Perma-Pipe International Holdings, Inc. (PPIH) Key Metrics
PPIH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $228.7M
- Enterprise value
- $269.0M
- P/E (TTM)
- 14.7 10-yr median 13.7
- Forward P/E
- 27.6
- PEG ratio
- 2.82
- Price / sales
- 1.0 10-yr median 0.6
- Price / book
- 2.6 10-yr median 1.3
- EV / EBITDA
- 8.0 10-yr median 7.4
- Dividend yield
- —
- Beta
- 0.64
PPIH key metrics, FY2017–FY2026
Fiscal year ended January 31, 2026 · U.S. dollarsPPIH valuation Price multiples at each fiscal year-end price.
PPIH returns How much profit the business earns on the capital it uses.
PPIH per-share figures Results divided by the shares outstanding at year-end.
PPIH financial health Debt, liquidity and how easily interest is covered.
PPIH efficiency & capital use Working capital cycle and where the cash goes.
PPIH valuation history
PPIH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PPIH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PPIH cash returned to shareholders
PPIH price vs earnings per share
PPIH key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $235.3M | $121.7M | $64.8M | $82.4M | $74.5M | $49.5M | $74.8M | $68.3M | $69.5M | $65.5M |
| Enterprise value | $263.5M | $139.3M | $91.8M | $106.0M | $100.8M | $69.9M | $90.4M | $74.4M | $78.2M | $69.6M |
| P/E ratio | 13.8 | 13.6 | 6.2 | 13.9 | 12.3 | — | 20.9 | — | — | — |
| Price / sales | 1.1 | 0.8 | 0.4 | 0.6 | 0.5 | 0.6 | 0.6 | 0.5 | 0.7 | 0.7 |
| Price / book | 2.6 | 1.7 | 1.0 | 1.4 | 1.4 | 1.0 | 1.3 | 1.3 | 1.3 | 1.1 |
| Price / free cash flow | — | 11.0 | 17.9 | — | — | — | 34.2 | 18.9 | — | — |
| Price / operating cash flow | 25.7 | 8.7 | 4.4 | — | — | 299.9 | 18.3 | 13.7 | — | — |
| EV / sales | 1.2 | 0.9 | 0.6 | 0.7 | 0.7 | 0.8 | 0.7 | 0.6 | 0.7 | 0.7 |
| EV / EBITDA | 7.6 | 5.8 | 5.7 | 6.9 | 7.4 | — | 8.5 | 10.2 | — | — |
| EV / free cash flow | — | 12.6 | 25.3 | — | — | — | 41.3 | 20.6 | — | — |
| Earnings yield | 7.2% | 7.4% | 16.2% | 7.2% | 8.1% | −15.4% | 4.8% | −0.8% | −14.4% | −19.0% |
| Free cash flow yield | −0.5% | 9.1% | 5.6% | −10.0% | −6.5% | −3.6% | 2.9% | 5.3% | −6.3% | −9.9% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 68.1% |
| Shareholder yield (dividends + buybacks) | — | 0.1% | 1.5% | 0.1% | 3.0% | 0.4% | 0.0% | 0.0% | 0.3% | 68.1% |
| Share price at fiscal year-end | $28.88 | $15.19 | $8.03 | $10.15 | $8.85 | $6.09 | $9.03 | $8.74 | $9.05 | $8.75 |
| Per share | ||||||||||
| Revenue per share | $25.89 | $19.76 | $18.66 | $17.57 | $16.46 | $10.42 | $15.41 | $16.51 | $13.70 | $13.20 |
| Earnings per share | $2.09 | $1.12 | $1.30 | $0.73 | $0.72 | −$0.94 | $0.43 | −$0.07 | −$1.30 | −$1.67 |
| Operating cash flow per share | $1.13 | $1.74 | $1.82 | −$0.15 | −$0.31 | $0.02 | $0.49 | $0.64 | −$0.24 | −$0.57 |
| Free cash flow per share | −$0.16 | $1.38 | $0.45 | −$1.01 | −$0.57 | −$0.22 | $0.26 | $0.46 | −$0.57 | −$0.87 |
| Cash per share | $2.30 | $1.96 | $0.72 | $0.71 | $0.98 | $0.88 | $1.61 | $1.30 | $0.92 | $1.02 |
| Book value per share | $11.12 | $9.00 | $8.14 | $7.12 | $6.47 | $6.07 | $6.72 | $6.62 | $6.75 | $7.93 |
| Tangible book value per share | $10.86 | $8.74 | $7.85 | $6.85 | $6.19 | $5.78 | $6.44 | $6.33 | $6.09 | $7.30 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $5.96 |
| Capex per share | $1.28 | $0.36 | $1.38 | $0.86 | $0.27 | $0.24 | $0.23 | $0.17 | $0.33 | $0.30 |
| Debt per share | $5.75 | $4.15 | $4.06 | $3.62 | $4.10 | $3.40 | $3.50 | $2.08 | $2.05 | $1.57 |
| Shares outstanding | 8.1M | 8.0M | 8.1M | 8.1M | 8.4M | 8.1M | 8.3M | 7.8M | 7.7M | 7.5M |
| Change in shares outstanding | +1.7% | −0.7% | −0.5% | −3.6% | +3.6% | −1.9% | +6.0% | +1.7% | +2.6% | +1.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 20.9% | 13.0% | 17.0% | 10.6% | 11.7% | −14.6% | 6.7% | −1.1% | −17.9% | −19.4% |
| Return on invested capital (ROIC) | 21.2% | 15.8% | 15.4% | 8.5% | 7.8% | −12.7% | 5.4% | 2.3% | −12.1% | −14.3% |
| Return on assets (ROA) | 8.9% | 5.6% | 7.5% | 4.8% | 5.4% | −7.1% | 3.3% | −0.5% | −9.7% | −10.4% |
| Return on tangible assets | 7.9% | 5.5% | 6.8% | 4.9% | 5.0% | −7.6% | 3.3% | −0.6% | −10.0% | −12.9% |
| Free cash flow margin | −0.6% | 7.0% | 2.4% | −5.8% | −3.5% | −2.1% | 1.7% | 2.8% | −4.2% | −6.6% |
| Income quality (OCF / net income) | 0.54 | 1.55 | 1.41 | −0.21 | −0.42 | — | 1.14 | — | — | — |
| Financial health | ||||||||||
| Total debt | $46.9M | $33.2M | $32.8M | $29.4M | $34.5M | $27.6M | $29.0M | $16.3M | $15.8M | $11.7M |
| Cash & short-term investments | $18.7M | $15.7M | $5.8M | $5.8M | $8.2M | $7.2M | $13.4M | $10.2M | $7.1M | $7.6M |
| Net debt | $28.1M | $17.5M | $26.9M | $23.6M | $26.3M | $20.4M | $15.6M | $6.1M | $8.7M | $4.1M |
| Debt / equity | 0.52 | 0.46 | 0.50 | 0.51 | 0.63 | 0.56 | 0.52 | 0.31 | 0.30 | 0.20 |
| Debt / assets | 0.22 | 0.20 | 0.21 | 0.24 | 0.28 | 0.27 | 0.26 | 0.16 | 0.15 | 0.12 |
| Net debt / EBITDA | 0.82 | 0.73 | 1.67 | 1.53 | 1.94 | — | 1.48 | 0.84 | — | — |
| Current ratio | 1.84 | 2.01 | 1.71 | 1.96 | 2.04 | 1.91 | 1.96 | 1.70 | 1.59 | 2.07 |
| Quick ratio | 1.61 | 1.71 | 1.44 | 1.62 | 1.68 | 1.48 | 1.52 | 1.37 | 1.16 | 1.58 |
| Interest coverage | 13.9 | 9.1 | 5.5 | 5.0 | 8.8 | -17.5 | 4.4 | 2.1 | -11.8 | -15.5 |
| Working capital | $66.9M | $54.7M | $41.1M | $41.9M | $40.0M | $25.6M | $31.4M | $25.9M | $23.1M | $29.8M |
| Invested capital | $118.8M | $89.7M | $92.7M | $81.4M | $80.8M | $69.8M | $71.3M | $57.8M | $60.5M | $63.5M |
| Tangible asset value | $104.1M | $81.0M | $69.7M | $55.6M | $52.1M | $47.0M | $53.4M | $49.4M | $46.8M | $54.6M |
| Net current asset value | $35.5M | $26.7M | $15.1M | $20.5M | $9.4M | $497,000 | $7.7M | $12.5M | $9.5M | $15.6M |
| Graham number | $22.88 | $15.07 | $15.41 | $10.83 | $10.24 | — | $8.08 | — | — | — |
| Graham net-net per share | −$1.08 | −$1.17 | −$2.52 | −$1.17 | −$1.99 | −$2.22 | −$1.48 | −$1.10 | −$1.49 | −$0.37 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $44.6M |
| Share buybacks (net) | — | $179,000 | $942,000 | $69,000 | $2.2M | $191,000 | $0 | $0 | $214,000 | $0 |
| Dividends + buybacks / free cash flow | — | 1.6% | 26.0% | — | — | — | 0.0% | 0.0% | — | — |
| Capex / revenue | 4.9% | 1.8% | 7.4% | 4.9% | 1.6% | 2.3% | 1.5% | 1.1% | 2.4% | 2.3% |
| Capex / operating cash flow | 113.9% | 20.6% | 75.4% | — | — | 1,189.7% | 46.5% | 27.3% | — | — |
| Capex / depreciation | 2.13 | 0.79 | 2.90 | 1.91 | 0.52 | 0.41 | 0.43 | 0.30 | 0.50 | 0.41 |
| Stock-based compensation / revenue | 1.2% | 0.5% | 0.6% | 0.7% | 0.8% | 1.2% | 0.8% | 0.9% | 1.4% | 0.4% |
| R&D / revenue | — | 0.1% | 0.3% | 0.5% | 0.3% | 0.4% | 0.2% | 0.2% | 0.3% | 0.2% |
| SG&A / revenue | 19.0% | 20.8% | 18.6% | 15.4% | 17.6% | 26.6% | 18.9% | 16.0% | 20.2% | 17.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 142.3 | 151.4 | 149.1 | 135.9 | 103.9 | 131.5 | 94.0 | 97.1 | 117.6 | 132.8 |
| Days of inventory on hand | 44.8 | 55.8 | 50.6 | 49.9 | 44.6 | 66.2 | 49.6 | 50.4 | 59.4 | 61.1 |
| Days payables outstanding | 62.2 | 85.1 | 67.0 | 49.7 | 41.3 | 49.5 | 39.9 | 45.3 | 49.0 | 45.9 |
| Cash conversion cycle (days) | 124.9 | 122.1 | 132.7 | 136.1 | 107.2 | 148.2 | 103.6 | 102.2 | 128.0 | 148.0 |
| Receivables turnover | 2.56 | 2.41 | 2.45 | 2.69 | 3.51 | 2.77 | 3.88 | 3.76 | 3.10 | 2.75 |
| Payables turnover | 5.86 | 4.29 | 5.45 | 7.35 | 8.84 | 7.37 | 9.14 | 8.07 | 7.45 | 7.95 |
| Inventory turnover | 8.14 | 6.54 | 7.21 | 7.32 | 8.18 | 5.52 | 7.36 | 7.25 | 6.15 | 5.97 |
| Asset turnover | 1.10 | 0.99 | 1.08 | 1.16 | 1.23 | 0.79 | 1.19 | 1.25 | 1.02 | 0.82 |
| Average receivables | $82.3M | $65.7M | $61.6M | $53.1M | $39.4M | $30.5M | $32.9M | $34.3M | $33.9M | $36.0M |
| Average payables | $24.1M | $24.5M | $20.0M | $14.2M | $12.0M | $10.0M | $10.8M | $13.1M | $12.5M | $11.0M |
| Average inventory | $17.4M | $16.1M | $15.1M | $14.2M | $13.0M | $13.3M | $13.4M | $14.6M | $15.2M | $14.6M |
| Intangibles / total assets | 1.0% | 1.2% | 1.5% | 1.8% | 1.9% | 2.3% | 2.0% | 2.2% | 4.8% | 4.7% |
Computed from PPIH's annual financial statements (latest annual report filed April 16, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PPIH valuation and financial ratios
At the end of fiscal 2026 (January 31, 2026), Perma-Pipe International traded at 13.8 times earnings, against a 10-year median of 13.7. Based on the latest twelve months, the trailing P/E is 14.7 and the forward P/E is 27.6. Perma-Pipe International earned a return on equity of 20.9% and a return on invested capital of 21.2% in fiscal 2026. It ended the year with $46.9 million of debt and $18.7 million in cash and short-term investments, net debt of $28.1 million. The share count rose 8.8% from 7.5M to 8.1M over 9 years.
See the PPIH income statement, the PPIH chart for price history, or the PPIH stock overview for the latest quote and news.
PPIH key metrics FAQ
What is Perma-Pipe International's P/E ratio?
Perma-Pipe International's trailing P/E ratio is 14.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 27.6. At the end of fiscal 2026 it was 13.8, compared with a 10-year median of 13.7.
What is Perma-Pipe International's EV/EBITDA?
Perma-Pipe International's enterprise value was 7.6 times EBITDA at the end of fiscal 2026 (enterprise value $263.5 million, EBITDA $34.5 million); the current EV/EBITDA is 8.0.
What is Perma-Pipe International's return on equity?
Perma-Pipe International's return on equity (ROE) was 20.9% in fiscal 2026: net income of $17.0 million on average shareholders' equity of $81.4 million.
What is Perma-Pipe International's ROIC?
Perma-Pipe International's return on invested capital was 21.2% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Perma-Pipe International have?
Perma-Pipe International had total debt of $46.9 million at the end of fiscal 2026, a debt-to-equity ratio of 0.52 and $28.1 million of net debt (0.82 times EBITDA).
What is Perma-Pipe International's free cash flow yield?
Perma-Pipe International generated -$1.3 million of free cash flow in fiscal 2026, a free cash flow yield of −0.5% on its market value at year-end ($235.3 million).
What is Perma-Pipe International's current ratio?
Perma-Pipe International's current ratio was 1.84 at the end of fiscal 2026: current assets were 1.84 times current liabilities.