Zacks Investment Research·Jun 15, 2026
PPIH Stock Falls 19% as Q1 Earnings Down Y/Y on High Operating CostsStartup costs and project delays weigh on Perma-Pipe's first-quarter earnings per share, though revenues increase and backlog expands.
Perma-Pipe International Holdings, Inc.(PPIH)Earnings, Financials & Key Ratios
PPIH•NASDAQ
$25.57
12.2× P/E·Price updated Jul 6, 2026
AboutPerma-Pipe International Holdings, Inc., together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers provides and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas gathering and transmission pipelines. The company also offers liquid and powder based anti-corrosion coatings for external and internal surfaces of steel pipe, including shapes like bends, reducers, tees, and other spools/fittings that is used in pipelines for the transportation of oil and gas products and potable water. It has operations in the United States, Canada, the Middle East, Europe, India, and internationally. The company was formerly known as MFRI, Inc. and changed its name to Perma-Pipe International Holdings, Inc. in March 2017. Perma-Pipe International Holdings, Inc. was incorporated in 1993 and is headquartered in Niles, Illinois.Show more
- Revenue$211M+33.2%
- EBITDA$34M+70.1%
- Net Income$17M+89.6%
- EPS (Diluted)2.09+86.6%
- Gross Margin32.94%-2.0%
- EBITDA Margin16.29%+27.8%
- Operating Margin13.96%+8.9%
- Net Margin8.08%+42.4%
- ROE17.99%+55.3%
PPIH Price & Volume
Perma-Pipe International Holdings, Inc. (PPIH) stock price & volume — 10-year historical chart
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Project Lumpy Revenue Masks Operational Margin Volatility
Investment Thesis • Updated 2027Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Project-based revenue volatility
Key Thesis Takeaways
- Perma-Pipe International Holdings demonstrates a disciplined approach to leverage with a debt-to-equity ratio consistently below 0.50, yet the firm faces significant earnings quality challenges driven by project-based revenue cycles.
- While the company maintains gross margins above 30%, the extreme volatility in free cash flow, which swung from a 20.2% margin in 2026Q3 to -16.0% in 2026Q4, suggests that investors should remain cautious regarding the predictability of cash generation.
- Future performance remains tethered to the successful execution of large-scale infrastructure contracts, necessitating close monitoring of working capital fluctuations that frequently disrupt operating cash flow.
Verdict Logic
while the company maintains a healthy balance sheet with a debt-to-equity ratio of 0.34 as of 2027Q1, the extreme volatility in quarterly EPS, which ranged from $0.10 to $1.08, warrants a wait-and-see approach until cash flow stability improves.
PPIH Growth Metrics
Perma-Pipe International Holdings, Inc. (PPIH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years5.57%
5 Years20.02%
3 Years13.95%
TTM25.55%
Profit CAGR
10 Years-
5 Years-
3 Years42.04%
TTM11.15%
EPS CAGR
10 Years-
5 Years-
3 Years42%
TTM9.74%
Return on Capital
10 Years4.87%
5 Years16.38%
3 Years19.39%
Last Year23.67%
PPIH Recent Earnings
Perma-Pipe International Holdings, Inc. (PPIH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/12 qtrs (17%)●Beat Revenue 4/12 qtrs (80%)
Q3 2026Latest
Jun 9, 2026Metric
Actual
Est
EPS
$0.22-54.2%
$0.48
Rev
—
$54M
Q2 2026
Apr 16, 2026Metric
Actual
Est
EPS
$0.60+36.4%
$0.44
Rev
—
$55M
Q4 2025
Dec 12, 2025Metric
Actual
Est
EPS
$0.77
—
Rev
$61M+11.2%
$55M
Q4 2025
Sep 15, 2025Metric
Actual
Est
EPS
$0.10
—
Rev
—
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q3 2026Latest | Jun 9, 2026 | $0.22vs $0.48-54.2% | —vs $54M |
| Q2 2026 | Apr 16, 2026 | $0.60vs $0.44+36.4% | —vs $55M |
| Q4 2025 | Dec 12, 2025 | $0.77 | $61Mvs $55M+11.2% |
| Q4 2025 | Sep 15, 2025 | $0.10 | — |
Based on last 12 quarters of dataView full earnings history →
Latest PPIH News
Recent stock market news and headlines for Perma-Pipe International Holdings, Inc. (PPIH)
Peers Comparison
Key metrics vs top competitors for Perma-Pipe International Holdings, Inc. (PPIH)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $25.57 | $207.77M | 12.23 | 33.17% | 8.08% | 17.99% | — | |
| $29.66 | $576.39M | 14.12 | 22.39% | 6.16% | 11.72% | — | |
| $143.18 | $1.38B | 40.22 | 6.83% | 7.66% | 10.73% | — | |
| $90.20 | $4.89B | 17.97 | 18.97% | 3.31% | 15.21% | — | |
| $442.72 | $6.89B | 58.79 | 8.79% | 3.71% | 22.14% | — | |
| $17.00 | $1.14B | 15.74 | 16.47% | 8.27% | 14.83% | — |
Compare PPIH vs Peers
Perma-Pipe International Holdings, Inc. (PPIH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
PPIH SEC Filings & Documents
Perma-Pipe International Holdings, Inc. (PPIH) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Jun 9, 2026·SEC
Material company update
Apr 16, 2026·SEC
Material company update
Apr 14, 2026·SEC
10-K Annual Reports
410-Q Quarterly Reports
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PPIH Frequently Asked Questions
Perma-Pipe International Holdings, Inc. (PPIH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Perma-Pipe International Holdings, Inc.'s revenue?
Perma-Pipe International Holdings, Inc. (PPIH) reported $214.4M in revenue for fiscal year 2026. This represents a 129% increase from $93.6M in 1997.
How fast is Perma-Pipe International Holdings, Inc. growing?
Perma-Pipe International Holdings, Inc. (PPIH) grew revenue by 33.2% over the past year. This is strong growth.
Is PPIH profitable?
Yes, Perma-Pipe International Holdings, Inc. (PPIH) is profitable, generating $13.9M in net income for fiscal year 2026 (8.1% net margin).
Dividend & Returns
What is PPIH's return on equity?
Perma-Pipe International Holdings, Inc. (PPIH) has a return on equity (ROE) of 18.0%. This is reasonable for most industries.
What is Perma-Pipe International Holdings, Inc.'s free cash flow?
Perma-Pipe International Holdings, Inc. (PPIH) generated $3.8M in free cash flow for fiscal year 2026. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.