Perma-Pipe International Holdings, Inc. (PPIH) AI Stock Analysis

Perma-Pipe International Holdings, Inc., based in Niles, Illinois, engineers, manufactures, and distributes specialized piping and leak detection systems across the United States, Canada, the Middle East, Europe, and India. The company offers jacketed district heating and cooling piping systems that move energy from central plants to end-users. It also supplies primary and secondary containment piping systems for hazardous fluids, chemicals, and petroleum. Additionally, Perma-Pipe provides internal and external anti-corrosion coating and insulation for oil and gas pipelines, along with custom shapes and fittings for pipeline infrastructure.

Between FY2022 and FY2026, revenue increased from $138.6M to $210.9M, achieving a 5-year revenue CAGR of 20.0%. Revenue growth accelerated to 33.2% in FY2026, up from 5.1% in FY2025. Gross margin expanded from 23.5% in FY2022 to 32.9% in FY2026, while operating margin rose from 5.9% to 14.0%. Annual net income grew from $6.1M in FY2022 to $17.0M in FY2026, with EPS reaching $2.09. Over the trailing twelve months, revenue reached $226.1M with an operating margin of 7.1%. For the latest quarter ended July 31, 2026, quarterly revenue grew 24.4% and quarterly earnings surged 210.0% year-over-year.

As of July 31, 2026, Perma-Pipe held $31.8M in cash and short-term investments against $53.0M in total debt, resulting in net debt of $21.3M. Total assets stood at $232.6M, supported by shareholders' equity of $93.5M. The company maintains a current ratio of 2.19 and a debt-to-equity ratio of 0.57. For FY2026, operating cash flow was $9.2M, capital expenditures were $10.4M, and free cash flow was -$1.3M. Over the past five years, the share count declined 1.6%.

Perma-Pipe trades at a trailing P/E of 14.7x and an EV/EBITDA of 8.0x, both below the median of its US-listed Industrials peers at 24.8x and 13.9x, respectively. Its price-to-sales ratio of 1.0x also sits lower than the peer median of 1.5x, though its forward P/E of 27.6x exceeds the peer median of 17.2x. Over the past year, the stock returned 11.0%, trailing the S&P 500 return of 16.8%. Over a 5-year period, however, PPIH returned 233.5% compared to 83.0% for the index.

Wall Street coverage consists of 1 analyst rating, categorized as Strong Buy, with 0 Buy, Hold, Sell, or Strong Sell ratings. The mean price target is $38.00, representing 36.2% upside compared to the last close of $27.91. For the current fiscal year ending January 31, 2027, the consensus anticipates revenue of $235.0M and EPS of $1.52, a projected decline of 27.3%. For the next fiscal year, 1 analyst projects revenue of $257.0M and EPS of $2.49.

This page is an AI-written research summary of Perma-Pipe International Holdings, Inc. (PPIH). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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