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Saturday 17 October 2026 Export PPIH’s income statement to Excel — free account

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.

27.91 1.36 −4.65%
Market cap
$239.9M
P/E
14.5×
Fwd P/E
15.0×
Dividend yield
—
F-score
5/9
Altman Z
3.12
Beneish M
−1.83
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 5.47%

Capital & Financial Ratios $m

Market Cap 239.87
Revenue 226.11
Net Income 19.39
Free Cash Flow 13.72
Net Debt 1.31
Current Ratio 2.19 (at or above 1.5: strong)
Debt/Equity 0.39 (at or below 0.5: strong)
P/E ratio 14.54
Fwd P/E 15.00
P/S ratio 1.01
P/B ratio 2.44
Past 5Y EPS Growth —
This Y EPS Growth (27.27%) (below 0%: weak)
Next Y EPS Growth 63.82% (at or above 15%: strong)
Next Y revenue growth 11.41% (at or above 10%: strong)
Next 5Y EPS Growth 6.15%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 0.6×; over the ten years it ranged from 0.3× in 2020 to 1.3× in 2026.
P/E against its own 10 years 51.34%
10-year low 10-year high
P/S against its own 10 years 90.01%
10-year low 10-year high
P/B against its own 10 years 91.67%
10-year low 10-year high
EV/Sales against its own 10 years 91.01%
10-year low 10-year high
EV/FCF against its own 10 years 49.27%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2028 Powerpack
2027 Powerpack
2026 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 7 17 22 35
Receivables 63 62 95 87
Inventory 16 17 18 19
Other 3 3 5 7
99 109 147 154
2024 2025 2026 Q'26
Payables 25 24 25 36
ST’ Debt 4 9 20 6
Other 5 4 14 9
58 54 80 70

Compound Annual Growth %

10y 5y 3y
Sales 5.57% 20.02% 13.95%
Cash Flow 0.00% 123.34% 0.00%
Earnings 0.00% 0.00% 42.04%
Book Value 2.76% 12.95% 16.19%

Revenue $m

Apr Jul Oct Jan Year
’26 50 60 — — —
’26 47 48 61 55 211
’25 34 38 42 45 158
’24 30 35 46 40 151
’23 31 37 38 36 143
’22 24 40 35 39 139
’21 23 20 20 21 85
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 6 7 — — —
’26 1 (2) 17 (7) 9
’25 0 3 5 6 14
’24 4 0 4 7 15
’23 (7) (4) 6 4 (1)
’22 (2) (3) 5 (3) (3)
’21 1 2 (1) (2) 0
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 5 5 — — —
’26 0 (5) 12 (9) (1)
’25 (1) 2 5 5 11
’24 1 (4) 3 4 4
’23 — — — 0 (8)
’23 (7) (6) 5 — (1)
’22 — — — (3) (5)
Fiscal quarters ending in the months shown.

EPS $

Apr Jul Oct Jan Year
’26 0.22 0.31 — — —
’26 0.61 0.10 0.77 0.60 2.09
’25 0.18 0.40 0.31 0.22 1.12
’24 (0.14) 0.13 0.24 1.08 1.30
’23 (0.11) 0.23 0.21 0.39 0.73
’22 (0.10) 0.41 0.06 0.36 0.72
’21 (0.31) 0.03 (0.35) (0.31) (0.94)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
Price, $
Price, $ Low 7.10 8.30 7.87 4.51 5.77 7.50 6.17 6.83 8.81 23.04

Analyst estimates 2027–2029

Powerpack
High 9.35 10.43 10.14 9.36 9.00 15.70 11.49 17.58 36.48 36.72
People
People Employees 710 196 193 193 167 184 194 179 175 909
Revenue/emp, $m 0.14 0.54 0.67 0.66 0.51 0.75 0.73 0.84 0.91 0.23
Income, $m
Income, $m Revenue 99 105 129 128 85 139 143 151 158 211
Gross margin, % 11.85 11.16 18.08 22.75 13.20 23.48 26.86 27.52 33.62 32.94
EBT (14) (10) 2 5 (8) 8 10 10 18 27
EBT margin, % (13.93) (9.70) 1.24 3.94 (9.18) 6.01 6.70 6.56 11.66 13.03
Net income (12) (10) (1) 4 (8) 6 6 13 13 21
Depreciation 6 5 5 4 5 4 4 4 4 5
Per share, $
Per share, $ Revenue 13.20 13.70 16.51 15.98 10.42 17.08 17.87 18.89 19.91 26.21
Earnings (1.56) (1.30) (0.07) 0.45 (0.94) 0.75 0.75 1.31 1.13 2.12
Cash flow (0.73) (0.24) 0.64 0.51 0.02 (0.32) (0.16) 1.85 1.75 1.14
Capex 0.28 (0.33) (0.17) (0.24) (0.24) (0.28) (0.86) (1.39) (0.36) (1.30)
Free cash flow (0.45) (0.57) 0.46 0.27 (0.22) (0.60) (1.02) 0.45 1.39 (0.16)
Book value 7.93 6.75 6.62 6.96 6.07 6.71 7.24 8.24 9.07 11.26
Shares, m 7 8 8 8 8 8 8 8 8 8
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 20.07 0.00 11.80 13.72 6.08 13.56 14.03
P/S 0.66 0.66 0.53 0.57 0.59 0.52 0.57 0.43 0.76 1.13
P/B 1.10 1.34 1.32 1.30 1.01 1.32 1.40 0.97 1.68 2.64
EV/Sales 0.65 0.66 0.49 0.51 0.61 0.53 0.59 0.43 0.74 1.18
EV/FCF (19.28) (15.93) 17.40 30.01 (28.80) (15.29) (10.44) 17.95 10.53 (199.01)
Cash, $m
Cash, $m Operating cash flow (5) (2) 5 4 0 (3) (1) 15 14 9
Capex 2 (3) (1) (2) (2) (2) (7) (11) (3) (10)
Free cash flow (3) (4) 4 2 (2) (5) (8) 4 11 (1)
Balance, $m
Balance, $m Working capital 30 23 26 31 26 40 42 41 55 67
Total debt 8 8 7 8 10 12 11 8 13 24
Net debt (1) 0 (5) (6) 2 2 4 1 (4) 2
Shareholders’ equity 59 52 52 56 49 54 58 66 72 91
Returns, %
Returns, % ROA (10.41) (9.68) (0.53) 3.34 (7.11) 5.36 4.83 7.51 5.60 8.90
ROIC (12.35) (11.44) 3.67 6.21 (13.90) 8.97 11.31 12.50 18.68 19.93
ROE (19.42) (17.94) (1.06) 6.66 (14.56) 11.68 10.59 16.96 13.03 20.93
Negative figures in brackets.

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Charts ten years each

Perma-Pipe International Holdings, Inc. vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
JBI Janus International Group, Inc. $575.8M 17.3× 16.7× +2.37% (above 0%: growing) −46.67% (below 0%: shrinking) −51.57% (below 0%: shrinking) 34.39% 8.82% Compare
LMB Limbach Holdings, Inc. $570.0M 18.8× 20.2× +21.95% (above 0%: growing) −40.30% (below 0%: shrinking) +931.20% (above 0%: growing) 21.50% 4.18% Compare
ASPN Aspen Aerogels, Inc. $448.1M — (loss-making) — (loss-making) −36.11% (below 0%: shrinking) n/m −7.06% (below 0%: shrinking) 6.55% (57.74%) Compare
AIRJ AirJoule Technologies Corporation $240.7M — (loss-making) — — n/m +36.98% (above 0%: growing) — 0.00% Compare
PPIH Perma-Pipe International Holdings, Inc. $239.9M 14.5× 15.0× +24.35% (above 0%: growing) +181.82% (above 0%: growing) +216.09% (above 0%: growing) 29.22% 7.14%
AEHL Antelope Enterprise Holdings L $217.2M — (loss-making) — +475.97% (above 0%: growing) n/m +10.99% (above 0%: growing) 15.26% 0.00% Compare
JELD JELD-WEN Holding, Inc. $118.0M — (loss-making) — (loss-making) −0.72% (below 0%: shrinking) n/m −1,089.93% (below 0%: shrinking) 16.79% (0.62%) Compare
JLHL Julong Holding Limited $102.3M — — — — — — — Compare
CSTE Caesarstone Ltd. $93.4M — (loss-making) — (loss-making) −4.52% (below 0%: shrinking) n/m +111.99% (above 0%: growing) 24.01% (10.60%) Compare
Median of peers $228.9M — — +0.83% — +10.99% 19.15% 0.00%

All 35 Building Products & Equipment stocks →

Perma-Pipe International Holdings, Inc. (PPIH) key facts

  • Strength: Perma-Pipe International Holdings, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $210.9 million, up 33.2% from fiscal 2025.
  • Strength: Net income was $20.6 million, or $2.12 per share (basic), a net margin of 8.08%.
  • Perma-Pipe International Holdings, Inc. (PPIH) is a Building Products & Equipment company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, PPIH traded at $27.91, a market capitalization of $239.9 million.
  • At that price the stock trades at 14.5× trailing-twelve-month earnings and 1.0× sales; its P/E is higher than 51% of its own readings over the past ten years.
  • Return on equity was 20.9% and debt-to-equity 0.39.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.12 (safe zone) for fiscal 2026.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/PPIH · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com