Perma Pipe Financials
This page shows Perma Pipe (PPIH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
Margin expansion has made growth far more profitable, but working-capital demands are delaying when those gains become cash.
Earnings quality weakened in FY2026: net income rose to$17.0M while free cash flow slipped to-$1.3M . With cash still near$18.7M and long-term debt only$4.2M , the mismatch looks less like leverage pressure and more like receivables and capex absorbing growth before it becomes spendable cash.
Gross margin widened from
Operating cash flow was stronger in FY2024 at
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Perma Pipe's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Perma Pipe has an operating margin of 14.0%, meaning the company retains $14 of operating profit per $100 of revenue. This results in a moderate score of 50/100, indicating healthy but not exceptional operating efficiency. This is up from 12.8% the prior year.
Perma Pipe's revenue surged 33.2% year-over-year to $210.9M, reflecting rapid business expansion. This strong growth earns a score of 64/100.
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 1.84 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
While Perma Pipe generated $9.2M in operating cash flow, capex of $10.4M consumed most of it, leaving -$1.3M in free cash flow. This results in a low score of 31/100, reflecting heavy capital investment rather than weak cash generation.
Perma Pipe's ROE of 18.8% shows moderate profitability relative to equity, earning a score of 47/100. This is up from 11.5% the prior year.
Perma Pipe scores 3.29, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Perma Pipe passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Perma Pipe generates $0.54 in operating cash flow ($9.2M OCF vs $17.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Perma Pipe earns $13.9 in operating income for every $1 of interest expense ($29.4M vs $2.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Perma Pipe generated $210.9M in revenue in fiscal year 2026. This represents an increase of 33.2% from the prior year.
Perma Pipe's EBITDA was $34.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 43.6% from the prior year.
Perma Pipe reported $17.0M in net income in fiscal year 2026. This represents an increase of 89.6% from the prior year.
Perma Pipe earned $2.09 per diluted share (EPS) in fiscal year 2026. This represents an increase of 86.6% from the prior year.
Cash & Balance Sheet
Perma Pipe generated -$1.3M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 111.5% from the prior year.
Perma Pipe held $18.7M in cash against $4.2M in long-term debt as of fiscal year 2026.
Perma Pipe had 8M shares outstanding in fiscal year 2026. This represents an increase of 1.8% from the prior year.
Margins & Returns
Perma Pipe's gross margin was 32.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
Perma Pipe's operating margin was 14.0% in fiscal year 2026, reflecting core business profitability. This is up 1.1 percentage points from the prior year.
Perma Pipe's net profit margin was 8.1% in fiscal year 2026, showing the share of revenue converted to profit. This is up 2.4 percentage points from the prior year.
Perma Pipe's ROE was 18.8% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 7.3 percentage points from the prior year.
Capital Allocation
Perma Pipe invested $10.4M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 263.1% from the prior year.
PPIH Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $55.1M-9.8% | $61.1M+27.7% | $47.9M+2.5% | $46.7M+3.9% | $45.0M+8.2% | $41.6M+10.8% | $37.5M+9.3% | $34.3M |
| Cost of Revenue | $37.8M-5.9% | $40.1M+19.9% | $33.5M+11.5% | $30.0M+0.7% | $29.8M+8.5% | $27.5M+14.3% | $24.0M+1.0% | $23.8M |
| Gross Profit | $17.3M-17.5% | $21.0M+45.6% | $14.4M-13.8% | $16.7M+10.2% | $15.2M+7.7% | $14.1M+4.5% | $13.5M+28.1% | $10.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $9.2M+9.8% | $8.3M-16.8% | $10.0M+29.5% | $7.7M-9.3% | $8.5M+16.5% | $7.3M+22.6% | $6.0M-2.7% | $6.1M |
| Operating Income | $7.0M-38.9% | $11.4M+257.8% | $3.2M-59.6% | $7.9M+45.0% | $5.4M-2.6% | $5.6M-9.1% | $6.1M+96.0% | $3.1M |
| Interest Expense | $3.4M+791.8% | -$497K-19.8% | -$415K-2.2% | -$406K-110.9% | $3.7M+893.4% | -$468K+8.9% | -$514K-1.4% | -$507K |
| Income Tax | $787K-73.6% | $3.0M+100.5% | $1.5M-5.9% | $1.6M-6.2% | $1.7M+4.4% | $1.6M+23.7% | $1.3M+69.6% | $770K |
| Net Income | $4.9M-22.1% | $6.3M+642.1% | $851K-82.8% | $5.0M+181.4% | $1.8M-29.3% | $2.5M-24.3% | $3.3M+127.9% | $1.4M |
| EPS (Diluted) | N/A | $0.77+670.0% | $0.10-83.6% | $0.61 | N/A | $0.31-22.5% | $0.40+122.2% | $0.18 |
PPIH Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $217.5M+0.2% | $217.0M+14.8% | $189.0M+6.0% | $178.3M+7.9% | $165.2M+2.8% | $160.7M+1.9% | $157.8M+1.3% | $155.7M |
| Current Assets | $146.7M-3.2% | $151.6M+20.9% | $125.3M+3.8% | $120.7M+10.9% | $108.8M+4.2% | $104.4M+4.0% | $100.4M+1.4% | $99.0M |
| Cash & Equivalents | $18.7M-31.3% | $27.2M+57.8% | $17.3M-8.4% | $18.8M+19.9% | $15.7M+18.1% | $13.3M+40.7% | $9.5M+23.2% | $7.7M |
| Inventory | $18.1M-5.3% | $19.1M+20.5% | $15.9M+9.3% | $14.5M-12.6% | $16.6M+4.2% | $16.0M+0.8% | $15.8M+2.7% | $15.4M |
| Accounts Receivable | $66.0M+16.6% | $56.6M+20.0% | $47.2M+0.4% | $47.0M+8.9% | $43.1M+8.1% | $39.9M+0.9% | $39.6M-10.6% | $44.3M |
| Goodwill | $2.2M+2.8% | $2.1M+3.5% | $2.1M-4.6% | $2.2M+4.9% | $2.1M-3.9% | $2.1M-0.7% | $2.2M-0.7% | $2.2M |
| Total Liabilities | $126.8M-3.3% | $131.2M+20.6% | $108.8M+8.3% | $100.4M+7.9% | $93.1M+4.0% | $89.5M+0.4% | $89.2M-1.1% | $90.2M |
| Current Liabilities | $79.8M-7.5% | $86.3M+29.2% | $66.8M+8.2% | $61.8M+14.2% | $54.1M+0.5% | $53.8M-2.3% | $55.0M-5.1% | $58.0M |
| Long-Term Debt | $4.2M-67.1% | $12.7M+241.2% | $3.7M-1.9% | $3.8M+3.1% | $3.7M-58.6% | $8.9M-0.6% | $8.9M+119.0% | $4.1M |
| Total Equity | $90.6M+5.7% | $85.8M+6.9% | $80.2M+3.0% | $77.9M+7.9% | $72.1M+1.3% | $71.2M+3.8% | $68.6M+4.6% | $65.5M |
| Retained Earnings | $37.1M+15.3% | $32.2M+24.4% | $25.9M+3.4% | $25.1M+24.6% | $20.1M+9.6% | $18.3M+9.1% | $16.8M+24.3% | $13.5M |
PPIH Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.8M-139.4% | $17.3M+946.6% | -$2.0M-378.4% | $733K-87.8% | $6.0M+16.7% | $5.2M+83.2% | $2.8M+3958.9% | -$73K |
| Capital Expenditures | $2.0M-58.7% | $4.9M+93.2% | $2.6M+175.2% | $927K-29.8% | $1.3M+309.9% | $322K-50.0% | $644K+9.3% | $589K |
| Free Cash Flow | -$8.8M-171.5% | $12.4M+369.0% | -$4.6M-2267.0% | -$194K-104.1% | $4.7M-2.9% | $4.8M+122.7% | $2.2M+428.2% | -$662K |
| Investing Cash Flow | -$2.0M+59.1% | -$4.9M-93.2% | -$2.6M-175.2% | -$927K+28.3% | -$1.3M-301.6% | -$322K+50.0% | -$644K-9.3% | -$589K |
| Financing Cash Flow | $2.5M+214.1% | -$2.2M-170.3% | $3.1M-3.5% | $3.2M+242.2% | -$2.2M-150.8% | -$896K-179.1% | -$321K-112.6% | $2.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $0 | N/A | N/A |
PPIH Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.4%-2.9pp | 34.4%+4.2pp | 30.1%-5.7pp | 35.8%+2.1pp | 33.7%-0.2pp | 33.9%-2.0pp | 35.9%+5.3pp | 30.6% |
| Operating Margin | 12.6%-6.0pp | 18.6%+12.0pp | 6.7%-10.2pp | 16.9%+4.8pp | 12.1%-1.3pp | 13.4%-2.9pp | 16.4%+7.2pp | 9.1% |
| Net Margin | 8.9%-1.4pp | 10.3%+8.6pp | 1.8%-8.8pp | 10.6%+6.7pp | 3.9%-2.1pp | 6.0%-2.8pp | 8.8%+4.6pp | 4.2% |
| Return on Equity | 5.4%-1.9pp | 7.4%+6.3pp | 1.1%-5.3pp | 6.4%+3.9pp | 2.4%-1.1pp | 3.5%-1.3pp | 4.8%+2.6pp | 2.2% |
| Return on Assets | 2.3%-0.7pp | 2.9%+2.5pp | 0.4%-2.3pp | 2.8%+1.7pp | 1.1%-0.5pp | 1.6%-0.5pp | 2.1%+1.1pp | 0.9% |
| Current Ratio | 1.84+0.1 | 1.76-0.1 | 1.88-0.1 | 1.95-0.1 | 2.01+0.1 | 1.94+0.1 | 1.82+0.1 | 1.71 |
| Debt-to-Equity | 0.05-0.1 | 0.15+0.1 | 0.050.0 | 0.050.0 | 0.05-0.1 | 0.120.0 | 0.13+0.1 | 0.06 |
| FCF Margin | -16.0%-36.2pp | 20.2%+29.8pp | -9.6%-9.2pp | -0.4%-10.9pp | 10.4%-1.2pp | 11.6%+5.9pp | 5.8%+7.7pp | -1.9% |
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Frequently Asked Questions
What is Perma Pipe's annual revenue?
Perma Pipe (PPIH) reported $210.9M in total revenue for fiscal year 2026. This represents a 33.2% 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 33.2% year-over-year, from $158.4M to $210.9M in fiscal year 2026.
Is Perma Pipe profitable?
Yes, Perma Pipe (PPIH) reported a net income of $17.0M in fiscal year 2026, with a net profit margin of 8.1%.
What is Perma Pipe's EBITDA?
Perma Pipe (PPIH) had EBITDA of $34.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Perma Pipe have?
As of fiscal year 2026, Perma Pipe (PPIH) had $18.7M in cash and equivalents against $4.2M in long-term debt.
What is Perma Pipe's gross margin?
Perma Pipe (PPIH) had a gross margin of 32.9% in fiscal year 2026, 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 14.0% in fiscal year 2026, 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 8.1% in fiscal year 2026, 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 18.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Perma Pipe's free cash flow?
Perma Pipe (PPIH) generated -$1.3M in free cash flow during fiscal year 2026. This represents a -111.5% 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 $9.2M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Perma Pipe's total assets?
Perma Pipe (PPIH) had $217.5M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Perma Pipe's capital expenditures?
Perma Pipe (PPIH) invested $10.4M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Perma Pipe's current ratio?
Perma Pipe (PPIH) had a current ratio of 1.84 as of fiscal year 2026, 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 2026, 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 7.8% for fiscal year 2026, 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 3.29, 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 5 out of 9, indicating neutral 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 to 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 0.54x, considered mixed 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 13.9x, 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 54 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.