Perma-Pipe International Holdings, Inc. (PPIH) intrinsic value & 10-year financials
Perma-Pipe International Holdings, Inc. (PPIH) has a Graham intrinsic value of $69.42 per share. At $27.91 on Oct 17, 2026, the stock trades 60% below that value. Over the last 10 fiscal years revenue grew 8.8% a year to $210.9M, with an average return on invested capital of 4.0%.
- Graham intrinsic value
- $69.42
- Share price (Oct 17, 2026)
- $27.91
- Price vs Graham value
- 60% below
- Market cap
- $227.4M
- Revenue (FY2026)
- $210.9M
- Revenue growth (10-yr CAGR)
- 8.8%
- ROIC (10-yr avg)
- 4.0%
- Free cash flow (FY2026)
- -$1.3M
PPIH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $210.9M | $17.0M | $2.09 | -$1.3M | 14.0% | 25.3% |
| FY2025 | $158.4M | $9.0M | $1.12 | $11.1M | 12.8% | 17.1% |
| FY2024 | $150.7M | $10.5M | $1.30 | $3.6M | 8.9% | 20.1% |
| FY2023 | $142.6M | $5.9M | $0.73 | -$8.2M | 7.8% | 10.6% |
| FY2022 | $138.6M | $6.1M | $0.72 | -$4.8M | 5.9% | 8.5% |
| FY2021 | $84.7M | -$7.6M | -$0.94 | -$1.8M | -13.4% | -17.5% |
| FY2020 | $127.7M | $3.6M | $0.43 | $2.2M | 4.7% | 7.2% |
| FY2019 | $129.0M | -$529.0K | -$0.07 | $3.6M | 2.1% | 2.5% |
| FY2018 | $105.2M | -$10.0M | — | -$4.4M | -9.0% | -16.7% |
| FY2017 | $98.8M | -$11.7M | — | -$6.5M | -10.9% | -17.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Perma-Pipe International Holdings, Inc. is a consistent compounder, expanding top-line revenue at 8.8% annually over the past decade.
Perma-Pipe International Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just 4.0% ROIC.
Perma-Pipe International Holdings, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Perma-Pipe International Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $69.42 per share.