Perma Pipe Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Perma Pipe has an operating margin of 12.8%, meaning the company retains $13 of operating profit per $100 of revenue. This results in a moderate score of 64/100, indicating healthy but not exceptional operating efficiency. This is up from 8.9% the prior year.
Perma Pipe's revenue grew 5.1% year-over-year to $158.4M, a solid pace of expansion. This earns a growth score of 43/100.
Perma Pipe carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Perma Pipe's current ratio of 1.95 indicates adequate short-term liquidity, earning a score of 58/100. The company can meet its near-term obligations, though with limited headroom.
Perma Pipe has a free cash flow margin of 7.0%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.
Perma Pipe's ROE of 11.5% shows moderate profitability relative to equity, earning a score of 46/100. This is down from 16.0% the prior year.
Perma Pipe scores 3.42, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Perma Pipe passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Perma Pipe generates $1.55 in operating cash flow ($13.9M OCF vs $9.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Perma Pipe earns $9.1 in operating income for every $1 of interest expense ($20.3M vs $2.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Perma Pipe (PPIH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Perma Pipe generated $158.4M in revenue in fiscal year 2025. This represents an increase of 5.1% from the prior year.
Perma Pipe's EBITDA was $23.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 39.2% from the prior year.
Perma Pipe generated $11.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 204.9% from the prior year.
Perma Pipe reported $9.0M in net income in fiscal year 2025. This represents a decrease of 14.2% from the prior year.
Perma Pipe earned $1.12 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 13.8% from the prior year.
Perma Pipe held $18.8M in cash against $3.8M in long-term debt as of fiscal year 2025.
Perma Pipe had 8M shares outstanding in fiscal year 2025. This represents a decrease of 0.4% from the prior year.
Perma Pipe's gross margin was 33.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.1 percentage points from the prior year.
Perma Pipe's operating margin was 12.8% in fiscal year 2025, reflecting core business profitability. This is up 4.0 percentage points from the prior year.
Perma Pipe's net profit margin was 5.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.
Perma Pipe's ROE was 11.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.4 percentage points from the prior year.
Perma Pipe invested $100K in research and development in fiscal year 2025. This represents a decrease of 80.0% from the prior year.
Perma Pipe spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Perma Pipe invested $2.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 74.1% from the prior year.
PPIH Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $61.1M+27.7% | $47.9M+2.5% | $46.7M+12.5% | $41.6M+10.8% | $37.5M+9.3% | $34.3M-14.6% | $40.2M-12.1% | $45.7M |
| Cost of Revenue | $40.1M+19.9% | $33.5M+11.5% | $30.0M+9.3% | $27.5M+14.3% | $24.0M+1.0% | $23.8M-15.4% | $28.1M-13.4% | $32.5M |
| Gross Profit | $21.0M+45.6% | $14.4M-13.8% | $16.7M+18.7% | $14.1M+4.5% | $13.5M+28.1% | $10.5M-12.6% | $12.0M-8.7% | $13.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $8.3M-16.8% | $10.0M+29.5% | $7.7M+5.7% | $7.3M+22.6% | $6.0M-2.7% | $6.1M-0.4% | $6.2M+8.8% | $5.7M |
| Operating Income | $11.4M+257.8% | $3.2M-59.6% | $7.9M+41.2% | $5.6M-9.1% | $6.1M+96.0% | $3.1M-31.2% | $4.6M-24.6% | $6.0M |
| Interest Expense | -$497K-19.8% | -$415K-2.2% | -$406K+13.2% | -$468K+8.9% | -$514K-1.4% | -$507K-112.0% | $4.2M+758.9% | -$640K |
| Income Tax | $3.0M+100.5% | $1.5M-5.9% | $1.6M-2.0% | $1.6M+23.7% | $1.3M+69.6% | $770K+111.7% | -$6.6M-529.0% | $1.5M |
| Net Income | $6.3M+642.1% | $851K-82.8% | $5.0M+98.8% | $2.5M-24.3% | $3.3M+127.9% | $1.4M-83.3% | $8.6M+346.4% | $1.9M |
| EPS (Diluted) | $0.77+670.0% | $0.10-83.6% | $0.61+96.8% | $0.31-22.5% | $0.40+122.2% | $0.18-83.2% | $1.07+345.8% | $0.24 |
PPIH Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $217.0M+14.8% | $189.0M+6.0% | $178.3M+10.9% | $160.7M+1.9% | $157.8M+1.3% | $155.7M0.0% | $155.7M+8.0% | $144.2M |
| Current Assets | $151.6M+20.9% | $125.3M+3.8% | $120.7M+15.6% | $104.4M+4.0% | $100.4M+1.4% | $99.0M+0.2% | $98.8M+4.4% | $94.7M |
| Cash & Equivalents | $27.2M+57.8% | $17.3M-8.4% | $18.8M+41.6% | $13.3M+40.7% | $9.5M+23.2% | $7.7M+31.3% | $5.8M-2.9% | $6.0M |
| Inventory | $19.1M+20.5% | $15.9M+9.3% | $14.5M-8.9% | $16.0M+0.8% | $15.8M+2.7% | $15.4M-0.9% | $15.5M-3.2% | $16.1M |
| Accounts Receivable | $56.6M+20.0% | $47.2M+0.4% | $47.0M+17.8% | $39.9M+0.9% | $39.6M-10.6% | $44.3M-5.1% | $46.6M-1.0% | $47.1M |
| Goodwill | $2.1M+3.5% | $2.1M-4.6% | $2.2M+0.7% | $2.1M-0.7% | $2.2M-0.7% | $2.2M-2.3% | $2.2M+3.3% | $2.2M |
| Total Liabilities | $131.2M+20.6% | $108.8M+8.3% | $100.4M+12.2% | $89.5M+0.4% | $89.2M-1.1% | $90.2M+0.2% | $90.0M+3.2% | $87.2M |
| Current Liabilities | $86.3M+29.2% | $66.8M+8.2% | $61.8M+14.8% | $53.8M-2.3% | $55.0M-5.1% | $58.0M+0.4% | $57.7M+0.4% | $57.5M |
| Long-Term Debt | $12.7M+241.2% | $3.7M-1.9% | $3.8M-57.3% | $8.9M-0.6% | $8.9M+119.0% | $4.1M-3.8% | $4.2M+1.7% | $4.2M |
| Total Equity | $85.8M+6.9% | $80.2M+3.0% | $77.9M+9.3% | $71.2M+3.8% | $68.6M+4.6% | $65.5M-0.3% | $65.7M+15.3% | $57.0M |
| Retained Earnings | $32.2M+24.4% | $25.9M+3.4% | $25.1M+36.6% | $18.3M+9.1% | $16.8M+24.3% | $13.5M+11.9% | $12.1M+250.3% | $3.5M |
PPIH Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $17.3M+946.6% | -$2.0M-378.4% | $733K-85.8% | $5.2M+83.2% | $2.8M+3958.9% | -$73K-101.0% | $7.1M+74.2% | $4.1M |
| Capital Expenditures | $4.9M+93.2% | $2.6M+175.2% | $927K+187.9% | $322K-50.0% | $644K+9.3% | $589K-79.7% | $2.9M+106.3% | $1.4M |
| Free Cash Flow | $12.4M+369.0% | -$4.6M-2267.0% | -$194K-104.0% | $4.8M+122.7% | $2.2M+428.2% | -$662K-115.7% | $4.2M+57.3% | $2.7M |
| Investing Cash Flow | -$4.9M-93.2% | -$2.6M-175.2% | -$927K-187.9% | -$322K+50.0% | -$644K-9.3% | -$589K+79.7% | -$2.9M-106.0% | -$1.4M |
| Financing Cash Flow | -$2.2M-170.3% | $3.1M-3.5% | $3.2M+456.7% | -$896K-179.1% | -$321K-112.6% | $2.6M+157.4% | -$4.5M-75.6% | -$2.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | N/A | N/A | $0 | N/A | N/A | $1K-99.8% | $629K |
PPIH Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.4%+4.2pp | 30.1%-5.7pp | 35.8%+1.9pp | 33.9%-2.0pp | 35.9%+5.3pp | 30.6%+0.7pp | 30.0%+1.1pp | 28.9% |
| Operating Margin | 18.6%+12.0pp | 6.7%-10.2pp | 16.9%+3.4pp | 13.4%-2.9pp | 16.4%+7.2pp | 9.1%-2.2pp | 11.3%-1.9pp | 13.2% |
| Net Margin | 10.3%+8.6pp | 1.8%-8.8pp | 10.6%+4.6pp | 6.0%-2.8pp | 8.8%+4.6pp | 4.2%-17.3pp | 21.5%+17.3pp | 4.2% |
| Return on Equity | 7.4%+6.3pp | 1.1%-5.3pp | 6.4%+2.9pp | 3.5%-1.3pp | 4.8%+2.6pp | 2.2%-10.9pp | 13.1%+9.7pp | 3.4% |
| Return on Assets | 2.9%+2.5pp | 0.4%-2.3pp | 2.8%+1.2pp | 1.6%-0.5pp | 2.1%+1.1pp | 0.9%-4.6pp | 5.5%+4.2pp | 1.3% |
| Current Ratio | 1.76-0.1 | 1.88-0.1 | 1.95+0.0 | 1.94+0.1 | 1.82+0.1 | 1.710.0 | 1.71+0.1 | 1.65 |
| Debt-to-Equity | 0.15+0.1 | 0.050.0 | 0.05-0.1 | 0.120.0 | 0.13+0.1 | 0.060.0 | 0.060.0 | 0.07 |
| FCF Margin | 20.2%+29.8pp | -9.6%-9.2pp | -0.4%-12.1pp | 11.6%+5.9pp | 5.8%+7.7pp | -1.9%-12.4pp | 10.5%+4.6pp | 5.9% |
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Frequently Asked Questions
What is Perma Pipe's annual revenue?
Perma Pipe (PPIH) reported $158.4M in total revenue for fiscal year 2025. This represents a 5.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Perma Pipe's revenue growing?
Perma Pipe (PPIH) revenue grew by 5.1% year-over-year, from $150.7M to $158.4M in fiscal year 2025.
Is Perma Pipe profitable?
Yes, Perma Pipe (PPIH) reported a net income of $9.0M in fiscal year 2025, with a net profit margin of 5.7%.
What is Perma Pipe's earnings per share (EPS)?
Perma Pipe (PPIH) reported diluted earnings per share of $1.12 for fiscal year 2025. This represents a -13.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Perma Pipe's EBITDA?
Perma Pipe (PPIH) had EBITDA of $23.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Perma Pipe have?
As of fiscal year 2025, Perma Pipe (PPIH) had $18.8M in cash and equivalents against $3.8M in long-term debt.
What is Perma Pipe's gross margin?
Perma Pipe (PPIH) had a gross margin of 33.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Perma Pipe's operating margin?
Perma Pipe (PPIH) had an operating margin of 12.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Perma Pipe's net profit margin?
Perma Pipe (PPIH) had a net profit margin of 5.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Perma Pipe's return on equity (ROE)?
Perma Pipe (PPIH) has a return on equity of 11.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Perma Pipe's free cash flow?
Perma Pipe (PPIH) generated $11.1M in free cash flow during fiscal year 2025. This represents a 204.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Perma Pipe's operating cash flow?
Perma Pipe (PPIH) generated $13.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Perma Pipe's total assets?
Perma Pipe (PPIH) had $178.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Perma Pipe's capital expenditures?
Perma Pipe (PPIH) invested $2.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Perma Pipe spend on research and development?
Perma Pipe (PPIH) invested $100K in research and development during fiscal year 2025.
How many shares does Perma Pipe have outstanding?
Perma Pipe (PPIH) had 8M shares outstanding as of fiscal year 2025.
What is Perma Pipe's current ratio?
Perma Pipe (PPIH) had a current ratio of 1.95 as of fiscal year 2025, which is generally considered healthy.
What is Perma Pipe's debt-to-equity ratio?
Perma Pipe (PPIH) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Perma Pipe's return on assets (ROA)?
Perma Pipe (PPIH) had a return on assets of 5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Perma Pipe's Altman Z-Score?
Perma Pipe (PPIH) has an Altman Z-Score of 3.42, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Perma Pipe's Piotroski F-Score?
Perma Pipe (PPIH) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Perma Pipe's earnings high quality?
Perma Pipe (PPIH) has an earnings quality ratio of 1.55x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Perma Pipe cover its interest payments?
Perma Pipe (PPIH) has an interest coverage ratio of 9.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Perma Pipe?
Perma Pipe (PPIH) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.