Perma-Pipe International Holdings, Inc. PPIH

Industrials SIC 3564 - Industrial & Commercial Fans & Blowers & Air Purifing Equip NAICS Manufacturing › Machinery Manufacturing › Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing › Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing derived Nasdaq

Perma-Pipe International Holdings, Inc., collectively with its subsidiaries ("PPIH", the "Company", "we", "our" or the "Registrant"), is engaged in the manufacture and sale of products in one reportable segment: Piping Systems. The Company was incorporated in Delaware on October 12, 1993. The Company's common stock is traded on the Nasdaq Global Market and reported under the ticker symbol "PPIH". The Company's fiscal year ends on January 31. Years, results and balances described as 2026, 2025 and 2024 are for the fiscal year ending January 31, 2027 and the fiscal years ended January 31, 2026 and 2025, respectively.

The Company engineers, designs, manufactures and sells specialty piping systems and leak detection systems. Specialty piping systems include: (i) insulated and jacketed district heating and cooling piping systems for efficient energy distribution from central energy plants to multiple locations, (ii) primary and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, (iii) the coating and/or insulation of oil and gas gathering and transmission pipelines, and (iv) liquid and powder based anti-corrosion coatings applied both to the external and internal surfaces of steel pipe, including shapes such as bends, reducers, tees, and other spools/fittings used in pipelines for the transportation of oil and gas products and potable water. The Company's leak detection systems are sold with its piping systems or on a stand-alone basis to monitor areas where fluid intrusion may contaminate the environment, endanger personal safety, cause a fire hazard, impair essential services or damage equipment or property.

Last close 28.63 2026-10-23
Market cap $232.6M 2026-04-30 share count
52-week range 23.01 - 36.72

Valuation FY2025 figures against the last close

P/S1.1x
P/E13.7x
P/FCF—
EV/EBITDA6.3x
Dividend yield—
Diluted EPS2.09

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Canada
  • United Arab Emirates
  • Saudi Arabia
  • Other Geographical Area
Revenue by geography, 5 categories over 2 years. The same figures are in the table below. FY2025 United States, FY2025: 59.6M (28.3%) 28% United States Canada, FY2025: 48.1M (22.8%) 23% Canada United Arab Emirates, FY2025: 47.3M (22.4%) 22% United Arab Emirates Saudi Arabia, FY2025: 45.4M (21.5%) 22% Saudi Arabia Other Geographical Area, FY2025: 10.5M (5.0%) 5% FY2024 United States, FY2024: 52.5M (33.1%) 33% Canada, FY2024: 32.8M (20.7%) 21% United Arab Emirates, FY2024: 23.9M (15.1%) 15% Saudi Arabia, FY2024: 37.7M (23.8%) 24% Other Geographical Area, FY2024: 11.6M (7.3%) 7%
Region FY2025FY2024
United States $59.6M $52.5M
Canada $48.1M $32.8M
United Arab Emirates $47.3M $23.9M
Saudi Arabia $45.4M $37.7M
Other Geographical Area $10.5M $11.6M

As the company reported it, from the “Note 1 - Business Information - Geographic Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $210.9M$158.4M$150.7M$142.6M$138.6M$84.7M$127.7M$129.0M$105.2M$98.8M
Cost of revenue $141.4M$105.1M$109.2M$104.3M$106.0M$73.5M$98.6M$105.6M$93.5M$87.1M
Gross profit $69.5M$53.2M$41.5M$38.3M$32.5M$11.2M$29.0M$23.3M$11.7M$11.7M
R&D —$100.0K$500.0K$600.0K$400.0K$300.0K$300.0K$200.0K$300.0K$200.0K
SG&A $35.3M$28.0M$22.6M$22.0M$19.9M$17.2M$18.9M$15.4M$16.2M$17.6M
Total operating expenses $40.0M$32.9M$28.1M$27.2M$24.4M$22.6M$24.2M$20.6M$21.3M$23.3M
Operating income $29.4M$20.3M$13.4M$11.1M$8.1M-$11.4M$4.9M$2.7M-$9.5M-$11.6M
Interest expense $2.1M$2.2M$2.4M$2.2M$918.0K$649.0K$1.1M$1.3M$808.0K$746.0K
Pre-tax income $27.5M$18.5M$9.9M$9.6M$8.3M-$7.8M$5.0M$1.6M-$10.2M-$13.8M
Income tax $6.8M$5.4M$3.3M$3.6M$2.3M$133.0K$1.5M$2.1M$233.0K$611.0K
Net income $17.0M$9.0M$10.5M$5.9M$6.1M-$7.6M$3.6M-$550.0K-$10.0M-$12.5M
EPS, basic 2.121.131.310.750.75-0.940.45-0.07——
EPS, diluted 2.091.121.300.730.72-0.940.42-0.07-1.30-1.67
Shares, diluted (wtd. avg.) 8.1M8.0M8.1M8.1M8.4M8.1M8.4M7.8M7.7M7.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $18.7M$15.7M$5.8M$5.8M$8.2M$7.2M$13.4M$10.2M$7.1M$7.6M
Receivables $66.0M$43.1M$46.6M$42.0M$44.4M$25.2M$29.4M$32.5M$32.9M—
Inventory $18.1M$16.6M$15.5M$14.7M$13.8M$12.2M$14.5M$12.3M$16.9M$13.6M
Total current assets $146.7M$108.8M$98.8M$85.7M$78.4M$53.9M$64.3M$63.0M$62.3M$57.8M
Property, plant and equipment $44.1M$35.4M$37.6M$26.5M$24.8M$26.9M$28.6M$30.4M$34.5M$36.3M
Goodwill $2.2M$2.1M$2.2M$2.2M$2.3M$2.3M$2.3M$2.3M$2.4M$2.3M
Total assets $217.5M$165.2M$155.7M$123.0M$123.4M$102.7M$112.2M$102.2M$104.6M$101.6M
Accounts payable $24.5M$23.7M$25.3M$14.8M$13.6M$10.4M$9.6M$12.0M$14.2M$10.9M
Short-term debt —$19.8M$9.3M$10.6M$7.4M$6.8M$10.0M$9.5M$8.0M$4.5M
Total current liabilities $79.8M$54.1M$57.7M$43.8M$38.4M$28.3M$32.8M$37.1M$39.2M$28.0M
Long-term debt $4.2M$3.7M$15.2M$4.4M$5.1M$6.3M$6.7M$6.8M$7.7M$7.3M
Retained earnings $37.1M$20.1M$12.1M$1.6M-$2.3M-$8.4M-$715.0K-$4.3M-$3.7M—
Total equity $90.6M$72.1M$65.7M$57.8M$54.5M$49.3M$55.6M$51.7M$51.2M$59.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $9.2M$13.9M$14.7M-$1.2M-$2.6M$165.0K$4.1M$5.0M-$1.8M-$5.5M
Depreciation and amortisation $4.9M$3.6M$3.8M$3.6M$4.3M$4.7M$4.4M$4.6M$5.0M$5.5M
Stock-based compensation $2.5M$860.0K$913.0K$1.0M$1.1M$1.0M$1.0M$1.2M$1.4M$1.4M
Capital expenditure $10.4M$2.9M$11.1M$7.0M$2.3M$2.0M$1.9M$1.4M$2.5M$2.3M
Investing cash flow -$10.4M-$2.8M-$11.1M-$6.4M-$2.3M-$2.0M-$1.9M-$1.4M-$2.4M$10.2M
Financing cash flow $6.6M-$907.0K-$3.3M$4.5M$6.2M-$4.1M-$301.0K$1.1M$3.5M-$14.9M
Buybacks —$0$942.0K$69.0K$2.0M$0——$170.0K$120.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-016549.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2016: 98.8M Gross profit, FY2016: 11.7M Net income, FY2016: -12.5M Revenue, FY2017: 105.2M Gross profit, FY2017: 11.7M Net income, FY2017: -10M Revenue, FY2018: 129M Gross profit, FY2018: 23.3M Net income, FY2018: -550K Revenue, FY2019: 127.7M Gross profit, FY2019: 29M Net income, FY2019: 3.6M Revenue, FY2020: 84.7M Gross profit, FY2020: 11.2M Net income, FY2020: -7.6M Revenue, FY2021: 138.6M Gross profit, FY2021: 32.5M Net income, FY2021: 6.1M Revenue, FY2022: 142.6M Gross profit, FY2022: 38.3M Net income, FY2022: 5.9M Revenue, FY2023: 150.7M Gross profit, FY2023: 41.5M Net income, FY2023: 10.5M Revenue, FY2024: 158.4M Gross profit, FY2024: 53.2M Net income, FY2024: 9M Revenue, FY2025: 210.9M Gross profit, FY2025: 69.5M Net income, FY2025: 17M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $98.8M $105.2M $129.0M $127.7M $84.7M $138.6M $142.6M $150.7M $158.4M $210.9M
Gross profit $11.7M $11.7M $23.3M $29.0M $11.2M $32.5M $38.3M $41.5M $53.2M $69.5M
Net income -$12.5M -$10.0M -$550.0K $3.6M -$7.6M $6.1M $5.9M $10.5M $9.0M $17.0M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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