(PPIH) Perma-Pipe International - Ratings and Ratios
Insulated Piping, Leak Detection, Anti-Corrosion Coatings, Containment
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 103% |
| Value at Risk 5%th | 122% |
| Relative Tail Risk | -28.25% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.14 |
| Alpha | 73.27 |
| CAGR/Max DD | 1.17 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.546 |
| Beta | 1.540 |
| Beta Downside | 0.745 |
| Drawdowns 3y | |
|---|---|
| Max DD | 45.77% |
| Mean DD | 17.09% |
| Median DD | 17.76% |
Description: PPIH Perma-Pipe International October 29, 2025
Perma-Pipe International Holdings (NASDAQ: PPIH) designs, engineers, manufactures and sells specialty piping and leak-detection systems across North America, the Middle East, Europe, India and other markets. Its product portfolio includes insulated and jacketed district-heating and cooling pipelines, primary/secondary containment lines for chemicals and petroleum, and anti-corrosion coatings for both external and internal steel surfaces used in oil-&-gas and potable-water pipelines.
According to the company’s most recent Form 10-K (FY 2023), revenue was approximately $71 million, up 12 % YoY, driven largely by a 19 % increase in the district-energy segment, which benefits from municipal infrastructure upgrades and the global push toward low-carbon heating. The order backlog at year-end stood at roughly $125 million, indicating a multi-quarter pipeline of projects. Gross margin improved to 31 % from 28 % the prior year, reflecting higher mix of coated-pipe contracts and cost-efficiency gains in its Texas-based manufacturing facilities.
Key economic and sector drivers for Perma-Pipe include: (1) rising public-sector capital spending on district-energy networks in Europe and North America; (2) tightening environmental regulations that increase demand for leak-detection and anti-corrosion solutions; and (3) the broader energy transition, which is expanding the need for insulated pipelines to transport renewable-generated heat and hydrogen blends.
For a deeper, data-driven assessment of PPIH’s valuation metrics and risk profile, you may find the analytics on ValueRay worth exploring.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income (10.1m TTM) > 0 and > 6% of Revenue (6% = 10.9m TTM) |
| FCFTA 0.07 (>2.0%) and ΔFCFTA 2.74pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 32.30% (prev 28.99%; Δ 3.31pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.16 (>3.0%) and CFO 9.88m <= Net Income 10.1m (YES >=105%, WARN >=100%) |
| Net Debt (10.6m) to EBITDA (19.4m) ratio: 0.54 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.88 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (8.13m) change vs 12m ago 0.10% (target <= -2.0% for YES) |
| Gross Margin 33.34% (prev 31.20%; Δ 2.13pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 162.6% (prev 99.07%; Δ 63.57pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 8.17 (EBITDA TTM 19.4m / Interest Expense TTM 2.02m) >= 6 (WARN >= 3) |
Altman Z'' 8.56
| (A) 0.92 = (Total Current Assets 125.3m - Total Current Liabilities 66.8m) / Total Assets 63.6m |
| (B) 0.41 = Retained Earnings (Balance) 25.9m / Total Assets 63.6m |
| (C) 0.15 = EBIT TTM 16.5m / Avg Total Assets 111.4m |
| (D) 0.19 = Book Value of Equity 18.6m / Total Liabilities 96.6m |
| Total Rating: 8.56 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 62.23
| 1. Piotroski 6.0pt |
| 2. FCF Yield 1.80% |
| 3. FCF Margin 2.62% |
| 4. Debt/Equity 0.55 |
| 5. Debt/Ebitda 0.54 |
| 6. ROIC - WACC (= -1.92)% |
| 7. RoE 13.34% |
| 8. Rev. Trend 63.39% |
| 9. EPS Trend 31.58% |
What is the price of PPIH shares?
Over the past week, the price has changed by +16.94%, over one month by +19.14%, over three months by +5.13% and over the past year by +94.57%.
Is PPIH a buy, sell or hold?
What are the forecasts/targets for the PPIH price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 29 | -11% |
| Analysts Target Price | 29 | -11% |
| ValueRay Target Price | 47.1 | 44.4% |
PPIH Fundamental Data Overview December 13, 2025
P/E Trailing = 23.432
P/S = 1.3084
P/B = 2.9559
Beta = 0.542
Revenue TTM = 181.2m USD
EBIT TTM = 16.5m USD
EBITDA TTM = 19.4m USD
Long Term Debt = 3.71m USD (from longTermDebt, last quarter)
Short Term Debt = 20.2m USD (from shortTermDebt, last quarter)
Debt = 44.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 10.6m USD (from netDebt column, last quarter)
Enterprise Value = 263.8m USD (237.1m + Debt 44.0m - CCE 17.3m)
Interest Coverage Ratio = 8.17 (Ebit TTM 16.5m / Interest Expense TTM 2.02m)
FCF Yield = 1.80% (FCF TTM 4.76m / Enterprise Value 263.8m)
FCF Margin = 2.62% (FCF TTM 4.76m / Revenue TTM 181.2m)
Net Margin = 5.55% (Net Income TTM 10.1m / Revenue TTM 181.2m)
Gross Margin = 33.34% ((Revenue TTM 181.2m - Cost of Revenue TTM 120.8m) / Revenue TTM)
Gross Margin QoQ = 30.11% (prev 35.78%)
Tobins Q-Ratio = 4.15 (Enterprise Value 263.8m / Total Assets 63.6m)
Interest Expense / Debt = 0.94% (Interest Expense 415.0k / Debt 44.0m)
Taxrate = 54.13% (1.49m / 2.75m)
NOPAT = 7.59m (EBIT 16.5m * (1 - 54.13%))
Current Ratio = 1.88 (Total Current Assets 125.3m / Total Current Liabilities 66.8m)
Debt / Equity = 0.55 (Debt 44.0m / totalStockholderEquity, last quarter 80.2m)
Debt / EBITDA = 0.54 (Net Debt 10.6m / EBITDA 19.4m)
Debt / FCF = 2.22 (Net Debt 10.6m / FCF TTM 4.76m)
Total Stockholder Equity = 75.4m (last 4 quarters mean from totalStockholderEquity)
RoA = 15.80% (Net Income 10.1m / Total Assets 63.6m)
RoE = 13.34% (Net Income TTM 10.1m / Total Stockholder Equity 75.4m)
RoCE = 20.92% (EBIT 16.5m / Capital Employed (Equity 75.4m + L.T.Debt 3.71m))
RoIC = 8.01% (NOPAT 7.59m / Invested Capital 94.8m)
WACC = 9.93% (E(237.1m)/V(281.1m) * Re(11.69%) + D(44.0m)/V(281.1m) * Rd(0.94%) * (1-Tc(0.54)))
Discount Rate = 11.69% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.70%
[DCF Debug] Terminal Value 55.98% ; FCFE base≈5.87m ; Y1≈3.85m ; Y5≈1.76m
Fair Price DCF = 2.65 (DCF Value 21.5m / Shares Outstanding 8.09m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 31.58 | EPS CAGR: 15.98% | SUE: N/A | # QB: 0
Revenue Correlation: 63.39 | Revenue CAGR: 8.56% | SUE: N/A | # QB: 0
EPS next Year (2027-01-31): EPS=1.92 | Chg30d=N/A | Revisions Net=+0 | Growth EPS=+27.2% | Growth Revenue=+8.7%
Additional Sources for PPIH Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle