Perma-Pipe International Holdings AI Stock Analysis
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Perma-Pipe International Holdings (PPIH) AI Stock Analysis
Perma-Pipe International Holdings
(NASDAQ:PPIH)
The score is driven primarily by improved financial performance (stronger revenue scale, much better margins, and lower leverage) and a positive earnings backdrop (backlog growth and upbeat second-half positioning). The main offsets are softer technical momentum (negative MACD and sub-50 RSI) and cash-flow volatility that tempers confidence in consistency despite recent improvement.
Perma-Pipe International Holdings (PPIH) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $237.41M
- Dividend Yield
- ―
- Average Volume (3M)
- 79.78K
- Price to Earnings (P/E)
- 15.1
- Beta (1Y)
- 1.13
- Revenue Growth
- 24.78%
- EPS Growth
- 52.53%
- Country
- US
- Employees
- 909
- Sector
- Industrials
- Sector Strength
- 63
- Industry
- Industrial - Machinery
Perma-Pipe International Holdings Business Overview & Revenue Model
Company Description
Perma-Pipe International Holdings, Inc., along with its subsidiaries, specializes in the engineering, design, manufacturing, and sale of specialized piping and leak detection solutions. Its product portfolio includes jacketed district heating and coo...
Perma-Pipe International Holdings Earnings Call Summary
The call was predominantly positive, supported by 24% second-quarter sales growth, higher quarterly earnings, $67.8 million of new orders, backlog growth to $142.3 million, improved operating cash flow, lower net debt, facility expansions, strong leak detection bookings, and a favorable second-half outlook. The main negatives were the $3.9 million receivable write-off, first-half declines in operating income and net income, lower year-to-date gross margin, higher operating expenses, facility ramp costs, tariff and Middle East-related cost pressures, and geopolitical uncertainty.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management said it is “well-positioned for a strong second half of the fiscal year,” “barring a material worsening of market and geopolitical conditions,” and that first-half performance “positions us well for a strong 2026”; it expects approximately 40%-50% of the $142.3 million backlog to convert to revenue in the third quarter, Ohio to ramp up to full production by early 2027, and the data centers market to be very active for the next few years, lasting until about 2030 or 2031. Management’s objective remains to return consolidated gross margins to higher than 30s, with revenue growth expected to outpace corporate overheads and provide operating leverage; tariffs are expected to “subside and go back to normal in the future,” and the products pipeline is in excess of $900 million, including opportunities “in excess of $100 million.”
Perma-Pipe International Holdings Financial Statement Overview
Summary
Fundamentals are improved, led by strong multi-year revenue growth and materially higher margins versus FY2022. Leverage is trending down (lower debt-to-equity) and ROE is solid, but the score is held back by historically uneven cash generation (including negative FY2026 annual free cash flow) and some recent margin softening in TTM versus FY2026 annual.
Income Statement
78PositiveBalance Sheet
72PositiveCash Flow
64Positive| Breakdown | TTM | Jan 2026 | Apr 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 226.11M | 210.93M | 158.38M | 150.67M | 142.57M | 138.55M |
| Gross Profit | 70.38M | 69.49M | 53.25M | 41.46M | 38.30M | 32.53M |
| EBITDA | 33.45M | 34.52M | 24.04M | 16.15M | 15.45M | 13.57M |
| Net Income | 15.58M | 17.04M | 8.98M | 10.47M | 5.95M | 6.06M |
Balance Sheet | ||||||
| Total Assets | 232.63M | 217.49M | 165.24M | 155.71M | 122.97M | 123.40M |
| Cash, Cash Equivalents and Short-Term Investments | 31.78M | 18.72M | 15.72M | 5.84M | 5.77M | 8.21M |
| Total Debt | 53.04M | 46.86M | 33.25M | 32.79M | 29.38M | 34.54M |
| Total Liabilities | 121.63M | 111.19M | 82.14M | 83.73M | 65.18M | 68.94M |
| Stockholders Equity | 93.49M | 90.64M | 72.14M | 65.71M | 57.78M | 54.46M |
Cash Flow | ||||||
| Free Cash Flow | 13.65M | -1.27M | 11.05M | 3.63M | -8.22M | -4.84M |
| Operating Cash Flow | 23.82M | 9.17M | 13.93M | 14.73M | -1.24M | -2.57M |
| Investing Cash Flow | -10.11M | -10.42M | -2.85M | -11.10M | -6.38M | -2.25M |
| Financing Cash Flow | 2.81M | 6.59M | -907.00K | -3.26M | 4.54M | 6.23M |
Perma-Pipe International Holdings Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PPIH, the sentiment is Negative. The current price of 28.97 is below the 20-day moving average (MA) of 29.09, below the 50-day MA of 29.91, and below the 200-day MA of 29.47, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 47.37 is Neutral, neither overbought nor oversold. The STOCH value of 61.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PPIH.
Perma-Pipe International Holdings Risk Analysis
Perma-Pipe International Holdings disclosed 22 risk factors in its most recent earnings report. Perma-Pipe International Holdings reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
0 New RisksPerma-Pipe International Holdings Peers Comparison
Overall Rating
- PPIH69Neutral
ASPN61Neutral
SWIM55Neutral
BXC45Neutral
JELD45Neutral
AEHL37Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| PPIH | 69Neutral | $242.00M | 15.09 | 17.21% | ― | 24.78% | 52.53% |
| Sector * | 63Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
| ASPN | 61Neutral | $475.49M | -4.06 | -63.10% | ― | -39.28% | 57.65% |
| SWIM | 55Neutral | $974.97M | 109.22 | 2.26% | ― | 11.94% | ― |
| BXC | 45Neutral | $498.77M | -124.16 | -0.68% | ― | 4.23% | -130.87% |
| JELD | 45Neutral | $87.64M | -0.55 | -1580.90% | ― | -4.98% | 74.67% |
| AEHL | 37Underperform | $213.16M | -0.04 | -54.20% | ― | ― | ― |
* Industrials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| PPIH | Perma-Pipe International | 28.97 | 2.72 | 10.36% | |
| BXC | Bluelinx | 63.32 | 7.71 | 13.86% | |
| AEHL | Antelope Enterprise Holdings Ltd | 11.35 | -122.09 | -91.49% | |
| ASPN | Aspen Aerogels Inc | 6.41 | 3.19 | 99.07% | |
| JELD | JELD-WEN | 1.05 | -1.08 | -50.70% | |
| SWIM | Latham Group Inc | 8.41 | 1.81 | 27.42% |
Perma-Pipe International Holdings Corporate Events
Perma-Pipe Forms Indian Joint Venture for Coating Services
PositiveOn November 4, 2026, Perma-Pipe Qatar entered into an agreement with Welspun DI Pipes, Welspun Corp. and newly formed Welspun Special Coating Private Limited to establish a joint venture for internal fusion-bonded epoxy coating works and related acti...
Perma-Pipe International Boosts Liquidity With Global Credit Facility
PositiveOn August 25, 2026, Perma-Pipe International Holdings closed a new global credit agreement with J.P. Morgan providing a $75 million secured revolving credit facility, a $14 million term loan and up to $50 million of incremental capacity, replacing an...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 11, 2026