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.
Follow PPIH
Perma-Pipe International Holdings, Inc. (PPIH) Piotroski F-score
Perma-Pipe International Holdings, Inc.'s Piotroski F-score for fiscal 2026 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2025.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 5 | (2.00) |
| FY2025 | 7 | 1.00 |
| FY2024 | 6 | 2.00 |
| FY2023 | 4 | (3.00) |
| FY2022 | 7 | 4.00 |
| FY2021 | 3 | (4.00) |
| FY2020 | 7 | 0.00 |
| FY2019 | 7 | 4.00 |
| FY2018 | 3 | 1.00 |
| FY2017 | 2 | 0.00 |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 8.90% | 5.60% | Pass | 1 |
| Positive operating cash flow | 9.17m | 13.93m | Pass | 1 |
| Rising return on assets | 8.90% | 5.60% | Pass | 1 |
| Cash flow above net income | (7.87m) | 4.95m | Fail | 0 |
| Falling long-term leverage | 0.02 | 0.02 | Pass | 1 |
| Rising current ratio | 1.84 | 2.01 | Fail | 0 |
| No new shares issued | 8,047,000 | 7,956,000 | Fail | 0 |
| Rising gross margin | 32.94% | 33.62% | Fail | 0 |
| Rising asset turnover | 1.10 | 0.99 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| JBI Janus International Group, Inc. compare | 6 |
| LMB Limbach Holdings, Inc. compare | 5 |
| PPIH Perma-Pipe International Holdings, Inc. | 5 |
| ASPN Aspen Aerogels, Inc. compare | 4 |
| CSTE Caesarstone Ltd. compare | 3 |
| JELD JELD-WEN Holding, Inc. compare | 2 |
| AEHL Antelope Enterprise Holdings L compare | 1 |
| JLHL Julong Holding Limited compare | — |
| AIRJ AirJoule Technologies Corporation compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover