Perma-Pipe International Holdings, Inc. (PPIH) 10-Year Financial Performance & Capital Metrics

PPIH • • Industrial / General

IndustrialsConstructionSpecialty Construction ProductsPiping & Fluid Systems

AboutPerma-Pipe International Holdings, Inc., together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers provides and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas gathering and transmission pipelines. The company also offers liquid and powder based anti-corrosion coatings for external and internal surfaces of steel pipe, including shapes like bends, reducers, tees, and other spools/fittings that is used in pipelines for the transportation of oil and gas products and potable water. It has operations in the United States, Canada, the Middle East, Europe, India, and internationally. 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 incorporated in 1993 and is headquartered in Niles, Illinois.Show more

Revenue $158M +5.1%
EBITDA $20M +17.5%
Net Income $9M -14.2%
EPS (Diluted) 1.12 -13.8%
Gross Margin 33.62% +22.2%
EBITDA Margin 12.75% +11.8%
Operating Margin 12.82% +44.6%
Net Margin 5.67% -18.4%
ROE 11.58% -28.2%
ROIC 15.26% +37.2%
Debt/Equity 0.40 -12.2%
Interest Coverage 9.13 +66.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 20.2%
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 87 (top 13%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.05%

5Y4.41%

3Y4.56%

TTM30.74%

Profit (Net Income) CAGR

10Y-

5Y20.23%

3Y14.01%

TTM-12.5%

EPS CAGR

10Y-

5Y21.1%

3Y15.87%

TTM-13.71%

ROCE

10Y Avg2.84%

5Y Avg8.69%

3Y Avg16.02%

Latest19.41%

Peer Comparison

Piping & Fluid Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PPIHPerma-Pipe International Holdings, Inc.	257.55M	31.82	28.41	5.12%	6.91%	13.88%	4.29%	0.40
WMSAdvanced Drainage Systems, Inc.	12.39B	159.28	27.65	1.04%	15.35%	23.76%	2.98%	0.88

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	122.7M	98.84M	105.25M	128.97M	127.66M	84.69M	138.55M	142.57M	150.67M	158.38M
Revenue Growth %	-0.37%	-0.19%	0.06%	0.23%	-0.01%	-0.34%	0.64%	0.03%	0.06%	0.05%
Cost of Goods Sold+	95.95M	87.13M	93.51M	105.63M	98.62M	73.52M	106.02M	104.27M	109.21M	105.14M
COGS % of Revenue	0.78%	0.88%	0.89%	0.82%	0.77%	0.87%	0.77%	0.73%	0.72%	0.66%
Gross Profit+	26.74M	11.72M	11.74M	23.34M	29.05M	11.18M	32.53M	38.3M	41.46M	53.25M
Gross Margin %	0.22%	0.12%	0.11%	0.18%	0.23%	0.13%	0.23%	0.27%	0.28%	0.34%
Gross Profit Growth %	-0.31%	-0.56%	0%	0.99%	0.24%	-0.62%	1.91%	0.18%	0.08%	0.28%
Operating Expenses+	23.86M	22.5M	21.25M	20.6M	23.11M	22.56M	24.42M	27.16M	28.1M	32.95M
OpEx % of Revenue	0.19%	0.23%	0.2%	0.16%	0.18%	0.27%	0.18%	0.19%	0.19%	0.21%
Selling, General & Admin	23.86M	23.3M	21.25M	20.6M	24.16M	22.56M	24.42M	27.16M	28.1M	32.95M
SG&A % of Revenue	0.19%	0.24%	0.2%	0.16%	0.19%	0.27%	0.18%	0.19%	0.19%	0.21%
Research & Development	0	200K	300K	200K	0	0	0	0	500K	100K
R&D % of Revenue	-	0%	0%	0%	-	-	-	-	0%	0%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	-100K
Operating Income+	2.88M	-11.58M	-9.51M	2.72M	4.88M	-11.38M	8.11M	11.14M	13.36M	20.3M
Operating Margin %	0.02%	-0.12%	-0.09%	0.02%	0.04%	-0.13%	0.06%	0.08%	0.09%	0.13%
Operating Income Growth %	0.3%	-5.03%	0.18%	1.29%	0.79%	-3.33%	1.71%	0.37%	0.2%	0.52%
EBITDA+	8.81M	-6.06M	-4.48M	7.3M	9.32M	-6.42M	12.44M	14.79M	17.19M	20.19M
EBITDA Margin %	0.07%	-0.06%	-0.04%	0.06%	0.07%	-0.08%	0.09%	0.1%	0.11%	0.13%
EBITDA Growth %	0.09%	-1.69%	0.26%	2.63%	0.28%	-1.69%	2.94%	0.19%	0.16%	0.17%
D&A (Non-Cash Add-back)	5.93M	5.52M	5.03M	4.58M	4.44M	4.95M	4.32M	3.65M	3.83M	-107K
EBIT	3.96M	-13.03M	-9.4M	2.89M	6.14M	-7.13M	9.24M	11.8M	12.32M	20.41M
Net Interest Income+	-470K	-569K	-697K	-1.12M	-905K	-381K	-828K	-2.12M	-2.27M	-1.94M
Interest Income	480K	177K	111K	164K	201K	268K	90K	124K	163K	284K
Interest Expense	950K	746K	808K	1.29M	1.11M	649K	918K	2.24M	2.43M	2.22M
Other Income/Expense	132K	-2.19M	-697K	-1.12M	154K	3.6M	216K	-1.59M	-3.47M	-1.83M
Pretax Income+	3.01M	-13.77M	-10.21M	1.6M	5.04M	-7.78M	8.33M	9.56M	9.89M	18.47M
Pretax Margin %	0.02%	-0.14%	-0.1%	0.01%	0.04%	-0.09%	0.06%	0.07%	0.07%	0.12%
Income Tax+	1.38M	-611K	-233K	2.15M	1.46M	-133K	2.27M	3.61M	-3.32M	5.38M
Effective Tax Rate %	-1.46%	0.91%	0.98%	-0.34%	0.71%	0.98%	0.73%	0.62%	1.06%	0.49%
Net Income+	-4.41M	-12.47M	-9.98M	-550K	3.58M	-7.64M	6.06M	5.95M	10.47M	8.98M
Net Margin %	-0.04%	-0.13%	-0.09%	-0%	0.03%	-0.09%	0.04%	0.04%	0.07%	0.06%
Net Income Growth %	-16.22%	-1.83%	0.2%	0.94%	7.5%	-3.14%	1.79%	-0.02%	0.76%	-0.14%
Net Income (Continuing)	1.64M	-13.16M	-9.98M	-550K	3.58M	-7.64M	6.06M	5.95M	13.21M	13.09M
Discontinued Operations	-6.04M	688K	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	6.27M	10.97M
EPS (Diluted)+	-0.60	-1.67	-1.30	-0.07	0.43	-0.94	0.72	0.73	1.30	1.12
EPS Growth %	-16.14%	-1.78%	0.22%	0.95%	7.14%	-3.19%	1.77%	0.01%	0.78%	-0.14%
EPS (Basic)	-0.61	-1.67	-1.30	-0.07	0.45	-0.94	0.75	0.75	1.31	1.13
Diluted Shares Outstanding	7.37M	7.49M	7.68M	7.81M	8.28M	8.13M	8.42M	8.12M	8.07M	8.02M
Basic Shares Outstanding	7.28M	7.48M	7.67M	7.81M	7.99M	8.13M	8.13M	7.98M	7.98M	7.96M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	97.05M	57.82M	62.32M	62.96M	64.25M	53.88M	78.39M	85.66M	98.82M	108.8M
Cash & Short-Term Investments	19.68M	7.6M	7.08M	10.16M	13.37M	7.17M	8.21M	5.77M	5.84M	15.72M
Cash Only	16.63M	7.6M	7.08M	10.16M	13.37M	7.17M	8.21M	5.77M	5.84M	15.72M
Short-Term Investments	3.05M	0	0	0	0	0	0	0	0	0
Accounts Receivable	38.55M	33.36M	34.44M	34.16M	31.57M	29.48M	49.41M	56.77M	66.34M	65.02M
Days Sales Outstanding	114.69	123.19	119.43	96.68	90.26	127.05	130.18	145.34	160.71	149.84
Inventory	15.63M	13.56M	16.86M	12.29M	14.5M	12.16M	13.76M	14.74M	15.54M	16.62M
Days Inventory Outstanding	59.44	56.83	65.8	42.47	53.66	60.36	47.37	51.59	51.94	57.71
Other Current Assets	22.68M	1.12M	1.24M	2.92M	1.29M	1.53M	1.88M	1.02M	1.4M	11.45M
Total Non-Current Assets+	41.08M	43.79M	42.27M	39.24M	47.97M	48.82M	45.01M	37.31M	56.89M	56.44M
Property, Plant & Equipment	25.4M	36.27M	34.51M	30.4M	40.1M	40.28M	35.97M	31.05M	44.09M	43.56M
Fixed Asset Turnover	4.83x	2.72x	3.05x	4.24x	3.18x	2.10x	3.85x	4.59x	3.42x	3.64x
Goodwill	0	2.28M	2.42M	2.27M	2.25M	2.33M	2.34M	2.23M	2.22M	2.06M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	9.11M	-147K	3.2M	3.5M	2.1M	2.7M	4.3M	2.9M	0	2.6M
Other Non-Current Assets	6.56M	5.23M	1.74M	2.62M	3.22M	2.68M	1.59M	440K	2.67M	1.58M
Total Assets+	138.12M	101.61M	104.58M	102.2M	112.22M	102.69M	123.4M	122.97M	155.71M	165.24M
Asset Turnover	0.89x	0.97x	1.01x	1.26x	1.14x	0.82x	1.12x	1.16x	0.97x	0.96x
Asset Growth %	-0.07%	-0.26%	0.03%	-0.02%	0.1%	-0.08%	0.2%	-0%	0.27%	0.06%
Total Current Liabilities+	64.08M	28M	39.18M	37.09M	32.84M	28.25M	38.4M	43.79M	57.74M	54.06M
Accounts Payable	11.03M	10.9M	14.19M	12.01M	9.58M	10.37M	13.62M	14.75M	25.32M	23.69M
Days Payables Outstanding	41.94	45.67	55.37	41.49	35.45	51.46	46.88	51.65	84.63	82.25
Short-Term Debt	14M	4.47M	8.03M	9.53M	9.62M	5.34M	7.03M	10.45M	9.59M	9.25M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	762K	1000K	1000K	1000K	1000K
Other Current Liabilities	28.01M	4M	6.06M	3.78M	4.04M	2.88M	2.87M	2.49M	7.03M	0
Current Ratio	1.51x	2.07x	1.59x	1.70x	1.96x	1.91x	2.04x	1.96x	1.71x	2.01x
Quick Ratio	1.27x	1.58x	1.16x	1.37x	1.52x	1.48x	1.68x	1.62x	1.44x	1.71x
Cash Conversion Cycle	132.18	134.35	129.85	97.66	108.47	135.95	130.66	145.28	128.02	125.29
Total Non-Current Liabilities+	4.99M	14.2M	13.59M	13.42M	23.76M	25.13M	30.55M	21.39M	25.99M	28.07M
Long-Term Debt	1.47M	7.26M	7.73M	6.75M	6.04M	5.87M	5.06M	4.39M	4.23M	3.67M
Capital Lease Obligations	0	0	0	0	11.89M	13.57M	20.6M	13.47M	18.06M	19.26M
Deferred Tax Liabilities	160K	1.83M	1.24M	1.44M	1.05M	914K	712K	909K	1.22M	1.32M
Other Non-Current Liabilities	3.35M	5.11M	4.62M	5.23M	4.77M	4.77M	4.18M	2.63M	2.49M	3.82M
Total Liabilities	69.09M	42.2M	52.77M	49.84M	56.6M	53.38M	68.94M	65.18M	83.73M	82.14M
Total Debt+	15.5M	11.73M	15.75M	16.28M	29.01M	27.61M	34.54M	29.22M	32.79M	33.25M
Net Debt	-1.13M	4.13M	8.67M	6.13M	15.63M	20.44M	26.32M	23.45M	26.95M	17.53M
Debt / Equity	0.22x	0.20x	0.30x	0.31x	0.52x	0.56x	0.63x	0.51x	0.46x	0.40x
Debt / EBITDA	1.76x	-	-	2.23x	3.11x	-	2.78x	1.98x	1.91x	1.65x
Net Debt / EBITDA	-0.13x	-	-	0.84x	1.68x	-	2.12x	1.59x	1.57x	0.87x
Interest Coverage	3.03x	-15.53x	-11.77x	2.12x	4.41x	-17.53x	8.84x	4.97x	5.50x	9.13x
Total Equity+	69.03M	59.41M	51.81M	52.36M	55.63M	49.31M	54.46M	57.78M	71.98M	83.11M
Equity Growth %	-0.06%	-0.14%	-0.13%	0.01%	0.06%	-0.11%	0.1%	0.06%	0.25%	0.15%
Book Value per Share	9.36	7.93	6.75	6.70	6.72	6.07	6.47	7.12	8.92	10.37
Total Shareholders' Equity	69.03M	59.41M	51.81M	52.36M	55.63M	49.31M	54.46M	57.78M	65.71M	72.14M
Common Stock	74K	76K	77K	79K	80K	82K	82K	80K	80K	80K
Retained Earnings	20.19M	6.87M	-3.1M	-3.63M	-715K	-8.36M	-2.29M	1.62M	12.09M	20.1M
Treasury Stock	-290K	-170K	0	0	0	0	-1.99M	-26K	-968K	0
Accumulated OCI	-3.98M	-2.72M	-1.47M	-2.88M	-3.76M	-3.29M	-3.1M	-6.45M	-5.55M	-8.2M
Minority Interest	0	0	0	0	0	0	0	0	6.27M	10.97M

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	-2.9M	-4.23M	-1.84M	4.98M	4.09M	165K	-2.57M	-1.24M	14.73M	13.93M
Operating CF Margin %	-0.02%	-0.04%	-0.02%	0.04%	0.03%	0%	-0.02%	-0.01%	0.1%	0.09%
Operating CF Growth %	-1.71%	-0.46%	0.56%	3.7%	-0.18%	-0.96%	-16.6%	0.52%	12.87%	-0.05%
Net Income	-4.41M	-11.68M	-9.98M	-529K	3.58M	-7.64M	6.06M	5.95M	10.47M	13.09M
Depreciation & Amortization	5.93M	5.52M	5.03M	4.58M	4.44M	4.74M	4.32M	3.65M	3.83M	3.63M
Stock-Based Compensation	278K	389K	1.45M	1.17M	1.01M	1.04M	1.1M	1M	913K	860K
Deferred Taxes	-249K	-33K	-958K	215K	-213K	-669K	-195K	479K	-6.92M	1.62M
Other Non-Cash Items	-1.97M	1.72M	-74K	117K	419K	130K	61K	985K	2.82M	296K
Working Capital Changes	-2.47M	-153K	2.69M	-565K	-5.14M	2.56M	-13.93M	-13.3M	3.61M	-5.57M
Change in Receivables	-2.81M	13.7M	-1.08M	-354K	1.75M	3.39M	-21.33M	-3.23M	-11.13M	394K
Change in Inventory	4.03M	5.45M	-3.27M	4.36M	-2.23M	2.42M	-1.62M	-1.5M	-830K	-1.82M
Change in Payables	5.82M	-1.92M	4.55M	-3.58M	-2.61M	730K	3.2M	1.09M	8.81M	-1.17M
Cash from Investing+	13.87M	10.22M	-2.39M	-1.36M	-1.9M	-1.96M	-2.25M	-6.38M	-11.1M	-2.85M
Capital Expenditures	-6.46M	-2.26M	-2.53M	-1.36M	-1.9M	-1.96M	-2.26M	-6.97M	-11.11M	-2.88M
CapEx % of Revenue	0.05%	0.02%	0.02%	0.01%	0.01%	0.02%	0.02%	0.05%	0.07%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	20.32M	2.1M	1K	0	0	2K	9K	593K	8K	27K
Cash from Financing+	-3.02M	-14.95M	3.46M	1.13M	-301K	-4.14M	6.23M	4.54M	-3.26M	-907K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-369K	-26K	-180K	-243K	92K	0	58K	42K	-470K	46K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-9.35M	-6.49M	-4.37M	3.62M	2.19M	-1.8M	-4.84M	-8.22M	3.63M	11.05M
FCF Margin %	-0.08%	-0.07%	-0.04%	0.03%	0.02%	-0.02%	-0.03%	-0.06%	0.02%	0.07%
FCF Growth %	-4.28%	0.31%	0.33%	1.83%	-0.4%	-1.82%	-1.69%	-0.7%	1.44%	2.05%
FCF per Share	-1.27	-0.87	-0.57	0.46	0.26	-0.22	-0.57	-1.01	0.45	1.38
FCF Conversion (FCF/Net Income)	0.66x	0.34x	0.18x	-9.05x	1.14x	-0.02x	-0.42x	-0.21x	1.41x	1.55x
Interest Paid	749K	773K	804K	1.3M	902K	540K	791K	2.04M	2.29M	1.93M
Taxes Paid	970K	1.38M	1.08M	1.73M	2.11M	107K	1.35M	2.48M	3.28M	3.71M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-6.19%	-19.42%	-17.94%	-1.06%	6.62%	-14.56%	11.68%	10.59%	16.14%	11.58%
Return on Invested Capital (ROIC)	2.89%	-13.22%	-11.5%	3.43%	5.64%	-12.1%	8.08%	10.32%	11.12%	15.26%
Gross Margin	21.79%	11.85%	11.16%	18.1%	22.75%	13.2%	23.48%	26.86%	27.52%	33.62%
Net Margin	-3.59%	-12.62%	-9.48%	-0.43%	2.8%	-9.02%	4.38%	4.17%	6.95%	5.67%
Debt / Equity	0.22x	0.20x	0.30x	0.31x	0.52x	0.56x	0.63x	0.51x	0.46x	0.40x
Interest Coverage	3.03x	-15.53x	-11.77x	2.12x	4.41x	-17.53x	8.84x	4.97x	5.50x	9.13x
FCF Conversion	0.66x	0.34x	0.18x	-9.05x	1.14x	-0.02x	-0.42x	-0.21x	1.41x	1.55x
Revenue Growth	-37.03%	-19.44%	6.48%	22.53%	-1.01%	-33.66%	63.59%	2.9%	5.68%	5.12%

Revenue by Segment

	2012	2013	2014	2015	2016	2017
Piping Systems	89.66M	158.42M	126.92M	122.7M	98.84M	-
Piping Systems Growth	-	76.68%	-19.88%	-3.33%	-19.44%	-
Filtration Products	79.14M	68.41M	67.93M	-	-	-
Filtration Products Growth	-	-13.56%	-0.70%	-	-	-
Industrial Process Cooling	37.13M	-	-	-	-	-
Industrial Process Cooling Growth	-	-	-	-	-	-
Corporate and Other	6.08M	-	-	-	-	-
Corporate and Other Growth	-	-	-	-	-	-

Revenue by Geography

	2012	2013	2014	2015	2016	2017
UNITED STATES	142.45M	97.31M	109.26M	58.71M	42.05M	42.65M
UNITED STATES Growth	-	-31.69%	12.28%	-46.27%	-28.38%	1.43%
CANADA	11.18M	7.59M	4.16M	2.58M	25.91M	31.21M
CANADA Growth	-	-32.12%	-45.20%	-37.96%	904.07%	20.42%
Middle East	-	94.5M	52.29M	60.75M	28.01M	26.32M
Middle East Growth	-	-	-44.66%	16.17%	-53.89%	-6.02%
INDIA	6.32M	773K	5.47M	372K	2.36M	1.32M
INDIA Growth	-	-87.77%	607.50%	-93.20%	534.41%	-44.19%
Europe	-	14.93M	14.48M	73K	-	-
Europe Growth	-	-	-3.02%	-99.50%	-	-
Americas	-	6.92M	5.63M	72K	-	-
Americas Growth	-	-	-18.63%	-98.72%	-	-
Segment, Geographical, Groups of Countries, Group One	24.63M	-	-	-	-	-
Segment, Geographical, Groups of Countries, Group One Growth	-	-	-	-	-	-
Segment, Geographical, Groups of Countries, Group Two	19.39M	-	-	-	-	-
Segment, Geographical, Groups of Countries, Group Two Growth	-	-	-	-	-	-
Segment, geographical, groups of Countries, Group Three	3.05M	-	-	-	-	-
Segment, geographical, groups of Countries, Group Three Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Perma-Pipe International Holdings, Inc. (PPIH) has a price-to-earnings (P/E) ratio of 28.4x. This suggests investors expect higher future growth.

Growth & Financials

Perma-Pipe International Holdings, Inc. (PPIH) reported $200.8M in revenue for fiscal year 2024. This represents a 14% decrease from $233.5M in 2011.

Perma-Pipe International Holdings, Inc. (PPIH) grew revenue by 5.1% over the past year. This is steady growth.

Yes, Perma-Pipe International Holdings, Inc. (PPIH) is profitable, generating $13.9M in net income for fiscal year 2024 (5.7% net margin).

Dividend & Returns

Perma-Pipe International Holdings, Inc. (PPIH) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

Perma-Pipe International Holdings, Inc. (PPIH) generated $12.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Perma-Pipe International Holdings, Inc. (PPIH) 10-Year Financial Performance & Capital Metrics

PPIH • • Industrial / General

IndustrialsConstructionSpecialty Construction ProductsPiping & Fluid Systems

Revenue $158M +5.1%
EBITDA $20M +17.5%
Net Income $9M -14.2%
EPS (Diluted) 1.12 -13.8%
Gross Margin 33.62% +22.2%
EBITDA Margin 12.75% +11.8%
Operating Margin 12.82% +44.6%
Net Margin 5.67% -18.4%
ROE 11.58% -28.2%
ROIC 15.26% +37.2%
Debt/Equity 0.40 -12.2%
Interest Coverage 9.13 +66.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 20.2%
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 87 (top 13%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-2.05%

5Y4.41%

3Y4.56%

TTM30.74%

Profit (Net Income) CAGR

10Y-

5Y20.23%

3Y14.01%

TTM-12.5%

EPS CAGR

10Y-

5Y21.1%

3Y15.87%

TTM-13.71%

ROCE

10Y Avg2.84%

5Y Avg8.69%

3Y Avg16.02%

Latest19.41%

Peer Comparison

Piping & Fluid Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PPIHPerma-Pipe International Holdings, Inc.	257.55M	31.82	28.41	5.12%	6.91%	13.88%	4.29%	0.40
WMSAdvanced Drainage Systems, Inc.	12.39B	159.28	27.65	1.04%	15.35%	23.76%	2.98%	0.88

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	122.7M	98.84M	105.25M	128.97M	127.66M	84.69M	138.55M	142.57M	150.67M	158.38M
Revenue Growth %	-0.37%	-0.19%	0.06%	0.23%	-0.01%	-0.34%	0.64%	0.03%	0.06%	0.05%
Cost of Goods Sold+	95.95M	87.13M	93.51M	105.63M	98.62M	73.52M	106.02M	104.27M	109.21M	105.14M
COGS % of Revenue	0.78%	0.88%	0.89%	0.82%	0.77%	0.87%	0.77%	0.73%	0.72%	0.66%
Gross Profit+	26.74M	11.72M	11.74M	23.34M	29.05M	11.18M	32.53M	38.3M	41.46M	53.25M
Gross Margin %	0.22%	0.12%	0.11%	0.18%	0.23%	0.13%	0.23%	0.27%	0.28%	0.34%
Gross Profit Growth %	-0.31%	-0.56%	0%	0.99%	0.24%	-0.62%	1.91%	0.18%	0.08%	0.28%
Operating Expenses+	23.86M	22.5M	21.25M	20.6M	23.11M	22.56M	24.42M	27.16M	28.1M	32.95M
OpEx % of Revenue	0.19%	0.23%	0.2%	0.16%	0.18%	0.27%	0.18%	0.19%	0.19%	0.21%
Selling, General & Admin	23.86M	23.3M	21.25M	20.6M	24.16M	22.56M	24.42M	27.16M	28.1M	32.95M
SG&A % of Revenue	0.19%	0.24%	0.2%	0.16%	0.19%	0.27%	0.18%	0.19%	0.19%	0.21%
Research & Development	0	200K	300K	200K	0	0	0	0	500K	100K
R&D % of Revenue	-	0%	0%	0%	-	-	-	-	0%	0%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	-100K
Operating Income+	2.88M	-11.58M	-9.51M	2.72M	4.88M	-11.38M	8.11M	11.14M	13.36M	20.3M
Operating Margin %	0.02%	-0.12%	-0.09%	0.02%	0.04%	-0.13%	0.06%	0.08%	0.09%	0.13%
Operating Income Growth %	0.3%	-5.03%	0.18%	1.29%	0.79%	-3.33%	1.71%	0.37%	0.2%	0.52%
EBITDA+	8.81M	-6.06M	-4.48M	7.3M	9.32M	-6.42M	12.44M	14.79M	17.19M	20.19M
EBITDA Margin %	0.07%	-0.06%	-0.04%	0.06%	0.07%	-0.08%	0.09%	0.1%	0.11%	0.13%
EBITDA Growth %	0.09%	-1.69%	0.26%	2.63%	0.28%	-1.69%	2.94%	0.19%	0.16%	0.17%
D&A (Non-Cash Add-back)	5.93M	5.52M	5.03M	4.58M	4.44M	4.95M	4.32M	3.65M	3.83M	-107K
EBIT	3.96M	-13.03M	-9.4M	2.89M	6.14M	-7.13M	9.24M	11.8M	12.32M	20.41M
Net Interest Income+	-470K	-569K	-697K	-1.12M	-905K	-381K	-828K	-2.12M	-2.27M	-1.94M
Interest Income	480K	177K	111K	164K	201K	268K	90K	124K	163K	284K
Interest Expense	950K	746K	808K	1.29M	1.11M	649K	918K	2.24M	2.43M	2.22M
Other Income/Expense	132K	-2.19M	-697K	-1.12M	154K	3.6M	216K	-1.59M	-3.47M	-1.83M
Pretax Income+	3.01M	-13.77M	-10.21M	1.6M	5.04M	-7.78M	8.33M	9.56M	9.89M	18.47M
Pretax Margin %	0.02%	-0.14%	-0.1%	0.01%	0.04%	-0.09%	0.06%	0.07%	0.07%	0.12%
Income Tax+	1.38M	-611K	-233K	2.15M	1.46M	-133K	2.27M	3.61M	-3.32M	5.38M
Effective Tax Rate %	-1.46%	0.91%	0.98%	-0.34%	0.71%	0.98%	0.73%	0.62%	1.06%	0.49%
Net Income+	-4.41M	-12.47M	-9.98M	-550K	3.58M	-7.64M	6.06M	5.95M	10.47M	8.98M
Net Margin %	-0.04%	-0.13%	-0.09%	-0%	0.03%	-0.09%	0.04%	0.04%	0.07%	0.06%
Net Income Growth %	-16.22%	-1.83%	0.2%	0.94%	7.5%	-3.14%	1.79%	-0.02%	0.76%	-0.14%
Net Income (Continuing)	1.64M	-13.16M	-9.98M	-550K	3.58M	-7.64M	6.06M	5.95M	13.21M	13.09M
Discontinued Operations	-6.04M	688K	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	6.27M	10.97M
EPS (Diluted)+	-0.60	-1.67	-1.30	-0.07	0.43	-0.94	0.72	0.73	1.30	1.12
EPS Growth %	-16.14%	-1.78%	0.22%	0.95%	7.14%	-3.19%	1.77%	0.01%	0.78%	-0.14%
EPS (Basic)	-0.61	-1.67	-1.30	-0.07	0.45	-0.94	0.75	0.75	1.31	1.13
Diluted Shares Outstanding	7.37M	7.49M	7.68M	7.81M	8.28M	8.13M	8.42M	8.12M	8.07M	8.02M
Basic Shares Outstanding	7.28M	7.48M	7.67M	7.81M	7.99M	8.13M	8.13M	7.98M	7.98M	7.96M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	97.05M	57.82M	62.32M	62.96M	64.25M	53.88M	78.39M	85.66M	98.82M	108.8M
Cash & Short-Term Investments	19.68M	7.6M	7.08M	10.16M	13.37M	7.17M	8.21M	5.77M	5.84M	15.72M
Cash Only	16.63M	7.6M	7.08M	10.16M	13.37M	7.17M	8.21M	5.77M	5.84M	15.72M
Short-Term Investments	3.05M	0	0	0	0	0	0	0	0	0
Accounts Receivable	38.55M	33.36M	34.44M	34.16M	31.57M	29.48M	49.41M	56.77M	66.34M	65.02M
Days Sales Outstanding	114.69	123.19	119.43	96.68	90.26	127.05	130.18	145.34	160.71	149.84
Inventory	15.63M	13.56M	16.86M	12.29M	14.5M	12.16M	13.76M	14.74M	15.54M	16.62M
Days Inventory Outstanding	59.44	56.83	65.8	42.47	53.66	60.36	47.37	51.59	51.94	57.71
Other Current Assets	22.68M	1.12M	1.24M	2.92M	1.29M	1.53M	1.88M	1.02M	1.4M	11.45M
Total Non-Current Assets+	41.08M	43.79M	42.27M	39.24M	47.97M	48.82M	45.01M	37.31M	56.89M	56.44M
Property, Plant & Equipment	25.4M	36.27M	34.51M	30.4M	40.1M	40.28M	35.97M	31.05M	44.09M	43.56M
Fixed Asset Turnover	4.83x	2.72x	3.05x	4.24x	3.18x	2.10x	3.85x	4.59x	3.42x	3.64x
Goodwill	0	2.28M	2.42M	2.27M	2.25M	2.33M	2.34M	2.23M	2.22M	2.06M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	9.11M	-147K	3.2M	3.5M	2.1M	2.7M	4.3M	2.9M	0	2.6M
Other Non-Current Assets	6.56M	5.23M	1.74M	2.62M	3.22M	2.68M	1.59M	440K	2.67M	1.58M
Total Assets+	138.12M	101.61M	104.58M	102.2M	112.22M	102.69M	123.4M	122.97M	155.71M	165.24M
Asset Turnover	0.89x	0.97x	1.01x	1.26x	1.14x	0.82x	1.12x	1.16x	0.97x	0.96x
Asset Growth %	-0.07%	-0.26%	0.03%	-0.02%	0.1%	-0.08%	0.2%	-0%	0.27%	0.06%
Total Current Liabilities+	64.08M	28M	39.18M	37.09M	32.84M	28.25M	38.4M	43.79M	57.74M	54.06M
Accounts Payable	11.03M	10.9M	14.19M	12.01M	9.58M	10.37M	13.62M	14.75M	25.32M	23.69M
Days Payables Outstanding	41.94	45.67	55.37	41.49	35.45	51.46	46.88	51.65	84.63	82.25
Short-Term Debt	14M	4.47M	8.03M	9.53M	9.62M	5.34M	7.03M	10.45M	9.59M	9.25M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	762K	1000K	1000K	1000K	1000K
Other Current Liabilities	28.01M	4M	6.06M	3.78M	4.04M	2.88M	2.87M	2.49M	7.03M	0
Current Ratio	1.51x	2.07x	1.59x	1.70x	1.96x	1.91x	2.04x	1.96x	1.71x	2.01x
Quick Ratio	1.27x	1.58x	1.16x	1.37x	1.52x	1.48x	1.68x	1.62x	1.44x	1.71x
Cash Conversion Cycle	132.18	134.35	129.85	97.66	108.47	135.95	130.66	145.28	128.02	125.29
Total Non-Current Liabilities+	4.99M	14.2M	13.59M	13.42M	23.76M	25.13M	30.55M	21.39M	25.99M	28.07M
Long-Term Debt	1.47M	7.26M	7.73M	6.75M	6.04M	5.87M	5.06M	4.39M	4.23M	3.67M
Capital Lease Obligations	0	0	0	0	11.89M	13.57M	20.6M	13.47M	18.06M	19.26M
Deferred Tax Liabilities	160K	1.83M	1.24M	1.44M	1.05M	914K	712K	909K	1.22M	1.32M
Other Non-Current Liabilities	3.35M	5.11M	4.62M	5.23M	4.77M	4.77M	4.18M	2.63M	2.49M	3.82M
Total Liabilities	69.09M	42.2M	52.77M	49.84M	56.6M	53.38M	68.94M	65.18M	83.73M	82.14M
Total Debt+	15.5M	11.73M	15.75M	16.28M	29.01M	27.61M	34.54M	29.22M	32.79M	33.25M
Net Debt	-1.13M	4.13M	8.67M	6.13M	15.63M	20.44M	26.32M	23.45M	26.95M	17.53M
Debt / Equity	0.22x	0.20x	0.30x	0.31x	0.52x	0.56x	0.63x	0.51x	0.46x	0.40x
Debt / EBITDA	1.76x	-	-	2.23x	3.11x	-	2.78x	1.98x	1.91x	1.65x
Net Debt / EBITDA	-0.13x	-	-	0.84x	1.68x	-	2.12x	1.59x	1.57x	0.87x
Interest Coverage	3.03x	-15.53x	-11.77x	2.12x	4.41x	-17.53x	8.84x	4.97x	5.50x	9.13x
Total Equity+	69.03M	59.41M	51.81M	52.36M	55.63M	49.31M	54.46M	57.78M	71.98M	83.11M
Equity Growth %	-0.06%	-0.14%	-0.13%	0.01%	0.06%	-0.11%	0.1%	0.06%	0.25%	0.15%
Book Value per Share	9.36	7.93	6.75	6.70	6.72	6.07	6.47	7.12	8.92	10.37
Total Shareholders' Equity	69.03M	59.41M	51.81M	52.36M	55.63M	49.31M	54.46M	57.78M	65.71M	72.14M
Common Stock	74K	76K	77K	79K	80K	82K	82K	80K	80K	80K
Retained Earnings	20.19M	6.87M	-3.1M	-3.63M	-715K	-8.36M	-2.29M	1.62M	12.09M	20.1M
Treasury Stock	-290K	-170K	0	0	0	0	-1.99M	-26K	-968K	0
Accumulated OCI	-3.98M	-2.72M	-1.47M	-2.88M	-3.76M	-3.29M	-3.1M	-6.45M	-5.55M	-8.2M
Minority Interest	0	0	0	0	0	0	0	0	6.27M	10.97M

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	-2.9M	-4.23M	-1.84M	4.98M	4.09M	165K	-2.57M	-1.24M	14.73M	13.93M
Operating CF Margin %	-0.02%	-0.04%	-0.02%	0.04%	0.03%	0%	-0.02%	-0.01%	0.1%	0.09%
Operating CF Growth %	-1.71%	-0.46%	0.56%	3.7%	-0.18%	-0.96%	-16.6%	0.52%	12.87%	-0.05%
Net Income	-4.41M	-11.68M	-9.98M	-529K	3.58M	-7.64M	6.06M	5.95M	10.47M	13.09M
Depreciation & Amortization	5.93M	5.52M	5.03M	4.58M	4.44M	4.74M	4.32M	3.65M	3.83M	3.63M
Stock-Based Compensation	278K	389K	1.45M	1.17M	1.01M	1.04M	1.1M	1M	913K	860K
Deferred Taxes	-249K	-33K	-958K	215K	-213K	-669K	-195K	479K	-6.92M	1.62M
Other Non-Cash Items	-1.97M	1.72M	-74K	117K	419K	130K	61K	985K	2.82M	296K
Working Capital Changes	-2.47M	-153K	2.69M	-565K	-5.14M	2.56M	-13.93M	-13.3M	3.61M	-5.57M
Change in Receivables	-2.81M	13.7M	-1.08M	-354K	1.75M	3.39M	-21.33M	-3.23M	-11.13M	394K
Change in Inventory	4.03M	5.45M	-3.27M	4.36M	-2.23M	2.42M	-1.62M	-1.5M	-830K	-1.82M
Change in Payables	5.82M	-1.92M	4.55M	-3.58M	-2.61M	730K	3.2M	1.09M	8.81M	-1.17M
Cash from Investing+	13.87M	10.22M	-2.39M	-1.36M	-1.9M	-1.96M	-2.25M	-6.38M	-11.1M	-2.85M
Capital Expenditures	-6.46M	-2.26M	-2.53M	-1.36M	-1.9M	-1.96M	-2.26M	-6.97M	-11.11M	-2.88M
CapEx % of Revenue	0.05%	0.02%	0.02%	0.01%	0.01%	0.02%	0.02%	0.05%	0.07%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	20.32M	2.1M	1K	0	0	2K	9K	593K	8K	27K
Cash from Financing+	-3.02M	-14.95M	3.46M	1.13M	-301K	-4.14M	6.23M	4.54M	-3.26M	-907K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-369K	-26K	-180K	-243K	92K	0	58K	42K	-470K	46K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-9.35M	-6.49M	-4.37M	3.62M	2.19M	-1.8M	-4.84M	-8.22M	3.63M	11.05M
FCF Margin %	-0.08%	-0.07%	-0.04%	0.03%	0.02%	-0.02%	-0.03%	-0.06%	0.02%	0.07%
FCF Growth %	-4.28%	0.31%	0.33%	1.83%	-0.4%	-1.82%	-1.69%	-0.7%	1.44%	2.05%
FCF per Share	-1.27	-0.87	-0.57	0.46	0.26	-0.22	-0.57	-1.01	0.45	1.38
FCF Conversion (FCF/Net Income)	0.66x	0.34x	0.18x	-9.05x	1.14x	-0.02x	-0.42x	-0.21x	1.41x	1.55x
Interest Paid	749K	773K	804K	1.3M	902K	540K	791K	2.04M	2.29M	1.93M
Taxes Paid	970K	1.38M	1.08M	1.73M	2.11M	107K	1.35M	2.48M	3.28M	3.71M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-6.19%	-19.42%	-17.94%	-1.06%	6.62%	-14.56%	11.68%	10.59%	16.14%	11.58%
Return on Invested Capital (ROIC)	2.89%	-13.22%	-11.5%	3.43%	5.64%	-12.1%	8.08%	10.32%	11.12%	15.26%
Gross Margin	21.79%	11.85%	11.16%	18.1%	22.75%	13.2%	23.48%	26.86%	27.52%	33.62%
Net Margin	-3.59%	-12.62%	-9.48%	-0.43%	2.8%	-9.02%	4.38%	4.17%	6.95%	5.67%
Debt / Equity	0.22x	0.20x	0.30x	0.31x	0.52x	0.56x	0.63x	0.51x	0.46x	0.40x
Interest Coverage	3.03x	-15.53x	-11.77x	2.12x	4.41x	-17.53x	8.84x	4.97x	5.50x	9.13x
FCF Conversion	0.66x	0.34x	0.18x	-9.05x	1.14x	-0.02x	-0.42x	-0.21x	1.41x	1.55x
Revenue Growth	-37.03%	-19.44%	6.48%	22.53%	-1.01%	-33.66%	63.59%	2.9%	5.68%	5.12%

Revenue by Segment

	2012	2013	2014	2015	2016	2017
Piping Systems	89.66M	158.42M	126.92M	122.7M	98.84M	-
Piping Systems Growth	-	76.68%	-19.88%	-3.33%	-19.44%	-
Filtration Products	79.14M	68.41M	67.93M	-	-	-
Filtration Products Growth	-	-13.56%	-0.70%	-	-	-
Industrial Process Cooling	37.13M	-	-	-	-	-
Industrial Process Cooling Growth	-	-	-	-	-	-
Corporate and Other	6.08M	-	-	-	-	-
Corporate and Other Growth	-	-	-	-	-	-

Revenue by Geography

	2012	2013	2014	2015	2016	2017
UNITED STATES	142.45M	97.31M	109.26M	58.71M	42.05M	42.65M
UNITED STATES Growth	-	-31.69%	12.28%	-46.27%	-28.38%	1.43%
CANADA	11.18M	7.59M	4.16M	2.58M	25.91M	31.21M
CANADA Growth	-	-32.12%	-45.20%	-37.96%	904.07%	20.42%
Middle East	-	94.5M	52.29M	60.75M	28.01M	26.32M
Middle East Growth	-	-	-44.66%	16.17%	-53.89%	-6.02%
INDIA	6.32M	773K	5.47M	372K	2.36M	1.32M
INDIA Growth	-	-87.77%	607.50%	-93.20%	534.41%	-44.19%
Europe	-	14.93M	14.48M	73K	-	-
Europe Growth	-	-	-3.02%	-99.50%	-	-
Americas	-	6.92M	5.63M	72K	-	-
Americas Growth	-	-	-18.63%	-98.72%	-	-
Segment, Geographical, Groups of Countries, Group One	24.63M	-	-	-	-	-
Segment, Geographical, Groups of Countries, Group One Growth	-	-	-	-	-	-
Segment, Geographical, Groups of Countries, Group Two	19.39M	-	-	-	-	-
Segment, Geographical, Groups of Countries, Group Two Growth	-	-	-	-	-	-
Segment, geographical, groups of Countries, Group Three	3.05M	-	-	-	-	-
Segment, geographical, groups of Countries, Group Three Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Perma-Pipe International Holdings, Inc. (PPIH) has a price-to-earnings (P/E) ratio of 28.4x. This suggests investors expect higher future growth.

Growth & Financials

Perma-Pipe International Holdings, Inc. (PPIH) reported $200.8M in revenue for fiscal year 2024. This represents a 14% decrease from $233.5M in 2011.

Perma-Pipe International Holdings, Inc. (PPIH) grew revenue by 5.1% over the past year. This is steady growth.

Yes, Perma-Pipe International Holdings, Inc. (PPIH) is profitable, generating $13.9M in net income for fiscal year 2024 (5.7% net margin).

Dividend & Returns

Perma-Pipe International Holdings, Inc. (PPIH) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

Perma-Pipe International Holdings, Inc. (PPIH) generated $12.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.