PPIH Stock Analysis: Perma-Pipe International | NASDAQ
Building Products & Equipment | NASDAQ, USA | Market Cap: 204m USD | 12M Return: 6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.07M
EPS Trend: 65.4%
Rev. Trend: 95.2%
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Perma-Pipe International Holdings (PPIH) designs, engineers, manufactures, and sells specialty piping and leak detection systems, operating across the United States, Canada, the United Arab Emirates, Saudi Arabia, and other international markets. Its product portfolio includes insulated district heating and cooling piping systems, primary and secondary containment piping for hazardous fluids and petroleum products, and anti-corrosion coatings for oil and gas gathering/transmission pipelines and potable water infrastructure. The company also supplies leak detection, heat trace, and cabling products, along with custom fabrication, field service, and logistics support. Founded in 1909 and headquartered in The Woodlands, Texas, the company was formerly known as MFRI, Inc. before adopting its current name in March 2017.
Perma-Pipe operates within the Industrials sector (Industrial Machinery & Supplies & Components), serving energy infrastructure applications such as district energy distribution networks and oil and gas pipeline projects. Its business model centers on engineered, project-based solutions rather than commodity piping, with revenues tied to capital expenditure cycles in energy, utilities, and industrial construction markets.
- Middle East district energy and oil pipeline project backlog expands
- Oil and gas gathering pipeline coating demand drives segment revenue
- Steel pipe raw material costs pressure gross margins
| Net Income: 13.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -4.27 > 1.0 |
| NWC/Revenue: 38.71% < 20% (prev 34.51%; Δ 4.19% < -1%) |
| CFO/TA 0.07 > 3% & CFO 14.5m > Net Income 13.9m |
| Net Debt (54.6m) to EBITDA (31.6m): 1.73 < 3 |
| Current Ratio: 2.31 > 1.5 & < 3 |
| Outstanding Shares: last quarter (8.24m) vs 12m ago 2.02% < -2% |
| Gross Margin: 31.43% > 18% (prev 34.81%; Δ -3.38% > 0.5%) |
| Asset Turnover: 107.2% > 50% (prev 95.79%; Δ 11.45% > 0%) |
| Interest Coverage Ratio: 12.89 > 6 (EBIT TTM 26.1m / Interest Expense TTM 2.02m) |
| A: 0.37 (Total Current Assets 146.4m - Total Current Liabilities 63.4m) / Total Assets 221.6m |
| B: 0.18 (Retained Earnings 38.9m / Total Assets 221.6m) |
| C: 0.13 (EBIT TTM 26.1m / Avg Total Assets 200.0m) |
| D: 0.82 (Book Value of Equity 92.2m / Total Liabilities 112.9m) |
| Altman-Z'' = 4.76 = AA |
| DSRI: 0.94 (Receivables 86.8m/73.8m, Revenue 214.4m/170.8m) |
| GMI: 1.11 (GM 34.81% / 31.43%) |
| AQI: 0.86 (AQ_t 0.06 / AQ_t-1 0.07) |
| SGI: 1.26 (Revenue 214.4m / 170.8m) |
| TATA: -0.00 (NI 13.9m - CFO 14.5m) / TA 221.6m) |
| Beneish M = -2.88 (Cap -4..+1) = A |
As of July 15, 2026, the stock is trading at USD 25.14 with a total of 66,446 shares traded. Over the past week, the price has changed by +0.24%, over one month by -5.95%, over three months by -28.76% and over the past year by +6.03%.
Current recommended Stop Loss: 23.60 (which is 6.1% or 1.1 ATR below the current price).
Perma-Pipe International has no consensus analysts rating.
| Analysts Target Price | 32 | 27.3% |
P/E Trailing = 14.7529
P/E Forward = 27.6243
P/S = 0.9503
P/B = 2.2085
P/EG = 2.8193
Revenue TTM = 214.4m USD
EBIT TTM = 26.1m USD
EBITDA TTM = 31.6m USD
Long Term Debt = 18.2m USD (from longTermDebt, last quarter)
Short Term Debt = 13.0m USD (from shortTermDebt, last quarter)
Debt = 82.9m USD (from shortLongTermDebtTotal, last quarter) + Leases 27.2m
Net Debt = 54.6m USD (calculated: Debt 82.9m - CCE 28.3m)
Enterprise Value = 258.4m USD (203.8m + Debt 82.9m - CCE 28.3m)
Interest Coverage Ratio = 12.89 (Ebit TTM 26.1m / Interest Expense TTM 2.02m)
EV/FCF = 68.38x (Enterprise Value 258.4m / FCF TTM 3.78m)
FCF Yield = 1.46% (FCF TTM 3.78m / Enterprise Value 258.4m)
FCF Margin = 1.76% (FCF TTM 3.78m / Revenue TTM 214.4m)
Net Margin = 6.47% (Net Income TTM 13.9m / Revenue TTM 214.4m)
Gross Margin = 31.43% ((Revenue TTM 214.4m - Cost of Revenue TTM 147.0m) / Revenue TTM)
Gross Margin QoQ = 29.12% (prev 31.45%)
Tobins Q-Ratio = 1.17 (Enterprise Value 258.4m / Total Assets 221.6m)
Interest Expense / Debt = 2.44% (Interest Expense 2.02m / Debt 82.9m)
Taxrate = 27.50% (6.59m / 24.0m)
NOPAT = 18.9m (EBIT 26.1m * (1 - 27.50%))
Current Ratio = 2.31 (Total Current Assets 146.4m / Total Current Liabilities 63.4m)
Debt / Equity = 0.90 (Debt 82.9m / totalStockholderEquity, last quarter 92.2m)
Debt / EBITDA = 1.73 (Net Debt 54.6m / EBITDA 31.6m)
Debt / FCF = 14.46 (Net Debt 54.6m / FCF TTM 3.78m)
Total Stockholder Equity = 87.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 6.94% (Net Income 13.9m / Total Assets 221.6m)
RoE = 15.92% (Net Income TTM 13.9m / Total Stockholder Equity 87.2m)
RoCE = 24.72% (EBIT 26.1m / Capital Employed (Equity 87.2m + L.T.Debt 18.2m))
RoIC = 11.77% (NOPAT 18.9m / Invested Capital 160.5m)
WACC = 8.28% (E(203.8m)/V(286.7m) * Re(10.93%) + D(82.9m)/V(286.7m) * Rd(2.44%) * (1-Tc(0.27)))
Discount Rate = 10.93% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 81.82 | Cagr: 1.41%
[DCF] Terminal Value 73.10% ; FCFF base≈6.53m ; Y1≈5.73m ; Y5≈4.63m
[DCF] Fair Price = 2.42 (EV 74.3m - Net Debt 54.6m = Equity 19.7m / Shares 8.13m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 65.45 | EPS CAGR: 35.73% | SUE: N/A | # QB: 0
Revenue Correlation: 95.19 | Revenue CAGR: 16.73% | SUE: N/A | # QB: 0
EPS current Quarter (2026-07-31): EPS=0.55 | Chg30d=+14.58% | Revisions=+25% | Analysts=1
EPS next Quarter (2026-10-31): EPS=0.67 | Chg30d=+21.82% | Revisions=+25% | Analysts=1
EPS current Year (2027-01-31): EPS=2.11 | Chg30d=+1.93% | Revisions=+25% | GrowthEPS=+1.0% | GrowthRev=+4.8%
EPS next Year (2028-01-31): EPS=2.52 | Chg30d=+6.33% | Revisions=+25% | GrowthEPS=+19.4% | GrowthRev=+9.5%