PPIH
Perma-Pipe International Holdings, Inc.
Last earnings -19.2% on 2026-06-09
$25.46
▼ -6.81%$25.46▲ +10.79%
over 1Y
L $21.10H $35.29
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-6.8%
1W-6.7%
1M-21.9%
3M-17.3%
YTD-16.7%
1Y+10.8%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 7 analysts
Buy
Record year at a cheap 12x P/E, but cash flow fell as earnings doubled and backlog now trails revenue — quality, not price, is the question.
Diluted EPS $2.09 · FY2026
The read
Middling fundamentals offset by an attractive price (~212% below fair value) — worth a look on the value angle.
On the surface PPIH looks like a cheap compounder: FY2026 revenue jumped 33.2% to $211M, net income rose 89.6% to $17.0M, diluted EPS hit $2.09 (+86.6%), and ROE reached 18.8% — all against a fortress-light balance sheet with just $4.17M of long-term debt, $18.7M cash, and current assets ($147M) nearly double current liabilities ($79.8M). At $25.46 that is a 12.2x trailing P/E and 1.0x sales, which for that growth and return profile screams value. The five-year record (revenue $139M→$211M, net income $6.06M→$17.0M) shows the trajectory is real, not a one-quarter fluke.
But the quality of this record year is the problem. Operating cash flow FELL 34.2% to $9.17M even as net income nearly doubled — a wide earnings-to-cash divergence driven by working capital, with current liabilities up 47.6% and a receivables base where one customer is ~23% of AR. Subtract $10.4M of capex (+263%) and free cash flow is roughly breakeven-to-negative. For a lumpy, project-based single-segment piping business, cash conversion is the truer signal, and it is deteriorating just as GAAP earnings peak.
Is PPIH a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~25.46
- Short call 27 @ ~2.82 est
debit $2,264max +$436max −$2,263BE 22.64
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $139M | $143M | $151M | $158M | $211M |
| Gross profit | $32.5M | $38.3M | $41.5M | $53.2M | $69.5M |
| Operating income | $8.11M | $11.1M | $13.4M | $20.3M | $29.4M |
| Net income | $6.06M | $5.95M | $10.5M | $8.98M | $17.0M |
| Diluted EPS | $0.72 | $0.73 | $1.30 | $1.12 | $2.09 |
| Net margin | 4.4% | 4.2% | 6.9% | 5.7% | 8.1% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$202M
EV / EBITDA5.9
EV / Sales1.0
EV / FCF—
P / FCF—
PEG (trailing)0.14
Earnings yield8.2%
FCF yield-0.6%
Quality & risk
ROIC (est.)22.4%
Free cash flow-$1.27M
Total debt$13.4M
Net cash$5.30M
Piotroski F-Score5/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+1.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-06-29
Annual meeting vote results: directors, auditor and pay items ratified
- 8-K Earnings results2026-06-09
Q1 FY27 (period Apr 30) quarterly report filed
- S-3 Shelf registration (potential raise)2026-06-09
Q1 FY27 (period Apr 30) quarterly report filed
- 10-Q Quarterly report2026-06-09
Q1 FY27 (period Apr 30) quarterly report filed
- DEF 14A Proxy statement2026-05-13
2026 proxy: board, auditor and executive-pay items up for vote
- 8-K Earnings results2026-04-16
FY26 record results; 3 of 4 material weaknesses still unremediated
- 10-K Annual report2026-04-16
FY26 record results; 3 of 4 material weaknesses still unremediated
- 8-K Material agreement2026-04-14
Entered new credit agreement, creating a direct financial obligation
- 8-K Officer / director change2026-04-07
Officer/director change announced with a Reg FD update furnished
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-242026-06-29open ↗4Period ending 2026-06-242026-06-29open ↗4Period ending 2026-06-252026-06-29open ↗EFFECTFiling2026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4/APeriod ending 2026-06-222026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗4Period ending 2026-06-222026-06-23open ↗S-3Filing2026-06-09open ↗
Frequently asked
- Is Perma-Pipe International Holdings, Inc. (PPIH) a buy?
- PPIH currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Record year at a cheap 12x P/E, but cash flow fell as earnings doubled and backlog now trails revenue — quality, not price, is the question.
- What is PPIH's fair value?
- A Modified-Graham model based on PPIH's SEC fundamentals estimates a fair value of about $79.42. It is an estimate from reported earnings, not a price target.
- Is PPIH overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, PPIH currently appears undervalued relative to its SEC-grounded earnings power.
- What is Perma-Pipe International Holdings, Inc.'s quality score?
- PPIH scores 77.52165244325857/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000914122, latest 10-Q filed 2026-06-09) · EODHD · Proprietary analysis · as of 7/3/2026, 11:21:08 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 7:21 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.