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PRM

Perimeter Solutions, S.A.

PRM

Perimeter Solutions, S.A. • NYSE
$27.88 ▲ 0.40% (+0.11)
Market Cap $4.12 B
52w High $28.06
52w Low $8.76
Dividend Yield 0%
P/E 51.63
Volume 275.83K
Outstanding Shares 147.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $315.443M ▲ $271.257M ▲ $-90.66M ▼ -28.741% ▼ $-0.62 ▼ $-68.487M ▼
Q2-2025 $162.639M ▲ $127.722M ▲ $-32.161M ▼ -19.774% ▼ $-0.22 ▼ $-8.302M ▼
Q1-2025 $72.03M ▼ $105.96M ▲ $56.686M ▼ 78.698% ▼ $0.38 ▼ $95.716M ▲
Q4-2024 $86.231M ▼ $-19.423M ▼ $144.17M ▲ 167.19% ▲ $0.98 ▲ $77.821M ▲
Q3-2024 $288.417M $216.461M $-89.167M -30.916% $-0.61 $-18.795M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $340.647M ▲ $2.645B ▲ $1.534B ▲ $1.111B ▼
Q2-2025 $140.658M ▼ $2.486B ▲ $1.308B ▲ $1.179B ▼
Q1-2025 $200.05M ▲ $2.405B ▼ $1.189B ▼ $1.216B ▲
Q4-2024 $198.456M ▼ $2.416B ▼ $1.259B ▼ $1.157B ▲
Q3-2024 $223.053M $2.462B $1.462B $1B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 ▲ $207.95M ▲ $-18.123M ▲ $19.55M ▲ $199.989M ▲ $202.566M ▲
Q2-2025 $-32.161M ▼ $-2.852M ▼ $-27.99M ▼ $-32.167M ▼ $-59.392M ▼ $-30.842M ▼
Q1-2025 $56.686M ▼ $23.746M ▲ $-14.813M ▲ $-8.393M ▼ $1.594M ▲ $18.933M ▲
Q4-2024 $144.17M ▲ $-5.987M ▼ $-39.252M ▼ $23.313M ▲ $-24.597M ▼ $-12.447M ▼
Q3-2024 $-89.167M $182.957M $-3.874M $-180K $179.891M $179.107M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $170.00M ▲$70.00M ▼$130.00M ▲$260.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Service
Service
 $40.00M ▲$0 ▼$30.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the last year after a soft patch, suggesting demand has strengthened again, likely helped by more activity and contracts in fire safety and specialty chemicals. Profitability at the gross margin level looks solid and has generally improved over time, which indicates good pricing power and cost control in the core products. Further down the income statement, though, the picture is bumpier. Recent results show the company drifting close to break-even and even posting a small loss after two decent profit years. That points to rising operating costs, interest, or one‑time items absorbing much of the gross profit. Overall, this looks like a business with attractive underlying economics but earnings that can swing meaningfully from year to year, influenced by wildfire seasons, government budgets, and input costs.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid and fairly stable. Total assets have held in a consistent range for several years, while shareholder equity has steadily built up, which is a healthy sign of retained value in the business over time. Debt is meaningful but not excessive, and it has not been growing aggressively. That suggests leverage is present but generally manageable. Cash dipped to a low point and then recovered more recently, which improves short‑term flexibility but still leaves the company dependent on its ongoing cash generation rather than on a very large cash cushion. In short, the financial foundation appears sound, but the company is not over‑funded; it needs to keep its operations performing well to maintain comfort on the balance sheet.

Cash Flow

Cash Flow Cash generation from operations has improved lately after a flat and occasionally weak period, which is encouraging. The company is again converting its earnings into cash, a key indicator that the reported profits are backed by real money coming in the door. Capital spending has been modest and quite steady, suggesting the business is not very capital‑intensive. As a result, free cash flow has generally been positive over the years, with only brief dips. That gives the company room to fund research, pursue selective acquisitions, and service debt. However, the history of ups and downs in operating cash flow is a reminder that working capital swings, seasonality, and variable wildfire activity can still create choppiness year to year.

Competitive Edge

Competitive Edge Perimeter Solutions holds a very strong and unusual position in its niche. In aerial wildfire retardants, it is effectively the dominant provider, with long‑standing products, deep technical credibility, and a vast network of bases that are embedded in firefighting infrastructure. Strict regulatory testing and long approval timelines make it hard for new entrants to displace them quickly, and recent setbacks for a competitor highlight how tough it is to meet these standards reliably. The company’s role as a sole or primary supplier to major agencies like the U.S. Forest Service and CAL FIRE, combined with multiyear contracts, creates a substantial moat. Fire retardant is mission‑critical yet represents a small slice of total firefighting costs, which tends to reduce price sensitivity and supports stable demand. On the risk side, the business is heavily tied to a few large government customers, to public budgets, and to evolving environmental rules. Any product performance or environmental issue, or a shift in procurement policies, could have an outsized impact despite the current strength of the franchise.

Innovation and R&D

Innovation and R&D Innovation is a central part of the story. The company has spent decades refining its PHOS‑CHEK wildfire retardants and has been an early and persistent leader in fluorine‑free firefighting foams through its SOLBERG line. Being several product generations ahead of many rivals in fluorine‑free technology gives it a clear edge as regulations push the industry away from older chemistries. R&D is focused on making products both more effective and more environmentally friendly—improving drop performance, stability, and usability while lowering toxicity and ecological impact. Beyond fire safety, the company is extending its specialty chemicals capabilities into other industrial uses, such as lubricant additives and potentially battery‑related applications, and is using acquisitions to enter adjacent higher‑margin niches like electronics manufacturing. The opportunity is to leverage its technical base and regulatory know‑how into new markets, but this comes with execution risk: integrating acquisitions, scaling new technologies, and proving long‑term performance of greener products will be critical.

Summary

Perimeter Solutions combines a strong competitive moat in a mission‑critical niche with a financial profile that is generally solid but somewhat volatile. Revenue and gross margins point to a business with real pricing power and technical value, yet net profits have swung from loss to profit and back, showing sensitivity to costs, seasonality, and one‑off factors. The balance sheet carries manageable leverage and growing equity, supported by mostly positive free cash flow over time. Cash generation has recently strengthened again, helping to support ongoing R&D and strategic expansion. The company’s near‑monopoly‑like position in wildfire retardants, deep customer relationships, and regulatory barriers provide notable protection, while its push into fluorine‑free foams, greener chemistries, and adjacent specialty markets offers long‑term growth potential. Key things to watch are earnings stability, cash flow consistency, customer concentration with government agencies, regulatory and environmental developments, and the success of new products and acquisitions. The core franchise is strong; the main questions center on how smoothly the company can translate that strength into steady, less cyclical financial performance over time.

NEWS

November 6, 2025 · 5:13 PM UTC

Perimeter Solutions to Present at Baird Global Industrial Conference

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October 30, 2025 · 6:00 AM UTC

Perimeter Solutions Reports Third Quarter 2025 Financial Results

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October 16, 2025 · 5:00 PM UTC

Perimeter Announces Date for Third Quarter 2025 Earnings Call

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September 3, 2025 · 6:37 PM UTC

Perimeter Solutions and USDA Enter Historic Five-Year Agreement, Strengthening Wildfire Response and Expanding Value-Added Services

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