Perma-Pipe International Holdings Inc (PPIH) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Perma-Pipe International Holdings Inc $28.65, price $31.24, upside -8.3%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $6.22 – $35.29 · fair‑value band $24.49 – $32.88 · the $31.24 price screens above the $28.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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Perma-Pipe International Holdings, Inc., together with its subsidiaries, designs, engineers, manufactures, and sells specialty piping and leak detection systems in the United States, Canada, the United Arab Emirates, Saudi Arabia, and internationally.
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Perma-Pipe International Holdings, Inc., together with its subsidiaries, designs, engineers, manufactures, and sells specialty piping and leak detection systems in the United States, Canada, the United Arab Emirates, Saudi Arabia, and internationally. The company offers insulated and jacketed district heating and cooling piping systems for energy distribution from central energy plants to other locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products. It also provides coating and insulation of oil and gas gathering and transmission pipelines; liquid and powder based anti-corrosion coatings for external and internal surfaces of steel pipe, including shapes comprising bends, reducers, tees, and other spools/fittings used in pipelines for the transportation of oil and gas products and potable water. In addition, the company offers cables, leak detection products, heat trace products, and material/goods not bundled with piping or flowline systems. Further, it provides containment systems, custom fabrications, and leak detection, as well as technical support, field service, and logistics services. The company was formerly known as MFRI, Inc. and changed its name to Perma-Pipe International Holdings, Inc. in March 2017. Perma-Pipe International Holdings, Inc. was founded in 1909 and is headquartered in The Woodlands, Texas.
Stock analysis
Perma-Pipe International Holdings Inc (PPIH) currently trades at $31.24, while our model-based Fair Value estimate is $28.65, implying the stock looks roughly 9.0% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $44.03 per share, and 8 of the 15 models we run sit above the $31.24 price.
Bear case: the Asset-Based group reads lowest at $7.47, and 7 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: $24.49 (bear) to $32.88 (bull), the price of $31.24 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Perma-Pipe International Holdings Inc reported revenue of $211M in FY2026 versus $139M in FY2022, a compound +11.1%/yr. Reported net income was $17.0M in FY2026, compounding +29.5%/yr from FY2022.
Key figures
Market cap $255M · P/E ratio 18.5 · P/S ratio 1.49 · EPS (TTM) $1.69 · Net margin 8.1% · Return on equity 17.5% · Return on assets (EBIT) 10.0% · Operating margin 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at −8%, PPIH screens cheaper than that median.
Fair Value models
Bear $24.49Fair Value $28.65Bull $32.88
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 8 months old). Earnings retained since then ($1.10 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+33.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.0%
Start year 2021 (pandemic). Over 10 years: +5.6% a year
Revenue growth 36 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+27.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.7%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−13% → 14%
⚠ Revenue per share shrinking 2.9%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare Perma-Pipe International Holdings Inc with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Products & Equipment · 253 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−7% · Above median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)6% · Above median
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth8% · Above median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Building Products & Equipment median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Perma-Pipe International Holdings Inc Fair Value". https://www.fairvalue-calculator.com/stock/PPIH
Frequently asked questions
Is Perma-Pipe International Holdings Inc (PPIH) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $28.65 versus a price of $31.24, about −8% upside (fairly valued).
What is the fair value of PPIH?
Our model-based fair value for Perma-Pipe International Holdings Inc is $28.65 (as of Sep 23, 2026), built from audited fundamentals. The current price: $31.24.
What is the quality score of PPIH?
Perma-Pipe International Holdings Inc has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Perma-Pipe International Holdings Inc (PPIH)?
Our model-based price target is the fair value of $28.65 (as of Sep 23, 2026) from 15 valuation models. Cautious scenario $24.49, optimistic scenario $32.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Perma-Pipe International Holdings Inc stock forecast for 2026?
Our models put fair value at $28.65, about −8% upside versus a price of $31.24 (fairly valued). Cautious scenario $24.49, optimistic scenario $32.88. The calculation is refreshed regularly with new filings.
What is the revenue of Perma-Pipe International Holdings Inc (PPIH)?
Perma-Pipe International Holdings Inc reported trailing-twelve-month revenue of about $214M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Perma-Pipe International Holdings Inc (PPIH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Perma-Pipe International Holdings Inc it is $28.65 per share (as of Sep 23, 2026), against a price of $31.24. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Perma-Pipe International Holdings Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, PPIH trades above its calculated fair value: price $31.24, fair value $28.65, a gap of about −8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PPIH?
No. The price is what the market pays today ($31.24); the fair value is what the company's own numbers justify ($28.65). For Perma-Pipe International Holdings Inc the two are $2.59 per share apart. That gap is exactly why we show both numbers side by side.
How much is Perma-Pipe International Holdings Inc worth?
The market values Perma-Pipe International Holdings Inc at about $255M (market capitalisation, as of Sep 23, 2026). Per share that is $31.24; our models calculate a fair value of $28.65 per share.
What do the bullish and bearish scenarios say about PPIH?
Our models span a range for Perma-Pipe International Holdings Inc: cautious scenario $24.49, base $28.65, optimistic $32.88 per share (as of Sep 23, 2026, price $31.24). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PPIH?
Perma-Pipe International Holdings Inc trades at a price-to-earnings ratio of 18.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $28.65 is built from several models across several years. Other multiples: PEG 2.8, P/B 2.8, P/S 1.2, EV/EBITDA 7.5.
What is the PEG ratio of PPIH?
The PEG ratio of Perma-Pipe International Holdings Inc is 2.82 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Perma-Pipe International Holdings Inc (PPIH)?
Balance-sheet figures for Perma-Pipe International Holdings Inc (as of Sep 23, 2026): return on equity 17.5%, debt of 0.05 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is PPIH from its 52-week high?
Perma-Pipe International Holdings Inc trades at $31.24, about 11% below its 52-week high of $35.29 and 39% above the low of $22.44 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $28.65 is for.
Which stocks are comparable to Perma-Pipe International Holdings Inc?
From the same area (Industrials) we also value Trane Technologies plc, Johnson Controls International plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Perma-Pipe International Holdings Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $31.24, calculated fair value $28.65 (−8%), Quality Score 51/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PPIH calculated?
We run Perma-Pipe International Holdings Inc through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $28.65, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Perma-Pipe International Holdings Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Perma-Pipe International Holdings Inc (PPIH)?
The closing price on Sep 24, 2026 was $31.24. Our model-based fair value is $28.65, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Perma-Pipe International Holdings Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Perma-Pipe International Holdings Inc
How large is the market capitalisation of Perma-Pipe International Holdings Inc (PPIH)?
The market capitalisation of Perma-Pipe International Holdings Inc is $255M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Perma-Pipe International Holdings Inc (PPIH)?
The price-to-sales ratio of Perma-Pipe International Holdings Inc is 1.49 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Perma-Pipe International Holdings Inc (PPIH)?
Earnings per share at Perma-Pipe International Holdings Inc are $1.69 (price ÷ EPS = P/E 18.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Perma-Pipe International Holdings Inc (PPIH)?
The net margin of Perma-Pipe International Holdings Inc is 8.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Perma-Pipe International Holdings Inc (PPIH)?
The return on equity (ROE) of Perma-Pipe International Holdings Inc is 17.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Perma-Pipe International Holdings Inc (PPIH)?
On an EBIT basis the return on assets of Perma-Pipe International Holdings Inc is 10.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Perma-Pipe International Holdings Inc (PPIH)?
The operating margin of Perma-Pipe International Holdings Inc is 9.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Perma-Pipe International Holdings Inc (PPIH)?
Revenue at Perma-Pipe International Holdings Inc is growing +7.5% versus a year earlier (3y avg +13.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Perma-Pipe International Holdings Inc (PPIH)?
Earnings per share at Perma-Pipe International Holdings Inc are growing −63.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Perma-Pipe International Holdings Inc (PPIH) generate?
The free cash flow of Perma-Pipe International Holdings Inc is −$1.3M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Perma-Pipe International Holdings Inc (PPIH) carry?
The net debt of Perma-Pipe International Holdings Inc is $28.1M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 23, 2026