Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 7.4x · ROE 18.0%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $225M | $235M | $122M | $65M | $82M | $74M | $49M | $75M | $68M | $70M | $66M |
| Enterprise Value | $253M | $263M | $139M | $92M | $106M | $101M | $70M | $90M | $74M | $78M | $70M |
| P/E Ratio → | 13.24 | 13.82 | 13.56 | 6.18 | 13.90 | 12.29 | — | 21.00 | — | — | — |
| P/S Ratio | 1.07 | 1.12 | 0.77 | 0.43 | 0.58 | 0.54 | 0.58 | 0.59 | 0.53 | 0.66 | 0.66 |
| P/B Ratio | 2.12 | 2.21 | 1.46 | 0.90 | 1.43 | 1.37 | 1.00 | 1.34 | 1.32 | 1.34 | 1.10 |
| P/FCF | — | — | 11.01 | 17.88 | — | — | — | 34.19 | 18.88 | — | — |
| P/OCF | 24.52 | 25.66 | 8.74 | 4.40 | — | — | 299.92 | 18.29 | 13.72 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.25 | 0.88 | 0.61 | 0.74 | 0.73 | 0.83 | 0.71 | 0.58 | 0.74 | 0.70 |
| EV / EBITDA | 7.36 | 7.67 | 6.90 | 5.34 | 7.17 | 8.11 | — | 9.71 | 10.20 | — | — |
| EV / EBIT | 8.59 | 8.95 | 6.82 | 7.45 | 8.98 | 10.91 | — | 14.73 | 25.78 | — | — |
| EV / FCF | — | — | 12.60 | 25.32 | — | — | — | 41.33 | 20.57 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.9% | 32.9% | 33.6% | 27.5% | 26.9% | 23.5% | 13.2% | 22.8% | 18.1% | 11.2% | 11.9% |
| Operating Margin | 14.0% | 14.0% | 12.8% | 8.9% | 7.8% | 5.9% | -13.4% | 3.8% | 2.1% | -9.0% | -11.7% |
| Net Profit Margin | 8.1% | 8.1% | 5.7% | 6.9% | 4.2% | 4.4% | -9.0% | 2.8% | -0.4% | -9.5% | -12.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.0% | 18.0% | 11.6% | 16.1% | 10.6% | 11.7% | -14.6% | 6.7% | -1.1% | -17.9% | -19.4% |
| ROA | 8.9% | 8.9% | 5.6% | 7.5% | 4.8% | 5.4% | -7.1% | 3.3% | -0.5% | -9.7% | -10.4% |
| ROIC | 18.8% | 18.8% | 15.3% | 11.1% | 10.3% | 8.1% | -12.1% | 5.7% | 3.5% | -11.5% | -13.2% |
| ROCE | 23.7% | 23.7% | 19.4% | 15.1% | 13.6% | 10.2% | -14.8% | 6.8% | 4.2% | -13.7% | -15.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.40 | 0.46 | 0.51 | 0.63 | 0.56 | 0.52 | 0.31 | 0.30 | 0.20 |
| Debt / EBITDA | 1.36 | 1.36 | 1.65 | 1.91 | 1.99 | 2.78 | — | 3.11 | 2.23 | — | — |
| Net Debt / Equity | — | 0.26 | 0.21 | 0.37 | 0.41 | 0.48 | 0.41 | 0.28 | 0.12 | 0.17 | 0.07 |
| Net Debt / EBITDA | 0.82 | 0.82 | 0.87 | 1.57 | 1.60 | 2.12 | — | 1.68 | 0.84 | — | — |
| Debt / FCF | — | — | 1.59 | 7.43 | — | — | — | 7.15 | 1.69 | — | — |
| Interest Coverage | 13.89 | 13.89 | 9.18 | 5.07 | 5.26 | 10.07 | -10.98 | 5.55 | 2.24 | -11.63 | -17.46 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.84 | 1.84 | 2.01 | 1.71 | 1.96 | 2.04 | 1.91 | 1.96 | 1.70 | 1.59 | 2.07 |
| Quick Ratio | 1.61 | 1.61 | 1.71 | 1.44 | 1.62 | 1.68 | 1.48 | 1.52 | 1.37 | 1.16 | 1.58 |
| Cash Ratio | 0.23 | 0.23 | 0.29 | 0.10 | 0.13 | 0.21 | 0.25 | 0.41 | 0.27 | 0.18 | 0.27 |
| Asset Turnover | — | 0.97 | 0.96 | 0.97 | 1.16 | 1.12 | 0.82 | 1.14 | 1.26 | 1.01 | 0.97 |
| Inventory Turnover | 7.81 | 7.81 | 6.33 | 7.03 | 7.07 | 7.71 | 6.05 | 6.80 | 8.60 | 5.55 | 6.42 |
| Days Sales Outstanding | — | 172.16 | 149.84 | 160.71 | 145.34 | 130.18 | 127.05 | 90.26 | 96.68 | 119.43 | 123.19 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 7.2% | 7.4% | 16.2% | 7.2% | 8.1% | — | 4.8% | — | — | — |
| FCF Yield | — | — | 9.1% | 5.6% | — | — | — | 2.9% | 5.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 1.5% | 0.3% | 3.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 1.5% | 0.3% | 3.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $7M |
Project-based revenue volatility
Based on current market data, PPIH trades at a TTM P/E of 13.24 and an EV/EBITDA of 7.36, suggesting that investors are pricing in significant cyclical risk compared to infrastructure peers like NWPX, which commands a substantially higher valuation multiple despite similar operational exposures.
The discount relative to broader infrastructure peers appears to stem from the market's skepticism regarding the sustainability of project-based earnings. Investors should monitor whether the current forward P/E of 15.99 indicates an expectation of margin compression or if the market is simply applying a conglomerate-style discount to a niche industrial player.
As reported in recent financial statements, PPIH's ROIC has struggled to maintain momentum, fluctuating between 2.1% and 7.3% over the last ten quarters, which indicates that the company is currently failing to consistently generate returns that exceed typical industrial cost of capital thresholds.
The volatility in ROIC appears driven by the lumpy nature of project execution rather than structural inefficiency in the manufacturing base. Unless management can stabilize project margins and improve asset turnover, the company may continue to struggle with compounding shareholder value effectively over the long term.
According to historical data, the cash conversion cycle has remained elevated, peaking at 145 days in 2027Q1, which suggests that the company's reliance on large-scale infrastructure contracts creates significant friction in converting operational activity into realized cash flow compared to more streamlined industrial manufacturers.
The high DSO and extended CCC reflect the inherent payment terms of major international infrastructure projects, which often require significant upfront investment before milestone-based billing occurs. This structural reality necessitates a cautious approach to liquidity management, as the company remains vulnerable to delays in project sign-offs.
Based on reported figures, PPIH maintains a disciplined debt-to-equity ratio of 0.44%, which provides a substantial financial cushion that appears to be a strategic choice to mitigate the inherent risks associated with the company's lumpy, project-based revenue model and global operational footprint.
This low leverage profile suggests that the firm is well-positioned to absorb potential project cost overruns or regional geopolitical shocks without immediate refinancing risk. However, investors should consider whether this conservative stance limits the company's ability to pursue aggressive growth opportunities in a high-demand infrastructure environment.
The P/E ratio is frequently misapplied to PPIH, as it fails to account for the significant non-cash accounting adjustments inherent in percentage-of-completion revenue recognition, which can artificially inflate or deflate earnings in any given quarter, thereby obscuring the firm's true underlying cash-generating capacity.
Analysts should prioritize EV/EBITDA or free cash flow metrics over P/E to better assess the company's operational performance, as these measures are less sensitive to the timing of project milestones. Relying solely on P/E risks misinterpreting temporary accounting volatility as a permanent shift in the company's competitive or financial health.
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Quick answers to the most common questions about buying PPIH stock.
Perma-Pipe International Holdings, Inc.'s current P/E ratio is 13.2x. The historical average is 19.6x. This places it at the 39th percentile of its historical range.
Perma-Pipe International Holdings, Inc.'s current EV/EBITDA is 7.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
Perma-Pipe International Holdings, Inc.'s return on equity (ROE) is 18.0%. The historical average is 1.5%.
Based on historical data, Perma-Pipe International Holdings, Inc. is trading at a P/E of 13.2x. This is at the 39th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Perma-Pipe International Holdings, Inc. has 32.9% gross margin and 14.0% operating margin. Operating margin between 10-20% is typical for established companies.
Perma-Pipe International Holdings, Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.