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) Beneish M-score
Perma-Pipe International Holdings, Inc.'s Beneish M-score for fiscal 2026 is −1.83; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −1.83 | 0.75 |
| FY2025 | −2.58 | (0.40) |
| FY2024 | −2.18 | 0.18 |
| FY2023 | −2.36 | 0.11 |
| FY2023 | −2.47 | (0.72) |
| FY2022 | −1.75 | 0.24 |
| FY2022 | −1.98 | 0.46 |
| FY2021 | −2.44 | 0.20 |
| FY2021 | −2.64 | (0.37) |
| FY2020 | −2.27 | 0.44 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.15 | — | 1.06 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.33 | — | 1.19 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | 0.05 | — | 0.25 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Elevated | −1.83 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ASPN Aspen Aerogels, Inc. compare | −5.8× |
| JELD JELD-WEN Holding, Inc. compare | −4.1× |
| CSTE Caesarstone Ltd. compare | −3.9× |
| JBI Janus International Group, Inc. compare | −2.9× |
| LMB Limbach Holdings, Inc. compare | −2.2× |
| JLHL Julong Holding Limited compare | −1.9× |
| PPIH Perma-Pipe International Holdings, Inc. | −1.8× |
| AEHL Antelope Enterprise Holdings L compare | — |
| AIRJ AirJoule Technologies Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI