Perma-Pipe International Holdings, Inc. (PPIH) has seen its shares increase by 42.7% over the past six months, outperforming the steel pipe industry, which grew by 17.8%. This performance surpasses competitors such as Valmont Industries (VMI) and Tenaris S.A. (TS), whose shares rose by 33.7% and 13.1%, respectively. Key factors contributing to PPIH’s growth include recent approval from Saudi Aramco, a surge in project awards totaling $52 million in Q3 2025, and a 37% year-over-year increase in net sales to $155.8 million during the first nine months of fiscal 2025.
Perma-Pipe, based in Delaware, focuses on engineering, manufacturing, and selling specialty piping and leak detection systems, primarily serving the energy and infrastructure markets globally. Its recent expansion into Saudi Arabia’s oil and gas infrastructure market, following the Aramco approval, is expected to further enhance its competitive position. However, the company is managing challenges, including higher general and administrative expenses and a debt level of $29.7 million as of October 31, 2025.
PPIH is currently trading at a trailing twelve-month EV/sales value of 1.23, significantly lower than the industry average of 2.39 and below its peers, suggesting an attractive valuation opportunity for investors.
