Perma-Pipe International Holdings, Inc.
PPIH Industrials Building Products & Equipment
Perma-Pipe International Holdings, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $210.9 million, up 33.2% from fiscal 2025. In the quarter to July 2026, revenue grew 24.4%, EPS grew 181.8%, free cash flow grew 216.1% and total debt rose 258.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Perma-Pipe International Holdings, Inc. (PPIH) Altman Z-score
Perma-Pipe International Holdings, Inc.'s Altman Z-score for fiscal 2026 is 3.12, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 3.12 | 0.41 |
| FY2025 | 2.71 | 0.61 |
| FY2024 | 2.10 | (0.53) |
| FY2023 | 2.63 | (0.24) |
| FY2023 | 2.87 | 0.55 |
| FY2022 | 2.33 | (0.20) |
| FY2022 | 2.53 | 1.33 |
| FY2021 | 1.20 | 0.37 |
| FY2021 | 0.83 | (1.54) |
| FY2020 | 2.37 | (0.23) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.31 | — | 0.37 | |
| Retained earnings / total assets | 0.17 | — | 0.24 | |
| EBIT / total assets | 0.14 | — | 0.45 | |
| Market value of equity / total liabilities | 1.83 | — | 1.10 | |
| Sales / total assets | 0.97 | — | 0.97 | |
| Altman Z-score | Safe zone | 3.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.24 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| LMB Limbach Holdings, Inc. compare | 5.6× |
| PPIH Perma-Pipe International Holdings, Inc. | 3.1× |
| JLHL Julong Holding Limited compare | 2.9× |
| JBI Janus International Group, Inc. compare | 2.4× |
| JELD JELD-WEN Holding, Inc. compare | 0.8× |
| CSTE Caesarstone Ltd. compare | 0.5× |
| AEHL Antelope Enterprise Holdings L compare | −1.5× |
| ASPN Aspen Aerogels, Inc. compare | −4.7× |
| AIRJ AirJoule Technologies Corporation compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets