PPIHNasdaqIndustrial & Commercial Fans & Blowers & Air Purifing EquipFiscal year ends January 31
Perma-Pipe International Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jul 31, 2026Last filing: 10-Q on Sep 9, 2026
$28.15+0.24 (+0.86%)
Close on Oct 19, 2026
- Market cap
- $232.52M
- P/E (TTM)
- 14.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
32.9%+19.7 pts over 5 years
Operating margin
14.0%+27.4 pts over 5 years
Net margin
8.1%+17.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +33.2% | +13.9% | +20.0% | +5.6% | |
| Gross profit | +30.5% | +22.0% | +44.1% | +10.0% | |
| Operating income | +45.1% | +38.3% | – | +26.2% | |
| Net income | +89.6% | +42.0% | – | – | |
| EPS, diluted | +86.6% | +42.0% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -19.4% | -14.6% | 20.9% | |
| Return on assets | -10.4% | -7.1% | 8.9% | |
| Current ratio | 2.07 | 1.91 | 1.84 | |
| Debt to equity | 0.27 | 0.40 | 0.36 | |
| Net debt to EBITDA | -1.24× | -1.90× | 0.40× | |
| Interest coverage | -15.5× | -17.5× | 13.9× | |
| Inventory turnover | 6.0× | 5.5× | 8.1× | |
| Capex to revenue | 2.3% | 2.3% | 4.9% | |
| Diluted shares | 7M | 8M | 8M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Perma-Pipe International generated $41.64M from operations and spent $36.66M on capital expenditure, dividends and share buybacks. 92% of that went back into the business.
Generated
$41.64M
Used
$36.66M
Capital expenditure$33.66M92%Dividends$00%Share buybacks$3.00M8%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin8.1%
×Asset turnover1.10×
×Equity multiplier2.35×
=Return on equity, FY202520.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.1% | 1.10× | 2.35× | 20.9% |
| FY2024 | 5.7% | 0.99× | 2.33× | 13.0% |
| FY2023 | 6.9% | 1.08× | 2.26× | 17.0% |
| FY2022 | 4.2% | 1.16× | 2.19× | 10.6% |
| FY2021 | 4.4% | 1.23× | 2.18× | 11.7% |
| FY2020 | -9.0% | 0.79× | 2.05× | -14.6% |
| FY2019 | 2.8% | 1.19× | 2.00× | 6.7% |
| FY2018 | -0.4% | 1.25× | 2.01× | -1.1% |
| FY2017 | -9.5% | 1.02× | 1.86× | -18.0% |
| FY2016 | -12.6% | 0.82× | 1.87× | -19.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$17.04M
- Cash generatingOperating cash flow above zero$9.17M
- Return on assets improvedROA up on the prior year5.8% → 10.3%
- Earnings backed by cashOperating cash flow above net income$9.17M vs $17.04M
- Less leverageLong-term debt to assets fell2.2% → 5.8%
- Better liquidityCurrent ratio rose2.01 → 1.84
- No dilutionShare count did not rise8M → 8M
- Gross margin improvedGross margin up on the prior year33.62% → 32.94%
- More efficientAsset turnover rose1.02 → 1.28