Perma-Pipe International Holdings, Inc.
Business
Perma-Pipe International Holdings, Inc. engineers, designs, manufactures and sells specialty piping systems and leak detection systems. Its piping products include insulated district heating/cooling systems, primary and secondary containment systems for chemicals and petroleum, pipeline coatings and anti-corrosion treatments, and integrated leak detection. The company operates a single reportable segment and serves customers globally through direct sales forces in Canada, India, Egypt, and the Middle East, and independent manufacturer representatives in the United States.
Summary from 10-K filed 2026-04-16
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2026 2026-01-31 | FY 2025 2025-01-31 | FY 2024 2024-01-31 | FY 2023 2023-01-31 | FY 2022 2022-01-31 |
|---|---|---|---|---|---|---|
| Net sales | 211 | 158 | 151 | 143 | 139 | |
| Cost of sales | 141 | 105 | 109 | 104 | 106 | |
| Gross profit | 69 | 53 | 41 | 38 | 33 | |
| General and administrative expenses | 35 | 28 | 23 | 22 | 20 | |
| Selling expense | 5 | 5 | 6 | 5 | 5 | |
| Total operating expenses | 40 | 33 | 28 | 27 | 24 | |
| Income from operations | 29 | 20 | 13 | 11 | 8 | |
| Interest expense, net | 2 | 2 | 2 | 2 | 828,000 | |
| Other (expense) income, net | −134,000 | 107,000 | −1 | 533,000 | 1 | |
| Income from operations before income taxes | 27 | 18 | 10 | 10 | 8 | |
| Income tax expense | 7 | 5 | −3 | 4 | 2 | |
| Net income | 21 | 13 | 13 | 6 | — | |
| Net income attributable to redeemable non-controlling interest | 4 | 4 | 3 | 0 | — | |
| Net income attributable to common stock | 17 | 9 | 10 | 6 | 6 | |
| Basic (in shares) | 8 | 8 | 8 | 8 | 8 | |
| Diluted (in shares) | 8 | 8 | 8 | 8 | 8 | |
| Basic (in dollars per share) | 2.12 | 1.13 | 1.31 | 0.75 | 0.75 | |
| Diluted (in dollars per share) | 2.09 | 1.12 | 1.3 | 0.73 | 0.72 |
Consolidated Balance Sheet
| Concept | Trend | FY 2026 2026-01-31 | FY 2025 2025-01-31 | FY 2024 2024-01-31 | FY 2023 2023-01-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 19 | 16 | 6 | 6 | — | |
| Restricted cash | 4 | 1 | 1 | 1 | — | |
| Trade accounts receivable, less allowance for doubtful accounts of $1,571 at January 31, 2026 and $703 at January 31, 2025 | 66 | 43 | 47 | 42 | — | |
| Inventories | 18 | 17 | 16 | 15 | — | |
| Prepaid expenses and other current assets | 7 | 10 | 10 | 7 | — | |
| Unbilled accounts receivable | 29 | 19 | 17 | 12 | — | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | 5 | 3 | 3 | 3 | — | |
| Total current assets | 147 | 109 | 99 | 86 | — | |
| Property, Plant and Equipment, Net | 44 | 35 | 38 | 27 | — | |
| Operating lease right-of-use asset | 13 | 8 | 6 | 5 | — | |
| Long-term assets | 6 | 7 | 8 | 696,000 | — | |
| Goodwill | 2 | 2 | 2 | 2 | 2 | |
| Other long-term assets | 5 | 4 | 3 | 3 | — | |
| Total long-term assets | 71 | 56 | 57 | 37 | — | |
| Total assets | 217 | 165 | 156 | 123 | — | |
| Trade accounts payable | 25 | 24 | 25 | 15 | — | |
| Accrued compensation and payroll taxes | 1 | 1 | 1 | 1 | — | |
| Commissions and management incentives payable | 7 | 6 | 5 | 5 | — | |
| Long-term Debt, Current Maturities, Excluding North American Revolving Line | 20 | 9 | 4 | 6 | — | |
| Customers' deposits | 12 | 3 | 4 | 2 | — | |
| Operating lease liability short-term | 2 | 1 | 914,000 | 912,000 | — | |
| Other accrued liabilities | 7 | 7 | 9 | 6 | — | |
| Billings in excess of costs and estimated earnings on uncompleted contracts | 2 | 1 | 500,000 | 1 | — | |
| Income taxes payable | 4 | 2 | 2 | 2 | — | |
| Total current liabilities | 80 | 54 | 58 | 44 | — | |
| Long-Term Debt, Excluding Current Maturities | 4 | 4 | 4 | 4 | — | |
| Long-term finance obligation | 9 | 12 | 12 | — | — | |
| Deferred compensation liabilities | 2 | 2 | 1 | 2 | — | |
| Deferred tax liabilities | 2 | 1 | 1 | 909,000 | — | |
| Operating lease liability long-term | 12 | 8 | 6 | 4 | — | |
| Other long-term liabilities | 3 | 2 | 1 | 1 | — | |
| Total long-term liabilities | 31 | 28 | 26 | 21 | — | |
| Non-controlling interest | 16 | 11 | 6 | 0 | — | |
| Commitments and contingencies (See Item 3) | — | — | — | — | — | |
| Common stock, $.01 par value, authorized 50,000 shares; 8,122 issued and outstanding at January 31, 2026 and 7,983 issued and outstanding at January 31, 2025 | 81,000 | 80,000 | 80,000 | 80,000 | — | |
| Additional paid-in capital | 61 | 60 | 60 | 63 | — | |
| Retained earnings | 37 | 20 | 12 | 2 | — | |
| Accumulated other comprehensive loss | −8 | −8 | −6 | −6 | — | |
| Total stockholders' equity | 91 | 72 | 66 | 58 | — | |
| Total liabilities and stockholders' equity | 217 | 165 | 156 | 123 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2026 2026-01-31 | FY 2025 2025-01-31 | FY 2024 2024-01-31 | FY 2023 2023-01-31 | FY 2022 2022-01-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 5 | 4 | 4 | 4 | 4 | |
| Deferred tax expense | 1 | 2 | −7 | 479,000 | −195,000 | |
| Stock-based compensation expense | 3 | 860,000 | 913,000 | 1 | 1 | |
| Provision on uncollectible accounts | 880,000 | 4,000 | 89,000 | 142,000 | 20,000 | |
| (Gain) loss on disposal of fixed assets | −16,000 | 292,000 | −6,000 | 43,000 | 41,000 | |
| Accounts payable | 481,000 | −1 | 9 | 1 | 3 | |
| Accrued compensation and payroll taxes | 772,000 | 2 | −1 | 65,000 | 2 | |
| Inventories | −1 | −2 | −830,000 | −2 | −2 | |
| Customers' deposits | 9 | −2 | 2 | −336,000 | 990,000 | |
| Income tax receivable | 15,000 | 0 | — | — | — | |
| Prepaid expenses and other current assets | 3 | −447,000 | −3 | −123,000 | −2 | |
| Accounts receivable | −23 | 2 | −5 | −3 | −21 | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | −2 | 163,000 | — | — | — | |
| Billings in excess of costs and estimated earnings on uncompleted contracts | 904,000 | 753,000 | — | — | — | |
| Other assets and liabilities | −85,000 | −2 | 8 | 454,000 | 2 | |
| Net cash provided by operating activities | 9 | 14 | 15 | −1 | −3 | |
| Capital expenditures | −10 | −3 | −11 | −7 | −2 | |
| Proceeds from sales of property and equipment | 17,000 | 27,000 | 3,000 | 94,000 | 9,000 | |
| Net cash used in investing activities | −10 | −3 | −11 | −6 | −2 | |
| Proceeds from revolving lines | 92 | 76 | 156 | 97 | 23 | |
| Payments of debt on revolving lines | −84 | −77 | −157 | −91 | −23 | |
| Payments of debt on mortgage | −222,000 | −360,000 | — | — | — | |
| Increase (decrease) in drafts payable | −17,000 | 46,000 | −197,000 | 42,000 | 58,000 | |
| Payments on finance lease obligations, net | −84,000 | −31,000 | — | — | — | |
| Stock options exercised and taxes paid related to restricted shares vested | −509,000 | −179,000 | −273,000 | −206,000 | −210,000 | |
| Net cash provided by (used in) financing activities | 7 | −907,000 | −3 | 5 | 6 | |
| Net increase in cash, cash equivalents and restricted cash | 5 | 10 | 447,000 | −3 | 1 | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | −154,000 | −296,000 | 70,000 | 102,000 | −10,000 | |
| Interest paid | 2 | 2 | 2 | 2 | 791,000 | |
| Income taxes paid | 4 | 4 | 3 | 2 | 1 | |
| Fixed assets acquired under financing leases - non-cash | 711,000 | 0 | 139,000 | — | — | |
| Fixed assets acquired - non-cash | 257,000 | 21,000 | 0 | 0 | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Perma-Pipe International Holdings, Inc.'s CIK number?
Perma-Pipe International Holdings, Inc.'s SEC CIK number is 0000914122 (914122). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Perma-Pipe International Holdings, Inc.'s SEC filings?
All of Perma-Pipe International Holdings, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Perma-Pipe International Holdings, Inc. last report earnings?
Perma-Pipe International Holdings, Inc. (PPIH) most recently filed an earnings 8-K with the SEC on Jun 9, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-019929). This is Perma-Pipe International Holdings, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Perma-Pipe International Holdings, Inc.'s most recent earnings 8-K?
Perma-Pipe International Holdings, Inc.'s latest earnings 8-K (Item 2.02) was filed Jun 9, 2026 under accession 0001437749-26-019929. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Perma-Pipe International Holdings, Inc.'s latest earnings 8-K →
Look up any company's CIK number →