Perma-Pipe International Holdings, Inc. (PPIH) Balance Sheet
PPIH balance sheet, FY2026
January 31, 2026 · U.S. dollars$217.5M assets = $111.2M liabilities + $106.3M equity
Both columns are drawn to the same scale: what PPIH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PPIH financial health
Descriptive bands, not a rating. Fiscal FY2026.
PPIH balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $101.6MFY2017 | $217.5MFY2026 | +8.8%/yr | |
| Total liabilities | $42.2MFY2017 | $111.2MFY2026 | +11.4%/yr | |
| Shareholders’ equity | $59.4MFY2017 | $90.6MFY2026 | +4.8%/yr | |
| Cash & short-term investments | $7.6MFY2017 | $18.7MFY2026 | +10.5%/yr | |
| Total debt | $11.7MFY2017 | $46.9MFY2026 | +16.6%/yr | |
| Net cash (debt) | −$4.1MFY2017 | −$28.1MFY2026 | −$24.0M | |
| Working capital | $29.8MFY2017 | $66.9MFY2026 | +$37.1M | |
| Book value per share | $7.93FY2017 | $11.12FY2026 | +3.8%/yr | |
| Current ratio | 2.07FY2017 | 1.84FY2026 | −0.23 | |
| Debt / equity | 0.20FY2017 | 0.52FY2026 | +0.32 | |
| Shares outstanding | 7.5MFY2017 | 8.1MFY2026 | +0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PPIH assets
PPIH liabilities and equity
PPIH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PPIH balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $18.7M | $15.7M | $5.8M | $5.8M | $8.2M | $7.2M | $13.4M | $10.2M | $7.1M | $7.6M |
| Cash & equivalents | $18.7M | $15.7M | $5.8M | $5.8M | $8.2M | $7.2M | $13.4M | $10.2M | $7.1M | $7.6M |
| Short-term investments | — | — | — | — | — | — | — | — | $1.2M | $0 |
| Receivables | $99.5M | $65.0M | $66.3M | $56.8M | $49.4M | $29.5M | $31.6M | $34.2M | $34.4M | $33.4M |
| Inventory | $18.1M | $16.6M | $15.5M | $14.7M | $13.8M | $12.2M | $14.5M | $12.3M | $16.9M | $13.6M |
| Other current assets | $10.4M | $11.4M | $11.1M | $8.4M | $7.0M | $5.1M | $4.8M | $6.4M | $3.9M | $3.3M |
| Total current assets | $146.7M | $108.8M | $98.8M | $85.7M | $78.4M | $53.9M | $64.3M | $63.0M | $62.3M | $57.8M |
| Property, plant & equipment (net) | $57.2M | $43.6M | $44.1M | $31.0M | $36.0M | $40.3M | $40.1M | $30.4M | $34.5M | $36.3M |
| Goodwill & intangible assets | $2.2M | $2.1M | $2.3M | $2.2M | $2.3M | $2.3M | $2.3M | $2.3M | $5.0M | $4.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $11.4M | $10.8M | $10.5M | $4.0M | $6.7M | $6.2M | $5.6M | $6.6M | $2.7M | $2.7M |
| Total assets | $217.5M | $165.2M | $155.7M | $123.0M | $123.4M | $102.7M | $112.2M | $102.2M | $104.6M | $101.6M |
| Liabilities | ||||||||||
| Accounts payable | $24.5M | $23.7M | $25.3M | $14.8M | $13.6M | $10.4M | $9.6M | $12.0M | $14.2M | $10.9M |
| Short-term debt | $22.0M | $10.3M | $10.5M | $11.5M | $8.9M | $8.2M | $11.1M | $9.5M | $8.0M | $4.5M |
| Deferred revenue | $14.0M | $3.8M | $4.8M | $3.7M | $4.3M | $2.9M | $3.4M | $5.3M | $7.2M | $3.7M |
| Total current liabilities | $79.8M | $54.1M | $57.7M | $43.8M | $38.4M | $28.3M | $32.8M | $37.1M | $39.2M | $28.0M |
| Long-term debt | $4.2M | $3.7M | $4.2M | $4.4M | $5.1M | $6.3M | $6.7M | $6.8M | $7.7M | $7.3M |
| Lease obligations | $23.0M | $20.3M | $19.0M | $14.4M | $12.8M | $14.6M | $12.3M | — | — | — |
| Other long-term liabilities | $27.2M | $24.4M | $21.8M | $17.0M | $25.5M | $18.9M | $17.0M | $6.7M | $5.9M | $6.9M |
| Total liabilities | $111.2M | $82.1M | $83.7M | $65.2M | $68.9M | $53.4M | $56.6M | $50.5M | $52.8M | $42.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $81,000 | $80,000 | $80,000 | $80,000 | $82,000 | $82,000 | $80,000 | $79,000 | $77,000 | $76,000 |
| Retained earnings (deficit) | $37.1M | $20.1M | $12.1M | $1.6M | −$2.3M | −$8.4M | −$715,000 | −$3.6M | −$3.1M | $6.9M |
| Treasury stock | — | — | — | −$26,000 | −$2.0M | — | — | — | $0 | −$170,000 |
| Accumulated other comprehensive income | −$7.7M | −$8.2M | −$5.6M | −$6.4M | −$3.1M | −$3.3M | −$3.8M | −$2.9M | −$1.5M | −$2.7M |
| Minority interest | $15.7M | $11.0M | $6.3M | $0 | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $90.6M | $72.1M | $65.7M | $57.8M | $54.5M | $49.3M | $55.6M | $51.7M | $51.8M | $59.4M |
| Key figures | ||||||||||
| Total debt | $46.9M | $33.2M | $32.8M | $29.4M | $34.5M | $27.6M | $29.0M | $16.3M | $15.8M | $11.7M |
| Net cash (debt) | −$28.1M | −$17.5M | −$26.9M | −$23.6M | −$26.3M | −$20.4M | −$15.6M | −$6.1M | −$8.7M | −$4.1M |
| Working capital | $66.9M | $54.7M | $41.1M | $41.9M | $40.0M | $25.6M | $31.4M | $25.9M | $23.1M | $29.8M |
| Tangible book value | $88.5M | $70.1M | $63.4M | $55.6M | $52.1M | $47.0M | $53.4M | $49.4M | $46.8M | $54.6M |
| Book value per share | $11.12 | $9.00 | $8.14 | $7.12 | $6.47 | $6.07 | $6.72 | $6.62 | $6.75 | $7.93 |
| Shares outstanding | 8.1M | 8.0M | 8.1M | 8.1M | 8.4M | 8.1M | 8.3M | 7.8M | 7.7M | 7.5M |
| Current ratio | 1.84 | 2.01 | 1.71 | 1.96 | 2.04 | 1.91 | 1.96 | 1.70 | 1.59 | 2.07 |
| Quick ratio | 1.48 | 1.49 | 1.25 | 1.43 | 1.50 | 1.30 | 1.37 | 1.19 | 1.06 | 1.46 |
| Debt / equity | 0.52 | 0.46 | 0.50 | 0.51 | 0.63 | 0.56 | 0.52 | 0.31 | 0.30 | 0.20 |
| Equity / assets | 41.7% | 43.7% | 42.2% | 47.0% | 44.1% | 48.0% | 49.6% | 50.6% | 49.5% | 58.5% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $31.8M | $28.3M | $18.7M | $27.2M | $17.3M | $18.8M | $15.7M | $13.3M | $9.5M | $7.7M | $5.8M | $6.0M |
| Cash & equivalents | $31.8M | $28.3M | $18.7M | $27.2M | $17.3M | $18.8M | $15.7M | $13.3M | $9.5M | $7.7M | $5.8M | $6.0M |
| Receivables | $93.0M | $86.8M | $99.5M | $89.2M | $78.4M | $73.8M | $43.1M | $62.1M | $60.9M | $62.3M | $66.3M | $63.9M |
| Inventory | $19.1M | $18.4M | $18.1M | $19.1M | $15.9M | $14.5M | $16.6M | $16.0M | $15.8M | $15.4M | $15.5M | $16.1M |
| Other current assets | $9.7M | $12.9M | $10.4M | $16.0M | $13.8M | $13.5M | $33.3M | $13.1M | $14.6M | $13.6M | $11.1M | $8.7M |
| Total current assets | $153.6M | $146.4M | $146.7M | $151.6M | $125.3M | $120.7M | $108.8M | $104.4M | $100.8M | $99.0M | $98.8M | $94.7M |
| Property, plant & equipment (net) | $61.2M | $61.4M | $57.2M | $54.3M | $51.1M | $44.6M | $43.6M | $43.1M | $44.5M | $44.4M | $44.1M | $42.2M |
| Goodwill & intangible assets | $2.1M | $2.2M | $2.2M | $2.1M | $2.2M | $2.2M | $2.1M | $2.1M | $2.2M | $2.2M | $2.2M | $2.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $15.8M | $11.6M | $11.4M | $9.0M | $10.4M | $10.8M | $10.8M | $11.1M | $11.8M | $11.6M | $10.6M | $5.2M |
| Total assets | $232.6M | $221.6M | $217.5M | $217.0M | $189.0M | $178.3M | $165.2M | $160.7M | $159.2M | $157.2M | $155.7M | $144.2M |
| Liabilities | ||||||||||||
| Accounts payable | $35.7M | $24.8M | $24.5M | $32.3M | $23.1M | $20.1M | $23.7M | $20.8M | $21.4M | $24.7M | $25.3M | $26.1M |
| Short-term debt | $8.3M | $13.0M | $22.0M | $18.9M | $20.2M | $16.5M | — | $12.5M | $13.2M | $12.3M | $10.5M | $14.8M |
| Deferred revenue | $8.1M | $10.5M | $14.0M | $14.6M | $7.0M | $7.9M | — | $4.6M | $6.7M | $6.2M | $4.8M | $4.1M |
| Total current liabilities | $70.1M | $63.4M | $79.8M | $86.3M | $66.8M | $61.8M | $54.1M | $53.8M | $56.5M | $59.4M | $57.7M | $57.5M |
| Long-term debt | $20.7M | $18.2M | $4.2M | $12.7M | $3.7M | $3.8M | $3.7M | $11.6M | $11.7M | $6.8M | $4.2M | $6.9M |
| Lease obligations | $26.2M | $27.2M | $23.0M | $13.1M | $21.5M | $18.0M | $20.4M | $12.0M | $11.6M | $15.9M | $19.0M | $16.2M |
| Other long-term liabilities | $30.8M | $31.3M | $27.2M | $18.0M | $26.0M | $22.7M | $24.4M | $15.2M | $14.4M | $18.4M | $21.8M | $18.6M |
| Total liabilities | $121.6M | $112.9M | $111.2M | $117.0M | $96.6M | $88.2M | $82.1M | $80.6M | $82.5M | $84.6M | $83.7M | $83.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $82,000 | $81,000 | $81,000 | $81,000 | $80,000 | $80,000 | — | $80,000 | $81,000 | $80,000 | $80,000 | $80,000 |
| Retained earnings (deficit) | $41.5M | $38.9M | $37.1M | $32.2M | $25.9M | $25.1M | $20.1M | $18.3M | $16.8M | $13.5M | $12.1M | $3.5M |
| Accumulated other comprehensive income | −$8.8M | −$8.0M | −$7.7M | −$7.8M | −$7.4M | −$7.3M | — | −$7.3M | −$7.2M | −$7.0M | −$5.6M | −$8.6M |
| Minority interest | $17.5M | $16.5M | $15.7M | $14.2M | $12.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $93.5M | $92.2M | $90.6M | $85.8M | $80.2M | $77.9M | $72.1M | $71.2M | $68.6M | $65.5M | $65.7M | $57.0M |
| Key figures | ||||||||||||
| Total debt | $53.0M | $55.8M | $46.9M | $42.8M | $44.0M | $37.1M | $3.7M | $35.1M | $35.5M | $34.1M | $32.8M | $36.9M |
| Net cash (debt) | −$21.3M | −$27.5M | −$28.1M | −$15.6M | −$26.8M | −$18.3M | $12.0M | −$21.8M | −$26.1M | −$26.4M | −$26.9M | −$30.9M |
| Working capital | $83.4M | $83.0M | $66.9M | $65.3M | $58.5M | $58.9M | $54.7M | $50.6M | $44.3M | $39.6M | $41.1M | $37.1M |
| Tangible book value | $91.4M | $90.1M | $88.5M | $83.6M | $78.0M | $75.7M | $70.1M | $69.1M | $66.4M | $63.4M | $63.5M | $54.8M |
| Book value per share | $11.32 | $11.19 | $11.05 | $10.48 | $9.86 | $9.64 | $9.04 | $8.87 | $8.44 | $8.14 | $8.23 | $7.10 |
| Shares outstanding | 8.3M | 8.2M | 8.2M | 8.2M | 8.1M | 8.1M | 8.0M | 8.0M | 8.1M | 8.1M | 8.0M | 8.0M |
| Current ratio | 2.19 | 2.31 | 1.84 | 1.76 | 1.88 | 1.95 | 2.01 | 1.94 | 1.78 | 1.67 | 1.71 | 1.65 |
| Quick ratio | 1.78 | 1.82 | 1.48 | 1.35 | 1.43 | 1.50 | 1.09 | 1.40 | 1.25 | 1.18 | 1.25 | 1.21 |
| Debt / equity | 0.57 | 0.60 | 0.52 | 0.50 | 0.55 | 0.48 | 0.05 | 0.49 | 0.52 | 0.52 | 0.50 | 0.65 |
| Equity / assets | 40.2% | 41.6% | 41.7% | 39.5% | 42.4% | 43.7% | 43.7% | 44.3% | 43.1% | 41.7% | 42.2% | 39.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 16, 2026); data from EODHD.
PPIH financial position
At the end of fiscal 2026 (January 31, 2026), Perma-Pipe International had total assets of $217.5 million (up 31.6% from a year earlier), total liabilities of $111.2 million and shareholders' equity of $90.6 million. It held $18.7 million in cash and short-term investments against $46.9 million of debt, net debt of $28.1 million. Its current ratio was 1.84. In the latest quarter (ended July 31, 2026) total assets were $232.6 million and equity $93.5 million.
Related: PPIH income statement, PPIH cash flow statement, PPIH key metrics. See the PPIH stock overview for the latest quote and news.
PPIH balance sheet FAQ
What are Perma-Pipe International's total assets?
Perma-Pipe International reported total assets of $217.5 million at the end of fiscal 2026 (January 31, 2026), compared with $165.2 million a year earlier.
How much debt does Perma-Pipe International have?
Perma-Pipe International had $46.9 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.52.
How much cash does Perma-Pipe International have?
Perma-Pipe International held $18.7 million in cash and short-term investments at the end of fiscal 2026; with $46.9 million of debt that is net debt of $28.1 million.
What is Perma-Pipe International's book value?
Perma-Pipe International's shareholders' equity (book value) was $90.6 million at the end of fiscal 2026, or $11.12 per share.
What is Perma-Pipe International's current ratio?
Perma-Pipe International had current assets of $146.7 million and current liabilities of $79.8 million, a current ratio of 1.84 (it can cover its short-term obligations).
How much goodwill does Perma-Pipe International have?
Perma-Pipe International carried $2.2 million of goodwill and intangible assets, 1.0% of total assets, at the end of fiscal 2026.