PPIH
Perma-Pipe International Holdings, Inc.Industrials·Construction
$30.69
$249M market cap
Revenue
$210.9M
Free Cash Flow
$-1.3M
Rev Growth
+22.5%
FCF Margin
-0.6%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Perma-Pipe International Holdings, Inc., together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers provides and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas ga
2-Year Price History
$31.24+237.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q4 | 55.1 | 9.0 | 7.0 | 4.9 | -6.8 | -8.8 | -2.0 | 18.7 | 46.9 | 8.2 | 28.4% | 17.8x | 7.6x |
| Act | 2026-Q3 | 61.2 | 12.4 | 11.4 | 6.3 | 17.3 | 12.4 | -4.9 | 27.2 | 42.8 | 8.2 | 42.8% | 24.9x | 7.4x |
| Act | 2026-Q2 | 47.9 | 4.1 | 3.2 | 0.9 | -2.0 | -4.6 | -2.6 | 17.3 | 44.0 | 8.1 | 11.1% | 9.9x | -- |
| Act | 2026-Q1 | 46.8 | 8.8 | 7.9 | 5.0 | 0.7 | -0.2 | -0.9 | 18.8 | 37.2 | 8.1 | 38.3% | 21.6x | -- |
| Act | 2025-Q4 | 45.0 | 6.9 | 5.4 | 1.8 | 6.0 | 4.7 | -1.3 | 15.7 | 33.3 | 8.0 | 26.5% | 9.4x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2026 | 31.24 | — | 16.3% | 34 | 8.2× | n/m | 14.9× | 1.2× |
| TTM | 30.69 | +5.0% | 16.3% | 34 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$30.69
Market Cap$249M
Enterprise Value$277M
P/S Ratio1.2x
P/FCF--
EV/FCF--
FCF Margin (TTM)-0.6%
FCF Yield-0.5%
Dividend Yield (TTM)--
Annual Dilution2.4%
CurrencyUSD
TTM Financial Snapshot
Revenue$210.9M
Net Income$17.0M
Free Cash Flow$-1.3M
Revenue Growth (YoY)+22.5%
EBITDA Margin16.3%
Net Margin8.1%
FCF Margin-0.6%
CapEx % of Revenue4.9%
SBC % of Revenue1.2%
ROIC30.2%
WC Change % Rev-16.6%
Interest Coverage18.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover1.0
Change (vs Prior)-12.9%
Need at least 2 settlement dates for chart
Employees
Headcount750
Revenue / Employee$281,235
Gross Profit / Employee$92,652
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
35.6%(+24.7% YoY)
70 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
11.3%(+6.4% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
2.2%(+1.9% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RAYMOND JAMES FINANCIAL INC | $15.2M | $12.55 | −$1.4M | −$4.4M | -0.0% | $322.69B |
| DIMENSIONAL FUND ADVISORS LPPassive | $11.6M | $12.25 | −$1.1M | −$2.8M | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $9.6M | $29.81 | +$9.6M | +$9.6M | — | $4.04T |
| CALDWELL SUTTER CAPITAL, INC. | $7.0M | $10.27 | −$30K | +$243K | -1.6% | $246M |
| RENAISSANCE TECHNOLOGIES LLC | $6.2M | $23.80 | +$1.8M | +$629K | +1.2% | $63.91B |
| WEDBUSH SECURITIES INC | $5.9M | $8.23 | −$237K | −$5.0M | -0.4% | $3.43B |
| MILLENNIUM MANAGEMENT LLC | $5.2M | $29.39 | +$3.9M | +$5.2M | -0.5% | $127.40B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $4.6M | $23.88 | +$2.5M | +$2.4M | +0.1% | $184.72B |
| MORGAN STANLEY | $4.6M | $14.34 | +$171K | +$643K | -0.3% | $1.65T |
| AMERICAN CENTURY COMPANIES INC | $4.4M | $22.43 | +$1.8M | +$2.7M | +0.7% | $193.48B |
| ROYCE & ASSOCIATES LP | $3.9M | $26.11 | −$546K | +$3.9M | -0.9% | $10.09B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $3.7M | $26.34 | −$894K | +$2.6M | -0.6% | $77.14B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $2.8M | $11.82 | +$77K | +$256K | +2.3% | $1.61T |
| SHUFRO ROSE & CO LLC | $2.1M | $9.00 | +$0 | +$0 | -0.2% | $1.47B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2.0M | $19.08 | +$99K | +$190K | -2.3% | $4.93B |
| Meros Investment Management, LP | $1.9M | $29.81 | +$1.9M | +$1.9M | -3.2% | $226M |
| JANE STREET GROUP, LLCMM | $1.8M | $25.27 | −$708K | +$1.2M | -0.1% | $92.10B |
| Qube Research & Technologies Ltd | $1.6M | $28.95 | +$680K | +$1.6M | +0.3% | $70.36B |
| VANGUARD FIDUCIARY TRUST COPassive | $1.4M | $29.81 | +$1.4M | +$1.4M | — | $395.83B |
| Invesco Ltd. | $1.4M | $30.36 | −$1.5M | +$1.4M | -0.2% | $652.04B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.12%
avg per quarter
Holders (ex-self)
-0.14%
excl. this stock
Buyers (this Q)
-0.18%
43 buyers · $0.03B in
Sellers (this Q)
-0.38%
22 sellers · $0.01B out
alpha coverage: 91% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-7.8%
how holders react when this stock falls
On quiet Qs
-26.0%
−10% to +10% baseline
On rallies (+10%+)
+0.4%
how they react when this stock rises
Holders' portfolio flow this Q
+1.8%
inflows — adds are organic
Sellers' portfolio flow this Q
+3.5%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.6%
Holder mid (any stock)
-4.1%
Holder rally (any stock)
-5.1%
Biggest decreases this quarter
Invesco Ltd.−$1.5Mα-0.2RAYMOND JAMES FINANCIAL INC−$1.4Mα-0.0DIMENSIONAL FUND ADVISORS LP−$1.1Mα-0.4SUSQUEHANNA INTERNATIONAL GROUP, LLP−$894Kα-0.6JANE STREET GROUP, LLC−$708Kα-0.1ROYCE & ASSOCIATES LP−$546Kα-0.9CANNELL CAPITAL LLCexited−$458KGAMCO INVESTORS, INC. ET ALexited−$375KExodusPoint Capital Management, LPexited−$314KBrendel Financial Advisors LLCexited−$308K
New buyers this quarter
Top-5 holders · 39.7%
RAYMOND JAMES FINANCIAL INC--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
CALDWELL SUTTER CAPITAL, INC.--
RENAISSANCE TECHNOLOGIES LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RAYMOND JAMES FINANCIAL INC508KCALDWELL SUTTER CAPITAL, INC.234KWEDBUSH SECURITIES INC196KRENAISSANCE TECHNOLOGIES LLC209KMILLENNIUM MANAGEMENT LLC173KARROWSTREET CAPITAL, LIMITED PARTNERSHIP155KMORGAN STANLEY153KROYCE & ASSOCIATES LP131KAMERICAN CENTURY COMPANIES INC149KInvesco Ltd.46K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (1 analysts)$36.001730.0%
Current Price$30.69
Analyst Ratings
1
Buy: 1Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
21.1%retail+4.5pp
18.3%dark-3.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.