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MARKETS / NASDAQ / PPIH
NASDAQ · INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFING EQUIP · MID CAP

Perma-Pipe International Holdings, Inc. PPIH

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$210.9M
▲ 33.2% YoY
$17.0M
▲ 89.6% YoY
$-1.3M
▼ 111.5% YoY
In brief

What this company does

Perma-Pipe International Holdings engineers, designs, manufactures and sells specialty piping systems and leak detection systems. The company operates facilities in Rolling Meadows, Illinois; New Iberia, Louisiana; and Lebanon, Tennessee in the United States; Camrose, Alberta and Vars, Ontario in Canada; Fujairah in the United Arab Emirates; Dammam, Riyadh and Medina in the Kingdom of Saudi Arabia; Gandhidham, India; Cairo, Egypt; Doha, Qatar; and Abu Dhabi in the United Arab Emirates. As of January 31, 2026, one customer accounted for approximately 23% of the company's total accounts receivable, and for the year then ended, that same customer represented approximately 12% of total net sales. As of January 31, 2026, the company employed a total of 909 individuals, of whom 222 were located in the United States and 687 were located internationally, including 97 employees in the United States represented by labor unions under two collective bargaining agreements. Perma-Pipe International Holdings, together with its subsidiaries, is engaged in the manufacture and sale of products in one reportable segment: Piping Systems. The company was incorporated in Delaware on October 12, 1993.

Written from the business description in Perma-Pipe International Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 16 April 2026. Every sentence was checked against that document before publication.

Growth
USD 210.9M
Revenue, FY2025 · full 16-year series below
Revenue $M Net income $M
FY2025 · Revenue 210.9 · Net income 17.0
80M160M201020122014201620182020202220242025
Compound annual growth
+13.9%
+20.0%
+5.6%
−0.2%
+42.0%
+9.5%
+42.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +20.0% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
10 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 14.0% · Net 9.8%
5%10%-5%-10%201020122014201620182020202220242025
ROE
FY2025 · ROE 20.9%
10%20%30%-10%-20%201020122014201620182020202220242025

Each USD of equity produced 21 cents of profit this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -1.3
4M8M-4M-8M201020122014201620182020202220242025
Net buybacks $M Dividends $M
FY2024 · Dividends — · Net buybacks 0.0
0.8M1.6M201520202021202220232024

Total assetsUSD 217.5M
EquityUSD 90.6M
CashUSD 18.7M
Gross debtUSD 4.2M
Net debtUSD -14.6M
Current ratio1.84×

The company holds more cash than debt.

The 16-year record
16 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B0.20.20.20.10.10.10.10.10.10.10.10.10.20.20.20.2
Operating income $B0.00.00.00.00.0−0.00.00.0−0.0−0.00.00.00.0−0.0−0.00.0
EBITDA $B0.00.00.00.00.0−0.00.00.0−0.0−0.00.00.00.0−0.00.00.0
Income tax $B0.00.0−0.00.00.0−0.00.00.0−0.0−0.00.00.0−0.00.00.0−0.0
Net income $B0.00.00.00.00.0−0.00.0−0.0−0.0−0.0−0.0−0.00.0−0.0−0.00.0
Free cash flow $B−0.00.00.0−0.0−0.0−0.00.00.0−0.0−0.0−0.0−0.00.0−0.0−0.0·
EPS, diluted $2.091.121.300.730.72−0.940.42−0.07−1.30−1.67−0.61−0.022.96−2.67−0.72·
Dividend / sh $················
Payout %················
ROE %20.913.017.010.611.7−14.66.7−1.1−18.0−19.4−6.2−0.232.3−29.2−6.65.6
Shares out B0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 80 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 15 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityIndustrial & Commercial Fans & Blowers & Air Purifing Equip
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsJanuary 31
SEC categorysmaller reporting company
Data on record since2010

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