NASDAQ : PPIH
Perma-Pipe International Holdings, Inc. — Financial statements
Industrials · Building Products & Equipment · United States
Last price 29.97 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 245.61M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Perma-Pipe International Holdings, Inc. (PPIH) reported revenue of 226.11M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 226.11M | 210.93M | 158.38M | 150.67M | 142.57M | 138.55M |
| Cost of Revenue | 155.73M | 141.44M | 105.14M | 109.21M | 104.27M | 106.02M |
| Gross Profit | 70.38M | 69.49M | 53.25M | 41.46M | 38.30M | 32.53M |
| Selling, General & Admin | 43.12M | 40.04M | 32.95M | 28.10M | 27.16M | 24.42M |
| Operating Expenses | 43.12M | 40.04M | 32.95M | 28.10M | 27.16M | 24.42M |
| Operating Income | 27.26M | 29.45M | 20.30M | 13.36M | 11.14M | 8.11M |
| Interest Expense | -2.41M | -2.12M | -2.22M | -2.43M | -2.24M | -918.00K |
| Interest & Investment Income | 298.00K | 298.00K | 284.00K | 163.00K | 124.00K | 90.00K |
| Other Non Operating Income (Expenses) | -52.00K | -134.00K | 107.00K | -1.20M | 533.00K | 1.04M |
| EBT Excluding Unusual Items | 25.10M | 27.49M | 18.47M | 9.89M | 9.56M | 8.33M |
| Pretax Income | 25.10M | 27.49M | 18.47M | 9.89M | 9.56M | 8.33M |
| Income Tax Expense | 5.71M | 6.84M | 5.38M | -3.32M | 3.61M | 2.27M |
| Earnings From Continuing Operations | 19.39M | 20.65M | 13.09M | 13.21M | 5.95M | 6.06M |
| Net Income to Company | 19.39M | 20.65M | 13.09M | 13.21M | 5.95M | 6.06M |
| Minority Interest in Earnings | -3.81M | -3.61M | -4.11M | -2.74M | ||
| Net Income | 15.58M | 17.04M | 8.98M | 10.47M | 5.95M | 6.06M |
| Net Income to Common | 15.58M | 17.04M | 8.98M | 10.47M | 5.95M | 6.06M |
| Shares Outstanding (Basic) | 8.12M | 8.05M | 7.96M | 7.98M | 7.98M | 8.11M |
| Shares Outstanding (Diluted) | 8.22M | 8.15M | 8.02M | 8.07M | 8.12M | 8.39M |
| EPS (Basic) | 1.92 | 2.12 | 1.13 | 1.31 | 0.75 | 0.75 |
| EPS (Diluted) | 1.89 | 2.09 | 1.12 | 1.30 | 0.73 | 0.72 |
| Free Cash Flow | 13.65M | -1.27M | 11.05M | 3.62M | -8.22M | -4.84M |
| Free Cash Flow Per Share | 1.66 | -0.16 | 1.38 | 0.45 | -1.01 | -0.58 |
| Gross Margin | 31.13% | 32.94% | 33.62% | 27.52% | 26.86% | 23.48% |
| Operating Margin | 12.06% | 13.96% | 12.82% | 8.87% | 7.82% | 5.85% |
| Profit Margin | 6.89% | 8.08% | 5.67% | 6.95% | 4.17% | 4.38% |
| Free Cash Flow Margin | 6.04% | -0.60% | 6.98% | 2.41% | -5.76% | -3.49% |
| EBITDA | 33.51M | 34.36M | 23.93M | 17.19M | 14.79M | 12.44M |
| EBITDA Margin | 14.82% | 16.29% | 15.11% | 11.41% | 10.37% | 8.97% |
| D&A For EBITDA | 6.25M | 4.91M | 3.63M | 3.83M | 3.65M | 4.32M |
| EBIT | 27.26M | 29.45M | 20.30M | 13.36M | 11.14M | 8.11M |
| EBIT Margin | 12.06% | 13.96% | 12.82% | 8.87% | 7.82% | 5.85% |
| Effective Tax Rate | 22.75% | 24.89% | 29.12% | 37.80% | 27.20% |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 31.78M | 18.72M | 15.72M | 5.84M | 5.77M | 8.21M |
| Cash & Short-Term Investments | 31.78M | 18.72M | 15.72M | 5.84M | 5.77M | 8.21M |
| Receivables | 92.98M | 99.49M | 65.02M | 66.34M | 56.77M | 49.41M |
| Inventory | 19.07M | 18.11M | 16.62M | 15.54M | 14.74M | 13.76M |
| Prepaid Expenses | 6.03M | 6.83M | 10.04M | 9.70M | 7.36M | 5.12M |
| Restricted Cash | 2.97M | 3.58M | 1.40M | 1.40M | 1.02M | 1.56M |
| Other Current Assets | 716.00K | 322.00K | ||||
| Total Current Assets | 153.55M | 146.73M | 108.80M | 98.82M | 85.66M | 78.39M |
| Property, Plant & Equipment | 61.15M | 57.17M | 43.56M | 44.09M | 31.05M | 35.97M |
| Goodwill | 2.13M | 2.19M | 2.06M | 2.22M | 2.23M | 2.34M |
| Long-Term Accounts Receivable | 3.00M | 2.60M | 1.70M | 2.90M | 4.30M | |
| Long-Term Deferred Tax Assets | 6.92M | 5.95M | 6.64M | 7.92M | 696.00K | 811.00K |
| Other Long-Term Assets | 8.88M | 2.44M | 1.58M | 965.00K | 440.00K | 1.59M |
| Total Assets | 232.63M | 217.49M | 165.24M | 155.71M | 122.97M | 123.40M |
| Accounts Payable | 35.66M | 24.54M | 23.69M | 25.32M | 14.75M | 13.62M |
| Accrued Expenses | 14.52M | 15.26M | 13.93M | 14.78M | 11.49M | 9.53M |
| Current Portion of Long-Term Debt | 779.00K | 19.67M | 9.17M | 9.48M | 10.45M | 7.03M |
| Current Portion of Leases | 2.52M | 2.37M | 1.15M | 1.03M | 1.08M | 1.85M |
| Current Income Taxes Payable | 2.85M | 3.94M | 2.38M | 2.38M | 2.32M | 2.02M |
| Current Unearned Revenue | 614.00K | 2.15M | 1.25M | 495.00K | 1.74M | 1.28M |
| Other Current Liabilities | 8.13M | 11.85M | 2.51M | 4.26M | 1.95M | 3.07M |
| Total Current Liabilities | 70.13M | 79.79M | 54.06M | 57.74M | 43.79M | 38.40M |
| Long-Term Debt | 29.11M | 12.15M | 15.22M | 16.02M | 13.60M | 14.21M |
| Long-Term Leases | 15.59M | 12.67M | 7.71M | 6.27M | 4.25M | 11.44M |
| Long-Term Deferred Tax Liabilities | 2.11M | 1.82M | 1.32M | 1.22M | 909.00K | 712.00K |
| Other Long-Term Liabilities | 4.69M | 4.76M | 3.82M | 2.49M | 2.63M | 4.18M |
| Total Liabilities | 121.63M | 111.19M | 82.14M | 83.73M | 65.18M | 68.94M |
| Common Stock | 82.00K | 81.00K | 80.00K | 80.00K | 80.00K | 82.00K |
| Additional Paid-In Capital | 60.72M | 61.10M | 60.15M | 60.06M | 62.56M | 61.77M |
| Retained Earnings | 41.49M | 37.14M | 20.10M | 12.09M | 1.62M | -2.29M |
| Treasury Stock | -968.00K | -26.00K | -1.99M | |||
| Comprehensive Income & Other | -8.80M | -7.68M | -8.20M | -5.55M | -6.45M | -3.10M |
| Total Common Equity | 93.49M | 90.64M | 72.14M | 65.71M | 57.78M | 54.46M |
| Minority Interest | 17.51M | 15.66M | 10.97M | 6.27M | ||
| Shareholders' Equity | 111.00M | 106.30M | 83.11M | 71.98M | 57.78M | 54.46M |
| Total Liabilities & Equity | 232.63M | 217.49M | 165.24M | 155.71M | 122.97M | 123.40M |
| Total Debt | 53.04M | 46.86M | 33.25M | 32.79M | 29.38M | 34.54M |
| Net Cash (Debt) | -21.27M | -28.14M | -17.53M | -26.95M | -23.61M | -26.32M |
| Net Cash Per Share | -2.59 | -3.45 | -2.19 | -3.34 | -2.91 | -3.14 |
| Filing Date Shares Outstanding | 8.20M | 8.12M | 7.98M | 8.02M | 8.01M | 8.15M |
| Total Common Shares Outstanding | 8.20M | 8.12M | 7.98M | 8.02M | 8.00M | 7.92M |
| Working Capital | 83.42M | 66.94M | 54.74M | 41.08M | 41.87M | 39.99M |
| Book Value Per Share | 11.41 | 11.16 | 9.04 | 8.20 | 7.22 | 6.88 |
| Tangible Book Value | 91.36M | 88.45M | 70.08M | 63.49M | 55.56M | 52.12M |
| Tangible Book Value Per Share | 11.15 | 10.89 | 8.78 | 7.92 | 6.94 | 6.58 |
| Land | 29.59M | 26.28M | 25.62M | 22.28M | 22.75M | |
| Machinery | 62.16M | 54.76M | 61.87M | 60.65M | 56.48M | |
| Order Backlog | 121.60M | 138.10M | 68.40M | 38.50M | 39.30M |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 15.58M | 17.04M | 8.98M | 10.47M | 5.95M | 6.06M |
| Depreciation & Amortization | 6.25M | 4.91M | 3.63M | 3.83M | 3.65M | 4.32M |
| Loss (Gain) From Sale of Assets | -38.00K | -16.00K | 292.00K | -6.00K | 43.00K | 41.00K |
| Stock-Based Compensation | 1.26M | 2.54M | 860.00K | 913.00K | 1.00M | 1.10M |
| Provision & Write-off of Bad Debts | 4.47M | 880.00K | 4.00K | 89.00K | 142.00K | 20.00K |
| Other Operating Activities | 3.85M | 4.73M | 5.72M | -4.18M | 740.00K | -195.00K |
| Change in Accounts Receivable | -18.98M | -34.22M | -359.00K | -11.13M | -13.40M | -19.47M |
| Change in Inventory | -3.01M | -1.36M | -1.82M | -830.00K | -1.50M | -1.62M |
| Change in Accounts Payable | 14.03M | 481.00K | -1.17M | 8.81M | 1.09M | 3.20M |
| Change in Unearned Revenue | -1.03M | 904.00K | 753.00K | |||
| Change in Income Taxes | -1.09M | 15.00K | 144.00K | 450.00K | 955.00K | |
| Change in Other Net Operating Assets | 2.48M | 13.28M | -2.97M | 6.62M | 599.00K | 3.01M |
| Operating Cash Flow | 23.82M | 9.17M | 13.93M | 14.73M | -1.24M | -2.57M |
| Capital Expenditures | -10.18M | -10.44M | -2.88M | -11.11M | -6.97M | -2.26M |
| Sale of Property, Plant & Equipment | 71.00K | 17.00K | 27.00K | 3.00K | 94.00K | 9.00K |
| Other Investing Activities | 5.00K | 499.00K | ||||
| Investing Cash Flow | -10.11M | -10.42M | -2.85M | -11.10M | -6.38M | -2.25M |
| Short-Term Debt Issued | 46.00K | 42.00K | 58.00K | |||
| Long-Term Debt Issued | 91.86M | 76.34M | 155.71M | 96.90M | 32.67M | |
| Total Debt Issued | 83.70M | 91.86M | 76.39M | 155.71M | 96.94M | 32.73M |
| Short-Term Debt Repaid | -17.00K | -197.00K | ||||
| Long-Term Debt Repaid | -84.75M | -77.12M | -157.55M | -92.13M | -24.29M | |
| Total Debt Repaid | -80.31M | -84.76M | -77.12M | -157.75M | -92.13M | -24.29M |
| Net Debt Issued (Repaid) | 3.39M | 7.09M | -728.00K | -2.04M | 4.82M | 8.44M |
| Repurchase of Common Stock | -662.00K | -509.00K | -179.00K | -1.22M | -275.00K | -2.20M |
| Other Financing Activities | 83.00K | |||||
| Financing Cash Flow | 2.81M | 6.59M | -907.00K | -3.26M | 4.54M | 6.23M |
| Foreign Exchange Rate Adjustments | -477.00K | -154.00K | -296.00K | 70.00K | 102.00K | -10.00K |
| Net Cash Flow | 16.05M | 5.18M | 9.88M | 447.00K | -2.98M | 1.40M |
| Free Cash Flow | 13.65M | -1.27M | 11.05M | 3.62M | -8.22M | -4.84M |
| Free Cash Flow Margin | 6.04% | -0.60% | 6.98% | 2.41% | -5.76% | -3.49% |
| Free Cash Flow Per Share | 1.66 | -0.16 | 1.38 | 0.45 | -1.01 | -0.58 |
| Levered Free Cash Flow | 14.42M | -6.84M | 9.31M | 2.35M | -3.73M | -6.38M |
| Unlevered Free Cash Flow | 15.88M | -5.51M | 10.70M | 3.87M | -2.33M | -5.81M |
| Cash Interest Paid | 1.88M | 1.77M | 1.93M | 2.29M | 2.04M | 791.00K |
| Cash Income Tax Paid | 5.87M | 4.05M | 3.71M | 3.28M | 2.48M | 1.35M |
| Change in Working Capital | -7.60M | -20.90M | -5.57M | 3.61M | -12.76M | -13.93M |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 249.22M | 233.76M | 121.26M | 64.75M | 81.25M | 71.39M |
| Enterprise Value | 270.48M | 263.56M | 152.00M | 99.81M | 108.10M | 93.90M |
| Last Close Price | 29.30 | 28.88 | 15.19 | 8.03 | 10.15 | 8.85 |
| PE Ratio | 16.06 | 13.72 | 13.50 | 6.18 | 13.67 | 11.78 |
| Forward PE | 14.01 | 17.19 | ||||
| PS Ratio | 1.06 | 1.11 | 0.77 | 0.43 | 0.57 | 0.52 |
| PB Ratio | 2.57 | 2.20 | 1.46 | 0.90 | 1.41 | 1.31 |
| P/TBV Ratio | 2.63 | 2.64 | 1.73 | 1.02 | 1.46 | 1.37 |
| P/FCF Ratio | 17.59 | 10.97 | 17.86 | |||
| P/OCF Ratio | 10.08 | 25.49 | 8.71 | 4.39 | ||
| EV/Sales Ratio | 1.16 | 1.25 | 0.96 | 0.66 | 0.76 | 0.68 |
| EV/EBITDA Ratio | 7.80 | 7.67 | 6.35 | 5.81 | 7.31 | 7.55 |
| EV/EBIT Ratio | 9.59 | 8.95 | 7.49 | 7.47 | 9.70 | 11.58 |
| EV/FCF Ratio | 19.15 | 13.75 | 27.53 | |||
| Debt / Equity Ratio | 0.48 | 0.44 | 0.40 | 0.46 | 0.51 | 0.63 |
| Debt / EBITDA Ratio | 1.38 | 1.20 | 1.26 | 1.68 | 1.78 | 2.25 |
| Debt / FCF Ratio | 3.89 | 3.01 | 9.05 | |||
| Net Debt / Equity Ratio | 0.19 | 0.27 | 0.21 | 0.37 | 0.41 | 0.48 |
| Net Debt / EBITDA Ratio | 0.64 | 0.82 | 0.73 | 1.57 | 1.60 | 2.12 |
| Net Debt / FCF Ratio | 1.56 | -22.14 | 1.59 | 7.43 | -2.87 | -5.44 |
| Asset Turnover | 1.07 | 1.10 | 0.99 | 1.08 | 1.16 | 1.23 |
| Inventory Turnover | 8.91 | 8.14 | 6.54 | 7.21 | 7.32 | 8.18 |
| Quick Ratio | 1.78 | 1.48 | 1.49 | 1.25 | 1.43 | 1.50 |
| Current Ratio | 2.19 | 1.84 | 2.01 | 1.71 | 1.96 | 2.04 |
| Return on Equity (ROE) | 19.06% | 21.80% | 16.88% | 20.36% | 10.59% | 11.68% |
| Return on Assets (ROA) | 8.08% | 9.62% | 7.91% | 5.99% | 5.65% | 4.48% |
| Return on Invested Capital (ROIC) | 15.69% | 18.82% | 14.42% | 14.82% | 8.55% | 7.85% |
| Return on Capital Employed (ROCE) | 16.80% | 21.40% | 18.30% | 13.60% | 14.10% | 9.50% |
| Earnings Yield | 6.23% | 7.29% | 7.41% | 16.17% | 7.32% | 8.49% |
| FCF Yield | 5.68% | -0.54% | 9.12% | 5.60% | -10.11% | -6.77% |
| Buyback Yield / Dilution | -1.78% | -1.66% | 0.72% | 0.53% | 3.32% | -3.31% |