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what it is
Perimeter sells fire-safety chemicals, equipment, and support services for wildfires and other fires.
how it gets paid
Last year Perimeter Solutions made $653M in revenue.
why it's growing
Revenue grew 16.4% last year. 59.8% gross margin matters because it shows the core business still keeps about 60 cents of each sales dollar before operating costs.
what just happened
Latest quarter revenue was about $550M (up sharply vs. prior year on that quarter’s base), while EPS stayed negative (~-$0.45)— full-year revenue above stays ~$653M.
At a glance
B balance sheet — gets the job done, barely
53.4x trailing p/e — reconcile with GAAP losses; multiple may be on adjusted or noisy earnings
0.8% return on capital — nothing to write home about
-$0.04 fy2024 eps est
$561M fy2024 rev est
xvary composite: 53/100 — below average
What they do
Perimeter sells fire-safety chemicals, equipment, and support services for wildfires and other fires.
Its service network reaches 150+ air tanker bases in North America. That is a resupply system, not a brochure. If your plane needs fire-stopping liquid fast, leaving that setup is painful.
How they make money
$653M
annual revenue · their business grew +16.4% last year
total revenue
$653M
+16.4%
The products that matter
aerial firefighting chemicals
Fire Safety
$488.9M revenue · +12%
this is the engine. It generated $488.9M of revenue and drove a 21% increase in adjusted EBITDA to $290.5M. When this segment works, the whole stock looks smarter.
46.4% margin
industrial and infrastructure chemicals
Specialty Products
$164.1M revenue
this business brought in $164.1M, but the page gives you less margin and growth detail here than it does for Fire Safety. That means you know where management wants your attention.
detail is thin
pending expansion move
MMT acquisition
$685M deal value
this is not a current product line yet. It is a $685M capital allocation decision that could diversify the story or make a simple business harder to read.
strategy bet
Key numbers
$653M
annual revenue
You are buying a $653M business, not a tiny lab project.
$820M
long-term debt
Debt is bigger than a full year of sales, so lenders get a vote.
-30.8%
operating margin
Negative operating margin matches the hook— the core business lost about $31 on every $100 of sales at the operating line.
0.8%
return on capital
Each $100 tied up in the business earned less than $1.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $820M (19% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PRM right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue was $550M, up 74% vs. prior year, while EPS stayed at -$0.45.
Gross margin was 59.8%, which says the product mix still has room to breathe. The source does not give a clean estimate comparison, so the real tell is growth without profit.
$550.0M
quarter revenue
-$0.45
quarter EPS (loss)
59.8%
gross margin
the number that mattered
59.8% gross margin matters because it shows the core business still keeps about 60 cents of each sales dollar before operating costs.
source: company earnings report, 2026
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What could go wrong
the #1 risk is continued disruption at the Sauget P2S5 facility, because it hits the same high-margin chemical engine investors are relying on to justify the premium multiple.
med
Sauget facility downtime
Production problems at the key P2S5 plant have already reduced output. Management said missed sales will not be recovered in 2025.
Impact: direct hit to a business line carrying a 46.4% operating margin.
med
MMT acquisition execution
The pending $685M Medical Manufacturing Tech deal is large relative to PRM's current earnings profile. If integration or returns disappoint, the market loses the diversification story fast.
Impact: a capital allocation mistake can weigh on both multiple and balance-sheet flexibility.
med
valuation re-rating
At 44.1x earnings and 53.4x trailing p/e elsewhere on the page, the stock is priced for forgiveness. Premium multiples do not stay premium when execution gets noisy.
Impact: if the growth story slips, the stock can fall even without a collapse in revenue.
med
thin disclosure and mixed data
This snapshot shows $561M annual revenue in one place and segment totals near $653M in another. Specialty Products also gets less margin detail than Fire Safety.
Impact: when the data presentation is messy, your confidence in the thesis should come down a notch.
Four risks matter, but one dominates: disruption in the segment that produced $488.9M of revenue and most of the profit narrative can unwind the whole setup.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Scheduled for may 7, 2026. You want an update on Sauget recovery, not just another adjusted earnings beat.
risk
Sauget output normalization
If missed sales keep slipping beyond 2025, the market has to reprice the "temporary issue" story.
metric
gap between EBITDA and net income
Adjusted EBITDA was $331.7M while net loss was $206.4M. You want that gap narrowing, not becoming the entire thesis.
trend
MMT acquisition close and early read-through
The $685M deal needs to look additive quickly. If disclosure gets more complex but returns stay vague, the market will notice.
Analyst rankings
street target
$25.50
below the current $27.78. in human-speak, published targets are not chasing the rally.
earnings reaction
$0.13 vs $0.11
analysts got a beat, but that is not the same thing as getting a clean earnings story.
coverage quality
thin
there is enough to know the debate, not enough here to lean on rankings alone. You need the operating story more than the scorecard.
source: institutional data
Institutional activity
institutional ownership data for PRM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$28
current price
n/a
target midpoint · n/a from current
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