Perma-Pipe International Holdin (PPIH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Perma-Pipe International Holdin

NasdaqGM•Industrials•Building Products & Equipment

$29.11+0.73(0.03%)Pre-market

Market Cap

$249.50M

P/E

16.0x

P/S

1.1x

P/B

2.7x

Perma-Pipe International Holdings, Inc., together with its subsidiaries, designs, engineers, manufactures, and sells specialty piping and leak detection systems in the United States, Canada, the United Arab Emirates, Saudi Arabia, and internationally. The company offers insulated and jacketed district heating and cooling piping systems for energy distribution from central energy plants to other locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products. It also provides coating and insulation of oil and gas gathering and transmission pipelines; liquid and powder based anti-corrosion coatings for external and internal surfaces of steel pipe, including shapes comprising bends, reducers, tees, and other spools/fittings used in pipelines for the transportation of oil and gas products and potable water. In addition, the company offers cables, leak detection products, heat trace products, and material/goods not bundled with piping or flowline systems. Further, it provides containment systems, custom fabrications, and leak detection, as well as technical support, field service, and logistics services. 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 founded in 1909 and is headquartered in The Woodlands, Texas.

How this company scores

ExcellentMetricSide Score: 80/100

Strongest: Growth (23/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability19/25

Growth23/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality22/25

Strengths

Growing revenueRising free cash flowHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 16.0x5y range 4.9x – 131.1x

Currently near its 20-quarter median.

P/S · 1.1x5y range 0.4x – 1.2x

Currently above its 20-quarter median.

P/B · 2.7x5y range 0.9x – 2.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Leverage Risk

Watch

Debt-to-equity has risen 592.9% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $249.50M

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $226.11M
Q. Revenue: $59.57M
TTM EBITDA: $35.46M
TTM Op. Income: $27.26M
Q. Op. Income: $4.25M
TTM Net Income: $15.58M
Q. Net Income: $2.55M
EPS: $0.31
Shares Out.: $8.17M

$226.11M in TTM revenue grew 24.8% YoY, reaching $59.57M last quarter. TTM EBITDA of $35.46M and TTM operating income of $27.26M show growth is flowing through to the bottom line. TTM net income of $15.58M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 29.2%
EBITDA Margin: 9.9%
Op. Margin: 7.1%
Net Margin: 4.3%

Op. margin of 7.1% is up 0.5% YoY — cost efficiency is improving. Net margin at 4.3% and gross margin of 29.2% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 3 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 16.0x
P/S Ratio: 1.1x
P/B Ratio: 2.7x

At 16.0x P/E, the stock trades within typical market levels. P/S of 1.1x and P/B of 2.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 14% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $232.63M
Cash: $31.78M
Long-Term Debt: $29.98M
Book Value: $93.49M
D/E Ratio: 0.3
Debt/EBITDA: 5.1

With $232.63M in assets and $29.98M in long-term debt, D/E is 0.3and book value is $93.49M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $7.24M
TTM Free Cash Flow: $13.65M
FCF Margin: 6.0%
FCF / Net Income: 0.9

TTM FCF of $13.65M on $7.24M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.