Perma-Pipe International Holdings IncPerma-Pipe International Holdings Inc
Perma-Pipe International Holdings Inc

Perma-Pipe International Holdings Inc

PPIH
Industrials·Building Products

Perma-Pipe International Holdings, Inc. engages in the design, manufacture, and sale of specialty piping and leak detection systems. Its products include industrial and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, insulated and jacketed district heating and cooling piping systems for efficient energy distribution to multiple locations from central energy plants, and the coating and/or insulation of oil and gas gathering flow and long lines for oil or mineral transportation. The company was founded on October 12, 1993 and is headquartered in The Woodlands, TX.

Illinois; U.S.A
Market cap
No dataNo data
Revenue
$210.9M+33.2% YoY
Net income
$17M+89.6% YoY
Free cash flow
$-1.3M−111.5% YoY

Market

Listed stock
PPIHPriceNasdaq
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Financial performance

Revenue
$210.9M+33.2% YoY
Operating income
$29.4M+45.1% YoY
Net income
$17M+89.6% YoY
Free cash flow
$-1.3M−111.5% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2022 $138.6M, 2023 $142.6M, 2024 $150.7M, 2025 $158.4M, 2026 $210.9M. Operating income: 2022 $8.1M, 2023 $11.1M, 2024 $13.4M, 2025 $20.3M, 2026 $29.4M. Net income: 2022 $6.1M, 2023 $5.9M, 2024 $10.5M, 2025 $9M, 2026 $17M. Free cash flow: 2022 $-4.8M, 2023 $-8.2M, 2024 $3.6M, 2025 $11.1M, 2026 $-1.3M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
33.2%+2805 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2022-01-31 $8.1M, 2023-01-31 $11.1M, 2024-01-31 $13.4M, 2025-01-31 $20.3M, 2026-01-31 $29.4M. Net income: 2022-01-31 $6.1M, 2023-01-31 $5.9M, 2024-01-31 $10.5M, 2025-01-31 $9M, 2026-01-31 $17M. Free cash flow: 2022-01-31 $-4.8M, 2023-01-31 $-8.2M, 2024-01-31 $3.6M, 2025-01-31 $11.1M, 2026-01-31 $-1.3M

Growth heatmap

2023202420252026CAGR
Revenue
+2.9%
+5.7%
+5.1%
+33.2%
+11.1%
Gross profit
+17.7%
+8.2%
+28.4%
+30.5%
+20.9%
Operating income
+37.4%
+19.9%
+52.0%
+45.1%
+38.0%
Free cash flow
-69.9%
+144.1%
+204.9%
-111.5%
No data

Earnings quality

Operating cash flow
$9.2M−34.2% YoY
Net income
$17M+89.6% YoY
Free cash flow
$-1.3M−111.5% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2026-01-31 54%, 2025-01-31 155%, 2024-01-31 141%, 2023-01-31 -21%, 2022-01-31 -42%. Free cash flow: 2026-01-31 -7%, 2025-01-31 123%, 2024-01-31 35%, 2023-01-31 -138%, 2022-01-31 -80%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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