Perma-Pipe International Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Perma-Pipe International Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2019	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025	FY2026
Revenue	98.8	105	129	128	84.7	139	143	151	158	211
Cost of revenue	87.1	93.5	106	98.6	73.5	106	104	109	105	141
Gross profit	11.7	11.7	23.3	29	11.2	32.5	38.3	41.5	53.2	69.5
Research and development	0.2	0.3	0.2	0.3	0.3	0.4	0.6	0.5	0.1
General and administrative	17.6	16.2	15.4	18.9	17.2	19.9	22	22.6	28	35.3
Operating expenses	23.3	21.3	20.6	24.2	22.6	24.4	27.2	28.1	32.9	40
Operating income	-11.6	-9.51	2.72	4.88	-11.4	8.11	11.1	13.4	20.3	29.4
Interest expense	0.75	0.81	1.29	1.11	0.65	0.92	2.24	2.43	2.22	2.12
Interest income	0.18	0.11	0.16	0.2	0.27	0.09	0.12	0.16	0.28	0.3
Other non-operating income				1.06	3.98	1.04	0.53	-1.2	0.11	-0.13
Pre-tax income	-13.8	-10.2	1.6	5.04	-7.78	8.33	9.56	9.89	18.5	27.5
Income tax	-0.61	-0.23	2.15	1.46	-0.13	2.27	3.61	-3.32	5.38	6.84
Income from continuing operations	-13.2	-9.98
Net income to minority interests							0	2.74	4.11	3.61
Net income	-12.5	-9.98	-0.55	3.58	-7.64	6.06	5.95	10.5	8.98	17
EBITDA	-6.06	-4.48	7.3	9.32	-6.64	12.4	14.8	17.2	23.9	34.4
EPS, basic	-1.67	-1.30	-0.07	0.45	-0.94	0.75	0.75	1.31	1.13	2.12
EPS, diluted	-1.67	-1.30	-0.07	0.42	-0.94	0.72	0.73	1.30	1.12	2.09
Shares, basic (weighted)	7.49	7.68	7.81	7.99	8.13	8.11	7.98	7.98	7.96	8.05
Shares, diluted (weighted)	7.49	7.68	7.81	8.42	8.13	8.4	8.12	8.07	8.02	8.15

Balance sheet

	FY2016	FY2017	FY2019	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	7.6	7.08	10.2	13.4	7.17	8.21	5.77	5.85	15.7	18.7
Receivables	31.3	32.9	32.5	29.4	25.2	44.4	42	46.6	43.1	66
Inventory	13.6	16.9	12.3	14.5	12.2	13.8	14.7	15.5	16.6	18.1
Other current assets	2.17	2.7	3.77	3.53	3.86	5.44	7.36	9.7	10	0.89
Total current assets	57.8	62.3	63	64.3	53.9	78.4	85.7	98.8	109	147
Property, plant and equipment	36.3	34.5	30.4	28.6	26.9	24.8	26.5	37.6	35.4	44.1
Lease right-of-use assets				11.5	13.4	11.2	4.53	6.47	8.2	13.1
Goodwill	2.28	2.42	2.27	2.25	2.33	2.34	2.23	2.22	2.06	2.19
Other non-current assets	5.09	4.94	6.12	5.32	5.38	5.89	3.34	2.67	4.18	5.44
Total assets	102	105	102	112	103	123	123	156	165	217
Accounts payable	10.9	14.2	12	9.58	10.4	13.6	14.8	25.3	23.7	24.5
Accrued liabilities	2.36	4.12	3.86	3.44	2.62	4.62	5.55	9.04	6.7	7.24
Deferred revenue		1.97	1.57	1.17	0.76	1.3	1.3	0.5	1.25	2.15
Short-term debt	4.52	8.04	9.54	10	6.78	7.38	10.6	9.59	9.25	19.8
Total current liabilities	28	39.2	37.1	32.8	28.3	38.4	43.8	57.7	54.1	79.8
Long-term debt	7.26	7.73	6.75	6.72	6.27	5.06	4.39	4.23	3.67	12.7
Lease liabilities				11.2	13.2	11.3	4.25	6.27	7.71	12.1
Other non-current liabilities	0.54	0.52	1.35	0.58	0.65	0.8	1.02	1.28	2.13	2.98
Total liabilities	42.2	52.8	50.5	56.6	53.4	68.9	65.2	90	93.1	127
Total debt	11.8	15.8	16.3	6.72	6.27	14.4	13.6	15.2	15.2	12.7
Paid-in capital	55.4	56.3	58.8	60	60.9	61.8	62.6	60.1	60.2	61.1
Retained earnings		-3.74	-4.29	-0.72	-8.36	-2.3	1.62	12.1	20.1	37.1
Treasury stock	-0.17	0			0	-1.99	-0.03	-0.97	0
Other comprehensive income	-2.72	-1.47	-2.88	-3.76	-3.29	-3.1	-6.45	-5.55	-8.2	-7.68
Shareholders' equity	59.4	51.2	51.7	55.6	49.3	54.5	57.8	65.7	72.1	90.6
Total equity	59.4	51.8	51.7	55.6	49.3	54.5	57.8	65.7	72.1	90.6
Total liabilities and equity	102	105	102	112	103	123	123	156	165	217
Shares outstanding	7.6	7.72	7.85	8.05	8.17	8.15	8	8.02	7.98	8.12

Cash flow statement

	FY2016	FY2017	FY2019	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025	FY2026
Net income	-12.5	-9.98	-0.55	3.58	-7.64	6.06	5.95	13.2	13.1	20.6
Depreciation and amortization	5.52	5.03	4.58	4.44	4.74	4.32	3.65	3.83	3.63	4.91
Stock-based compensation	1.45	1.45	1.17	1.01	1.04	1.1	1	0.91	0.86	2.54
Deferred income tax	-0.03	-0.96	0.21	-0.21	-0.67	-0.2	0.48	-6.92	1.62	1.12
Change in receivables	13.7	-1.08	-0.35	1.75	2.6	-21.3	-3.23	-4.86	2.47	-22.6
Change in inventory	5.45	-3.27	4.36	-2.23	2.42	-1.62	-1.51	-0.83	-1.82	-1.36
Change in payables	-1.92	4.55	-3.58	-2.61	0.73	3.2	1.09	8.81	-1.17	0.48
Cash from operations	-5.46	-1.84	4.98	4.09	0.17	-2.57	-1.24	14.7	13.9	9.17
Capital expenditures	-2.26	-2.53	-1.36	-1.9	-1.96	-2.26	-6.98	-11.1	-2.88	-10.4
Acquisitions	-7.59
Sales and maturities of investments	0	0.14
Cash from investing	10.2	-2.39	-1.36	-1.9	-1.96	-2.25	-6.38	-11.1	-2.85	-10.4
Debt issued					0.02
Debt repaid	-10.2	-0.21	0
Stock issued	0.3	-0.21	0.5	0.4
Share buybacks					0	-1.99	-0.07	-0.94	0
Cash from financing	-14.9	3.46	1.13	-0.3	-4.14	6.23	4.54	-3.26	-0.91	6.59
Exchange rate effect	-0.07	0.4	-0.34	0.03	-0.34	-0.01	0.1	0.07	-0.3	-0.15
Net change in cash	-10.3	-0.38	4.42	1.92	-6.28	1.4	-2.98	0.45	9.88	5.18
Free cash flow	-7.71	-4.37	3.62	2.19	-1.8	-4.84	-8.22	3.63	11.1	-1.27
Interest paid	0.77	0.8	1.3	0.9	0.54	0.79	2.05	2.29	1.93	1.77
Income taxes paid	1.38	1.08	1.73	2.11	0.11	1.35	2.48	3.28	3.71	4.06

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $31.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.1%	Gross profit / revenue.
Operating margin	12.1%	Operating income / revenue.
EBITDA margin	14.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.1%	Pre-tax income / revenue.
Net margin	6.9%	Net income / revenue.
FCF margin	6.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.5%	Cash from operations / revenue.
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.7%	Net income / average total assets.
Return on invested capital (ROIC)	23.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.5%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	33.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	30.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	44.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	45.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	38.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	43.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	32.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	89.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	42.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	86.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	42.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-34.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	123.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-111.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	25.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.19x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.9%	Total debt / total assets.
Liabilities / assets	59.8%	Total liabilities / total assets.
Net debt	-$1.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$83.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$91.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
Fixed asset turnover	4.95x	Revenue / average property, plant and equipment.
Inventory turnover	8.17x	Cost of revenue / average inventory.
Days inventory	45 days	365 x average inventory / cost of revenue.
Receivables turnover	4.63x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	84 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	40 days	Days inventory + days sales outstanding - days payables.
FCF conversion	87.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	42.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.37	Revenue / diluted weighted shares.
FCF per share	$1.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.88	Cash from operations / diluted weighted shares.
Book value per share	$11.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.15	Tangible book value / shares outstanding.
Cash per share	$3.88	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$257.9M	Share price x shares outstanding.
Enterprise value	$256.1M	Market cap + total debt - cash - short-term investments.
P/E	16.6x	Market cap / net income. Only when net income is positive.
P/S	1.14x	Market cap / revenue.
P/B	2.76x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.82x	Market cap / tangible book value, when positive.
P/FCF	18.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.8x	Market cap / cash from operations, when positive.
EV/Sales	1.13x	Enterprise value / revenue.
EV/EBIT	9.39x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.64x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
PEG	0.39x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Perma-Pipe International Holdings, Inc.'s revenue in fiscal 2026?

Perma-Pipe International Holdings, Inc. reported revenue of $210.9M for fiscal 2026, 33.2% higher than the year before.

Was Perma-Pipe International Holdings, Inc. profitable in fiscal 2026?

Yes. Net income was $17.0M, a net margin of 8.1%.

How much free cash flow did Perma-Pipe International Holdings, Inc. generate in fiscal 2026?

Cash from operations of $9.2M minus capital expenditures of $10.4M left free cash flow of -$1.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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