Perma-Pipe International Holdings, Inc.
PPIHdata completeness 100%16 fiscal years on filePerma-Pipe International Holdings, Inc. earns about 15% on invested capital, comfortably above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $9.68 and $11.42 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $138.6M1 | $142.6M2 | $150.7M3 | $158.4M4 | $210.9M4 |
| Net income | $6.06M5 | $5.95M6 | $10.5M7 | $8.98M8 | $17M8 |
| Operating cash flow | −$2.57M9 | −$1.24M10 | $14.7M11 | $13.9M12 | $9.17M12 |
| Capital expenditure | $2.26M13 | $6.98M14 | $11.1M15 | $2.88M16 | $10.4M16 |
| Free cash flow (derived) | −$4.84M9 | −$8.22M10 | $3.63M11 | $11.1M12 | −$1.27M12 |
| Total debt | $34.2M17 | $39.2M18 | $38.3M19 | $37.4M20 | $4.17M20 |
| Cash & equivalents | $8.21M21 | $5.77M22 | $5.85M23 | $15.7M24 | $18.7M24 |
| Diluted shares | 8.4M | 8.1M | 8.1M | 8.0M | 8.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $111.24 of net worth that earned you $20.91 and generated −$1.56 of cash last year, against $5.12 of debt.
It earned about 15% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 88% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $9.68 and $11.42 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$3.63M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$3.63M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$8.98M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $8.14 |
| Base | 5.0% | $9.68 |
| Bull | 10.0% | $11.52 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-01-31 · accession 0001437749-23-011368 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-01-31 · accession 0001437749-24-013321 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2024-01-31 · accession 0001437749-25-014095 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2025-01-31 · accession 0001437749-26-012499 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-01-31 · accession 0001437749-23-011368 (NetIncomeLoss)
- 10-K · period ending 2023-01-31 · accession 0001437749-24-013321 (NetIncomeLoss)
- 10-K · period ending 2024-01-31 · accession 0001437749-25-014095 (NetIncomeLoss)
- 10-K · period ending 2025-01-31 · accession 0001437749-26-012499 (NetIncomeLoss)
- 10-K · period ending 2022-01-31 · accession 0001437749-23-011368 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-01-31 · accession 0001437749-24-013321 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-01-31 · accession 0001437749-25-014095 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-01-31 · accession 0001437749-26-012499 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-01-31 · accession 0001437749-23-011368 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-01-31 · accession 0001437749-24-013321 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-01-31 · accession 0001437749-25-014095 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-01-31 · accession 0001437749-26-012499 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-01-31 · accession 0001437749-23-011368 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-01-31 · accession 0001437749-24-013321 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-01-31 · accession 0001437749-25-014095 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-01-31 · accession 0001437749-26-012499 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-01-31 · accession 0001437749-23-011368 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-01-31 · accession 0001437749-24-013321 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-01-31 · accession 0001437749-25-014095 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-01-31 · accession 0001437749-26-012499 (CashAndCashEquivalentsAtCarryingValue)