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Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 2026

Perma-Pipe International Holdings, Inc. (PPIH)

A forensic read on Perma-Pipe International Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
4.3
Distress distance
1
Forensic signals
18.8%
ROE
33.2%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Perma-Pipe International Holdings, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.3, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.89×
FY2024 and FY2026
Cash conversion. Over FY2024 and FY2026, cumulative operating cash flow was 0.89× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

Key fundamentals

Latest Revenue$210.9M
Revenue Growth YoY+33.2%
Revenue CAGR (2yr)+33.2%
Net Margin8.1%
Free Cash Flow-$1.3M
Return on Equity18.8%
Debt / Equity0.05x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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