Start here if you're new
what it is
Perma-Pipe builds coated pipe systems and related services for industrial projects, and it has 750 employees.
how it gets paid
Last year Perma-Pipe Intl Hldg made -$2M in revenue.
why growth slowed
Revenue fell 14.4% last year. The $61.1M sales print matters because it was up 46.9% vs. prior year.
what just happened
Perma-Pipe posted $61.1M in quarterly revenue and $1.49 EPS, with 33.7% gross margin.
At a glance
C++ balance sheet — some cracks in the foundation
20/100 earnings predictability — expect surprises
18.9x trailing p/e — priced about right
10.3% return on capital — nothing to write home about
$1.12 fy2024 eps est
xvary composite: 40/100 — below average
What they do
Perma-Pipe builds coated pipe systems and related services for industrial projects, and it has 750 employees.
A $52M award haul is large for a $228M company. Your work gets specified, priced, and installed around one job at a time, so switching is painful. The balance sheet carries $24M of long-term debt, or 10% of capital, which is not a lot of ballast for a project business.
How they make money
-$2M
annual revenue · revenue declined -14.4% last year
total revenue
-$2M
14.4%
The products that matter
pipeline insulation and corrosion protection
Pre-insulated Piping Systems
$61.1M in Q3 2025 sales · +46.9%
This is the growth engine right now. The line produced $61.1M in recent-quarter sales, up 46.9% from a year ago, which explains why the Street is suddenly willing to model 57.44% EPS growth next.
growth driver
passive fire protection systems
Firestop Systems
$26.2M in Q3 2025 sales · flat
Firestop brings a second revenue stream, but the latest number was flat at $26.2M. That matters because it means most of the recent acceleration came from one side of the business.
secondary line
Key numbers
$52M
project awards
Fresh awards are future revenue, and $52M matters for a $228M company.
$61.1M
quarterly revenue
A $61.1M quarter tells you the business is still landing real work.
18.9x
trailing p/e
You are paying 18.9x earnings for a company with 10.3% return on capital.
10.3%
roc
Return on capital means profit on money invested, and 10.3% is respectable for a small industrial name.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $24M (10% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for PPIH right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Perma-Pipe posted $61.1M in quarterly revenue and $1.49 EPS, with 33.7% gross margin.
Net sales of $61.1M were up 46.9% vs. prior year, and EPS came in at $1.49. Gross profit improved as project execution stayed intact.
$61.1M
revenue
$1.49
eps
33.7%
gross margin
revenue
The $61.1M sales print matters because it was up 46.9% vs. prior year.
source: company earnings report, 2025
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
The top risk here is Middle East project timing and shipping disruption. Perma-Pipe is small enough that one delayed contract can distort a quarter.
med
Shipping lanes and cross-border execution
Management has already flagged shipping lane risk tied to its Middle East project pipeline. That matters more when international project work is a growth driver, not a side note.
The immediate issue is timing. A delayed shipment can push revenue, margin absorption, and investor confidence from one quarter into the next.
med
Project concentration
A $43M contract is material for a company with a $228M market cap and $200.78M in trailing revenue. That is good when execution is clean. It is painful when one job carries too much of the narrative.
If large projects slip or margins disappoint, the Street's 57.44% EPS growth forecast stops looking ambitious and starts looking wrong.
med
Leadership transition
The CEO retired in June 2025, and the business is now asking investors to underwrite rapid growth during a handoff. That is not fatal. It is not irrelevant either.
When a company has a C++ balance sheet and 20/100 predictability, even a clean leadership change still adds another moving part.
The risk stack is simple: lumpy contracts, cross-border execution, and a management transition are sitting underneath a growth story the market already expects to be dramatic.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Next earnings report
Estimated for April 30, 2026. With a 20/100 predictability score, this is not a routine date.
margin
Gross margin holding near 33.7%
Recent growth looks much better if the company keeps roughly one-third of revenue after direct costs. If that slips, the thesis gets thinner fast.
contract flow
Whether the $43M award turns into clean reported revenue
A contract announcement is the trailer. Revenue conversion is the film. Watch the next filings for progress, timing, and margin commentary.
execution risk
Leadership handoff and shipping updates
A CEO transition plus Middle East logistics is enough complexity for a business this small. You want fewer surprises here, not more.
Analyst rankings
earnings predictability
20 / 100
Low predictability score. In human-speak, analysts do not trust this business to print smooth, boring quarters.
risk rank
3
Middle-of-the-pack safety. You are not buying a distressed name, but you are also not buying stability.
source: institutional data
Institutional activity
institutional ownership data for PPIH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$32
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive