NASDAQ · Financial Statements

Perma-Pipe International Holdings, Inc. (PPIH) Financial Statements

$28.63 NASDAQ: PPIH Market Cap $234.63M

Perma-Pipe International Holdings, Inc. most recently reported annual revenue of $211.0M, net profit of $17.0M. Revenue grew at an average annual rate of 19.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Perma-Pipe International Holdings, Inc.: Revenue rose from $99.0M in 2016 to $211.0M in 2025, a change of +113.1% over 9 years; net profit was positive in 6 of 10 reported years; operating margin moved from -11.7% to 14.0%, a shift of +25.7 percentage points; the most recent year shows net profit of $17.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$99.0M$105.0M$129.0M$128.0M$85.0M$139.0M$143.0M$151.0M$158.0M$211.0M
Operating Expenses$110.0M$115.0M$126.0M$123.0M$96.0M$130.0M$131.0M$137.0M$138.0M$181.0M
Operating Profit$-12.0M$-10.0M$3.0M$5.0M$-11.0M$8.0M$11.0M$13.0M$20.0M$29.0M
Operating Margin-11.7%-9.0%2.1%3.8%-13.4%5.8%7.8%8.9%12.8%14.0%
Other Income$-2.0M$-1.0M$-1.0M$0$4.0M$0$-2.0M$-3.0M$-2.0M$-2.0M
Interest$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$2.0M$2.0M$2.0M$2.0M
Depreciation$6.0M$5.0M$5.0M$4.0M$5.0M$4.0M$4.0M$4.0M$4.0M$5.0M
Profit Before Tax$-14.0M$-10.0M$2.0M$5.0M$-8.0M$8.0M$10.0M$10.0M$18.0M$27.0M
Tax$4.4M$2.3M$134.4M$29.0M$1.7M$27.2M$37.8M$-33.6M$29.1M$24.9M
Net Profit$-12.0M$-10.0M$-1.0M$4.0M$-8.0M$6.0M$6.0M$10.0M$9.0M$17.0M
EPS$-1.67$-1.30$-0.07$0.43$-0.94$0.72$0.73$1.30$1.12$2.09
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$35.0M$46.0M$40.0M$34.0M$38.0M$42.0M$45.0M$47.0M$48.0M$61.0M$55.0M$50.0M
Operating Expenses$32.0M$40.0M$36.0M$31.0M$31.0M$36.0M$40.0M$39.0M$45.0M$50.0M$48.0M$46.0M
Operating Profit$3.0M$6.0M$5.0M$3.0M$6.0M$6.0M$5.0M$8.0M$3.0M$11.0M$7.0M$5.0M
Operating Margin7.7%13.2%11.3%9.1%16.4%13.4%12.1%16.9%6.7%18.6%12.6%9.2%
Interest$1.0M$1.0M$0$1.0M$1.0M$0$1.0M$0$0$0$1.0M$1.0M
Profit Before Tax$2.0M$5.0M$3.0M$3.0M$6.0M$5.0M$5.0M$7.0M$3.0M$11.0M$6.0M$4.0M
Tax$45.2M$31.3M$-204.1M$30.1M$23.4M$31.9M$32.1M$21.3M$54.1M$27.4M$12.3M$34.0M
Net Profit$1.0M$2.0M$9.0M$1.0M$3.0M$2.0M$2.0M$5.0M$1.0M$6.0M$5.0M$2.0M
EPS$0.13$0.24$1.08$0.18$0.40$0.31$0.22$0.61$0.10$0.77$0.60$0.22

Over the 10 years reported for Perma-Pipe International Holdings, Inc., borrowings increased from $12.0M in 2016 to $47.0M in 2025, cash stood at $19.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.84 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$102.0M$105.0M$102.0M$112.0M$103.0M$123.0M$123.0M$156.0M$165.0M$217.0M
Current Assets$58.0M$62.0M$63.0M$64.0M$54.0M$78.0M$86.0M$99.0M$109.0M$147.0M
Cash$8.0M$7.0M$10.0M$13.0M$7.0M$8.0M$6.0M$6.0M$16.0M$19.0M
Inventory$14.0M$17.0M$12.0M$14.0M$12.0M$14.0M$15.0M$16.0M$17.0M$18.0M
Receivables$33.0M$34.0M$34.0M$32.0M$29.0M$49.0M$57.0M$66.0M$65.0M$99.0M
Fixed Assets$36.0M$35.0M$30.0M$40.0M$40.0M$36.0M$31.0M$44.0M$44.0M$57.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$0$0$0$0$0$0$0$0
Other Assets$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M
Total Liabilities$42.0M$53.0M$51.0M$57.0M$53.0M$69.0M$65.0M$84.0M$82.0M$111.0M
Current Liabilities$28.0M$39.0M$37.0M$33.0M$28.0M$38.0M$44.0M$58.0M$54.0M$80.0M
Borrowings$12.0M$16.0M$16.0M$29.0M$28.0M$35.0M$29.0M$33.0M$33.0M$47.0M
Other Liabilities$30.0M$37.0M$34.0M$28.0M$26.0M$34.0M$36.0M$51.0M$49.0M$64.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$59.0M$52.0M$52.0M$56.0M$49.0M$54.0M$58.0M$66.0M$72.0M$91.0M

For Perma-Pipe International Holdings, Inc., operating cash flow was positive in 5 of 10 reported years; free cash flow in the latest year was negative at $1.0M; free cash flow was positive in 4 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-4.0M$-2.0M$5.0M$4.0M$0$-3.0M$-1.0M$15.0M$14.0M$9.0M
Investing Cash Flow$8.0M$-5.0M$-3.0M$-4.0M$-4.0M$-5.0M$-13.0M$-22.0M$-6.0M$-21.0M
Financing Cash Flow$0$0$0$0$0$-2.0M$0$-1.0M$0$0
Net Cash Flow$-9.0M$0$4.0M$2.0M$-6.0M$1.0M$-3.0M$0$10.0M$5.0M
Free Cash Flow$-6.0M$-4.0M$4.0M$2.0M$-2.0M$-5.0M$-8.0M$4.0M$11.0M$-1.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.32
EV / EBITDA8.36
FCF Yield5.28%
Quick Ratio2.19
Interest Coverage12.90
Return 1Y3.97%
Return 3Y208.54%
Return 5Y263.29%

Perma-Pipe International Holdings, Inc. (PPIH) financials — frequently asked questions

What is Perma-Pipe International Holdings, Inc.'s annual revenue?

Perma-Pipe International Holdings, Inc. (PPIH) reported annual revenue of $211.0M in its most recent fiscal year.

What is Perma-Pipe International Holdings, Inc.'s net profit?

Perma-Pipe International Holdings, Inc. (PPIH) reported net profit of $17.0M in its most recent fiscal year.

What is PPIH EV/EBITDA?

Perma-Pipe International Holdings, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 8.36.

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