Perma-Pipe International Holdings (PPIH) AI Stock Analysis

• Market Cap: $114.95M
• Dividend Yield: N/A
• Average Volume (3M): 21.71K
• Price to Earnings (P/E): 13.1
• Beta (1Y): 0.80
• Revenue Growth: 5.12%
• EPS Growth: -14.55%
• Country: US
• Employees: 750
• Sector: Industrials
• Sector Strength: 93
• Industry: Construction
• EPS (TTM): 0.22
• Shares Outstanding: 7,982,568
• 10 Day Avg. Volume: 14,378
• 30 Day Avg. Volume: 21,713
• PEG Ratio: -0.27
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 10.61
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 0.17
• Enterprise Value/Gross Profit: 2.03
• Enterprise Value/Ebitda: 1.20
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 70 Outperform
• Price Target: $14.50 ▼(-0.28%Downside)

Perma-Pipe International Holdings scores well due to strong financial performance, especially in revenue growth and profitability margins. Technical analysis shows mixed signals, but corporate events are positive, suggesting strong leadership and strategic direction. Valuation is reasonable, although the lack of dividend yield is a drawback for some investors.

Perma-Pipe International Holdings Business Overview & Revenue Model

Company Description

Perma-Pipe International Holdings, Inc., together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers provides and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas gathering and transmission pipelines. The company also offers liquid and powder based anti-corrosion coatings for external and internal surfaces of steel pipe, including shapes like bends, reducers, tees, and other spools/fittings that is used in pipelines for the transportation of oil and gas products and potable water. It has operations in the United States, Canada, the Middle East, Europe, India, and internationally. The company was formerly known as MFRI, Inc. and changed its name to Perma-Pipe International Holdings, Inc. in March 2017. Perma-Pipe International Holdings, Inc. was incorporated in 1993 and is headquartered in Niles, Illinois.

How the Company Makes Money

Perma-Pipe International Holdings generates revenue through the sale of its pre-insulated piping systems and leak detection technologies. These systems are essential for efficient thermal management in pipelines, making them valuable to both domestic and international clients in the energy sector. The company's key revenue streams include product sales, engineering services, and ongoing maintenance contracts. Strategic partnerships with construction and engineering firms, as well as long-term contracts with government and private entities, significantly contribute to its earnings. Additionally, PPIH benefits from its global presence, allowing it to tap into diverse markets and maintain a steady flow of income.

Perma-Pipe International Holdings Financial Statement Overview

Summary

Perma-Pipe International Holdings demonstrates a robust recovery with strong revenue growth and improving profitability margins. The balance sheet is stable with effective debt management and increasing equity. Cash flow is on a positive path, although free cash flow to net income could improve.

Income Statement

Perma-Pipe International Holdings has demonstrated a strong recovery in revenue, with consistent growth over the past few years. The gross profit margin has improved significantly, indicating better cost management and efficiency. However, the net profit margin is somewhat volatile, reflecting fluctuations in operational costs and other expenses. The EBIT and EBITDA margins show an upward trend, which is a positive sign of the company's ability to generate earnings before interest and taxes from its operations.

Balance Sheet

The balance sheet reflects a stable financial position with an improving debt-to-equity ratio, indicating effective debt management. The stockholders' equity has been consistently growing, contributing to a stronger equity ratio. However, the total assets have decreased significantly from previous years, which could pose a risk if not addressed. The return on equity is positive and shows good returns for shareholders.

Cash Flow

The cash flow statement indicates a solid improvement in free cash flow, primarily driven by better operating cash flow management. The operating cash flow to net income ratio is healthy, showing efficient cash generation relative to profits. However, the free cash flow to net income ratio could be stronger, suggesting potential constraints in freely available cash after capital expenditures.

Breakdown
Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement		Total Revenue
158.38M	150.67M	142.57M	138.55M	84.69M
	Gross Profit
53.25M	41.46M	38.30M	32.53M	11.18M
	EBIT
20.30M	13.36M	8.03M	4.83M	-11.38M
	EBITDA
20.30M	15.99M	14.79M	12.44M	-2.17M
	Net Income Common Stockholders
8.98M	10.47M	5.95M	6.06M	-7.64M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
15.72M	5.84M	5.77M	8.21M	7.17M
	Total Assets
165.24M	155.71M	122.97M	123.40M	102.69M
	Total Debt
33.25M	32.79M	29.38M	34.54M	27.61M
	Net Debt
17.53M	26.95M	23.61M	26.32M	20.44M
	Total Liabilities
82.14M	83.73M	65.18M	68.94M	53.38M
	Stockholders Equity
72.14M	65.71M	57.78M	54.46M	49.31M
Cash Flow		Free Cash Flow
11.05M	3.63M	-8.22M	-4.84M	-1.80M
	Operating Cash Flow
13.93M	14.73M	-1.24M	-2.57M	165.00K
	Investing Cash Flow
-2.85M	-11.10M	-6.38M	-2.25M	-1.96M
	Financing Cash Flow
-907.00K	-3.26M	4.54M	6.23M	-4.14M

Perma-Pipe International Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.54
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PPIH, the sentiment is Positive. The current price of 14.54 is above the 20-day moving average (MA) of 13.68, above the 50-day MA of 12.69, and above the 200-day MA of 13.54, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 61.18 is Neutral, neither overbought nor oversold. The STOCH value of 81.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PPIH.

Perma-Pipe International Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JBI	71 Outperform	$1.12B	23.44	9.51%	―	-13.95%	-63.37%
PPIH	70 Outperform	$114.95M	13.09	13.03%	―	5.12%	-14.55%
GMS	68 Neutral	$3.00B	21.62	10.37%	―	3.71%	-49.38%
Sector *	66 Neutral	$4.48B	12.26	5.32%	248.53%	4.10%	-12.36%
SWIM	61 Neutral	$673.77M	77.89	-4.13%	―	-5.58%	-465.52%
ASPN	53 Neutral	$475.79M	35.31	-70.97%	―	51.90%	-685.60%
JELD	45 Neutral	$330.11M	―	-55.39%	―	-14.12%	-1264.86%

Perma-Pipe International Holdings Corporate Events

Perma-Pipe International Holdings Announces CEO Retirement

On March 31, 2025, David Mansfield announced his retirement as CEO of Perma-Pipe International Holdings, effective by November 8, 2025, with Saleh Sagr appointed as President to ensure a smooth transition. Mansfield’s tenure saw significant growth and strategic international expansion, positioning the company for continued success. Sagr, previously Senior Vice President of the MENA region, brings extensive experience and leadership, expected to drive further growth and maintain the company’s trajectory.