Perimeter Solutions, Inc. PRM
We are a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications. Our current operations span firefighting products, lubricant additives, electronic components and, following the acquisition of Medical Manufacturing Technologies, LLC ("MMT") in January 2026, highly engineered machinery for the medical device industry. We develop products that address complex customer challenges where there is little margin for error. Our offerings are typically a small part of a much broader solution that serves a growing end market. Our goal is to meet customer needs better than any alternative in every market we serve.
We aim to maximize our organic reinvestment into our business to best serve our customers and to support the rigorous application of our Operational Value Drivers: seeking out profitable new business, structurally improving operational productivity, and sharing in value creation through value-based pricing. These Operational Value Drivers are overseen by general managers that operate in our decentralized operating structure. These managers have full operational autonomy paired with accountability to deliver results for customers and stockholders, with strong alignment between compensation and results.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $652.9M | $561.0M | $322.1M | $360.5M | — | $339.6M | $239.3M | — |
| Cost of revenue | $277.7M | $243.9M | $193.8M | $231.9M | — | $177.5M | $155.4M | — |
| Gross profit | $375.1M | $317.1M | $128.3M | $128.7M | — | $162.0M | $83.9M | — |
| SG&A | $77.6M | $66.9M | $46.5M | $60.3M | — | $37.7M | $36.2M | — |
| Total operating expenses | $576.1M | $320.9M | $33.8M | -$1.4M | — | $90.6M | $89.7M | — |
| Operating income | -$200.9M | -$3.8M | $94.5M | $130.1M | — | $71.5M | -$5.8M | — |
| Interest expense | $39.1M | $40.5M | $41.4M | $42.6M | — | $42.0M | $51.7M | — |
| Pre-tax income | -$236.2M | -$46.9M | $61.6M | $97.2M | — | $34.7M | -$59.7M | — |
| Income tax | $29.9M | $41.0M | $5.9M | $5.5M | — | $10.5M | $17.7M | — |
| Net income | -$206.4M | -$5.9M | $67.5M | $91.8M | -$661.5M | $24.2M | -$42.0M | — |
| EPS, basic | -1.37 | -0.04 | 0.44 | 0.57 | — | 0.46 | -0.79 | — |
| EPS, diluted | -1.37 | -0.04 | 0.41 | 0.52 | — | 0.46 | -0.79 | — |
| Shares, diluted (wtd. avg.) | $150.4M | $145.7M | $166.5M | $175.1M | — | $53.0M | $53.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $325.9M | $198.5M | $47.3M | $126.8M | $225.6M | $22.5M | $9.8M | $16.0M |
| Short-term investments | — | $0 | $5.5M | $0 | — | — | — | — |
| Receivables | $64.4M | $56.0M | $39.6M | $26.6M | $24.3M | $28.9M | — | — |
| Inventory | $139.6M | $116.3M | $145.7M | $143.0M | $106.9M | $58.8M | — | — |
| Total current assets | $564.0M | $394.0M | $251.0M | $308.5M | $371.8M | $133.0M | — | — |
| Property, plant and equipment | $85.1M | $64.8M | $59.4M | $58.8M | $62.2M | $48.2M | — | — |
| Goodwill | $1.07B | $1.03B | $1.04B | $1.03B | $1.04B | $482.0M | $473.2M | — |
| Other intangibles | $899.3M | $898.4M | $945.0M | $1.04B | $1.10B | $473.7M | — | — |
| Total assets | $2.65B | $2.42B | $2.32B | $2.46B | $2.58B | $1.14B | — | — |
| Accounts payable | — | — | — | $43.0M | $27.5M | $9.9M | — | — |
| Short-term debt | — | — | — | — | $0 | $6.7M | — | — |
| Total current liabilities | $175.1M | $62.5M | $55.1M | $74.2M | $100.5M | $32.9M | — | — |
| Long-term debt | $669.1M | $667.8M | $666.5M | $665.3M | $664.1M | $680.5M | — | — |
| Total liabilities | $1.52B | $1.26B | $1.16B | $1.32B | $1.50B | $846.8M | — | — |
| Retained earnings | -$793.1M | -$586.7M | -$580.8M | -$648.3M | -$738.5M | -$47.8M | — | — |
| Total equity | $1.13B | $1.16B | $1.15B | $1.14B | $1.08B | $291.4M | $262.4M | $314.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $238.1M | $188.4M | $193.0K | -$40.2M | — | $70.8M | -$305.0K | — |
| Depreciation and amortisation | $14.3M | $10.7M | $9.8M | $10.7M | — | $6.7M | $6.9M | — |
| Stock-based compensation | $16.6M | $12.8M | $1.6M | $14.6M | — | $0 | $0 | — |
| Capital expenditure | $29.6M | $15.5M | $9.4M | $8.6M | — | $7.5M | $8.9M | — |
| Investing cash flow | -$106.8M | -$42.9M | -$14.9M | -$10.3M | — | -$9.5M | -$25.2M | — |
| Financing cash flow | -$9.0M | $8.3M | -$64.5M | -$48.8M | — | -$45.6M | $21.0M | — |
| Buybacks | $40.4M | $14.4M | $64.1M | $49.3M | — | $0 | — | — |
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 0001880319-26-000023.
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