Perma-Pipe International Holdings, Inc. (PPIH) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Perma-Pipe International Holdings, Inc. Do?
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 gathering and transmission pipelines. The company also offers liquid and powder based anti-corrosion coatings for external and internal surfaces of steel pipe, including shapes like bends, reducers, tees, and other spools/fittings that is used in pipelines for the transportation of oil and gas products and potable water. It has operations in the United States, Canada, the Middle East, Europe, India, and internationally. The company was formerly known as MFRI, Inc. and changed its name to Perma-Pipe International Holdings, Inc. in March 2017. Perma-Pipe International Holdings, Inc. was incorporated in 1993 and is headquartered in Niles, Illinois. Perma-Pipe International Holdings, Inc. (PPIH) is classified as a micro-cap stock in the Industrials sector, specifically within the Machinery industry. The company is led by CEO David J. Mansfield and employs approximately 610 people, headquartered in Niles, Texas. With a market capitalization of $277M, PPIH is one of the notable companies in the Industrials sector.
Perma-Pipe International Holdings, Inc. (PPIH) Stock Rating — Buy (April 2026)
As of April 2026, Perma-Pipe International Holdings, Inc. receives a Buy rating with a composite score of 52.8/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.PPIH ranks #78 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Perma-Pipe International Holdings, Inc. ranks #10 of 760 stocks, placing it in the top 10% of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
PPIH Stock Price and 52-Week Range
Perma-Pipe International Holdings, Inc. (PPIH) currently trades at $30.31. The 52-week high for PPIH is $36.48, which means the stock is currently trading -16.9% from its annual peak. The 52-week low is $8.81, putting the stock 244.0% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is PPIH Overvalued or Undervalued? — Valuation Analysis
Perma-Pipe International Holdings, Inc. (PPIH) carries a value factor score of 73/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 13.32x, compared to the Industrials sector average of 30.75x — a discount of 57%. The price-to-book ratio stands at 2.72x, versus the sector average of 2.32x. The price-to-sales ratio is 1.25x, compared to 0.52x for the average Industrials stock. On an enterprise value basis, PPIH trades at 8.77x EV/EBITDA, versus 5.97x for the sector.
Based on these multiples, Perma-Pipe International Holdings, Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
Perma-Pipe International Holdings, Inc. Profitability — ROE, Margins, and Quality Score
Perma-Pipe International Holdings, Inc. (PPIH) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 20.4%, compared to the Industrials sector average of 8.7%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 8.5% versus the sector average of 3.3%.
On a margin basis, Perma-Pipe International Holdings, Inc. reports gross margins of 33.5%, compared to 35.9% for the sector. The operating margin is 13.9% (sector: 6.1%). Net profit margin stands at 9.1%, versus 3.7% for the average Industrials stock. Revenue growth is running at 63.0% on a trailing basis, compared to 6.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
PPIH Debt, Balance Sheet, and Financial Health
Perma-Pipe International Holdings, Inc. has a debt-to-equity ratio of 140.0%, compared to the Industrials sector average of 70.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.84x, suggesting adequate working capital coverage. Total debt on the balance sheet is $13M.
PPIH has a beta of 1.69, meaning it is more volatile than the broader market — a $10,000 investment in PPIH would be expected to move 69.3% more than the S&P 500 on any given day. The stability factor score for Perma-Pipe International Holdings, Inc. is 36/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
Perma-Pipe International Holdings, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Perma-Pipe International Holdings, Inc. reported revenue of $197M and earnings per share (EPS) of $2.12. Net income for the quarter was $18M. Gross margin was 33.5%. Operating income came in at $28M.
In FY 2026, Perma-Pipe International Holdings, Inc. reported revenue of $211M and earnings per share (EPS) of $2.12. Net income for the quarter was $21M. Gross margin was 32.9%. Revenue grew 33.2% year-over-year compared to FY 2025. Operating income came in at $29M.
In Q3 2026, Perma-Pipe International Holdings, Inc. reported revenue of $61M and earnings per share (EPS) of $0.78. Net income for the quarter was $8M. Gross margin was 34.4%. Revenue grew 47.1% year-over-year compared to Q3 2025. Operating income came in at $11M.
In Q2 2026, Perma-Pipe International Holdings, Inc. reported revenue of $48M and earnings per share (EPS) of $0.11. Net income for the quarter was $1M. Gross margin was 30.1%. Revenue grew 27.7% year-over-year compared to Q2 2025. Operating income came in at $3M.
Over the past 8 quarters, Perma-Pipe International Holdings, Inc. has demonstrated a growth trajectory, with revenue expanding from $38M to $197M. Investors analyzing PPIH stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
PPIH Dividend Yield and Income Analysis
Perma-Pipe International Holdings, Inc. (PPIH) does not currently pay a dividend. This is common among smaller companies in the Machinery industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
PPIH Momentum and Technical Analysis Profile
Perma-Pipe International Holdings, Inc. (PPIH) has a momentum factor score of 65/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 22/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 49/100 reflects moderate short selling activity.
PPIH vs Competitors — Industrials Sector Ranking and Peer Comparison
Within the Industrials sector, Perma-Pipe International Holdings, Inc. (PPIH) ranks #10 out of 760 stocks based on the Blank Capital composite score. This places PPIH in the top decile of all Industrials stocks in our coverage universe. Key competitors and sector peers include Scorpio Tankers Inc. (STNG) with a score of 63.2/100, TEEKAY TANKERS LTD. (TNK) with a score of 62.0/100, Enerflex Ltd. (EFXT) with a score of 59.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.8/100, and Hafnia Ltd (HAFN) with a score of 59.8/100.
Comparing PPIH against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full PPIH vs S&P 500 (SPY) comparison to assess how Perma-Pipe International Holdings, Inc. stacks up against the broader market across all factor dimensions.
PPIH Next Earnings Date
No upcoming earnings date has been announced for Perma-Pipe International Holdings, Inc. (PPIH) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy PPIH? — Investment Thesis Summary
The bull case for Perma-Pipe International Holdings, Inc. rests on several quantitative strengths. The value score of 73/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 65/100, suggesting the trend favors buyers. High volatility (stability score 36/100) increases portfolio risk.
In summary, Perma-Pipe International Holdings, Inc. (PPIH) earns a Buy rating with a composite score of 52.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on PPIH stock.
Related Resources for PPIH Investors
Explore more research and tools: PPIH vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare PPIH head-to-head with peers: PPIH vs STNG, PPIH vs TNK, PPIH vs EFXT.