K	-6K	-62K	-110K	122K
Pretax income	4.9M	3.2M	2.6M	5.6M	5.1M	5.3M	7.4M	2.8M	10.9M	6.4M	3.9M	3.9M
Income tax	1.5M	-6.6M	770K	1.3M	1.6M	1.7M	1.6M	1.5M	3M	786K	1.3M	604K
Net income	3.4M	9.8M	1.8M	4.3M	3.5M	3.6M	5.9M	1.3M	7.9M	5.6M	2.6M	3.3M
Net margin	7.36%	24.4%	5.22%	11.4%	8.31%	7.92%	12.5%	2.63%	12.9%	10.2%	5.15%	5.48%
EBITDA	6.5M	4.9M	3.9M	7M	6.5M	6.9M	8.8M	4.1M	12.4M	9.2M	6.1M	6.1M
EPS	0.24	—	0.18	0.41	0.31	—	0.62	0.11	0.78	0.61	0.22	0.31
Diluted EPS	0.24	—	0.18	0.4	0.31	—	0.61	0.1	0.77	0.6	0.22	0.31

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	65.5M	69.5M	68.3M	72.1M	49.5M	72M	81M	64.1M	120.9M	232.4M	261.3M
Enterprise value	69.6M	78.2M	74.4M	87.8M	69.9M	98.3M	104.6M	91M	138.4M	260.5M	298.9M
Shares outstanding	7.5M	7.7M	7.8M	8M	8.1M	8.1M	8M	8M	8M	8M	8M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	—	20.2	—	11.9	13.6	4.85	9.23	11.3	16.5
P/S	0.66	0.66	0.53	0.57	0.58	0.52	0.57	0.43	0.76	1.1	1.16
P/B	1.1	1.34	1.32	1.3	1	1.32	1.4	0.89	1.45	2.19	2.81
EV/EBITDA	-9.28	-17.9	9.97	8.3	-29.3	7.24	6.77	5.63	5.69	7.55	8.92
EV/Sales	0.7	0.74	0.58	0.69	0.83	0.71	0.73	0.6	0.87	1.24	1.32
Earnings yield	—	—	—	4.96%	—	8.42%	7.34%	20.6%	10.8%	8.89%	6.04%
FCF yield	-11.8%	-6.29%	5.3%	3.03%	-3.63%	-6.72%	-10.1%	5.66%	9.15%	-0.55%	5.52%
PEG	—	—	—	—	—	—	—	—	—	—	0.09

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	11.9%	11.2%	18.1%	22.8%	13.2%	23.5%	26.9%	27.5%	33.6%	32.9%	29.2%
Operating margin	-11.7%	-9.04%	2.11%	3.82%	-13.4%	5.85%	7.82%	8.87%	12.8%	14%	7.14%
Net margin	-12.6%	-9.48%	-0.43%	2.8%	-9.02%	4.38%	4.17%	8.77%	8.27%	9.79%	6.89%
ROE	-21%	-19.3%	-1.06%	6.43%	-15.5%	11.1%	10.3%	18.4%	15.8%	19.4%	19.1%
ROA	-12.3%	-9.54%	-0.54%	3.19%	-7.44%	4.91%	4.83%	8.48%	7.92%	9.49%	8.08%
ROIC	-18.2%	-15.7%	0%	4.86%	-16.3%	7.31%	8.52%	13.5%	14.3%	16.5%	15.9%
Return on tangible assets	-12.9%	-10%	-0.56%	3.32%	-7.8%	5.11%	5.02%	8.73%	8.12%	9.69%	8.49%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.07	1.59	1.7	1.96	1.91	2.04	1.96	1.71	2.01	1.84	2.19
Quick ratio	1.58	1.16	1.37	1.52	1.48	1.68	1.62	1.44	1.71	1.61	1.92
Debt / equity	0.2	0.3	0.31	0.52	0.56	0.63	0.51	0.46	0.4	0.44	0.48
Debt / assets	0.12	0.15	0.16	0.26	0.27	0.28	0.24	0.21	0.2	0.22	0.23
Net debt / EBITDA	-0.55	-1.98	0.82	1.48	-8.56	1.94	1.53	1.67	0.72	0.82	0.63
Interest coverage	-17.5	-11.6	2.24	5.55	-11	10.1	5.26	5.07	9.3	14	11.4
Effective tax rate	0%	0%	100%	29%	0%	27.2%	37.8%	0%	29.1%	24.9%	22.7%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	13.2	13.7	16.5	16	10.4	17	17.9	18.9	19.9	26.2	27.8
EPS (basic)	-1.67	-1.3	-0.07	0.45	-0.94	0.75	0.75	1.31	1.13	2.12	2.12
EPS (diluted)	-1.67	-1.3	-0.07	0.43	-0.94	0.72	0.73	1.3	1.12	2.09	1.94
Book value per share	7.93	6.75	6.62	6.96	6.07	6.7	7.24	9.02	10.4	13.2	11.4
FCF per share	-1.03	-0.57	0.46	0.27	-0.22	-0.59	-1.03	0.45	1.39	-0.16	1.65
Cash per share	1.02	0.92	1.3	1.67	0.88	1.01	0.72	0.73	1.98	2.33	3.88
Capex per share	0.58	0	0	0	0	0	0.01	0	0	1.3	1.23

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	4.41%	0%	0%	0%	0%	0.01%	0.07%	0%	0.02%	4.95%	4.5%
Capex / operating cash flow	130.4%	0.05%	0%	0%	0.05%	-0.36%	-4.28%	0.02%	0.22%	113.9%	42.7%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$45.7M	$40.2M	$34.3M	$37.5M	$41.6M	$45M	$46.7M	$47.9M	$61.1M	$55.1M	$50.3M	$59.6M
YoY change	+20.5%	+10.3%	+15.7%	+6.75%	-9.03%	+12%	+36.2%	+27.7%	+47.1%	+22.5%	+7.53%	+24.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	7.6M	7.1M	10.2M	13.4M	7.2M	8.2M	5.8M	5.8M	15.7M	18.7M
Receivables	31.3M	32.9M	32.5M	29.4M	25.2M	44.4M	42M	46.6M	43.1M	66M
Inventory	13.6M	16.9M	12.3M	14.5M	12.2M	13.8M	14.7M	15.5M	16.6M	18.1M
Total current assets	57.8M	62.3M	63M	64.3M	53.9M	78.4M	85.7M	98.8M	108.8M	146.7M
Property, plant & equipment	58.6M	57.3M	52.7M	62.4M	40.3M	36M	31M	44.1M	43.6M	57.2M
Goodwill & intangibles	4.6M	4.8M	4.5M	4.5M	4.7M	4.7M	4.5M	4.4M	4.1M	4.4M
Total assets	101.6M	104.6M	102.2M	112.2M	102.7M	123.4M	123M	155.7M	165.2M	217.5M
Accounts payable	10.9M	14.2M	12M	9.6M	10.4M	13.6M	14.8M	25.3M	23.7M	24.5M
Short-term debt	4.5M	8M	9.5M	11.1M	8.2M	8.9M	11.5M	10.5M	10.3M	22M
Total current liabilities	28M	39.2M	37.1M	32.8M	28.3M	38.4M	43.8M	57.7M	54.1M	79.8M
Long-term debt	7.3M	7.7M	6.8M	17.9M	19.4M	25.7M	17.9M	22.3M	22.9M	24.8M
Total liabilities	42.2M	52.8M	50.5M	56.6M	53.4M	68.9M	65.2M	83.7M	82.1M	111.2M
Shareholders' equity	59.4M	51.8M	51.7M	55.6M	49.3M	54.5M	57.8M	72M	83.1M	106.3M
Total debt	11.7M	15.8M	16.3M	29M	27.6M	34.5M	29.4M	32.8M	33.3M	46.9M
Net debt	4.1M	8.7M	6.1M	15.6M	20.4M	26.3M	23.6M	26.9M	17.5M	28.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	6M	5.8M	7.7M	9.5M	13.3M	15.7M	18.8M	17.3M	27.2M	18.7M	28.3M	31.8M
Receivables	47.1M	46.6M	44.3M	39.9M	39.9M	43.1M	47M	47.2M	56.6M	66M	51.2M	48.8M
Inventory	16.1M	15.5M	15.4M	15.8M	16M	16.6M	14.5M	15.9M	19.1M	18.1M	18.4M	19.1M
Total current assets	94.7M	98.8M	99M	100.8M	104.4M	108.8M	120.7M	125.3M	151.6M	146.7M	146.4M	153.6M
Property, plant & equipment	42.2M	44.1M	44.4M	44.5M	43.1M	43.6M	44.6M	51.1M	54.3M	57.2M	61.4M	61.2M
Goodwill & intangibles	4.3M	4.4M	4.3M	4.3M	4.3M	4.1M	4.3M	4.3M	4.3M	4.4M	4.4M	4.3M
Total assets	144.2M	155.7M	157.2M	159.2M	160.7M	165.2M	178.3M	189M	217M	217.5M	221.6M	232.6M
Accounts payable	26.1M	25.3M	24.7M	21.4M	20.8M	23.7M	20.1M	23.1M	32.3M	24.5M	24.8M	35.7M
Short-term debt	14.8M	10.5M	12.3M	13.2M	12.5M	10.3M	16.5M	20.2M	18.9M	22M	13M	8.3M
Total current liabilities	57.5M	57.7M	59.4M	56.5M	53.8M	54.1M	61.8M	66.8M	86.3M	79.8M	63.4M	70.1M
Long-term debt	22.2M	22.3M	21.8M	22.3M	22.6M	22.9M	20.6M	23.8M	23.9M	24.8M	42.8M	44.7M
Total liabilities	83.1M	83.7M	84.6M	82.5M	80.6M	82.1M	88.2M	96.6M	117M	111.2M	112.9M	121.6M
Shareholders' equity	61.1M	72M	72.6M	76.6M	80.2M	83.1M	90.1M	92.4M	100M	106.3M	108.7M	111M
Total debt	36.9M	32.8M	34.1M	35.5M	35.1M	33.3M	37.1M	44M	42.8M	46.9M	55.8M	53M
Net debt	30.9M	26.9M	26.4M	26.1M	21.8M	17.5M	18.3M	26.8M	15.6M	28.1M	27.5M	21.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	-12.5M	-10M	-550K	3.6M	-7.6M	6.1M	5.9M	13.2M	13.1M	20.6M
Depreciation & amortization	5.5M	5M	4.6M	4.4M	4.7M	4.3M	3.6M	3.8M	3.6M	4.9M
Stock-based compensation	1.4M	1.4M	1.2M	1M	1M	1.1M	1M	913K	860K	2.5M
Change in working capital	8.9M	6.4M	-1.6M	-6.3M	6.9M	-13.8M	-13.2M	7.6M	-6.6M	-24.9M
Operating cash flow	3.3M	1.9M	3.8M	2.5M	4.3M	-2.5M	-2.2M	18.6M	12.5M	9.2M
Capital expenditure	4.4M	1K	0	0	2K	9K	94K	3K	27K	-10.4M
Investing cash flow	12.5M	143K	0	0	2K	9K	593K	8K	27K	-10.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	0	-2M	-69K	-942K	0	—
Financing cash flow	-62.9M	-34.2M	-61.9M	-73.5M	-47.1M	-16.2M	-86.7M	-160M	-77.3M	-77.1M
Net change in cash	-47.1M	-32.1M	-58.1M	-71M	-42.8M	-18.7M	-88.3M	-141.3M	-64.7M	-78.4M
Free cash flow	-7.7M	-4.4M	3.6M	2.2M	-1.8M	-4.8M	-8.2M	3.6M	11.1M	-1.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	3.4M	9.8M	1.8M	4.3M	3.5M	3.6M	5.9M	1.3M	7.9M	5.6M	2.6M	3.3M
Depreciation & amortization	983K	1.1M	829K	888K	970K	942K	937K	957K	984K	2M	1.6M	1.7M
Stock-based compensation	230K	227K	228K	168K	233K	231K	224K	1.5M	320K	525K	180K	233K
Change in working capital	-3.5M	8.3M	1M	-1.7M	-2.1M	-2.5M	-5.6M	-6.1M	7.7M	-22.9M	8.2M	-3.3M
Operating cash flow	1M	12.3M	3.6M	4.1M	3.4M	2.9M	1.5M	-2M	17.3M	-6.8M	6.1M	7.2M
Capital expenditure	0	3K	—	—	—	—	—	-2.6M	-4.9M	-2M	-1.3M	-2M
Investing cash flow	0	3K	—	—	—	—	—	-2.6M	-4.9M	-2M	-1.3M	-2M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-629K	-1K	—	—	0	0	—	—	—	—	—	—
Financing cash flow	-27.9M	-44M	-13.9M	-20.6M	-19.8M	-23M	-14.8M	-22.6M	-24M	-19.3M	-24.9M	-8.6M
Net change in cash	-26.9M	-31.7M	-10.2M	-16.5M	-16.4M	-20.1M	-13.3M	-27.2M	-11.6M	-28.1M	-20.1M	-3.3M
Free cash flow	2.7M	4.2M	-662K	2.2M	4.8M	4.7M	-194K	-4.6M	12.4M	-8.8M	4.9M	5.3M

Perma-Pipe International Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement