Perma-Pipe International (PPIH)
NASDAQ:PPIH
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Perma-Pipe International Holdings
(NASDAQ:PPIH)
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Rating:59Neutral
Price Target:
$26.00
▼(-19.10% Downside)
Action:Downgraded
Date:06/10/26
The score is primarily supported by improved operating performance and a manageable balance sheet, but is held back by weak and volatile cash-flow conversion. Technicals are bearish with the stock trading below major moving averages and negative MACD, partially offset by a moderate P/E and positive strategic/governance corporate updates.
Positive Factors
Strong revenue and margin improvement
Sustained, large revenue gains alongside expanded gross and EBIT margins indicate scalable project execution and improved pricing/operational leverage in engineered piping. This creates a higher earnings base and durable operating profitability as backlog converts over multiple quarters.
Negative Factors
Weak cash conversion
Earnings are not consistently translating into cash due to working-capital needs and variability. This persistent weak cash conversion limits internal funding for capex or growth, increases reliance on external financing, and elevates long-term liquidity and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and margin improvement
Sustained, large revenue gains alongside expanded gross and EBIT margins indicate scalable project execution and improved pricing/operational leverage in engineered piping. This creates a higher earnings base and durable operating profitability as backlog converts over multiple quarters.
Read all positive factors
Perma-Pipe International Holdings (PPIH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$218.66M
Dividend YieldN/A
Average Volume (3M)117.52K
Price to Earnings (P/E)14.8
Beta (1Y)1.12
Revenue Growth25.55%
EPS Growth9.49%
CountryUS
Employees750
SectorIndustrials
Sector Strength72
IndustryConstruction
Share Statistics
EPS (TTM)1.72
Shares Outstanding8,125,713
10 Day Avg. Volume179,071
30 Day Avg. Volume117,520
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)2.56
Price to Sales (P/S)1.10
P/FCF Ratio-182.85
Enterprise Value/Market Cap1.27
Enterprise Value/Revenue1.29
Enterprise Value/Gross Profit4.12
Enterprise Value/Ebitda8.75
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.07
Revenue Forecast (FY)$227.00M
Perma-Pipe International Holdings Business Overview & Revenue Model
Company Description
Perma-Pipe International Holdings, Inc., along with its subsidiaries, specializes in the engineering, design, manufacturing, and sale of specialized piping and leak detection solutions. Its product portfolio includes jacketed district heating and ...
How the Company Makes Money
PPIH makes money primarily by selling engineered pre-insulated piping systems and related components for heating/cooling and fluid-transport applications. Revenue is generally generated on a project basis: customers (e.g., district energy operator...
Perma-Pipe International Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Jan 2026 | Apr 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 214.44M | 210.93M | 158.38M | 150.67M | 142.57M | 138.55M |
| Gross Profit | 67.40M | 69.49M | 53.25M | 41.46M | 38.30M | 32.53M |
| EBITDA | 31.73M | 34.52M | 20.30M | 16.15M | 15.45M | 13.57M |
| Net Income | 13.88M | 17.04M | 8.98M | 10.47M | 5.95M | 6.06M |
Balance Sheet | ||||||
| Total Assets | 221.60M | 217.49M | 165.24M | 155.71M | 122.97M | 123.40M |
| Cash, Cash Equivalents and Short-Term Investments | 28.30M | 18.72M | 15.72M | 5.84M | 5.77M | 8.21M |
| Total Debt | 55.78M | 46.86M | 33.25M | 32.79M | 29.38M | 34.54M |
| Total Liabilities | 112.87M | 111.19M | 82.14M | 83.73M | 65.18M | 68.94M |
| Stockholders Equity | 92.24M | 90.64M | 72.14M | 65.71M | 57.78M | 54.46M |
Cash Flow | ||||||
| Free Cash Flow | 3.78M | -1.27M | 11.05M | 3.63M | -8.22M | -4.84M |
| Operating Cash Flow | 14.55M | 9.17M | 13.93M | 14.73M | -1.24M | -2.57M |
| Investing Cash Flow | -10.75M | -10.42M | -2.85M | -11.10M | -6.38M | -2.25M |
| Financing Cash Flow | 8.17M | 6.59M | -907.00K | -3.26M | 4.54M | 6.23M |
Perma-Pipe International Holdings Technical Analysis
Negative
32.14
Price Trends
31.64
Negative
31.12
Negative
29.51
Negative
Market Momentum
-1.40
Positive
33.07
Neutral
18.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PPIH, the sentiment is Negative. The current price of 32.14 is above the 20-day moving average (MA) of 30.45, above the 50-day MA of 31.64, and above the 200-day MA of 29.51, indicating a bearish trend. The MACD of -1.40 indicates Positive momentum. The RSI at 33.07 is Neutral, neither overbought nor oversold. The STOCH value of 18.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PPIH.
Perma-Pipe International Holdings Risk Analysis
Perma-Pipe International Holdings disclosed 22 risk factors in its most recent earnings report. Perma-Pipe International Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Perma-Pipe International Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $668.07M | 76.54 | 2.13% | ― | 8.34% | ― | |
59 Neutral | $218.66M | 14.84 | 20.37% | ― | 25.55% | 9.49% | |
52 Neutral | $474.06M | -4.37 | -42.12% | ― | -47.30% | 61.05% | |
47 Neutral | $432.23M | -107.40 | -0.65% | ― | 1.38% | -111.51% | |
46 Neutral | $154.21M | -0.30 | -291.24% | ― | -12.11% | -43.71% | |
41 Neutral | $5.39M | -0.32 | ― | ― | 35.09% | 95.72% |
* Industrials Sector Average
PPIH
Perma-Pipe International Holdings
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8.03
46.34%
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Perma-Pipe International Holdings Corporate Events
Private Placements and Financing
Perma-Pipe Establishes New $18 Million Credit Facility
Neutral
Apr 14, 2026
On April 8, 2026, Perma-Pipe International Holdings, Inc. entered into a senior secured asset-based revolving credit facility with JPMorgan Chase Bank, N.A. totaling $18.0 million, including a $1.5 million sublimit for letters of credit, maturing ...
Business Operations and StrategyExecutive/Board Changes
Perma-Pipe Appoints New Directors to Strengthen Governance
Positive
Apr 7, 2026
On April 7, 2026, Perma-Pipe International Holdings’ Board appointed energy executive Nancy Zakhour and President and CEO Saleh Sagr to its Board of Directors, with both appointments effective April 8, 2026. Zakhour joins as an independent d...
Business Operations and StrategyPrivate Placements and Financing
Perma-Pipe Expands U.S. Presence Targeting AI Data Centers
Positive
Mar 19, 2026
On March 19, 2026, Perma-Pipe International Holdings, Inc. announced a strategic expansion with a new facility in the U.S. Northeast, scheduled to be operational in the second quarter of 2026 and aimed at the rapidly growing AI-driven data center ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.