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Perma-Pipe International Holdings Inc (PPIH)



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Upturn Advisory Summary
08/14/2025: PPIH (2-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit 75.16% | Avg. Invested days 39 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 183.44M USD | Price to earnings Ratio 14.83 | 1Y Target Price 32 |
Price to earnings Ratio 14.83 | 1Y Target Price 32 | ||
Volume (30-day avg) - | Beta 0.27 | 52 Weeks Range 7.72 - 24.50 | Updated Date 06/29/2025 |
52 Weeks Range 7.72 - 24.50 | Updated Date 06/29/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 1.55 |
Earnings Date
Report Date 2025-06-11 | When Before Market | Estimate - | Actual 0.6129 |
Profitability
Profit Margin 7.31% | Operating Margin (TTM) 16.88% |
Management Effectiveness
Return on Assets (TTM) 9.34% | Return on Equity (TTM) 21.09% |
Valuation
Trailing PE 14.83 | Forward PE - | Enterprise Value 201746412 | Price to Sales(TTM) 1.07 |
Enterprise Value 201746412 | Price to Sales(TTM) 1.07 | ||
Enterprise Value to Revenue 1.18 | Enterprise Value to EBITDA 6.91 | Shares Outstanding 7982570 | Shares Floating 7173615 |
Shares Outstanding 7982570 | Shares Floating 7173615 | ||
Percent Insiders 10.5 | Percent Institutions 41.39 |
Upturn AI SWOT
Perma-Pipe International Holdings Inc

Company Overview
History and Background
Perma-Pipe International Holdings Inc. was founded in 1961. Originally focused on pipe insulation, it evolved into a leading engineered pipe systems manufacturer for various industries, undergoing several ownership and strategic shifts to expand its product portfolio and global reach.
Core Business Areas
- Perma-Pipe: Designs, engineers, and manufactures specialty piping systems for district heating and cooling, oil and gas transmission, and other applications requiring thermal insulation or specialized protection.
- Ricwil: Designs and manufactures pre-insulated piping systems for underground distribution of chilled water, hot water, and steam.
- XTRU-THERM: Offers high-temperature insulation systems for above-ground and buried applications, suitable for industrial processes and oil and gas facilities.
Leadership and Structure
David Mansfield serves as the President and CEO. The company operates with a functional organizational structure, dividing responsibilities across departments such as sales, engineering, manufacturing, and finance, reporting to the executive leadership team and the Board of Directors.
Top Products and Market Share
Key Offerings
- Pre-Insulated Piping Systems: These systems are designed for district heating and cooling, oil and gas, and industrial applications. While specific market share data for Perma-Pipe's pre-insulated piping systems is difficult to obtain as it's a niche market, competitors include companies like Logstor, Brugg Rohrsysteme AG (Switzerland), and Uponor (although Uponor is more heavily focused on building technology).
- Leak Detection Systems: Perma-Pipe offers leak detection systems for pipelines. Market share data is not readily available. Key competitors are in the pipeline integrity and monitoring space, like Pure Technologies (Xylem) and Atmos International.
- Custom Engineered Piping Solutions: Offers tailored piping solutions for unique project requirements. The market share data is difficult to quantify because of the custom nature of the work. Competition varies by specific project and region.
Market Dynamics
Industry Overview
The engineered pipe systems industry is driven by infrastructure development, energy production, and demand for efficient thermal solutions. It's experiencing growth due to aging infrastructure replacement and the increasing need for energy-efficient and environmentally sound solutions.
Positioning
Perma-Pipe positions itself as a provider of reliable, high-quality engineered pipe systems with a focus on thermal performance and longevity. Its competitive advantages include its engineering expertise, global reach, and strong relationships with key customers.
Total Addressable Market (TAM)
The global pre-insulated pipe market is estimated to be in the billions of dollars annually. Perma-Pipe captures a portion of this market, primarily focusing on specific applications within district energy, oil and gas, and industrial sectors. Their TAM is dependent on specific projects being developed and where Perma-Pipe is well positioned to compete.
Upturn SWOT Analysis
Strengths
- Strong engineering capabilities
- Global presence and distribution network
- Established reputation for quality and reliability
- Diverse product portfolio
Weaknesses
- Reliance on cyclical industries (e.g., oil and gas)
- Susceptibility to commodity price fluctuations (raw materials)
- Variable project revenue can create lumpy financial reporting
- Smaller size compared to some competitors
Opportunities
- Expansion into emerging markets
- Development of new, energy-efficient products
- Increased demand for district heating and cooling systems
- Infrastructure spending in developed nations
Threats
- Economic downturns
- Increased competition from low-cost manufacturers
- Fluctuations in raw material prices (steel, insulation)
- Changes in regulatory requirements
Competitors and Market Share
Key Competitors
- LOG.ST
- BRUGG.SW
- UPON.HE
Competitive Landscape
Perma-Pipe benefits from its strong engineering capabilities and global reach, but its smaller size and reliance on cyclical industries present challenges. Competitors like Logstor have a broader product range and potentially a stronger market presence in certain regions.
Growth Trajectory and Initiatives
Historical Growth: Historical growth is dependent on cyclical construction and infrastructure projects.
Future Projections: Future projections depend on the success of strategic initiatives, market conditions, and the overall economic climate.
Recent Initiatives: Recent initiatives include expanding into new markets, developing innovative products, and improving operational efficiency.
Summary
Perma-Pipe is a niche player in the engineered pipe systems market, offering specialized solutions with a focus on thermal performance. Its strengths lie in its engineering expertise and global presence. However, the company faces challenges related to cyclical industries and competition. The company has many great opportunities if it can execute them well.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company Website
- Industry Reports
- Market Analysis Reports
Disclaimers:
This analysis is based on publicly available information and industry estimates. It is not financial advice and should not be used as the sole basis for investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Perma-Pipe International Holdings Inc
Exchange NASDAQ | Headquaters The Woodlands, TX, United States | ||
IPO Launch date 2016-01-04 | President & CEO Mr. Saleh Sagr | ||
Sector Industrials | Industry Building Products & Equipment | Full time employees 750 | Website https://www.permapipe.com |
Full time employees 750 | Website https://www.permapipe.com |
Perma-Pipe International Holdings, Inc., together with its subsidiaries, designs, engineers, manufactures, and sells specialty piping and leak detection systems in the United States, Canada, the Middle East, North Africa, Europe, India, and internationally. The company offers insulated 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. It also provides liquid and powder based anti-corrosion coatings for external and internal surfaces of steel pipe, including bends, reducers, tees, and other spools/fittings used in pipelines for the transportation of oil and gas products and potable water. 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 The Woodlands, Texas.

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