For the twelve months ended Jul 31, 2026, Perma-Pipe International Holdings Inc. reported $226.11M of revenue and $15.58M of net income.
PPIH revenue was $59.57M in fiscal Q2 2026 (ended Jul 31, 2026), up 24.4% from a year earlier and up 18.5% from the prior quarter. For the full fiscal 2025 it was $210.93M, up 33.2% from fiscal 2024. Compound annual growth was +20.0% over 5 years and +5.6% over 10 years. It rose in 7 of the last 10 fiscal years.
PPIH net income was $2.55M in fiscal Q2 2026 (ended Jul 31, 2026), up 199.3% from a year earlier and up 41.4% from the prior quarter. For the full fiscal 2025 it was $17.04M, up 89.6% from fiscal 2024. It rose in 2 of the last 4 fiscal years.
PPIH diluted EPS was $0.31 in fiscal Q2 2026 (ended Jul 31, 2026), up 210.0% from a year earlier and up 40.9% from the prior quarter. For the full fiscal 2025 it was $2.09, up 86.6% from fiscal 2024.
PPIH free cash flow was $5.28M in fiscal Q2 2026 (ended Jul 31, 2026), compared with -$4.59M a year earlier and up 8.7% from the prior quarter. For the full fiscal 2025 it was -$1.27M, compared with $11.05M in fiscal 2024.
| Line item | Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | Jan 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $210.93M | $158.38M | $150.67M | $142.57M | $138.55M | $84.69M | $127.66M | $128.97M | $105.25M | $98.84M |
| Cost of revenue | $141.44M | $105.14M | $109.21M | $104.27M | $106.02M | $73.52M | $98.62M | $105.65M | $93.51M | $87.13M |
| Gross profit | $69.49M | $53.25M | $41.46M | $38.30M | $32.53M | $11.18M | $29.05M | $23.32M | $11.74M | $11.72M |
| Research and development | - | $100.0K | $500.0K | $600.0K | $400.0K | $300.0K | $300.0K | $200.0K | $300.0K | $200.0K |
| Selling, general and admin | $35.29M | $28.00M | $22.59M | $21.99M | $19.89M | $17.22M | $18.93M | $15.36M | $16.21M | $17.58M |
| Operating income | $29.45M | $20.30M | $13.36M | $11.14M | $8.11M | -$11.38M | $4.88M | $2.72M | -$9.51M | -$11.58M |
| Interest expense | $2.12M | $2.22M | $2.43M | $2.24M | $918.0K | $649.0K | $1.11M | $1.29M | $808.0K | $746.0K |
| Pre-tax income | $27.49M | $18.47M | $9.89M | $9.56M | $8.33M | -$7.78M | $5.04M | $1.60M | -$10.21M | -$13.77M |
| Income tax | $6.84M | $5.38M | -$3.32M | $3.61M | $2.27M | -$133.0K | $1.46M | $2.15M | -$233.0K | -$611.0K |
| Net income | $17.04M | $8.98M | $10.47M | $5.95M | $6.06M | -$7.64M | $3.58M | -$550.0K | -$9.98M | -$12.47M |
| EPS, basic | $2.12 | $1.13 | $1.31 | $0.75 | $0.75 | -$0.94 | $0.45 | -$0.07 | -$1.30 | -$1.67 |
| EPS, diluted | $2.09 | $1.12 | $1.30 | $0.73 | $0.72 | -$0.94 | $0.42 | -$0.07 | -$1.30 | -$1.67 |
| Diluted shares | 8.1M | 8.0M | 8.1M | 8.1M | 8.4M | 8.1M | 8.4M | 7.8M | 7.7M | 7.5M |
| Line item | Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | Jan 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.72M | $15.72M | $5.84M | $5.77M | $8.21M | $7.17M | $13.37M | $10.16M | $7.08M | $8.70M |
| Receivables | $66.02M | $43.15M | $46.65M | $42.01M | $44.45M | $25.23M | $29.40M | $32.51M | $32.94M | $31.27M |
| Inventory | $18.11M | $16.62M | $15.54M | $14.74M | $13.76M | $12.16M | $14.50M | $12.29M | $16.86M | $13.56M |
| Current assets | $146.73M | $108.80M | $98.82M | $85.66M | $78.39M | $53.88M | $64.25M | $62.96M | $62.32M | $57.82M |
| Goodwill | $2.19M | $2.06M | $2.22M | $2.23M | $2.34M | $2.33M | $2.25M | $2.27M | $2.42M | $2.28M |
| Total assets | $217.49M | $165.24M | $155.71M | $122.97M | $123.40M | $102.69M | $112.22M | $102.20M | $104.58M | $101.61M |
| Current liabilities | $79.79M | $54.06M | $57.74M | $43.79M | $38.40M | $28.25M | $32.84M | $37.09M | $39.18M | $28.00M |
| Short-term debt | $19.84M | $9.25M | $9.25M | $10.61M | $7.38M | $6.78M | $10.04M | $9.54M | $8.04M | $4.52M |
| Long-term debt | $12.70M | $3.67M | $4.23M | $4.39M | $5.06M | $6.27M | $6.72M | $6.75M | $7.73M | $7.26M |
| Total debt | $32.54M | $12.91M | $13.48M | $15.00M | $12.44M | $13.04M | $16.76M | $16.29M | $15.77M | $11.78M |
| Total liabilities | - | - | - | - | - | - | - | - | $52.77M | $42.20M |
| Shareholders' equity | $90.64M | $72.14M | $65.71M | $57.78M | $54.46M | $49.31M | $55.63M | $51.70M | $51.17M | $59.41M |
| Line item | Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | Jan 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9.17M | $13.93M | $14.73M | -$1.24M | -$2.57M | $165.0K | $4.09M | $4.98M | -$1.84M | -$5.46M |
| Capital expenditures | $10.44M | $2.88M | $11.11M | $6.97M | $2.26M | $1.96M | $1.90M | $1.36M | $2.53M | $2.26M |
| Free cash flow | -$1.27M | $11.05M | $3.63M | -$8.22M | -$4.84M | -$1.80M | $2.19M | $3.62M | -$4.37M | -$7.71M |
| Investing cash flow | -$10.42M | -$2.85M | -$11.10M | -$6.38M | -$2.25M | -$1.96M | -$1.90M | -$1.36M | -$2.39M | $10.22M |
| Financing cash flow | $6.59M | -$907.0K | -$3.26M | $4.54M | $6.23M | -$4.14M | -$301.0K | $1.13M | $3.46M | -$14.95M |
| Share repurchases | - | $0 | $942.0K | $69.0K | $1.99M | $0 | - | - | - | - |
| Stock-based compensation | $2.54M | $860.0K | $913.0K | $1.00M | $1.10M | $1.04M | $1.01M | $1.17M | $1.45M | $1.45M |
| Depreciation and amortization | $4.91M | $3.63M | $3.83M | $3.65M | $4.32M | $4.74M | $4.44M | $4.58M | $5.03M | $5.52M |
| Line item | Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | Jan 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 33.2% | 5.1% | 5.7% | 2.9% | 63.6% | -33.7% | -1.0% | 22.5% | 6.5% | -19.4% |
| Net income growth, YoY | 89.6% | -14.2% | 76.1% | -1.9% | - | - | - | - | - | - |
| EPS growth, YoY | 86.6% | -13.8% | 78.1% | 1.4% | - | - | - | - | - | - |
| Gross margin | 32.9% | 33.6% | 27.5% | 26.9% | 23.5% | 13.2% | 22.8% | 18.1% | 11.2% | 11.9% |
| Operating margin | 14.0% | 12.8% | 8.9% | 7.8% | 5.9% | -13.4% | 3.8% | 2.1% | -9.0% | -11.7% |
| Net margin | 8.1% | 5.7% | 6.9% | 4.2% | 4.4% | -9.0% | 2.8% | -0.4% | -9.5% | -12.6% |
| Free cash flow margin | -0.6% | 7.0% | 2.4% | -5.8% | -3.5% | -2.1% | 1.7% | 2.8% | -4.2% | -7.8% |
| Return on equity | 18.8% | 12.5% | 15.9% | 10.3% | 11.1% | -15.5% | 6.4% | -1.1% | -19.5% | -21.0% |
| Return on assets | 7.8% | 5.4% | 6.7% | 4.8% | 4.9% | -7.4% | 3.2% | -0.5% | -9.5% | -12.3% |
| Current ratio | 1.84 | 2.01 | 1.71 | 1.96 | 2.04 | 1.91 | 1.96 | 1.70 | 1.59 | 2.07 |
| Debt to equity | 0.36 | 0.18 | 0.21 | 0.26 | 0.23 | 0.26 | 0.30 | 0.32 | 0.31 | 0.20 |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.57M | $50.27M | $55.13M | $61.15M | $47.90M | $46.75M | $44.99M | $41.56M | $37.51M | $34.32M | $40.18M | $45.69M |
| Cost of revenue | $42.16M | $35.63M | $37.79M | $40.14M | $33.48M | $30.02M | $29.82M | $27.48M | $24.04M | $23.80M | $28.14M | $32.51M |
| Gross profit | $17.41M | $14.64M | $17.34M | $21.00M | $14.42M | $16.72M | $15.17M | $14.09M | $13.47M | $10.52M | $12.03M | $13.18M |
| Selling, general and admin | $11.87M | $8.84M | $9.17M | $8.35M | $10.03M | $7.75M | $8.54M | $7.33M | $5.98M | $6.15M | $6.17M | $5.67M |
| Operating income | $4.25M | $4.64M | $6.97M | $11.40M | $3.19M | $7.89M | $5.44M | $5.59M | $6.14M | $3.13M | $4.55M | $6.04M |
| Pre-tax income | $3.87M | $3.92M | $6.40M | $10.90M | $2.75M | $7.44M | $5.25M | $5.07M | $5.59M | $2.56M | $3.22M | $4.90M |
| Income tax | $604.0K | $1.33M | $786.0K | $2.99M | $1.49M | $1.58M | $1.69M | $1.61M | $1.31M | $770.0K | -$6.58M | $1.53M |
| Net income | $2.55M | $1.80M | $4.92M | $6.32M | $851.0K | $4.95M | $1.76M | $2.49M | $3.29M | $1.44M | $8.64M | $1.94M |
| EPS, basic | $0.31 | $0.22 | $0.61 | $0.78 | $0.11 | $0.62 | $0.23 | $0.31 | $0.41 | $0.18 | $1.08 | $0.24 |
| EPS, diluted | $0.31 | $0.22 | $0.61 | $0.77 | $0.10 | $0.61 | $0.23 | $0.31 | $0.40 | $0.18 | $1.07 | $0.24 |
| Diluted shares | 8.3M | 8.2M | - | 8.2M | 8.1M | 8.1M | - | 8.0M | 8.1M | 8.1M | - | 8.0M |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.78M | $28.30M | $18.72M | $27.24M | $17.26M | $18.84M | $15.72M | $13.31M | $9.46M | $7.67M | $5.84M | $6.02M |
| Receivables | $48.79M | $51.24M | $66.02M | $56.63M | $47.21M | $47.01M | $43.15M | $39.90M | $39.56M | $44.28M | $46.65M | $47.09M |
| Inventory | $19.07M | $19.07M | $18.11M | $19.14M | $15.88M | $14.53M | $16.62M | $15.96M | $15.82M | $15.41M | $15.54M | $16.05M |
| Current assets | $153.55M | $146.37M | $146.73M | $151.58M | $125.35M | $120.70M | $108.80M | $104.41M | $100.40M | $98.99M | $98.82M | $94.65M |
| Goodwill | $2.13M | $2.19M | $2.19M | $2.13M | $2.06M | $2.16M | $2.06M | $2.14M | $2.16M | $2.17M | $2.22M | $2.15M |
| Total assets | $232.63M | $221.60M | $217.49M | $216.99M | $188.99M | $178.31M | $165.24M | $160.75M | $157.76M | $155.74M | $155.71M | $144.21M |
| Current liabilities | $70.13M | $63.37M | $79.79M | $86.30M | $66.81M | $61.75M | $54.06M | $53.79M | $55.05M | $57.99M | $57.74M | $57.54M |
| Short-term debt | $6.09M | $10.39M | $19.84M | $17.08M | - | - | $9.25M | - | - | - | $9.25M | - |
| Long-term debt | $29.98M | $19.18M | $12.70M | $12.66M | $3.71M | $3.78M | $3.67M | $8.86M | $8.91M | $4.07M | $4.23M | $4.16M |
| Total debt | $36.06M | $29.57M | $32.54M | $29.74M | $3.71M | $3.78M | $12.91M | $8.86M | $8.91M | $4.07M | $13.48M | $4.16M |
| Shareholders' equity | $93.49M | $92.24M | $90.64M | $85.75M | $80.20M | $77.87M | $72.14M | $71.21M | $68.58M | $65.55M | $65.71M | $56.97M |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.24M | $6.11M | -$6.80M | $17.28M | -$2.04M | $733.0K | $6.02M | $5.16M | $2.82M | -$73.0K | $7.11M | $4.08M |
| Capital expenditures | $1.96M | $1.25M | $2.03M | $4.93M | $2.55M | $927.0K | $1.32M | $322.0K | $644.0K | $589.0K | $2.90M | $1.41M |
| Free cash flow | $5.28M | $4.86M | -$8.84M | $12.35M | -$4.59M | -$194.0K | $4.70M | $4.84M | $2.17M | -$662.0K | $4.21M | $2.68M |
| Investing cash flow | -$1.91M | -$1.25M | -$2.02M | -$4.93M | -$2.55M | -$927.0K | -$1.29M | -$322.0K | -$644.0K | -$589.0K | -$2.90M | -$1.41M |
| Financing cash flow | -$2.28M | $4.78M | $2.48M | -$2.17M | $3.08M | $3.20M | -$2.25M | -$896.0K | -$321.0K | $2.56M | -$4.45M | -$2.54M |
| Share repurchases | - | - | - | - | - | - | $0 | $0 | - | - | $1.0K | $629.0K |
| Stock-based compensation | $233.0K | $180.0K | $525.0K | $320.0K | $1.47M | $224.0K | $231.0K | $233.0K | $168.0K | $228.0K | $227.0K | $230.0K |
| Depreciation and amortization | $1.66M | $1.58M | $2.03M | $984.0K | $957.0K | $937.0K | $942.0K | $970.0K | $888.0K | $829.0K | $1.06M | $983.0K |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 24.4% | 7.5% | 22.5% | 47.1% | 27.7% | 36.2% | 12.0% | -9.0% | 6.7% | 15.7% | 10.3% | 20.5% |
| Net income growth, YoY | 199.3% | -63.6% | 179.4% | 153.5% | -74.1% | 243.2% | -79.6% | 28.7% | 221.8% | - | 167.1% | 12.0% |
| EPS growth, YoY | 210.0% | -63.9% | 165.2% | 148.4% | -75.0% | 238.9% | -78.5% | 29.2% | 207.7% | - | 167.5% | 14.3% |
| Gross margin | 29.2% | 29.1% | 31.4% | 34.4% | 30.1% | 35.8% | 33.7% | 33.9% | 35.9% | 30.6% | 30.0% | 28.9% |
| Operating margin | 7.1% | 9.2% | 12.6% | 18.6% | 6.7% | 16.9% | 12.1% | 13.4% | 16.4% | 9.1% | 11.3% | 13.2% |
| Net margin | 4.3% | 3.6% | 8.9% | 10.3% | 1.8% | 10.6% | 3.9% | 6.0% | 8.8% | 4.2% | 21.5% | 4.2% |
| Free cash flow margin | 8.9% | 9.7% | -16.0% | 20.2% | -9.6% | -0.4% | 10.5% | 11.6% | 5.8% | -1.9% | 10.5% | 5.9% |
| Current ratio | 2.19 | 2.31 | 1.84 | 1.76 | 1.88 | 1.95 | 2.01 | 1.94 | 1.82 | 1.71 | 1.71 | 1.65 |
| Debt to equity | 0.39 | 0.32 | 0.36 | 0.35 | 0.05 | 0.05 | 0.18 | 0.12 | 0.13 | 0.06 | 0.21 | 0.07 |
Source: XBRL data Perma-Pipe International Holdings Inc. files with the SEC, latest filing dated Sep 9, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| PPIH | $226.11M | +24.8% | $15.58M | 6.9% | $242.0M |
| DCI | $3.89B | +5.3% | $453.80M | 11.7% | $10.12B |
| FTEK | $28.49M | +15.3% | -$4.05M | -14.2% | $42.8M |