Perma-Pipe International Holdings (PPIH) AI Stock Analysis

• Market Cap: $260.71M
• Dividend Yield: N/A
• Average Volume (3M): 91.35K
• Price to Earnings (P/E): 18.9
• Beta (1Y): 1.22
• Revenue Growth: 30.74%
• EPS Growth: -13.58%
• Country: US
• Employees: 750
• Sector: Industrials
• Sector Strength: 72
• Industry: Construction
• EPS (TTM): 0.77
• Shares Outstanding: 8,094,045
• 10 Day Avg. Volume: 102,421
• 30 Day Avg. Volume: 91,352
• PEG Ratio: -0.98
• Price to Book (P/B): 1.68
• Price to Sales (P/S): 0.76
• P/FCF Ratio: 10.93
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 1.19
• Enterprise Value/Gross Profit: 3.56
• Enterprise Value/Ebitda: 7.45
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.51
• Revenue Forecast (FY): $195.00M

• Rating: 73 Outperform
• Price Target: $36.00 ▲(32.16% Upside)

Perma-Pipe International Holdings demonstrates strong financial performance with robust revenue growth and improved cash flow, which are the most significant factors in its overall score. The technical analysis indicates a strong upward trend, though caution is advised due to overbought signals. The valuation is reasonable, supporting the company's growth prospects. The recent board appointment is a positive but minor factor in the overall assessment.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion.

Cash Flow Improvement

Improved cash flow enhances financial flexibility and supports reinvestment in growth opportunities, strengthening the company's financial health.

Board Appointment

Strategic board appointments bring valuable expertise and can guide the company towards sustained growth and improved governance.

Negative Factors

EPS Decline

Declining EPS suggests potential challenges in profitability, which could impact investor confidence and limit future investment capacity.

Profit Margin Pressure

While cost management is effective, relatively low profit margins may limit the company's ability to absorb cost increases or invest in growth.

Industry Challenges

Dependence on energy and industrial sectors exposes the company to sector-specific risks, such as regulatory changes and market volatility.

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 primarily through the sale of its engineered piping systems and related services. The company's key revenue streams include the direct sale of insulated and non-insulated pipes, as well as specialty products tailored for specific applications in energy, industrial, and municipal sectors. Additionally, PPIH benefits from long-term contracts and projects that provide recurring revenue. Significant partnerships with energy companies and contractors enhance its market presence, while ongoing projects in infrastructure development and energy transition initiatives contribute to sustained earnings. The company also engages in value-added services such as installation and maintenance, which further bolster its revenue model.

Perma-Pipe International Holdings Financial Statement Overview

Summary

Perma-Pipe International Holdings exhibits strong financial health with robust revenue growth, improving profitability, and a solid balance sheet. The company's cash flow position has significantly improved, indicating effective cash management. Overall, the financial statements reflect a positive growth trajectory and financial stability, positioning the company well for future opportunities.

Income Statement

Perma-Pipe International Holdings has demonstrated strong revenue growth with a 10.81% increase in TTM, supported by a solid gross profit margin of 33.53%. The net profit margin of 6.91% and EBIT margin of 14.14% reflect efficient cost management and operational effectiveness. The company has shown consistent improvement in profitability metrics over the years, indicating a positive trajectory.

Balance Sheet

The balance sheet reflects a stable financial position with a manageable debt-to-equity ratio of 0.35 and a healthy return on equity of 17.57% in TTM. The equity ratio indicates a strong equity base, contributing to financial stability. The company has reduced its leverage over time, enhancing its financial resilience.

Cash Flow

The cash flow statement shows a significant improvement in free cash flow growth at 157.95% in TTM, indicating enhanced cash generation capabilities. The operating cash flow to net income ratio is healthy, suggesting efficient cash conversion. The company has turned around its cash flow position, reflecting improved operational cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	200.78M	158.38M	150.67M	142.57M	138.55M	84.69M
Gross Profit	67.32M	53.25M	41.46M	38.30M	32.53M	11.18M
EBITDA	32.21M	20.30M	16.15M	15.45M	13.57M	-2.17M
Net Income	13.88M	8.98M	10.47M	5.95M	6.06M	-7.64M
Balance Sheet
Total Assets	216.99M	165.24M	155.71M	122.97M	123.40M	102.69M
Cash, Cash Equivalents and Short-Term Investments	27.24M	15.72M	5.84M	5.77M	8.21M	7.17M
Total Debt	42.80M	33.25M	32.79M	29.38M	34.54M	27.61M
Total Liabilities	117.00M	82.14M	83.73M	65.18M	68.94M	53.38M
Stockholders Equity	85.75M	72.14M	65.71M	57.78M	54.46M	49.31M
Cash Flow
Free Cash Flow	12.27M	11.05M	3.63M	-8.22M	-4.84M	-1.80M
Operating Cash Flow	21.99M	13.93M	14.73M	-1.24M	-2.57M	165.00K
Investing Cash Flow	-9.70M	-2.85M	-11.10M	-6.38M	-2.25M	-1.96M
Financing Cash Flow	1.86M	-907.00K	-3.26M	4.54M	6.23M	-4.14M

Perma-Pipe International Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 27.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 27.24 is below the 20-day moving average (MA) of 31.67, below the 50-day MA of 28.56, and above the 200-day MA of 22.64, indicating a bullish trend. The MACD of 0.94 indicates Positive momentum. The RSI at 60.00 is Neutral, neither overbought nor oversold. The STOCH value of 45.00 is Neutral, 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
PPIH	73 Outperform	$260.71M	18.87	17.68%	―	30.74%	-13.58%
BXC	66 Neutral	$526.96M	39.17	2.20%	―	-0.19%	-50.51%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SWIM	53 Neutral	$727.93M	-61.00	-2.68%	―	4.12%	-198.38%
ASPN	44 Neutral	$271.91M	-0.88	-75.06%	―	-14.74%	-20086.56%
AEHL	41 Neutral	$5.44M	-0.04	―	―	36.37%	80.95%
JELD	40 Underperform	$206.74M	-0.32	-155.46%	―	-15.28%	-350.51%

Perma-Pipe International Holdings Corporate Events

Perma-Pipe Appoints Richard Sherrill to Board

On December 5, 2025, Perma-Pipe International Holdings, Inc. announced the appointment of Richard M. Sherrill to its Board of Directors, replacing Rob McNally. Mr. Sherrill brings extensive industry expertise from his roles at Talos Energy, Howard Energy Partners, and previous positions in the energy sector. This strategic appointment is expected to enhance the board’s depth and support the company’s growth agenda.

The most recent analyst rating on (PPIH) stock is a Hold with a $25.00 price target. To see the full list of analyst forecasts on Perma-Pipe International Holdings stock, see the PPIH Stock Forecast page.