Pioneer Power Solutions, Inc. (PPSI) 10-Year Financial Performance & Capital Metrics

PPSI • • Industrial / General

IndustrialsElectrical EquipmentPower Conversion & Control EquipmentIndustrial Power Systems

AboutPioneer Power Solutions, Inc., together with its subsidiaries, designs, manufactures, sells, and services electric power systems, distributed energy resources, used and new power generation equipment, and mobile EV charging solutions in the United States, Canada, and internationally. The company operates in two segments, Transmission & Distribution Solutions and Critical Power Solutions. The Transmission & Distribution Solutions segment provides electric power systems, including e-Bloc, and distributed energy resources that help customers effectively and efficiently protect, control, transfer, monitor, and manage their electric energy requirements. It also provides low voltage switchgears and transfer switches. The Critical Power Solutions segment provides new and used power generation equipment, and aftermarket field-services to ensure smooth and uninterrupted power to operations during times of emergency. The company serves utility, industrial, commercial, and backup power markets. The company was incorporated in 2008 and is headquartered in Fort Lee, New Jersey. Pioneer Power Solutions, Inc. is a subsidiary of Provident Pioneer Partners, L.P.Show more

Revenue $23M +105.8%
EBITDA -$4M +30.3%
Net Income $32M +1778.3%
EPS (Diluted) 2.90 +1626.3%
Gross Margin 24.1% +20.4%
EBITDA Margin -19.24% +66.1%
Operating Margin -22.94% +63.8%
Net Margin 139.23% +915.4%
ROE 128.33% +1153.1%
ROIC -122.39% -140.8%
Debt/Equity 0.02 -74.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 28.8%
✓Momentum leader: RS Rating 87 (top 13%)
✓Healthy 5Y average net margin of 14.8%
✓Trading at only 1.5x book value

✗Weaknesses

✗Negative free cash flow
✗Shares diluted 10.6% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-13.01%

5Y2.14%

3Y7.71%

TTM4.69%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM550.4%

EPS CAGR

10Y-

5Y-

3Y-

TTM525%

ROCE

10Y Avg-20.3%

5Y Avg-27.7%

3Y Avg-30.91%

Latest-20.69%

Peer Comparison

Industrial Power Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AEISAdvanced Energy Industries, Inc.	9.71B	257.29	179.92	-10.49%	8.41%	11.09%	0.76%	0.56
VRTVertiv Holdings Co	65.97B	172.54	134.80	16.74%	10.67%	29.48%	1.72%	1.29
HAYWHayward Holdings, Inc.	3.63B	16.74	31	5.96%	12.62%	9.06%	5.17%	0.69
POWLPowell Industries, Inc.	4.92B	405.55	27.29	9.08%	16.22%	29.48%	3.14%	0.00
PPSIPioneer Power Solutions, Inc.	53.48M	4.82	1.66	105.82%	118.38%	105.11%		0.02
POLAPolar Power, Inc.	3.86M	1.44	-0.77	-8.65%	-104.13%	-299.07%		0.81
IPWRIdeal Power Inc.	27.54M	3.23	-2.52	-56.74%	-261.41%	-111.94%		0.03
TGENTecogen Inc.	148.93M	4.99	-26.26	-10.02%	-19.55%	-21.49%	2.08%	0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	106.52M	114.4M	101.39M	106.39M	20.58M	19.49M	18.31M	25.88M	11.12M	22.88M
Revenue Growth %	0.16%	0.07%	-0.11%	0.05%	-0.81%	-0.05%	-0.06%	0.41%	-0.57%	1.06%
Cost of Goods Sold+	85.42M	89.5M	81.4M	87.14M	19.42M	18.61M	16.92M	23.05M	8.89M	17.36M
COGS % of Revenue	0.8%	0.78%	0.8%	0.82%	0.94%	0.95%	0.92%	0.89%	0.8%	0.76%
Gross Profit+	21.11M	24.9M	19.99M	19.25M	1.17M	881K	1.39M	2.83M	2.23M	5.51M
Gross Margin %	0.2%	0.22%	0.2%	0.18%	0.06%	0.05%	0.08%	0.11%	0.2%	0.24%
Gross Profit Growth %	0.16%	0.18%	-0.2%	-0.04%	-0.94%	-0.24%	0.58%	1.03%	-0.21%	1.48%
Operating Expenses+	21.19M	20.74M	16.71M	21.46M	12.92M	5.17M	5.25M	8.64M	9.26M	10.76M
OpEx % of Revenue	0.2%	0.18%	0.16%	0.2%	0.63%	0.27%	0.29%	0.33%	0.83%	0.47%
Selling, General & Admin	21.19M	20.74M	16.71M	21.46M	12.68M	0	0	0	0	0
SG&A % of Revenue	0.2%	0.18%	0.16%	0.2%	0.62%	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0	0	885K	1.05M
R&D % of Revenue	-	-	-	-	-	-	-	-	0.08%	0.05%
Other Operating Expenses	0	205K	0	0	237K	5.17M	5.25M	8.64M	8.38M	9.71M
Operating Income+	-5.3M	2.1M	3.39M	-1.87M	-11.75M	-4.28M	-3.86M	-5.81M	-7.04M	-5.25M
Operating Margin %	-0.05%	0.02%	0.03%	-0.02%	-0.57%	-0.22%	-0.21%	-0.22%	-0.63%	-0.23%
Operating Income Growth %	-4.03%	1.4%	0.61%	-1.55%	-5.27%	0.64%	0.1%	-0.5%	-0.21%	0.25%
EBITDA+	-2.14M	4.92M	6.98M	1.43M	-10.64M	-3.82M	-3.42M	-5.34M	-6.31M	-4.4M
EBITDA Margin %	-0.02%	0.04%	0.07%	0.01%	-0.52%	-0.2%	-0.19%	-0.21%	-0.57%	-0.19%
EBITDA Growth %	-1.64%	3.3%	0.42%	-0.8%	-8.44%	0.64%	0.1%	-0.56%	-0.18%	0.3%
D&A (Non-Cash Add-back)	3.16M	2.82M	3.59M	3.3M	1.11M	464K	438K	466K	721K	845K
EBIT	-7.83M	4.12M	-3.42M	-9.13M	-11.75M	-4.28M	-3.86M	-5.81M	-7.04M	-5.25M
Net Interest Income+	-748K	-1.74M	2.46M	-916K	-396K	334K	387K	465K	232K	431K
Interest Income	0	0	2.46M	0	0	334K	387K	465K	232K	431K
Interest Expense	748K	1.74M	0	916K	396K	0	0	0	0	0
Other Income/Expense	-3.28M	-1.19M	-3.64M	-2.33M	994K	1.3M	1.68M	398K	756K	481K
Pretax Income+	-8.58M	572K	857K	-5.36M	-10.76M	-2.98M	-2.18M	-5.41M	-6.28M	-4.77M
Pretax Margin %	-0.08%	0.01%	0.01%	-0.05%	-0.52%	-0.15%	-0.12%	-0.21%	-0.56%	-0.21%
Income Tax+	-2.7M	1.14M	3.55M	303K	1.28M	5K	-16K	7K	0	-1.42M
Effective Tax Rate %	0.69%	-0.99%	-10.9%	1.06%	0.1%	1%	0.99%	1%	0.3%	-6.68%
Net Income+	-5.88M	-569K	-9.34M	-5.66M	-1.03M	-2.99M	-2.17M	-5.42M	-1.9M	31.86M
Net Margin %	-0.06%	-0%	-0.09%	-0.05%	-0.05%	-0.15%	-0.12%	-0.21%	-0.17%	1.39%
Net Income Growth %	-20.94%	0.9%	-15.42%	0.39%	0.82%	-1.89%	0.27%	-1.5%	0.65%	17.78%
Net Income (Continuing)	-5.88M	1.45M	-9.22M	-9.31M	-12.04M	-2.99M	-2.17M	-5.42M	-6.28M	-3.35M
Discontinued Operations	0	0	0	0	11.01M	0	0	0	4.38M	35.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.76	-0.07	-1.07	-0.65	-1.38	-0.34	-0.24	-0.37	-0.19	2.90
EPS Growth %	-19.38%	0.91%	-15.36%	0.39%	-1.12%	0.75%	0.29%	-0.54%	0.49%	16.26%
EPS (Basic)	-0.76	-0.07	-1.07	-0.65	-1.38	-0.34	-0.24	-0.37	-0.19	2.97
Diluted Shares Outstanding	7.75M	8.7M	8.72M	8.73M	8.73M	8.73M	8.86M	9.73M	9.91M	10.95M
Basic Shares Outstanding	7.74M	8.7M	8.7M	8.7M	8.73M	8.73M	8.86M	9.73M	9.91M	10.75M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	34.87M	46.57M	47.33M	46.92M	20.37M	13.96M	25.14M	33.04M	27.68M	56.66M
Cash & Short-Term Investments	648K	246K	218K	211K	9.15M	7.57M	9.92M	10.3M	3.58M	41.62M
Cash Only	648K	246K	218K	211K	8.21M	7.57M	9.92M	10.3M	3.58M	41.62M
Short-Term Investments	0	0	0	0	936K	0	0	0	0	0
Accounts Receivable	14.8M	14.34M	13.43M	3.38M	5.88M	3.09M	8.21M	11.14M	9.01M	7.83M
Days Sales Outstanding	50.71	45.75	48.35	11.61	104.2	57.85	163.59	157.11	295.85	124.85
Inventory	17.66M	26.53M	23.19M	27.31M	4.55M	2.4M	4.16M	8.75M	7.58M	6.07M
Days Inventory Outstanding	75.48	108.19	103.99	114.39	85.61	47.13	89.75	138.51	311.14	127.55
Other Current Assets	0	7.25M	2.31M	37.66M	795K	0	1.77M	2.85M	7.51M	1.14M
Total Non-Current Assets+	32.07M	30.97M	22.56M	25.59M	8.11M	7.33M	2.79M	4.14M	5.34M	9.29M
Property, Plant & Equipment	7.35M	6.59M	6.33M	5.28M	2.45M	1.94M	2.75M	3.98M	5.06M	7.25M
Fixed Asset Turnover	14.49x	17.36x	16.00x	20.13x	8.41x	10.06x	6.65x	6.51x	2.20x	3.15x
Goodwill	10.07M	9.97M	8.53M	8.53M	0	0	0	0	0	0
Intangible Assets	9.96M	8.17M	4.92M	3.58M	0	0	0	0	0	0
Long-Term Investments	200K	0	0	865K	5.1M	5.35M	0	0	0	2M
Other Non-Current Assets	855K	830K	45K	4.36M	-281K	43K	39K	70K	277K	40K
Total Assets+	66.94M	77.54M	69.89M	72.51M	28.48M	21.29M	27.93M	37.17M	33.02M	65.95M
Asset Turnover	1.59x	1.48x	1.45x	1.47x	0.72x	0.92x	0.66x	0.70x	0.34x	0.35x
Asset Growth %	-0.08%	0.16%	-0.1%	0.04%	-0.61%	-0.25%	0.31%	0.33%	-0.11%	1%
Total Current Liabilities+	38.31M	43.37M	45.68M	52.42M	9.84M	5.54M	6.58M	18.96M	18.26M	29.98M
Accounts Payable	20.03M	14.12M	20.38M	7.26M	7.53M	4.03M	2.09M	5.62M	5.4M	3.05M
Days Payables Outstanding	85.59	57.6	91.39	30.4	141.6	78.99	45.07	88.91	221.52	64.19
Short-Term Debt	17.83M	24.13M	25.21M	23.7M	374K	780K	0	0	0	0
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	714K	1000K	1000K	1000K	991K
Other Current Liabilities	0	4.13M	0	19.67M	0	0	0	1.41M	6.92M	0
Current Ratio	0.91x	1.07x	1.04x	0.90x	2.07x	2.52x	3.82x	1.74x	1.52x	1.89x
Quick Ratio	0.45x	0.46x	0.53x	0.37x	1.61x	2.09x	3.19x	1.28x	1.10x	1.69x
Cash Conversion Cycle	40.59	96.34	60.96	95.61	48.21	26	208.27	206.72	385.47	188.2
Total Non-Current Liabilities+	1.24M	7.47M	6.7M	8.14M	1.79M	1.89M	1.79M	1.28M	542K	544K
Long-Term Debt	165K	4M	4.15M	2.62M	0	633K	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	411K	1.22M	493K	422K
Deferred Tax Liabilities	781K	2.4M	1.67M	1.59M	844K	0	0	92K	0	0
Other Non-Current Liabilities	435K	1.06M	4.14M	3.93M	949K	1.26M	1.38M	65K	49K	122K
Total Liabilities	39.55M	50.84M	52.39M	60.56M	11.64M	7.43M	8.38M	20.24M	18.8M	30.52M
Total Debt+	18.06M	28.25M	29.01M	26.32M	374K	1.41M	1.22M	2.27M	1.21M	775K
Net Debt	17.41M	28M	28.79M	26.11M	-7.84M	-6.15M	-8.71M	-8.02M	-2.37M	-40.85M
Debt / Equity	0.66x	1.06x	1.66x	2.20x	0.02x	0.10x	0.06x	0.13x	0.09x	0.02x
Debt / EBITDA	-	5.74x	4.16x	18.39x	-	-	-	-	-	-
Net Debt / EBITDA	-	5.69x	4.12x	18.24x	-	-	-	-	-	-
Interest Coverage	-7.09x	1.21x	-	-2.04x	-29.68x	-	-	-	-	-
Total Equity+	27.39M	26.69M	17.5M	11.95M	16.84M	13.86M	19.55M	16.93M	14.22M	35.43M
Equity Growth %	-0.11%	-0.03%	-0.34%	-0.32%	0.41%	-0.18%	0.41%	-0.13%	-0.16%	1.49%
Book Value per Share	3.54	3.07	2.01	1.37	1.93	1.59	2.21	1.74	1.44	3.23
Total Shareholders' Equity	27.39M	26.69M	17.5M	11.95M	16.84M	13.86M	19.55M	16.93M	14.22M	35.43M
Common Stock	9K	9K	9K	9K	9K	9K	10K	10K	10K	11K
Retained Earnings	9.9M	9.33M	-506K	-6.13M	-7.16M	-10.14M	-12.31M	-15.95M	-19.63M	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.67M	-5.86M	-5.8M	-5.9M	14K	14K	14K	14K	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-3.96M	-9.46M	1.4M	2.15M	-5.57M	-3.61M	-3.19M	-5.77M	-3.9M	-6.21M
Operating CF Margin %	-0.04%	-0.08%	0.01%	0.02%	-0.27%	-0.19%	-0.17%	-0.22%	-0.35%	-0.27%
Operating CF Growth %	-42.72%	-1.39%	1.15%	0.54%	-3.59%	0.35%	0.12%	-0.81%	0.33%	-0.59%
Net Income	-5.88M	-1.06M	-9.34M	-5.66M	-1.03M	-2.99M	-2.17M	-5.42M	-1.9M	31.86M
Depreciation & Amortization	3.16M	3.09M	3.06M	3.3M	1.11M	464K	1.02M	1.13M	1.41M	1.07M
Stock-Based Compensation	231K	62K	466K	165K	12K	3K	186K	0	1.47M	1.05M
Deferred Taxes	-3.12M	-405K	2.2M	-329K	1.25M	0	0	0	0	0
Other Non-Cash Items	2.9M	625K	4.3M	1.32M	-5.44M	881K	-1.68M	407K	83K	-34.83M
Working Capital Changes	-1.25M	-11.76M	720K	3.35M	-1.47M	-1.98M	-555K	-1.89M	-4.96M	-5.36M
Change in Receivables	-2.21M	-3.56M	2.59M	-1.37M	55K	1.16M	115K	-7.44M	585K	-10.36M
Change in Inventory	-4.84M	-8.24M	-2.08M	-2.12M	-1.15M	2.14M	-1.76M	-3.93M	511K	-14.54M
Change in Payables	6.26M	-1.47M	1.14M	7.64M	-3K	-3.35M	27K	3.67M	0	0
Cash from Investing+	-3.4M	-618K	-1.43M	173K	39.77M	2.63M	-237K	4.72M	-2.5M	38.88M
Capital Expenditures	-1.05M	-668K	-1.45M	-589K	-153K	0	-237K	-1.51M	-2.5M	-3.76M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	-	0.01%	0.06%	0.22%	0.16%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-243K	50K	22K	762K	0	194K	0	6.23M	0	0
Cash from Financing+	4.52M	9.96M	943K	-3.41M	-26.23M	337K	7.56M	-353K	-323K	5.38M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-1.05M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-61K	-251K	59K	0	585K	-397K	58K	-129K	-145K	519K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-5.01M	-10.13M	-51K	1.56M	-5.73M	-3.61M	-3.43M	-7.28M	-6.39M	-9.97M
FCF Margin %	-0.05%	-0.09%	-0%	0.01%	-0.28%	-0.19%	-0.19%	-0.28%	-0.57%	-0.44%
FCF Growth %	-6.99%	-1.02%	0.99%	31.67%	-4.66%	0.37%	0.05%	-1.12%	0.12%	-0.56%
FCF per Share	-0.65	-1.16	-0.01	0.18	-0.66	-0.41	-0.39	-0.75	-0.65	-0.91
FCF Conversion (FCF/Net Income)	0.67x	16.62x	-0.15x	-0.38x	5.40x	1.21x	1.47x	1.07x	2.05x	-0.20x
Interest Paid	606K	1.26M	2.09M	2.6M	1.11M	28K	3K	0	7K	35K
Taxes Paid	435K	322K	1.73M	587K	477K	507K	395K	0	2K	7K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-20.2%	-2.1%	-42.29%	-38.46%	-7.17%	-19.45%	-12.97%	-29.71%	-12.19%	128.33%
Return on Invested Capital (ROIC)	-8.77%	3.17%	5.03%	-3.33%	-37.46%	-38.46%	-31.23%	-44.11%	-50.83%	-122.39%
Gross Margin	19.81%	21.77%	19.72%	18.09%	5.66%	4.52%	7.61%	10.92%	20.02%	24.1%
Net Margin	-5.52%	-0.5%	-9.22%	-5.32%	-5.01%	-15.32%	-11.83%	-20.94%	-17.07%	139.23%
Debt / Equity	0.66x	1.06x	1.66x	2.20x	0.02x	0.10x	0.06x	0.13x	0.09x	0.02x
Interest Coverage	-7.09x	1.21x	-	-2.04x	-29.68x	-	-	-	-	-
FCF Conversion	0.67x	16.62x	-0.15x	-0.38x	5.40x	1.21x	1.47x	1.07x	2.05x	-0.20x
Revenue Growth	15.54%	7.4%	-11.37%	4.93%	-80.65%	-5.31%	-6.05%	41.32%	-57.04%	105.82%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Revenue	-	-	-	-	-	-	-	-	-	20.95M
Total Revenue Growth	-	-	-	-	-	-	-	-	-	-
Product	-	-	-	-	-	-	-	19.61M	33.72M	12.26M
Product Growth	-	-	-	-	-	-	-	-	71.92%	-63.63%
Service	-	-	-	-	-	-	-	-	7.78M	8.69M
Service Growth	-	-	-	-	-	-	-	-	-	11.73%
Fixed Lease Revenue	-	-	-	-	-	-	-	-	-	1.93M
Fixed Lease Revenue Growth	-	-	-	-	-	-	-	-	-	-
T & D Solutions	-	-	-	-	-	-	9.48M	-	-	-
T & D Solutions Growth	-	-	-	-	-	-	-	-	-	-
Critical Power	-	18.53M	15.06M	-	-	-	8.83M	-	-	-
Critical Power Growth	-	-	-18.71%	-	-	-	-	-	-	-
Products	-	-	-	96.59M	10.4M	11.83M	-	-	-	-
Products Growth	-	-	-	-	-89.23%	13.75%	-	-	-	-
Services	-	-	-	9.8M	-	7.66M	-	-	-	-
Services Growth	-	-	-	-	-	-	-	-	-	-
Class Of Warrant Or Right Expiration Date Range End	-	-	-	-	10.18M	-	-	-	-	-
Class Of Warrant Or Right Expiration Date Range End Growth	-	-	-	-	-	-	-	-	-	-
T And D	-	95.87M	86.33M	-	-	-	-	-	-	-
T And D Growth	-	-	-9.96%	-	-	-	-	-	-	-
T And D Solutions	84.19M	-	-	-	-	-	-	-	-	-
T And D Solutions Growth	-	-	-	-	-	-	-	-	-	-
Critical Power Solutions	22.33M	-	-	-	-	-	-	-	-	-
Critical Power Solutions Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	68.75M	-	-	-	-	-	18.31M	27M	41.49M	19.91M
UNITED STATES Growth	-	-	-	-	-	-	-	47.45%	53.68%	-52.02%
CANADA	36.74M	-	-	-	-	-	-	-	-	2.97M
CANADA Growth	-	-	-	-	-	-	-	-	-	-
United States	-	83.08M	64.92M	74.12M	20.58M	19.49M	-	-	-	-
United States Growth	-	-	-21.86%	14.17%	-72.23%	-5.31%	-	-	-	-
Canada	-	31.21M	36.25M	32.14M	-	-	-	-	-	-
Canada Growth	-	-	16.15%	-11.34%	-	-	-	-	-	-
Other Countries	-	-	216K	128K	-	-	-	-	-	-
Other Countries Growth	-	-	-	-40.74%	-	-	-	-	-	-
Others Countries	1.03M	109K	-	-	-	-	-	-	-	-
Others Countries Growth	-	-89.42%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Pioneer Power Solutions, Inc. (PPSI) has a price-to-earnings (P/E) ratio of 1.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Pioneer Power Solutions, Inc. (PPSI) reported $27.3M in revenue for fiscal year 2024. This represents a 60% decrease from $68.8M in 2011.

Pioneer Power Solutions, Inc. (PPSI) grew revenue by 105.8% over the past year. This is strong growth.

Yes, Pioneer Power Solutions, Inc. (PPSI) is profitable, generating $32.3M in net income for fiscal year 2024 (139.2% net margin).

Dividend & Returns

Pioneer Power Solutions, Inc. (PPSI) has a return on equity (ROE) of 128.3%. This is excellent, indicating efficient use of shareholder capital.

Pioneer Power Solutions, Inc. (PPSI) had negative free cash flow of $9.9M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Pioneer Power Solutions, Inc. (PPSI) 10-Year Financial Performance & Capital Metrics

PPSI • • Industrial / General

IndustrialsElectrical EquipmentPower Conversion & Control EquipmentIndustrial Power Systems

Revenue $23M +105.8%
EBITDA -$4M +30.3%
Net Income $32M +1778.3%
EPS (Diluted) 2.90 +1626.3%
Gross Margin 24.1% +20.4%
EBITDA Margin -19.24% +66.1%
Operating Margin -22.94% +63.8%
Net Margin 139.23% +915.4%
ROE 128.33% +1153.1%
ROIC -122.39% -140.8%
Debt/Equity 0.02 -74.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 28.8%
✓Momentum leader: RS Rating 87 (top 13%)
✓Healthy 5Y average net margin of 14.8%
✓Trading at only 1.5x book value

✗Weaknesses

✗Negative free cash flow
✗Shares diluted 10.6% in last year

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-13.01%

5Y2.14%

3Y7.71%

TTM4.69%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM550.4%

EPS CAGR

10Y-

5Y-

3Y-

TTM525%

ROCE

10Y Avg-20.3%

5Y Avg-27.7%

3Y Avg-30.91%

Latest-20.69%

Peer Comparison

Industrial Power Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AEISAdvanced Energy Industries, Inc.	9.71B	257.29	179.92	-10.49%	8.41%	11.09%	0.76%	0.56
VRTVertiv Holdings Co	65.97B	172.54	134.80	16.74%	10.67%	29.48%	1.72%	1.29
HAYWHayward Holdings, Inc.	3.63B	16.74	31	5.96%	12.62%	9.06%	5.17%	0.69
POWLPowell Industries, Inc.	4.92B	405.55	27.29	9.08%	16.22%	29.48%	3.14%	0.00
PPSIPioneer Power Solutions, Inc.	53.48M	4.82	1.66	105.82%	118.38%	105.11%		0.02
POLAPolar Power, Inc.	3.86M	1.44	-0.77	-8.65%	-104.13%	-299.07%		0.81
IPWRIdeal Power Inc.	27.54M	3.23	-2.52	-56.74%	-261.41%	-111.94%		0.03
TGENTecogen Inc.	148.93M	4.99	-26.26	-10.02%	-19.55%	-21.49%	2.08%	0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	106.52M	114.4M	101.39M	106.39M	20.58M	19.49M	18.31M	25.88M	11.12M	22.88M
Revenue Growth %	0.16%	0.07%	-0.11%	0.05%	-0.81%	-0.05%	-0.06%	0.41%	-0.57%	1.06%
Cost of Goods Sold+	85.42M	89.5M	81.4M	87.14M	19.42M	18.61M	16.92M	23.05M	8.89M	17.36M
COGS % of Revenue	0.8%	0.78%	0.8%	0.82%	0.94%	0.95%	0.92%	0.89%	0.8%	0.76%
Gross Profit+	21.11M	24.9M	19.99M	19.25M	1.17M	881K	1.39M	2.83M	2.23M	5.51M
Gross Margin %	0.2%	0.22%	0.2%	0.18%	0.06%	0.05%	0.08%	0.11%	0.2%	0.24%
Gross Profit Growth %	0.16%	0.18%	-0.2%	-0.04%	-0.94%	-0.24%	0.58%	1.03%	-0.21%	1.48%
Operating Expenses+	21.19M	20.74M	16.71M	21.46M	12.92M	5.17M	5.25M	8.64M	9.26M	10.76M
OpEx % of Revenue	0.2%	0.18%	0.16%	0.2%	0.63%	0.27%	0.29%	0.33%	0.83%	0.47%
Selling, General & Admin	21.19M	20.74M	16.71M	21.46M	12.68M	0	0	0	0	0
SG&A % of Revenue	0.2%	0.18%	0.16%	0.2%	0.62%	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0	0	885K	1.05M
R&D % of Revenue	-	-	-	-	-	-	-	-	0.08%	0.05%
Other Operating Expenses	0	205K	0	0	237K	5.17M	5.25M	8.64M	8.38M	9.71M
Operating Income+	-5.3M	2.1M	3.39M	-1.87M	-11.75M	-4.28M	-3.86M	-5.81M	-7.04M	-5.25M
Operating Margin %	-0.05%	0.02%	0.03%	-0.02%	-0.57%	-0.22%	-0.21%	-0.22%	-0.63%	-0.23%
Operating Income Growth %	-4.03%	1.4%	0.61%	-1.55%	-5.27%	0.64%	0.1%	-0.5%	-0.21%	0.25%
EBITDA+	-2.14M	4.92M	6.98M	1.43M	-10.64M	-3.82M	-3.42M	-5.34M	-6.31M	-4.4M
EBITDA Margin %	-0.02%	0.04%	0.07%	0.01%	-0.52%	-0.2%	-0.19%	-0.21%	-0.57%	-0.19%
EBITDA Growth %	-1.64%	3.3%	0.42%	-0.8%	-8.44%	0.64%	0.1%	-0.56%	-0.18%	0.3%
D&A (Non-Cash Add-back)	3.16M	2.82M	3.59M	3.3M	1.11M	464K	438K	466K	721K	845K
EBIT	-7.83M	4.12M	-3.42M	-9.13M	-11.75M	-4.28M	-3.86M	-5.81M	-7.04M	-5.25M
Net Interest Income+	-748K	-1.74M	2.46M	-916K	-396K	334K	387K	465K	232K	431K
Interest Income	0	0	2.46M	0	0	334K	387K	465K	232K	431K
Interest Expense	748K	1.74M	0	916K	396K	0	0	0	0	0
Other Income/Expense	-3.28M	-1.19M	-3.64M	-2.33M	994K	1.3M	1.68M	398K	756K	481K
Pretax Income+	-8.58M	572K	857K	-5.36M	-10.76M	-2.98M	-2.18M	-5.41M	-6.28M	-4.77M
Pretax Margin %	-0.08%	0.01%	0.01%	-0.05%	-0.52%	-0.15%	-0.12%	-0.21%	-0.56%	-0.21%
Income Tax+	-2.7M	1.14M	3.55M	303K	1.28M	5K	-16K	7K	0	-1.42M
Effective Tax Rate %	0.69%	-0.99%	-10.9%	1.06%	0.1%	1%	0.99%	1%	0.3%	-6.68%
Net Income+	-5.88M	-569K	-9.34M	-5.66M	-1.03M	-2.99M	-2.17M	-5.42M	-1.9M	31.86M
Net Margin %	-0.06%	-0%	-0.09%	-0.05%	-0.05%	-0.15%	-0.12%	-0.21%	-0.17%	1.39%
Net Income Growth %	-20.94%	0.9%	-15.42%	0.39%	0.82%	-1.89%	0.27%	-1.5%	0.65%	17.78%
Net Income (Continuing)	-5.88M	1.45M	-9.22M	-9.31M	-12.04M	-2.99M	-2.17M	-5.42M	-6.28M	-3.35M
Discontinued Operations	0	0	0	0	11.01M	0	0	0	4.38M	35.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.76	-0.07	-1.07	-0.65	-1.38	-0.34	-0.24	-0.37	-0.19	2.90
EPS Growth %	-19.38%	0.91%	-15.36%	0.39%	-1.12%	0.75%	0.29%	-0.54%	0.49%	16.26%
EPS (Basic)	-0.76	-0.07	-1.07	-0.65	-1.38	-0.34	-0.24	-0.37	-0.19	2.97
Diluted Shares Outstanding	7.75M	8.7M	8.72M	8.73M	8.73M	8.73M	8.86M	9.73M	9.91M	10.95M
Basic Shares Outstanding	7.74M	8.7M	8.7M	8.7M	8.73M	8.73M	8.86M	9.73M	9.91M	10.75M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	34.87M	46.57M	47.33M	46.92M	20.37M	13.96M	25.14M	33.04M	27.68M	56.66M
Cash & Short-Term Investments	648K	246K	218K	211K	9.15M	7.57M	9.92M	10.3M	3.58M	41.62M
Cash Only	648K	246K	218K	211K	8.21M	7.57M	9.92M	10.3M	3.58M	41.62M
Short-Term Investments	0	0	0	0	936K	0	0	0	0	0
Accounts Receivable	14.8M	14.34M	13.43M	3.38M	5.88M	3.09M	8.21M	11.14M	9.01M	7.83M
Days Sales Outstanding	50.71	45.75	48.35	11.61	104.2	57.85	163.59	157.11	295.85	124.85
Inventory	17.66M	26.53M	23.19M	27.31M	4.55M	2.4M	4.16M	8.75M	7.58M	6.07M
Days Inventory Outstanding	75.48	108.19	103.99	114.39	85.61	47.13	89.75	138.51	311.14	127.55
Other Current Assets	0	7.25M	2.31M	37.66M	795K	0	1.77M	2.85M	7.51M	1.14M
Total Non-Current Assets+	32.07M	30.97M	22.56M	25.59M	8.11M	7.33M	2.79M	4.14M	5.34M	9.29M
Property, Plant & Equipment	7.35M	6.59M	6.33M	5.28M	2.45M	1.94M	2.75M	3.98M	5.06M	7.25M
Fixed Asset Turnover	14.49x	17.36x	16.00x	20.13x	8.41x	10.06x	6.65x	6.51x	2.20x	3.15x
Goodwill	10.07M	9.97M	8.53M	8.53M	0	0	0	0	0	0
Intangible Assets	9.96M	8.17M	4.92M	3.58M	0	0	0	0	0	0
Long-Term Investments	200K	0	0	865K	5.1M	5.35M	0	0	0	2M
Other Non-Current Assets	855K	830K	45K	4.36M	-281K	43K	39K	70K	277K	40K
Total Assets+	66.94M	77.54M	69.89M	72.51M	28.48M	21.29M	27.93M	37.17M	33.02M	65.95M
Asset Turnover	1.59x	1.48x	1.45x	1.47x	0.72x	0.92x	0.66x	0.70x	0.34x	0.35x
Asset Growth %	-0.08%	0.16%	-0.1%	0.04%	-0.61%	-0.25%	0.31%	0.33%	-0.11%	1%
Total Current Liabilities+	38.31M	43.37M	45.68M	52.42M	9.84M	5.54M	6.58M	18.96M	18.26M	29.98M
Accounts Payable	20.03M	14.12M	20.38M	7.26M	7.53M	4.03M	2.09M	5.62M	5.4M	3.05M
Days Payables Outstanding	85.59	57.6	91.39	30.4	141.6	78.99	45.07	88.91	221.52	64.19
Short-Term Debt	17.83M	24.13M	25.21M	23.7M	374K	780K	0	0	0	0
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	714K	1000K	1000K	1000K	991K
Other Current Liabilities	0	4.13M	0	19.67M	0	0	0	1.41M	6.92M	0
Current Ratio	0.91x	1.07x	1.04x	0.90x	2.07x	2.52x	3.82x	1.74x	1.52x	1.89x
Quick Ratio	0.45x	0.46x	0.53x	0.37x	1.61x	2.09x	3.19x	1.28x	1.10x	1.69x
Cash Conversion Cycle	40.59	96.34	60.96	95.61	48.21	26	208.27	206.72	385.47	188.2
Total Non-Current Liabilities+	1.24M	7.47M	6.7M	8.14M	1.79M	1.89M	1.79M	1.28M	542K	544K
Long-Term Debt	165K	4M	4.15M	2.62M	0	633K	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	411K	1.22M	493K	422K
Deferred Tax Liabilities	781K	2.4M	1.67M	1.59M	844K	0	0	92K	0	0
Other Non-Current Liabilities	435K	1.06M	4.14M	3.93M	949K	1.26M	1.38M	65K	49K	122K
Total Liabilities	39.55M	50.84M	52.39M	60.56M	11.64M	7.43M	8.38M	20.24M	18.8M	30.52M
Total Debt+	18.06M	28.25M	29.01M	26.32M	374K	1.41M	1.22M	2.27M	1.21M	775K
Net Debt	17.41M	28M	28.79M	26.11M	-7.84M	-6.15M	-8.71M	-8.02M	-2.37M	-40.85M
Debt / Equity	0.66x	1.06x	1.66x	2.20x	0.02x	0.10x	0.06x	0.13x	0.09x	0.02x
Debt / EBITDA	-	5.74x	4.16x	18.39x	-	-	-	-	-	-
Net Debt / EBITDA	-	5.69x	4.12x	18.24x	-	-	-	-	-	-
Interest Coverage	-7.09x	1.21x	-	-2.04x	-29.68x	-	-	-	-	-
Total Equity+	27.39M	26.69M	17.5M	11.95M	16.84M	13.86M	19.55M	16.93M	14.22M	35.43M
Equity Growth %	-0.11%	-0.03%	-0.34%	-0.32%	0.41%	-0.18%	0.41%	-0.13%	-0.16%	1.49%
Book Value per Share	3.54	3.07	2.01	1.37	1.93	1.59	2.21	1.74	1.44	3.23
Total Shareholders' Equity	27.39M	26.69M	17.5M	11.95M	16.84M	13.86M	19.55M	16.93M	14.22M	35.43M
Common Stock	9K	9K	9K	9K	9K	9K	10K	10K	10K	11K
Retained Earnings	9.9M	9.33M	-506K	-6.13M	-7.16M	-10.14M	-12.31M	-15.95M	-19.63M	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.67M	-5.86M	-5.8M	-5.9M	14K	14K	14K	14K	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-3.96M	-9.46M	1.4M	2.15M	-5.57M	-3.61M	-3.19M	-5.77M	-3.9M	-6.21M
Operating CF Margin %	-0.04%	-0.08%	0.01%	0.02%	-0.27%	-0.19%	-0.17%	-0.22%	-0.35%	-0.27%
Operating CF Growth %	-42.72%	-1.39%	1.15%	0.54%	-3.59%	0.35%	0.12%	-0.81%	0.33%	-0.59%
Net Income	-5.88M	-1.06M	-9.34M	-5.66M	-1.03M	-2.99M	-2.17M	-5.42M	-1.9M	31.86M
Depreciation & Amortization	3.16M	3.09M	3.06M	3.3M	1.11M	464K	1.02M	1.13M	1.41M	1.07M
Stock-Based Compensation	231K	62K	466K	165K	12K	3K	186K	0	1.47M	1.05M
Deferred Taxes	-3.12M	-405K	2.2M	-329K	1.25M	0	0	0	0	0
Other Non-Cash Items	2.9M	625K	4.3M	1.32M	-5.44M	881K	-1.68M	407K	83K	-34.83M
Working Capital Changes	-1.25M	-11.76M	720K	3.35M	-1.47M	-1.98M	-555K	-1.89M	-4.96M	-5.36M
Change in Receivables	-2.21M	-3.56M	2.59M	-1.37M	55K	1.16M	115K	-7.44M	585K	-10.36M
Change in Inventory	-4.84M	-8.24M	-2.08M	-2.12M	-1.15M	2.14M	-1.76M	-3.93M	511K	-14.54M
Change in Payables	6.26M	-1.47M	1.14M	7.64M	-3K	-3.35M	27K	3.67M	0	0
Cash from Investing+	-3.4M	-618K	-1.43M	173K	39.77M	2.63M	-237K	4.72M	-2.5M	38.88M
Capital Expenditures	-1.05M	-668K	-1.45M	-589K	-153K	0	-237K	-1.51M	-2.5M	-3.76M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	-	0.01%	0.06%	0.22%	0.16%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-243K	50K	22K	762K	0	194K	0	6.23M	0	0
Cash from Financing+	4.52M	9.96M	943K	-3.41M	-26.23M	337K	7.56M	-353K	-323K	5.38M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-1.05M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-61K	-251K	59K	0	585K	-397K	58K	-129K	-145K	519K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-5.01M	-10.13M	-51K	1.56M	-5.73M	-3.61M	-3.43M	-7.28M	-6.39M	-9.97M
FCF Margin %	-0.05%	-0.09%	-0%	0.01%	-0.28%	-0.19%	-0.19%	-0.28%	-0.57%	-0.44%
FCF Growth %	-6.99%	-1.02%	0.99%	31.67%	-4.66%	0.37%	0.05%	-1.12%	0.12%	-0.56%
FCF per Share	-0.65	-1.16	-0.01	0.18	-0.66	-0.41	-0.39	-0.75	-0.65	-0.91
FCF Conversion (FCF/Net Income)	0.67x	16.62x	-0.15x	-0.38x	5.40x	1.21x	1.47x	1.07x	2.05x	-0.20x
Interest Paid	606K	1.26M	2.09M	2.6M	1.11M	28K	3K	0	7K	35K
Taxes Paid	435K	322K	1.73M	587K	477K	507K	395K	0	2K	7K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-20.2%	-2.1%	-42.29%	-38.46%	-7.17%	-19.45%	-12.97%	-29.71%	-12.19%	128.33%
Return on Invested Capital (ROIC)	-8.77%	3.17%	5.03%	-3.33%	-37.46%	-38.46%	-31.23%	-44.11%	-50.83%	-122.39%
Gross Margin	19.81%	21.77%	19.72%	18.09%	5.66%	4.52%	7.61%	10.92%	20.02%	24.1%
Net Margin	-5.52%	-0.5%	-9.22%	-5.32%	-5.01%	-15.32%	-11.83%	-20.94%	-17.07%	139.23%
Debt / Equity	0.66x	1.06x	1.66x	2.20x	0.02x	0.10x	0.06x	0.13x	0.09x	0.02x
Interest Coverage	-7.09x	1.21x	-	-2.04x	-29.68x	-	-	-	-	-
FCF Conversion	0.67x	16.62x	-0.15x	-0.38x	5.40x	1.21x	1.47x	1.07x	2.05x	-0.20x
Revenue Growth	15.54%	7.4%	-11.37%	4.93%	-80.65%	-5.31%	-6.05%	41.32%	-57.04%	105.82%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Revenue	-	-	-	-	-	-	-	-	-	20.95M
Total Revenue Growth	-	-	-	-	-	-	-	-	-	-
Product	-	-	-	-	-	-	-	19.61M	33.72M	12.26M
Product Growth	-	-	-	-	-	-	-	-	71.92%	-63.63%
Service	-	-	-	-	-	-	-	-	7.78M	8.69M
Service Growth	-	-	-	-	-	-	-	-	-	11.73%
Fixed Lease Revenue	-	-	-	-	-	-	-	-	-	1.93M
Fixed Lease Revenue Growth	-	-	-	-	-	-	-	-	-	-
T & D Solutions	-	-	-	-	-	-	9.48M	-	-	-
T & D Solutions Growth	-	-	-	-	-	-	-	-	-	-
Critical Power	-	18.53M	15.06M	-	-	-	8.83M	-	-	-
Critical Power Growth	-	-	-18.71%	-	-	-	-	-	-	-
Products	-	-	-	96.59M	10.4M	11.83M	-	-	-	-
Products Growth	-	-	-	-	-89.23%	13.75%	-	-	-	-
Services	-	-	-	9.8M	-	7.66M	-	-	-	-
Services Growth	-	-	-	-	-	-	-	-	-	-
Class Of Warrant Or Right Expiration Date Range End	-	-	-	-	10.18M	-	-	-	-	-
Class Of Warrant Or Right Expiration Date Range End Growth	-	-	-	-	-	-	-	-	-	-
T And D	-	95.87M	86.33M	-	-	-	-	-	-	-
T And D Growth	-	-	-9.96%	-	-	-	-	-	-	-
T And D Solutions	84.19M	-	-	-	-	-	-	-	-	-
T And D Solutions Growth	-	-	-	-	-	-	-	-	-	-
Critical Power Solutions	22.33M	-	-	-	-	-	-	-	-	-
Critical Power Solutions Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	68.75M	-	-	-	-	-	18.31M	27M	41.49M	19.91M
UNITED STATES Growth	-	-	-	-	-	-	-	47.45%	53.68%	-52.02%
CANADA	36.74M	-	-	-	-	-	-	-	-	2.97M
CANADA Growth	-	-	-	-	-	-	-	-	-	-
United States	-	83.08M	64.92M	74.12M	20.58M	19.49M	-	-	-	-
United States Growth	-	-	-21.86%	14.17%	-72.23%	-5.31%	-	-	-	-
Canada	-	31.21M	36.25M	32.14M	-	-	-	-	-	-
Canada Growth	-	-	16.15%	-11.34%	-	-	-	-	-	-
Other Countries	-	-	216K	128K	-	-	-	-	-	-
Other Countries Growth	-	-	-	-40.74%	-	-	-	-	-	-
Others Countries	1.03M	109K	-	-	-	-	-	-	-	-
Others Countries Growth	-	-89.42%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Pioneer Power Solutions, Inc. (PPSI) has a price-to-earnings (P/E) ratio of 1.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Pioneer Power Solutions, Inc. (PPSI) reported $27.3M in revenue for fiscal year 2024. This represents a 60% decrease from $68.8M in 2011.

Pioneer Power Solutions, Inc. (PPSI) grew revenue by 105.8% over the past year. This is strong growth.

Yes, Pioneer Power Solutions, Inc. (PPSI) is profitable, generating $32.3M in net income for fiscal year 2024 (139.2% net margin).

Dividend & Returns

Pioneer Power Solutions, Inc. (PPSI) has a return on equity (ROE) of 128.3%. This is excellent, indicating efficient use of shareholder capital.

Pioneer Power Solutions, Inc. (PPSI) had negative free cash flow of $9.9M in fiscal year 2024, likely due to heavy capital investments.