Logo

PPIH

Perma-Pipe International Holdings, Inc.

PPIH

Perma-Pipe International Holdings, Inc. • NASDAQ
$25.70 ▲ 0.67% (+0.17)
Market Cap $205.31 M
52w High $33.09
52w Low $8.81
Dividend Yield 0%
P/E 20.56
Volume 19.36K
Outstanding Shares 7.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $47.902M ▲ $11.236M ▲ $851K ▼ 1.777% ▼ $0.11 ▼ $4.123M ▼
Q1-2025 $46.747M ▲ $8.835M ▼ $4.952M ▲ 10.593% ▲ $0.62 ▲ $8.779M ▲
Q4-2024 $44.987M ▲ $9.733M ▲ $1.76M ▼ 3.912% ▼ $0.22 ▼ $6.927M ▲
Q3-2024 $41.563M ▲ $8.5M ▲ $2.491M ▼ 5.993% ▼ $0.31 ▼ $6.506M ▼
Q2-2024 $37.513M $7.332M $3.289M 8.768% $0.41 $6.992M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $17.258M ▼ $63.644M ▼ $96.561M ▲ $80.204M ▲
Q1-2025 $18.841M ▲ $178.315M ▲ $88.21M ▲ $77.867M ▲
Q4-2024 $15.716M ▲ $165.241M ▲ $82.136M ▲ $72.138M ▲
Q3-2024 $13.307M ▲ $160.749M ▲ $80.586M ▼ $71.211M ▲
Q2-2024 $9.455M $159.187M $82.547M $68.583M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.262M ▼ $-2.041M ▼ $-2.551M ▼ $3.085M ▼ $-1.552M ▼ $-4.592M ▼
Q1-2025 $5.854M ▲ $733K ▼ $-927K ▲ $3.196M ▲ $3.137M ▲ $-194K ▼
Q4-2024 $3.565M ▲ $6.022M ▲ $-1.293M ▼ $-2.247M ▼ $2.391M ▼ $4.702M ▼
Q3-2024 $2.491M ▼ $5.162M ▲ $-322K ▲ $-896K ▼ $3.845M ▲ $4.84M ▲
Q2-2024 $4.283M $2.482M $-1.168M $-321K $1.817M $1.314M

Revenue by Products

Product Q3-2017Q1-2018Q2-2018Q2-2025
Operating Segments
Operating Segments
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Piping Systems NAICS 339900
Piping Systems NAICS 339900
 $30.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Perma-Pipe has gradually grown its sales over the past five years while turning a prior loss into steady profits. Margins have improved meaningfully, showing better cost control and more efficient operations. Earnings have been positive for several years in a row, although they can still move around from year to year, which is typical for a project-based industrial business. Overall, the income statement now reflects a small but consistently profitable company with a more solid earnings base than it had earlier in the period.

Balance Sheet

Balance Sheet The balance sheet has slowly strengthened. Total assets and shareholders’ equity have both risen, which suggests the business is retaining profits and reinvesting in itself. Debt levels have stayed roughly flat, so leverage has effectively come down relative to the size of the company. Cash has crept higher, but the cash cushion is still modest, which means the company likely needs to remain disciplined about working capital and project timing. Overall, the financial position looks healthier and more resilient than a few years ago, but not cash-rich.

Cash Flow

Cash Flow Cash generation has improved and become more consistent. Operating cash flow has been positive in recent years, indicating that accounting profits are supported by real cash coming in the door. Free cash flow dipped when investment spending rose, but has since turned positive again as capital spending normalized. This pattern is typical of an industrial firm that invests in capacity or equipment in bursts rather than every year at the same level. The current trend suggests the business can both fund its operations and invest for growth, as long as project execution and collections remain well managed.

Competitive Edge

Competitive Edge Perma-Pipe operates in a specialized corner of the construction and industrial market: engineered, pre-insulated, and containment piping for demanding environments. Its long operating history, engineering depth, and track record on critical projects give it credibility with large customers. The global manufacturing footprint and close involvement from design through installation create high switching costs once a customer chooses their systems. Recent approval to supply Saudi Aramco strengthens its standing in one of the world’s most important energy markets. The main risks are dependence on large, lumpy projects and exposure to cycles in energy, infrastructure, and industrial capital spending.

Innovation and R&D

Innovation and R&D Innovation is a core part of Perma-Pipe’s identity. The company has developed proprietary pipe systems tailored to extreme temperatures, leak-sensitive environments, and precise temperature control, backed by its own integrated leak detection technology. These offerings go beyond commodity pipe, blending materials science, insulation design, and monitoring systems into turnkey solutions. Looking ahead, the company appears focused on expanding into high-spec applications such as data centers and pharmaceuticals, and on aligning its products with energy efficiency and sustainability trends. While R&D details are limited, the product set and ongoing enhancements suggest a steady, application-driven innovation culture rather than flashy, one-off breakthroughs.

Summary

Perma-Pipe today looks like a niche industrial player that has moved from repair mode into a more stable, profitable phase. Revenue and margins have trended upward, the balance sheet has strengthened without taking on extra debt, and cash flow is now generally supportive of both operations and investment. Its competitive edge rests on specialized engineering, integrated systems, long-term customer relationships, and a growing presence in key regions such as the Middle East. At the same time, the company remains exposed to project timing, sector cycles, and the concentration risk that comes with large contracts. Taken together, the story is one of a small but increasingly robust specialist business, with opportunities tied to infrastructure, energy, and high-tech industrial growth, and risks tied to execution and end-market volatility.

NEWS

September 24, 2025 · 1:37 PM UTC

Perma-Pipe International Holdings, Inc. Announces $30 Million in Contract Awards and the Strategic Milestone Approval for Saudi Aramco

Read more

September 15, 2025 · 9:21 AM UTC

Perma-Pipe International Holdings, Inc. Announces Second Quarter 2025 Financial Results and Initiates Exploration of Strategic Alternatives to Maximize Shareholder Value

Read more