Perma-Pipe International Holdings, Inc. (PPIH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-79.2%

$6.19

vs $29.71 price

Levered DCF

-$4.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.24

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.62×	13.44×	6.13×	13.53×	11.8×	-6.53×	20.07×	-124.86×
P/B	2.56×	1.68×	0.97×	1.4×	1.32×	1.01×	1.3×	1.32×
P/S	1.1×	0.76×	0.43×	0.57×	0.52×	0.59×	0.57×	0.53×
EV / EBITDA	7.55×	5.76×	5.63×	6.77×	7.24×	-29.46×	8.3×	10.2×
Gross margin	32.9%	33.6%	27.5%	26.9%	23.5%	13.2%	22.8%	18.1%
Operating margin	14.0%	12.8%	8.9%	7.8%	5.9%	-13.4%	3.8%	2.1%
Net margin	8.1%	5.7%	6.9%	4.2%	4.4%	-9.0%	2.8%	-0.4%
Current ratio	1.84×	2.01×	1.71×	1.96×	2.04×	1.91×	1.96×	1.7×
Debt / equity	0.52×	0.46×	0.5×	0.51×	0.63×	0.56×	0.52×	0.31×
Interest coverage	13.89×	9.13×	5.5×	4.97×	8.84×	-17.53×	4.41×	2.12×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.8%	12.5%	15.9%	10.3%	11.1%	-15.5%	6.4%	-1.1%
Return on invested capital	13.8%	11.8%	12.3%	7.6%	6.3%	-13.5%	3.8%	-1.3%
Return on assets	7.8%	5.4%	6.7%	4.8%	4.9%	-7.4%	3.2%	-0.5%
Free cash flow yield	-0.5%	9.1%	5.7%	-10.1%	-6.7%	-3.6%	3.0%	5.3%
Earnings yield	7.3%	7.4%	16.3%	7.3%	8.4%	-15.3%	5.0%	-0.8%
Enterprise value	$260.5M	$138.4M	$91M	$104.6M	$98.3M	$70.3M	$87.8M	$74.4M
Net debt / EBITDA	0.82×	0.73×	1.67×	1.53×	1.94×	-8.56×	1.48×	0.84×
Cash conversion cycle (days)	156	125	128	145	131	136	108	98