PPIH delivers year-over-year growth in EPS and record revenues in Q4, supported by strong demand across key global markets and improved operational execution.
Perma-Pipe stock has increased about 4.6 times over the past 5 years, and the company is rapidly growing and profitable, unlike many microcaps and small caps.
Perma-Pipe is upgraded to BUY after a post-earnings pullback, with fundamentals improving and risk/reward now attractive. PPIH delivered 33% sales growth in 2025, with Q4 sales up 22% year-over-year and EPS of $0.60, beating expectations. Order backlog remains historically high despite a sequential decline, reflecting strong execution and robust revenue conversion.
| Industrial Conglomerates Industry | Industrials Sector | Saleh Sagr CEO | XFRA Exchange | US7141671039 ISIN |
| US Country | 750 Employees | - Last Dividend | - Last Split | 4 Jan 2016 IPO Date |
Perma-Pipe International Holdings, Inc., along with its subsidiaries, functions as an engineering and manufacturing concern specializing in specialty piping and leak detection systems. Initially known as MFRI, Inc., the entity underwent a rebranding to its current name in March 2017. Having been incorporated in 1993, the company commands a notable presence not only in North America but extends its operations across the Middle East, Europe, India, and other international markets. With its headquarters in Spring, Texas, Perma-Pipe marks its prominence in offering innovative solutions tailored for energy distribution and the safe transportation of hazardous fluids, chemicals, and petroleum products, alongside providing anti-corrosion coatings for infrastructure in the oil, gas, and water sectors.
This product line is aimed at the district heating and cooling sector, facilitating energy distribution from central plants to various endpoints. The insulated and jacketed piping systems are engineered to optimize energy efficiency in community heating and cooling projects.
Perma-Pipe's containment solutions cater to the needs of safely transporting chemicals, hazardous fluids, and petroleum products. These systems are designed to prevent leaks and breaches, safeguarding both the environment and public health.
With a focus on the oil and gas industry, the company offers an array of liquid and powder-based anti-corrosion coatings. These solutions are intended for the external and internal surfaces of steel pipes and include coverage for various pipe shapes and fittings. They are vital for ensuring the longevity and integrity of pipelines transporting oil, gas, and potable water.