What is Perma-Pipe International's operating income?

Perma-Pipe International's total operating income in 2026 was $29.45 million, based on the following breakdown: Total Gross Profit: $69.49 million Total Operating Expenses: $40.04 million

Perma-Pipe International (PPIH) Financials

$25.55 +0.11 (+0.43%)

Closing price 07/16/2026 04:00 PM Eastern

Extended Trading

$25.00 -0.55 (-2.15%)

As of 07/16/2026 07:23 PM Eastern

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Annual Income Statements for Perma-Pipe International

This table shows Perma-Pipe International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2023	2024	2025	2026
Period end date	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025	1/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.41	-12	-9.98	-0.55	3.58	-7.64	6.06	5.95	10	8.98	17
Consolidated Net Income / (Loss)	-4.41	-12	-9.98	-0.55	3.58	-7.64	6.06	5.95	13	13	21
Net Income / (Loss) Continuing Operations	1.64	-13	-9.98	-0.55	3.58	-7.64	6.06	5.95	13	13	21
Total Pre-Tax Income	3.01	-14	-10	1.60	5.04	-7.78	8.33	9.56	9.89	18	27
Total Operating Income	2.88	-12	-9.51	2.72	4.88	-11	8.11	11	13	20	29
Total Gross Profit	27	12	12	23	29	11	33	38	41	53	69
Total Revenue	123	99	105	129	128	85	139	143	151	158	211
Operating Revenue	123	99	105	129	128	85	139	143	151	158	211
Total Cost of Revenue	96	87	94	106	99	74	106	104	109	105	141
Operating Cost of Revenue	96	87	94	106	99	74	106	104	109	105	141
Total Operating Expenses	24	23	21	21	24	23	24	27	28	33	40
Selling, General & Admin Expense	24	23	21	21	24	23	24	27	28	33	40
Total Other Income / (Expense), net	0.13	-2.19	-0.70	-1.12	0.15	3.60	0.22	-1.59	-3.47	-1.83	-1.96
Interest Expense	0.47	0.57	0.70	1.12	0.91	0.38	0.83	2.12	2.27	1.94	1.82
Other Income / (Expense), net	-	-	-	-	1.06	3.98	1.04	0.53	-1.20	0.11	-0.13
Income Tax Expense	1.38	-0.61	-0.23	2.15	1.46	-0.13	2.27	3.61	-3.32	5.38	6.84
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	0.00	2.74	4.11	3.61
Basic Earnings per Share	($0.61)	($1.67)	($1.30)	($0.07)	$0.45	($0.94)	$0.75	$0.75	$1.31	$1.13	$2.12
Weighted Average Basic Shares Outstanding	7.28M	7.49M	7.68M	7.81M	7.99M	8.13M	8.11M	7.98M	7.98M	7.96M	8.05M
Diluted Earnings per Share	($0.61)	($1.67)	($1.30)	($0.07)	$0.42	($0.94)	$0.72	$0.73	$1.30	$1.12	$2.09
Weighted Average Diluted Shares Outstanding	7.37M	7.49M	7.68M	7.81M	8.42M	8.13M	8.40M	8.12M	8.07M	8.02M	8.15M
Weighted Average Basic & Diluted Shares Outstanding	7.40M	7.49M	7.68M	7.81M	8.05M	8.16M	8.15M	8.01M	8.02M	7.98M	8.12M

This table shows Perma-Pipe International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q3 2026	Q1 2027
Period end date	7/31/2023	4/30/2024	7/31/2024	10/31/2023	1/31/2024	4/30/2025	7/31/2025	10/31/2024	1/31/2025	10/31/2025	4/30/2026
Net Income / (Loss) Attributable to Common Shareholders	1.02	1.44	3.29	1.94	3.80	4.95	0.85	2.49	0.69	6.32	1.80
Consolidated Net Income / (Loss)	1.17	1.79	4.28	3.36	3.77	5.85	1.26	3.45	2.52	7.91	2.59
Net Income / (Loss) Continuing Operations	1.17	1.79	4.28	3.36	3.77	5.85	1.26	3.45	2.52	7.91	2.59
Total Pre-Tax Income	2.14	2.56	5.59	4.90	-3.16	7.44	2.75	5.07	3.21	11	3.92
Total Operating Income	2.69	3.13	6.14	6.04	-1.96	7.89	3.19	5.59	3.64	11	4.64
Total Gross Profit	9.46	11	13	13	4.28	17	14	14	8.02	21	15
Total Revenue	35	34	38	46	33	47	48	42	22	61	50
Operating Revenue	35	34	38	46	33	47	48	42	22	61	50
Total Cost of Revenue	26	24	24	33	29	30	33	27	14	40	36
Operating Cost of Revenue	26	24	24	33	29	30	33	27	14	40	36
Total Operating Expenses	6.77	7.38	7.33	7.15	6.24	8.84	11	8.50	4.38	9.60	10.00
Selling, General & Admin Expense	6.77	7.38	7.33	7.15	6.24	8.84	11	8.50	4.38	9.60	10.00
Total Other Income / (Expense), net	-0.56	-0.57	-0.55	-1.14	-1.20	-0.45	-0.44	-0.52	-0.43	-0.50	-0.72
Interest Expense	0.64	0.51	0.51	0.64	0.61	0.41	0.42	0.47	0.65	0.50	0.61
Other Income / (Expense), net	0.08	-0.07	-0.04	-0.50	-0.60	-0.05	-0.02	-0.05	0.23	-0.01	-0.11
Income Tax Expense	0.97	0.77	1.31	1.53	-6.93	1.58	1.49	1.62	0.69	2.99	1.33
Net Income / (Loss) Attributable to Noncontrolling Interest	0.15	0.35	1.00	1.43	-0.03	0.90	0.41	0.96	1.83	1.60	0.79
Basic Earnings per Share	$0.13	$0.18	$0.41	$0.24	$0.48	$0.62	$0.11	$0.31	$0.09	$0.78	$0.22
Weighted Average Basic Shares Outstanding	8.03M	7.91M	7.95M	7.96M	7.98M	7.98M	8.01M	7.98M	7.96M	8.09M	8.12M
Diluted Earnings per Share	$0.13	$0.18	$0.40	$0.24	$0.48	$0.61	$0.10	$0.31	$0.10	$0.77	$0.22
Weighted Average Diluted Shares Outstanding	8.14M	8.06M	8.13M	8.02M	8.07M	8.08M	8.13M	8.03M	8.02M	8.18M	8.24M
Weighted Average Basic & Diluted Shares Outstanding	8.06M	8.02M	7.98M	-	8.02M	7.98M	8.09M	7.98M	7.98M	8.09M	8.13M

This table details how cash moves in and out of Perma-Pipe International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2023	2024	2025	2026
Period end date	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025	1/31/2026
Net Change in Cash & Equivalents	6.73	-10	-0.78	4.75	1.92	-6.28	1.40	-2.98	0.45	9.88	5.18
Net Cash From Operating Activities	-2.90	-5.46	-1.84	4.98	4.09	0.17	-2.57	-1.24	15	14	9.17
Net Cash From Continuing Operating Activities	-2.90	-5.46	-1.84	4.97	4.09	0.17	-2.57	-1.24	15	14	9.17
Net Income / (Loss) Continuing Operations	-4.41	-12	-9.98	-0.55	3.58	-7.64	6.06	5.95	13	13	21
Consolidated Net Income / (Loss)	-4.41	-12	-9.98	-0.55	3.58	-7.64	6.06	5.95	13	13	21
Depreciation Expense	5.93	5.52	5.03	4.58	4.44	4.74	4.32	3.65	3.83	3.63	4.91
Non-Cash Adjustments To Reconcile Net Income	-1.84	3.30	5.42	-0.78	-0.99	-1.20	4.37	1.30	2.09	0.44	12
Changes in Operating Assets and Liabilities, net	-2.58	-1.81	-2.32	1.73	-2.94	4.26	-17	-12	-4.40	-3.23	-28
Net Cash From Investing Activities	14	10	-2.39	-1.36	-1.90	-1.96	-2.25	-6.38	-11	-2.85	-10
Net Cash From Continuing Investing Activities	14	10	-2.39	-1.36	-1.90	-1.96	-2.25	-6.38	-11	-2.85	-10
Purchase of Property, Plant & Equipment	-6.46	-2.26	-2.53	-1.36	-1.90	-1.96	-2.26	-6.98	-11	-2.88	-10
Sale of Property, Plant & Equipment	2.06	4.36	0.00	-	0.00	0.00	0.01	0.09	0.00	0.03	0.02
Net Cash From Financing Activities	-3.03	-15	3.46	1.13	-0.30	-4.14	6.23	4.54	-3.26	-0.91	6.59
Net Cash From Continuing Financing Activities	-3.03	-15	3.46	1.13	-0.30	-4.14	6.36	4.54	-3.26	-0.91	6.59
Repayment of Debt	-111	-61	-38	-64	-73	-44	-24	-92	-157	-77	-85
Issuance of Debt	107	46	41	65	73	40	33	97	156	76	92
Other Financing Activities, net	1.55	-0.03	-0.01	0.45	-0.20	-0.62	-0.53	-0.50	-0.66	-0.16	-0.61
Cash Interest Paid	0.75	0.77	0.80	1.30	0.90	0.54	0.79	2.05	2.29	1.93	1.77
Cash Income Taxes Paid	0.97	1.38	1.08	1.73	2.11	0.11	1.35	2.48	3.28	3.71	4.06

This table details how cash moves in and out of Perma-Pipe International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q4 2026	Q1 2027
Period end date	10/31/2023	4/30/2024	7/31/2024	10/31/2023	1/31/2024	4/30/2025	7/31/2025	10/31/2024	1/31/2025	1/31/2026	4/30/2026
Net Change in Cash & Equivalents	0.08	1.82	1.82	-3.03	-0.17	3.00	-1.55	5.90	2.39	-6.36	9.64
Net Cash From Operating Activities	4.08	-0.07	2.82	4.87	7.11	0.73	-2.04	9.21	6.02	-6.80	6.11
Net Cash From Continuing Operating Activities	4.08	-0.07	2.82	4.87	7.11	0.73	-2.04	9.21	6.02	-6.80	6.11
Net Income / (Loss) Continuing Operations	3.36	1.79	4.28	-2.66	9.80	5.85	1.26	2.41	3.57	5.62	2.59
Consolidated Net Income / (Loss)	3.36	1.79	4.28	-2.66	9.80	5.85	1.26	2.41	3.57	5.62	2.59
Depreciation Expense	0.98	0.83	0.89	1.06	1.06	0.94	0.96	0.79	0.94	2.03	1.58
Non-Cash Adjustments To Reconcile Net Income	-1.76	2.55	-0.08	-0.74	0.36	4.05	0.63	-3.27	-0.97	-0.15	-1.85
Changes in Operating Assets and Liabilities, net	1.49	-5.24	-2.27	7.22	-4.10	-10	-4.89	9.28	2.48	-14	3.78
Net Cash From Investing Activities	-1.41	-0.59	-0.64	-6.97	-2.90	-0.93	-2.55	1.92	-1.29	-2.02	-1.25
Net Cash From Continuing Investing Activities	-1.41	-0.59	-0.64	-6.97	-2.90	-0.93	-2.55	1.92	-1.29	-2.02	-1.25
Purchase of Property, Plant & Equipment	-1.41	-0.59	-0.64	-6.97	-2.90	-0.93	-2.55	1.92	-1.32	-2.03	-1.25
Net Cash From Financing Activities	-2.54	2.56	-0.32	-1.04	-4.45	3.20	3.09	-4.94	-2.25	2.48	4.78
Net Cash From Continuing Financing Activities	-2.54	2.56	-0.32	-1.04	-4.45	3.20	3.09	-4.94	-2.25	2.48	4.78
Repayment of Debt	-25	-17	-21	-81	-40	-18	-23	-15	-21	-22	-30
Issuance of Debt	24	18	21	81	35	21	26	10	19	24	34
Other Financing Activities, net	-0.13	0.79	-1.00	-0.44	-0.02	-0.12	-0.30	0.09	0.06	-0.13	0.21
Cash Interest Paid	0.45	0.25	0.75	0.75	0.53	0.40	0.40	0.66	0.47	0.52	0.58
Cash Income Taxes Paid	0.31	1.58	0.86	0.11	0.74	1.46	0.31	1.53	0.42	1.96	2.47

This table presents Perma-Pipe International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2023	2024	2025	2026
Period end date	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025	1/31/2026
Total Assets	138	102	105	102	112	103	123	123	156	165	217
Total Current Assets	96	58	62	63	64	54	78	86	99	109	147
Cash & Equivalents	17	7.60	7.08	10	13	7.17	8.21	5.77	5.85	16	19
Restricted Cash	2.32	1.10	1.24	2.58	1.29	1.20	1.56	1.02	1.40	1.40	3.58
Accounts Receivable	36	31	33	33	29	25	47	54	63	62	95
Inventories, net	16	14	17	12	14	12	14	15	16	17	18
Prepaid Expenses	2.40	2.17	2.70	3.77	3.53	3.86	5.44	7.36	9.70	10	5.94
Other Current Assets	8.57	2.09	1.50	1.65	2.17	4.01	2.31	3.13	3.10	2.93	5.55
Plant, Property, & Equipment, net	25	36	35	30	29	27	25	27	38	35	44
Total Noncurrent Assets	17	7.51	7.76	8.85	19	22	20	11	19	21	27
Goodwill	0.00	2.28	2.42	2.27	2.25	2.33	2.34	2.23	2.22	2.06	2.19
Noncurrent Deferred & Refundable Income Taxes	-	0.15	0.39	0.46	0.29	0.82	0.81	0.70	7.92	6.64	5.95
Other Noncurrent Operating Assets	7.70	5.09	4.94	6.12	17	19	17	7.87	9.13	12	18
Total Liabilities & Shareholders' Equity	138	102	105	102	112	103	123	123	156	165	217
Total Liabilities	69	42	60	51	57	54	69	65	84	82	111
Total Current Liabilities	64	28	39	37	33	28	38	44	58	54	80
Short-Term Debt	14	4.47	15	9.53	10	6.77	7.38	11	9.59	9.25	20
Accounts Payable	11	11	14	12	9.58	10	14	15	25	24	25
Accrued Expenses	5.13	5.82	4.91	5.72	5.20	2.83	6.66	10	14	13	14
Customer Deposits	3.69	2.64	5.24	3.71	2.20	2.09	3.07	1.95	4.26	2.51	12
Current Deferred Revenue	1.18	1.10	1.97	1.57	1.17	0.76	1.28	1.74	0.50	1.25	2.15
Current Deferred & Payable Income Tax Liabilities	2.34	0.68	1.34	1.27	0.66	1.16	2.02	2.32	2.38	2.38	3.94
Current Employee Benefit Liabilities	10	2.19	1.58	1.54	1.19	1.45	1.61	1.18	1.21	1.39	1.45
Other Current Liabilities	3.44	-	1.80	1.74	2.80	2.83	2.75	0.91	0.91	1.07	2.20
Total Noncurrent Liabilities	4.99	14	14	13	24	26	31	21	26	28	31
Long-Term Debt	1.47	7.26	7.73	6.75	6.72	6.27	5.06	14	4.23	3.67	4.17
Noncurrent Deferred & Payable Income Tax Liabilities	0.16	1.83	1.24	1.44	1.05	0.91	0.71	0.91	1.22	1.32	1.82
Noncurrent Employee Benefit Liabilities	3.12	4.57	4.10	3.88	4.20	4.12	3.38	1.61	1.21	1.69	1.78
Other Noncurrent Operating Liabilities	0.23	0.54	0.52	1.35	12	14	22	5.27	19	21	24
Commitments & Contingencies	-	-	-	-	-	-	-	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	0.00	6.27	11	16
Total Equity & Noncontrolling Interests	69	59	52	52	56	49	54	58	66	72	91
Total Preferred & Common Equity	69	59	52	52	56	49	54	58	66	72	91
Total Common Equity	69	59	52	52	56	49	54	58	66	72	91
Common Stock	53	55	56	59	60	61	62	63	60	60	61
Retained Earnings	20	6.87	-3.10	-4.29	-0.72	-8.36	-2.30	1.62	12	20	37
Accumulated Other Comprehensive Income / (Loss)	-3.98	-2.72	-1.47	-2.88	-3.76	-3.29	-3.10	-6.45	-5.55	-8.20	-7.68

This table presents Perma-Pipe International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q1 2025	Q2 2025	Q3 2025	Q3 2026	Q1 2027
Period end date	7/31/2023	10/31/2023	4/30/2024	7/31/2024	4/30/2025	7/31/2025	10/31/2024	10/31/2025	4/30/2026
Total Assets	143	144	157	158	218	189	161	217	222
Total Current Assets	94	95	99	100	121	125	104	152	146
Cash & Equivalents	6.10	6.02	7.67	9.46	19	17	13	27	28
Restricted Cash	1.22	1.39	1.39	1.43	1.41	1.44	1.42	1.41	3.54
Accounts Receivable	63	61	60	57	70	75	60	85	83
Inventories, net	14	16	15	16	15	16	16	19	18
Prepaid Expenses	7.14	7.32	12	13	12	12	12	15	8.55
Other Current Assets	1.86	2.46	2.30	3.09	3.47	3.57	2.50	4.08	4.90
Plant, Property, & Equipment, net	36	36	38	36	36	39	36	42	45
Total Noncurrent Assets	14	14	20	21	22	24	21	23	30
Goodwill	2.26	2.15	2.17	2.16	2.16	2.15	2.14	2.13	2.19
Noncurrent Deferred & Refundable Income Taxes	0.57	0.64	8.16	7.87	6.69	6.22	7.22	5.14	5.96
Other Noncurrent Operating Assets	11	11	9.63	11	13	16	11	16	22
Total Liabilities & Shareholders' Equity	143	144	157	158	178	189	161	217	222
Total Liabilities	84	83	85	81	88	94	81	117	113
Total Current Liabilities	58	58	59	55	62	67	54	86	63
Short-Term Debt	16	14	11	12	15	16	11	17	10
Accounts Payable	23	26	25	20	20	23	21	32	25
Accrued Expenses	6.22	7.62	13	11	14	12	12	15	10
Customer Deposits	2.48	3.22	5.29	5.95	6.92	5.37	3.24	13	11
Current Deferred Revenue	2.97	0.90	0.89	0.70	0.99	1.64	1.35	1.75	0.88
Current Deferred & Payable Income Tax Liabilities	1.88	3.38	1.96	2.48	2.38	3.10	2.73	4.47	2.71
Current Employee Benefit Liabilities	1.58	1.55	1.75	1.36	1.18	1.66	1.28	1.32	1.17
Other Current Liabilities	3.61	0.92	0.85	0.97	1.21	1.38	1.06	1.78	2.62
Total Noncurrent Liabilities	26	26	25	26	26	30	27	31	49
Long-Term Debt	4.43	6.91	6.82	12	3.78	3.71	12	13	19
Noncurrent Deferred & Payable Income Tax Liabilities	0.98	0.98	0.99	1.17	1.46	1.37	1.33	1.50	1.84
Noncurrent Employee Benefit Liabilities	0.93	1.14	1.03	1.18	1.83	2.04	1.41	2.18	1.94
Other Noncurrent Operating Liabilities	20	17	16	12	19	23	12	14	27
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	-	0.00
Redeemable Noncontrolling Interest	1.74	4.16	7.03	8.06	12	12	8.95	14	16
Total Equity & Noncontrolling Interests	57	57	66	69	78	80	71	86	92
Total Preferred & Common Equity	57	57	66	69	78	80	71	86	92
Total Common Equity	57	57	66	69	78	80	71	86	92
Common Stock	63	63	60	60	60	62	60	61	61
Retained Earnings	1.52	3.45	14	17	25	26	18	32	39
Accumulated Other Comprehensive Income / (Loss)	-6.55	-8.58	-6.97	-7.16	-7.28	-7.39	-7.34	-7.85	-8.02

This table displays calculated financial ratios and metrics derived from Perma-Pipe International's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2023	2024	2025	2026
Period end date	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025	1/31/2026
DEI Shares Outstanding	7,288,425.00	7,568,946.00	7,712,217.00	7,885,374.00	8,041,806.00	8,164,989.00	8,066,710.00	8,004,602.00	-	7,982,568.00	8,094,045.00
DEI Adjusted Shares Outstanding	7,288,425.00	7,568,946.00	7,712,217.00	7,885,374.00	8,041,806.00	8,164,989.00	8,066,710.00	8,004,602.00	-	7,982,568.00	8,094,045.00
DEI Earnings Per Adjusted Shares Outstanding	-0.60	-1.65	-1.29	-0.07	0.44	-0.94	0.75	0.74	-	1.13	2.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.33%	-19.44%	6.48%	22.53%	-1.01%	-33.66%	63.59%	0.00%	5.68%	5.12%	33.17%
EBITDA Growth	-25.01%	-168.84%	26.09%	262.84%	42.21%	-125.59%	607.68%	0.00%	4.33%	50.35%	42.38%
EBIT Growth	-50.78%	-502.50%	17.89%	128.62%	118.22%	-224.48%	223.82%	0.00%	4.11%	67.87%	43.64%
NOPAT Growth	-54.01%	-618.70%	17.89%	85.95%	470.49%	-329.73%	174.14%	0.00%	157.42%	-19.35%	53.70%
Net Income Growth	-2,335.91%	-182.92%	20.03%	94.49%	750.18%	-313.70%	179.32%	0.00%	122.22%	-0.91%	57.73%
EPS Growth	-2,950.00%	-173.77%	22.16%	94.62%	700.00%	-323.81%	176.60%	0.00%	78.08%	-13.85%	86.61%
Operating Cash Flow Growth	-182.82%	-88.37%	66.25%	370.25%	-17.84%	-95.97%	-1,660.00%	0.00%	1,287.03%	-5.45%	-34.17%
Free Cash Flow Firm Growth	-102.82%	-1,352.19%	78.17%	193.46%	-69.12%	-485.68%	166.11%	0.00%	0.00%	-3.11%	-149.82%
Invested Capital Growth	5.05%	13.78%	-5.16%	-6.97%	4.49%	-7.19%	6.32%	0.00%	8.11%	0.44%	36.90%
Revenue Q/Q Growth	96.05%	-2.67%	-0.21%	6.22%	0.00%	0.00%	14.77%	0.00%	0.00%	-6.48%	0.00%
EBITDA Q/Q Growth	25.40%	-831.34%	34.98%	70.77%	0.00%	0.00%	71.62%	0.00%	0.00%	35.53%	0.00%
EBIT Q/Q Growth	187.80%	-80.63%	20.25%	681.62%	0.00%	0.00%	163.68%	0.00%	0.00%	45.84%	0.00%
NOPAT Q/Q Growth	9,656.59%	-80.63%	20.25%	-185.62%	0.00%	0.00%	1,333.67%	0.00%	0.00%	-17.45%	0.00%
Net Income Q/Q Growth	25.67%	8.10%	8.11%	81.79%	0.00%	0.00%	1,043.77%	0.00%	0.00%	-8.72%	0.00%
EPS Q/Q Growth	24.69%	9.24%	7.80%	82.05%	0.00%	0.00%	1,100.00%	0.00%	0.00%	-25.33%	0.00%
Operating Cash Flow Q/Q Growth	74.49%	-866.43%	46.95%	188.58%	-51.32%	-94.94%	-40.20%	0.00%	0.00%	-7.27%	-58.31%
Free Cash Flow Firm Q/Q Growth	68.68%	-168.04%	21.60%	492.40%	0.00%	0.00%	0.00%	0.00%	0.00%	119.76%	0.00%
Invested Capital Q/Q Growth	-40.63%	-3.88%	-2.91%	-8.38%	0.00%	0.00%	0.90%	0.00%	0.00%	-10.84%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.79%	11.85%	11.16%	18.08%	22.75%	13.20%	23.48%	26.86%	27.52%	33.62%	32.94%
EBITDA Margin	7.18%	-6.13%	-4.26%	5.66%	8.13%	-3.13%	9.73%	10.75%	10.61%	15.18%	16.23%
Operating Margin	2.35%	-11.72%	-9.04%	2.11%	3.82%	-13.43%	5.85%	7.82%	8.87%	12.82%	13.96%
EBIT Margin	2.35%	-11.72%	-9.04%	2.11%	4.65%	-8.73%	6.61%	8.19%	8.07%	12.89%	13.90%
Profit (Net Income) Margin	-3.59%	-12.62%	-9.48%	-0.43%	2.80%	-9.02%	4.38%	4.17%	8.77%	8.27%	9.79%
Tax Burden Percent	-146.48%	90.57%	97.72%	-34.38%	71.02%	98.29%	72.80%	62.20%	133.57%	70.88%	75.11%
Interest Burden Percent	104.59%	118.90%	107.33%	58.78%	84.76%	105.15%	90.96%	81.85%	81.36%	90.49%	93.78%
Effective Tax Rate	45.68%	0.00%	0.00%	134.38%	28.98%	0.00%	27.20%	37.80%	-33.57%	29.12%	24.89%
Return on Invested Capital (ROIC)	2.91%	-13.79%	-10.92%	-1.63%	6.14%	-14.31%	10.68%	9.22%	22.80%	18.28%	23.67%
ROIC Less NNEP Spread (ROIC-NNEP)	37.62%	67.08%	-72.51%	5.31%	10.02%	-4.18%	15.34%	3.56%	-11.82%	-91.05%	141.90%
Return on Net Nonoperating Assets (RNNOA)	-9.13%	-5.64%	-7.02%	0.57%	0.53%	-0.25%	1.00%	1.07%	-2.44%	-1.40%	-1.86%
Return on Equity (ROE)	-6.22%	-19.42%	-17.94%	-1.06%	6.66%	-14.56%	11.68%	10.29%	20.36%	16.88%	21.80%
Cash Return on Invested Capital (CROIC)	-2.01%	-26.68%	-5.62%	5.59%	1.75%	-6.85%	4.56%	0.00%	15.00%	17.84%	-7.49%
Operating Return on Assets (OROA)	2.01%	-9.67%	-9.23%	2.63%	5.54%	-6.88%	8.10%	9.50%	8.72%	12.72%	15.32%
Return on Assets (ROA)	-3.08%	-10.41%	-9.68%	-0.53%	3.34%	-7.11%	5.36%	4.83%	9.48%	8.16%	10.79%
Return on Common Equity (ROCE)	-6.22%	-19.42%	-17.94%	-1.06%	6.66%	-14.56%	11.68%	10.29%	19.38%	15.01%	18.74%
Return on Equity Simple (ROE_SIMPLE)	-6.39%	-21.00%	-19.25%	-1.06%	6.43%	-15.50%	11.13%	10.29%	20.10%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1.56	-8.11	-6.66	-0.94	3.47	-7.96	5.90	6.93	18	14	22
NOPAT Margin	1.27%	-8.20%	-6.33%	-0.73%	2.72%	-9.40%	4.26%	4.86%	11.84%	9.09%	10.49%
Net Nonoperating Expense Percent (NNEP)	-34.71%	-80.87%	61.60%	-6.94%	-3.88%	-10.13%	-4.65%	5.66%	34.62%	109.32%	-118.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	16.92%	19.29%
Cost of Revenue to Revenue	78.21%	88.15%	88.84%	81.92%	77.25%	86.80%	76.52%	73.14%	72.48%	66.38%	67.06%
SG&A Expenses to Revenue	19.45%	23.57%	20.19%	15.97%	18.93%	26.63%	17.62%	19.05%	18.65%	20.80%	18.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.45%	23.57%	20.19%	15.97%	18.93%	26.63%	17.62%	19.05%	18.65%	20.80%	18.98%
Earnings before Interest and Taxes (EBIT)	2.88	-12	-9.51	2.72	5.94	-7.39	9.16	12	12	20	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.81	-6.06	-4.48	7.30	10	-2.66	13	15	16	24	34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.35	1.33	1.31	1.01	1.31	1.41	0.99	1.68	2.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.41	1.39	1.36	1.06	1.37	1.46	1.02	1.73	2.64
Price to Revenue (P/Rev)	0.00	0.00	0.66	0.53	0.57	0.59	0.52	0.57	0.43	0.77	1.11
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	20.31	0.00	11.78	13.67	6.18	13.50	13.72
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	4.92%	0.00%	8.49%	7.32%	16.17%	7.41%	7.29%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.42	1.31	1.29	1.02	1.30	1.31	0.99	1.62	2.32
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.80	0.56	0.59	0.64	0.53	0.69	0.53	0.81	1.19
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	9.93	7.20	0.00	5.49	6.44	5.03	5.33	7.34
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	26.62	12.58	0.00	8.09	8.45	6.61	6.27	8.57
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	21.55	0.00	12.54	14.24	4.50	8.90	11.35
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	14.56	18.27	329.60	0.00	0.00	5.45	9.19	27.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	22.64	75.57	0.00	29.38	0.00	6.84	9.12	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.22	0.20	0.44	0.31	0.30	0.26	0.23	0.42	0.23	0.16	0.23
Long-Term Debt to Equity	0.02	0.12	0.15	0.13	0.12	0.13	0.09	0.24	0.10	0.04	0.04
Financial Leverage	-0.24	-0.08	0.10	0.11	0.05	0.06	0.07	0.30	0.21	0.02	-0.01
Leverage Ratio	2.02	1.87	1.85	2.00	2.00	2.05	2.18	2.13	2.15	2.07	2.02
Compound Leverage Factor	2.11	2.22	1.99	1.17	1.69	2.15	1.98	1.74	1.75	1.87	1.90
Debt to Total Capital	18.31%	16.49%	30.78%	23.95%	23.14%	20.91%	18.60%	29.53%	18.71%	13.45%	18.43%
Short-Term Debt to Total Capital	16.57%	6.28%	20.45%	14.02%	13.86%	10.85%	11.04%	12.94%	10.83%	9.63%	15.23%
Long-Term Debt to Total Capital	1.74%	10.20%	10.32%	9.93%	9.28%	10.05%	7.56%	16.59%	7.88%	3.82%	3.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.08%	11.42%	12.02%
Common Equity to Total Capital	81.69%	83.51%	69.22%	76.05%	76.86%	79.09%	81.40%	70.47%	74.21%	75.13%	69.55%
Debt to EBITDA	1.76	-1.93	-5.14	2.23	1.61	-4.91	0.92	1.58	1.04	0.54	0.70
Net Debt to EBITDA	-1.43	-0.50	-3.28	0.49	0.20	-1.76	0.20	1.14	0.58	-0.17	0.05
Long-Term Debt to EBITDA	0.17	-1.20	-1.72	0.93	0.65	-2.36	0.38	0.89	0.44	0.15	0.12
Debt to NOPAT	9.90	-1.45	-3.46	-17.40	4.83	-1.64	2.11	3.49	0.93	0.90	1.09
Net Debt to NOPAT	-8.06	-0.37	-2.21	-3.79	0.60	-0.59	0.45	2.51	0.52	-0.29	0.08
Long-Term Debt to NOPAT	0.94	-0.90	-1.16	-7.22	1.94	-0.79	0.86	1.96	0.39	0.26	0.19
Altman Z-Score	0.00	0.00	1.63	2.41	2.41	1.33	2.35	2.65	2.11	2.82	3.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.83%	11.11%	14.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.50	2.07	1.59	1.70	1.96	1.91	2.04	1.96	1.71	2.01	1.84
Quick Ratio	0.82	1.39	1.02	1.15	1.30	1.16	1.44	1.36	1.20	1.44	1.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.08	-16	-3.43	3.20	0.99	-3.81	2.52	0.00	12	14	-7.00
Operating Cash Flow to CapEx	-65.87%	0.00%	-72.78%	365.76%	215.04%	8.41%	-114.25%	-18.04%	132.68%	489.04%	87.97%
Free Cash Flow to Firm to Interest Expense	-2.30	-27.58	-4.91	2.85	1.09	-10.01	3.04	0.00	5.18	7.24	-3.84
Operating Cash Flow to Interest Expense	-6.16	-9.59	-2.64	4.44	4.52	0.43	-3.11	-0.59	6.50	7.18	5.03
Operating Cash Flow Less CapEx to Interest Expense	-15.52	-5.90	-6.27	3.22	2.42	-4.71	-5.83	-3.83	1.60	5.71	-0.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.86	0.82	1.02	1.25	1.19	0.79	1.23	1.16	1.08	0.99	1.10
Accounts Receivable Turnover	3.48	2.93	3.28	3.94	4.12	3.09	3.82	2.66	2.58	2.53	2.69
Inventory Turnover	6.55	5.97	6.15	7.25	7.36	5.52	8.18	7.07	7.21	6.54	8.14
Fixed Asset Turnover	4.95	3.21	2.97	3.97	4.33	3.05	5.36	5.38	4.70	4.34	5.31
Accounts Payable Turnover	10.69	7.95	7.45	8.07	9.14	7.37	8.84	7.07	5.45	4.29	5.86
Days Sales Outstanding (DSO)	104.75	124.37	111.33	92.61	88.50	118.25	95.60	137.34	141.58	144.41	135.77
Days Inventory Outstanding (DIO)	55.75	61.14	59.37	50.35	49.57	66.17	44.61	51.59	50.60	55.83	44.82
Days Payable Outstanding (DPO)	34.16	45.93	48.96	45.25	39.94	49.51	41.28	51.65	66.97	85.08	62.24
Cash Conversion Cycle (CCC)	126.34	139.58	121.75	97.71	98.13	134.91	98.93	137.28	125.21	115.16	118.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	55	63	59	55	58	54	57	75	81	79	108
Invested Capital Turnover	2.28	1.68	1.73	2.25	2.26	1.52	2.51	1.90	1.93	2.01	2.26
Increase / (Decrease) in Invested Capital	2.64	7.59	-3.23	-4.14	2.48	-4.15	3.38	0.00	6.10	0.35	29
Enterprise Value (EV)	0.00	0.00	85	72	75	54	74	99	80	128	251
Market Capitalization	0.00	0.00	70	69	73	50	71	81	65	121	234
Book Value per Share	$9.47	$7.85	$6.72	$6.56	$6.92	$6.04	$6.75	$7.22	$8.15	$9.04	$11.20
Tangible Book Value per Share	$9.47	$7.55	$6.40	$6.27	$6.64	$5.75	$6.46	$6.94	$7.87	$8.78	$10.93
Total Capital	85	71	75	68	72	62	67	82	89	96	130
Total Debt	15	12	23	16	17	13	12	24	17	13	24
Total Long-Term Debt	1.47	7.26	7.73	6.75	6.72	6.27	5.06	14	6.98	3.67	4.17
Net Debt	-13	3.03	15	3.54	2.09	4.66	2.67	17	9.33	-4.20	1.72
Capital Expenditures (CapEx)	4.40	-2.10	2.53	1.36	1.90	1.96	2.25	6.88	11	2.85	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	27	26	30	23	27	24	38	46	43	47	64
Debt-free Net Working Capital (DFNWC)	46	34	38	35	41	32	47	52	51	64	87
Net Working Capital (NWC)	32	30	23	26	31	26	40	42	41	55	67
Net Nonoperating Expense (NNE)	5.97	4.37	3.32	-0.39	-0.11	-0.32	-0.16	0.99	4.63	1.30	1.47
Net Nonoperating Obligations (NNO)	-14	3.20	7.57	3.54	2.09	4.26	2.50	17	9.33	-4.20	1.72
Total Depreciation and Amortization (D&A)	5.93	5.52	5.03	4.58	4.44	4.74	4.32	3.65	3.83	3.63	4.91
Debt-free, Cash-free Net Working Capital to Revenue	21.88%	25.89%	28.62%	17.57%	20.99%	28.36%	27.14%	32.05%	28.82%	29.59%	30.58%
Debt-free Net Working Capital to Revenue	37.33%	34.70%	36.53%	27.45%	32.47%	38.24%	34.19%	36.81%	33.63%	40.40%	41.15%
Net Working Capital to Revenue	25.92%	30.17%	21.98%	20.06%	24.61%	30.25%	28.86%	29.37%	27.26%	34.56%	31.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.61)	($1.56)	($1.30)	($0.07)	$0.45	($0.94)	$0.75	$0.75	$1.31	$1.13	$2.12
Adjusted Weighted Average Basic Shares Outstanding	7.28M	7.49M	7.72M	7.88M	7.99M	8.13M	8.13M	7.98M	7.98M	7.96M	8.05M
Adjusted Diluted Earnings per Share	($0.61)	($1.56)	($1.30)	($0.07)	$0.43	($0.94)	$0.72	$0.73	$1.30	$1.12	$2.09
Adjusted Weighted Average Diluted Shares Outstanding	7.37M	7.49M	7.72M	7.88M	8.28M	8.13M	8.42M	8.12M	8.07M	8.02M	8.15M
Adjusted Basic & Diluted Earnings per Share	($0.61)	($1.56)	($1.30)	($0.07)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.40M	7.62M	7.68M	7.81M	8.05M	8.16M	8.15M	8.01M	8.02M	7.98M	8.12M
Normalized Net Operating Profit after Tax (NOPAT)	1.56	-8.11	-6.66	1.91	3.47	-7.96	5.90	6.93	9.35	14	22
Normalized NOPAT Margin	1.27%	-8.20%	-6.33%	1.48%	2.72%	-9.40%	4.26%	4.86%	6.21%	9.09%	10.49%
Pre Tax Income Margin	2.45%	-13.93%	-9.70%	1.24%	3.94%	-9.18%	6.01%	6.70%	6.56%	11.66%	13.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.12	-20.36	-13.65	2.43	6.56	-19.41	11.06	5.51	5.37	10.52	16.09
NOPAT to Interest Expense	3.33	-14.25	-9.55	-0.83	3.83	-20.90	7.13	3.27	7.87	7.42	12.14
EBIT Less CapEx to Interest Expense	-3.23	-16.67	-17.28	1.21	4.46	-24.55	8.34	2.26	0.47	9.05	10.37
NOPAT Less CapEx to Interest Expense	-6.03	-10.56	-13.18	-2.05	1.73	-26.05	4.41	0.02	2.97	5.95	6.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-6.58%	0.00%	0.00%	0.00%	0.00%	0.00%	32.86%	1.16%	7.13%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Perma-Pipe International's official financial filings.

Metric	Q2 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q3 2026	Q1 2027
Period end date	7/31/2023	4/30/2024	7/31/2024	10/31/2023	1/31/2024	4/30/2025	7/31/2025	10/31/2024	1/31/2025	10/31/2025	4/30/2026
DEI Shares Outstanding	8,007,002.00	8,016,781.00	8,017,981.00	8,063,501.00	8,063,501.00	7,982,568.00	7,982,568.00	-	7,982,568.00	8,094,045.00	8,123,273.00
DEI Adjusted Shares Outstanding	8,007,002.00	8,016,781.00	8,017,981.00	8,063,501.00	8,063,501.00	7,982,568.00	7,982,568.00	-	7,982,568.00	8,094,045.00	8,123,273.00
DEI Earnings Per Adjusted Shares Outstanding	0.13	0.18	0.41	0.24	0.47	0.62	0.11	-	0.09	0.78	0.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	15.73%	6.75%	20.54%	-12.79%	36.21%	27.69%	-9.03%	-33.10%	47.12%	0.00%
EBITDA Growth	0.00%	266.86%	91.67%	44.04%	-126.97%	125.33%	-41.03%	-16.04%	421.47%	80.08%	0.00%
EBIT Growth	0.00%	1,986.39%	120.20%	54.32%	-154.52%	155.69%	-48.13%	-0.02%	251.47%	105.87%	0.00%
NOPAT Growth	0.00%	4,074.00%	219.34%	51.95%	-152.75%	183.42%	-68.94%	-8.26%	308.62%	117.53%	0.00%
Net Income Growth	0.00%	259.39%	266.15%	94.68%	8.73%	227.04%	-70.54%	2.65%	-33.16%	129.19%	0.00%
EPS Growth	0.00%	228.57%	207.69%	14.29%	11.63%	238.89%	-75.00%	29.17%	-79.17%	148.39%	0.00%
Operating Cash Flow Growth	0.00%	-101.92%	1,113.31%	19.32%	84.35%	1,104.11%	-172.45%	0.00%	-15.35%	0.00%	0.00%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	93.38%	60.49%	-207.72%	153.22%	94.91%	0.00%
Invested Capital Growth	0.00%	27.04%	24.78%	0.00%	4.45%	8.83%	7.40%	0.00%	0.44%	14.23%	0.00%
Revenue Q/Q Growth	18.49%	-9.70%	9.30%	21.80%	-27.46%	41.04%	2.47%	0.00%	-46.65%	0.00%	0.00%
EBITDA Q/Q Growth	243.50%	-29.73%	79.47%	-5.69%	-122.67%	687.22%	-53.04%	0.00%	-24.06%	0.00%	0.00%
EBIT Q/Q Growth	1,785.71%	-34.45%	99.02%	-9.29%	-146.07%	407.41%	-59.63%	0.00%	-30.20%	0.00%	0.00%
NOPAT Q/Q Growth	2,707.62%	-15.57%	114.80%	-11.87%	-133.00%	553.60%	-76.46%	0.00%	-24.95%	0.00%	0.00%
Net Income Q/Q Growth	204.19%	-48.42%	139.33%	-21.48%	12.16%	55.16%	-78.44%	0.00%	-26.96%	0.00%	0.00%
EPS Q/Q Growth	192.86%	-58.14%	122.22%	-40.00%	100.00%	27.08%	-83.61%	0.00%	-67.74%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-107.29%	-101.89%	3,958.90%	249.57%	45.99%	-89.70%	-378.44%	0.00%	-34.64%	0.00%	189.81%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	13.91%	700.34%	-106.00%	78.64%	-413.61%	0.00%	102.96%	0.00%	0.00%
Invested Capital Q/Q Growth	11.65%	8.70%	9.66%	-100.00%	0.00%	13.25%	8.22%	0.00%	-10.84%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.93%	30.64%	35.92%	28.86%	12.92%	35.78%	30.11%	33.89%	36.15%	34.35%	29.12%
EBITDA Margin	10.38%	11.35%	18.64%	14.43%	-4.51%	18.78%	8.61%	13.32%	21.68%	18.64%	12.15%
Operating Margin	7.66%	9.13%	16.37%	13.22%	-5.90%	16.88%	6.65%	13.44%	16.41%	18.65%	9.23%
EBIT Margin	7.89%	8.94%	16.27%	12.12%	-7.70%	16.78%	6.61%	13.32%	17.43%	18.64%	9.01%
Profit (Net Income) Margin	3.33%	5.22%	11.42%	7.36%	11.38%	12.52%	2.63%	8.31%	11.37%	12.94%	5.15%
Tax Burden Percent	54.78%	69.92%	76.64%	68.70%	-119.55%	78.73%	45.87%	68.13%	78.49%	72.61%	66.04%
Interest Burden Percent	77.06%	83.47%	91.58%	88.44%	123.72%	94.82%	86.89%	91.55%	83.15%	95.64%	86.64%
Effective Tax Rate	45.22%	30.08%	23.36%	31.30%	0.00%	21.27%	54.13%	31.87%	21.51%	27.39%	33.96%
Return on Invested Capital (ROIC)	0.00%	12.87%	23.25%	0.00%	-8.10%	25.38%	5.70%	0.00%	25.92%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	8.16%	19.95%	0.00%	34.75%	16.50%	3.32%	0.00%	-2.22%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	1.08%	3.77%	0.00%	6.43%	0.81%	0.33%	0.00%	-0.03%	0.00%	0.00%
Return on Equity (ROE)	0.00%	13.95%	27.01%	0.00%	-1.67%	26.20%	6.03%	0.00%	25.88%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	18.85%	16.37%	12.35%	0.00%	17.84%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	9.33%	16.17%	0.00%	-8.32%	14.59%	6.61%	0.00%	17.20%	0.00%	0.00%
Return on Assets (ROA)	0.00%	5.45%	11.35%	0.00%	12.31%	10.89%	2.64%	0.00%	11.23%	0.00%	0.00%
Return on Common Equity (ROCE)	0.00%	13.19%	25.07%	0.00%	-1.59%	23.10%	5.30%	0.00%	23.01%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1.47	2.19	4.71	4.15	-1.37	6.21	1.46	3.81	2.86	8.28	3.06
NOPAT Margin	4.19%	6.38%	12.55%	9.08%	-4.13%	13.29%	3.05%	9.16%	12.88%	13.54%	6.09%
Net Nonoperating Expense Percent (NNEP)	2.41%	4.70%	3.30%	0.00%	-42.84%	8.88%	2.37%	8.47%	28.13%	7.75%	-20.81%
Return On Investment Capital (ROIC_SIMPLE)	1.90%	2.62%	5.09%	-	-1.72%	6.40%	1.46%	4.04%	3.36%	7.17%	2.51%
Cost of Revenue to Revenue	73.07%	69.36%	64.08%	71.14%	87.08%	64.22%	69.89%	66.11%	63.85%	65.65%	70.88%
SG&A Expenses to Revenue	19.27%	21.51%	19.55%	15.64%	18.82%	18.90%	23.46%	20.45%	19.74%	15.70%	19.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.27%	21.51%	19.55%	15.64%	18.82%	18.90%	23.46%	20.45%	19.74%	15.70%	19.89%
Earnings before Interest and Taxes (EBIT)	2.77	3.07	6.10	5.54	-2.55	7.84	3.17	5.54	3.86	11	4.53
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3.65	3.90	6.99	6.59	-1.50	8.78	4.12	5.54	4.81	11	6.11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.14	1.05	1.11	0.00	0.99	1.23	2.21	1.46	1.68	2.62	2.88
Price to Tangible Book Value (P/TBV)	1.18	1.09	1.15	0.00	1.02	1.27	2.27	1.50	1.73	2.68	2.95
Price to Revenue (P/Rev)	0.00	0.47	0.51	0.34	0.43	0.59	1.02	0.00	0.77	0.00	0.00
Price to Earnings (P/E)	0.00	8.10	7.06	4.93	6.18	6.85	15.33	0.00	13.50	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	12.34%	14.16%	20.27%	16.17%	14.59%	6.52%	0.00%	7.41%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.11	1.04	1.08	0.00	0.99	1.20	1.98	1.37	1.62	2.37	2.63
Enterprise Value to Revenue (EV/Rev)	0.00	0.58	0.65	0.00	0.52	0.66	1.10	0.00	0.81	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	4.69	4.52	0.00	4.85	5.12	10.57	0.00	5.33	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	5.83	5.42	0.00	6.38	6.31	13.59	0.00	6.27	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	8.45	7.33	0.00	4.35	5.04	10.50	0.00	8.90	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	5.27	6.88	17.81	8.05	9.19	10.90	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	5.35	7.65	16.57	0.00	9.12	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.25	0.31	0.00	0.19	0.21	0.21	0.29	0.16	0.30	0.27
Long-Term Debt to Equity	0.07	0.09	0.15	0.00	0.06	0.04	0.04	0.14	0.04	0.13	0.18
Financial Leverage	0.21	0.13	0.19	0.00	0.19	0.05	0.10	0.10	0.02	0.05	-0.02
Leverage Ratio	2.42	2.19	2.22	0.00	2.15	2.31	2.05	2.01	2.07	2.10	2.04
Compound Leverage Factor	1.87	1.82	2.03	0.00	2.66	2.19	1.78	1.84	1.72	2.01	1.77
Debt to Total Capital	25.21%	20.08%	23.76%	0.00%	16.11%	17.50%	17.64%	22.34%	13.45%	22.93%	21.38%
Short-Term Debt to Total Capital	19.62%	12.57%	12.16%	0.00%	11.18%	14.04%	14.34%	11.09%	9.63%	13.17%	7.52%
Long-Term Debt to Total Capital	5.59%	7.51%	11.60%	0.00%	4.93%	3.46%	3.31%	11.25%	3.82%	9.76%	13.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.19%	7.74%	8.01%	0.00%	7.30%	11.20%	10.89%	8.67%	11.42%	10.97%	11.93%
Common Equity to Total Capital	72.60%	72.18%	68.22%	0.00%	76.59%	71.29%	71.46%	68.99%	75.13%	66.10%	66.69%
Debt to EBITDA	0.00	1.00	1.11	0.00	0.86	0.92	1.10	0.00	0.54	0.00	0.00
Net Debt to EBITDA	0.00	0.51	0.60	0.00	0.41	-0.05	0.06	0.00	-0.17	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.38	0.54	0.00	0.26	0.18	0.21	0.00	0.15	0.00	0.00
Debt to NOPAT	0.00	1.81	1.80	0.00	0.77	0.90	1.09	0.00	0.90	0.00	0.00
Net Debt to NOPAT	0.00	0.91	0.98	0.00	0.37	-0.05	0.06	0.00	-0.29	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.68	0.88	0.00	0.24	0.18	0.20	0.00	0.26	0.00	0.00
Altman Z-Score	0.00	1.91	2.13	0.00	1.80	2.00	2.67	0.00	2.49	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	5.45%	7.21%	0.00%	4.83%	11.85%	12.00%	0.00%	11.11%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.62	1.67	1.82	0.00	1.71	1.95	1.88	1.94	2.01	1.76	2.31
Quick Ratio	1.20	1.14	1.21	0.00	1.20	1.44	1.38	1.36	1.44	1.30	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-15	-13	79	-4.72	-1.01	-5.17	-85	2.51	-4.31	0.00
Operating Cash Flow to CapEx	-7.79%	-12.39%	437.42%	69.90%	245.14%	79.07%	-80.01%	0.00%	456.21%	0.00%	487.24%
Free Cash Flow to Firm to Interest Expense	0.00	-30.00	-25.48	122.84	-7.80	-2.48	-12.47	-180.96	3.86	-8.67	0.00
Operating Cash Flow to Interest Expense	-0.44	-0.14	5.48	7.61	11.76	1.81	-4.92	0.00	9.25	0.00	10.10
Operating Cash Flow Less CapEx to Interest Expense	-6.05	-1.31	4.23	-3.28	6.96	-0.48	-11.07	0.00	7.22	0.00	8.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.04	0.99	0.00	1.08	0.87	1.00	0.00	0.99	0.00	0.00
Accounts Receivable Turnover	0.00	2.63	2.48	0.00	2.58	2.50	2.62	0.00	2.53	0.00	0.00
Inventory Turnover	0.00	7.44	6.97	0.00	7.21	7.71	7.88	0.00	6.54	0.00	0.00
Fixed Asset Turnover	0.00	4.41	4.13	0.00	4.70	4.40	4.58	0.00	4.34	0.00	0.00
Accounts Payable Turnover	0.00	5.40	4.76	0.00	5.45	5.16	5.80	0.00	4.29	0.00	0.00
Days Sales Outstanding (DSO)	0.00	138.58	147.38	0.00	141.58	145.82	139.17	0.00	144.41	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	49.08	52.34	0.00	50.60	47.34	46.34	0.00	55.83	0.00	0.00
Days Payable Outstanding (DPO)	0.00	67.64	76.62	0.00	66.97	70.71	62.93	0.00	85.08	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	120.01	123.11	0.00	125.21	122.45	122.58	0.00	115.16	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	72	82	90	0.00	79	89	96	88	79	101	106
Invested Capital Turnover	0.00	2.02	1.85	0.00	1.96	1.91	1.87	0.00	2.01	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	17	18	-74	3.35	7.22	6.64	88	0.35	13	0.00
Enterprise Value (EV)	80	85	97	0.00	78	107	190	121	128	240	280
Market Capitalization	65	69	76	54	65	96	177	104	121	224	266
Book Value per Share	$7.18	$8.18	$8.55	$0.00	$8.15	$9.75	$10.05	$8.93	$9.04	$10.59	$11.36
Tangible Book Value per Share	$6.90	$7.91	$8.28	$0.00	$7.87	$9.48	$9.78	$8.66	$8.78	$10.33	$11.09
Total Capital	79	91	101	0.00	86	109	112	103	96	130	138
Total Debt	20	18	24	0.00	14	19	20	23	13	30	30
Total Long-Term Debt	4.43	6.82	12	0.00	4.23	3.78	3.71	12	3.67	13	19
Net Debt	13	9.17	13	0.00	6.58	-1.14	1.10	8.33	-4.20	1.09	-2.27
Capital Expenditures (CapEx)	3.57	0.59	0.64	6.97	2.90	0.93	2.55	0.00	1.32	0.00	1.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	44	42	47	0.00	43	54	56	47	47	54	62
Debt-free Net Working Capital (DFNWC)	51	51	58	0.00	51	74	75	62	64	82	93
Net Working Capital (NWC)	36	40	45	0.00	41	59	59	51	55	65	83
Net Nonoperating Expense (NNE)	0.30	0.40	0.42	0.78	-5.14	0.36	0.20	0.35	0.33	0.37	0.47
Net Nonoperating Obligations (NNO)	13	9.17	13	0.00	6.58	-1.14	3.85	8.33	-4.20	1.09	-2.27
Total Depreciation and Amortization (D&A)	0.88	0.83	0.89	1.06	1.06	0.94	0.96	0.00	0.94	0.00	1.58
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	28.48%	31.21%	0.00%	28.82%	33.13%	32.23%	0.00%	29.59%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	34.63%	38.48%	0.00%	33.63%	45.55%	43.01%	0.00%	40.40%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	26.88%	30.32%	0.00%	27.26%	36.14%	33.74%	0.00%	34.56%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.18	$0.00	$0.00	$0.48	$0.62	$0.11	$0.31	$0.09	$0.78	$0.22
Adjusted Weighted Average Basic Shares Outstanding	0.00	7.91M	0.00	0.00	7.98M	7.98M	8.01M	7.98M	7.96M	8.09M	8.12M
Adjusted Diluted Earnings per Share	$0.00	$0.18	$0.00	$0.00	$0.48	$0.61	$0.10	$0.31	$0.10	$0.77	$0.22
Adjusted Weighted Average Diluted Shares Outstanding	0.00	8.06M	0.00	0.00	8.07M	8.08M	8.13M	8.03M	8.02M	8.18M	8.24M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	8.02M	0.00	0.00	8.02M	7.98M	8.09M	7.98M	7.98M	8.09M	8.13M
Normalized Net Operating Profit after Tax (NOPAT)	1.47	2.19	4.71	4.15	-1.37	6.21	2.23	3.81	2.86	8.28	3.06
Normalized NOPAT Margin	4.19%	6.38%	12.55%	9.08%	-4.13%	13.29%	4.66%	9.16%	12.88%	13.54%	6.09%
Pre Tax Income Margin	6.08%	7.46%	14.90%	10.72%	-9.52%	15.91%	5.74%	12.19%	14.49%	17.83%	7.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.36	6.05	11.88	8.65	-4.22	19.32	7.63	11.83	5.94	22.93	7.48
NOPAT to Interest Expense	2.32	4.32	9.16	6.48	-2.26	15.30	3.52	8.13	4.39	16.66	5.06
EBIT Less CapEx to Interest Expense	-1.25	4.89	10.62	-2.24	-9.01	17.03	1.48	0.00	3.91	0.00	5.41
NOPAT Less CapEx to Interest Expense	-3.30	3.16	7.90	-4.41	-7.06	13.01	-2.62	0.00	2.36	0.00	2.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	7.11%	7.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Perma-Pipe International (NASDAQ: PPIH) showed a mixed but generally improving financial profile over the last several years, with stronger revenue and earnings in recent quarters, but also some balance sheet and cash flow volatility that investors should watch closely.

Revenue growth has been strong recently. Q1 2027 revenue was $50.3 million, up from $22.2 million in Q4 2025 and $33.1 million in Q4 2024, showing a much larger business run-rate than a year ago.
Profitability improved meaningfully from early 2025. Q1 2027 net income attributable to common shareholders was $1.8 million, compared with $689,000 in Q4 2025 and $851,000 in Q2 2025.
Gross margin improved year over year in the latest quarter. Q1 2027 gross profit was $14.6 million on $50.3 million of revenue, versus $8.0 million on $22.2 million in Q4 2025.
Operating income remained solid in the latest quarter. PPIH generated $4.6 million of operating income in Q1 2027, continuing a multi-quarter pattern of positive operating earnings after the weaker Q4 2024 period.
Operating cash flow was strong in Q1 2027. The company produced $6.1 million in operating cash flow, which is a healthy sign for earnings quality.
Cash and equivalents increased sharply from last year. Cash and equivalents rose to $28.3 million in Q1 2027 from $13.3 million in Q3 2025 and $7.7 million in Q1 2024.
Book equity expanded over time. Total common equity increased to $92.2 million in Q1 2027 from $56.9 million in Q3 2023, reflecting retained earnings growth and a stronger balance sheet base.
Quarterly results have been volatile. PPIH has posted periods of very strong earnings and cash flow, but also weaker quarters, including negative operating cash flow in Q4 2026 and Q2 2025.
Accounts receivable remain large. Receivables were $82.7 million in Q1 2027, a substantial portion of current assets, so collections matter for future liquidity.
Working capital swings are a major driver of cash flow. Changes in operating assets and liabilities were positive in Q1 2027, but negative in some prior quarters, which makes cash generation less predictable.
Debt levels are still meaningful. Q1 2027 showed $10.4 million of short-term debt and $19.2 million of long-term debt, so leverage is not negligible.
Current liabilities remain elevated. Total current liabilities were $63.4 million in Q1 2027, versus $146.4 million in current assets, leaving less flexibility than the raw cash balance might suggest.
Noncontrolling interests and redeemable interests are significant. PPIH had $16.5 million of redeemable noncontrolling interest in Q1 2027, which reduces the portion of value attributable to common shareholders.
Operating cash flow can swing sharply quarter to quarter. For example, operating cash flow fell to negative $6.8 million in Q4 2026 after being positive in Q1 2027, highlighting some earnings/cash volatility.

Bottom line: Perma-Pipe International has shown clear improvement in revenue, earnings, and liquidity compared with earlier periods, and the latest quarter was particularly strong. That said, investors should keep an eye on debt, working capital swings, and the company’s quarterly volatility before assuming the recent strength is fully durable.

07/17/26 01:10 AM ETAI Generated. May Contain Errors.

Perma-Pipe International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Perma-Pipe International's financial year ends in January. Their financial year 2026 ended on January 31, 2026.

Perma-Pipe International's net income appears to be on an upward trend, with a most recent value of $20.65 million in 2026, falling from -$4.41 million in 2015. The previous period was $13.09 million in 2025. Find out what analysts predict for Perma-Pipe International in the coming months.

Perma-Pipe International's total operating income in 2026 was $29.45 million, based on the following breakdown:

Total Gross Profit: $69.49 million
Total Operating Expenses: $40.04 million

Over the last 10 years, Perma-Pipe International's total revenue changed from $122.70 million in 2015 to $210.93 million in 2026, a change of 71.9%.

Perma-Pipe International's total liabilities were at $111.19 million at the end of 2026, a 35.4% increase from 2025, and a 61.0% increase since 2015.

In the past 10 years, Perma-Pipe International's cash and equivalents has ranged from $5.77 million in 2023 to $18.72 million in 2026, and is currently $18.72 million as of their latest financial filing in 2026.

Over the last 10 years, Perma-Pipe International's book value per share changed from 9.47 in 2015 to 11.20 in 2026, a change of 18.2%.

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Financial statements for NASDAQ:PPIH last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Perma-Pipe International (PPIH) Financials

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Perma-Pipe International (PPIH) Financials

Annual Income Statements for Perma-Pipe International

Quarterly Income Statements for Perma-Pipe International

Annual Cash Flow Statements for Perma-Pipe International

Quarterly Cash Flow Statements for Perma-Pipe International

Annual Balance Sheets for Perma-Pipe International

Quarterly Balance Sheets for Perma-Pipe International

Annual Metrics And Ratios for Perma-Pipe International

Quarterly Metrics And Ratios for Perma-Pipe International

Financials Breakdown Chart

Key Financial Trends

Perma-Pipe International Financials - Frequently Asked Questions

When does Perma-Pipe International's fiscal year end?

How has Perma-Pipe International's net income changed over the last 10 years?

What is Perma-Pipe International's operating income?

How has Perma-Pipe International's revenue changed over the last 10 years?

How much debt does Perma-Pipe International have?

How much cash does Perma-Pipe International have?

How has Perma-Pipe International's book value per share changed over the last 10 years?

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