PPIH on Nasdaq

MFRI

American industrial and commercial fans and blowers and air purifing equip company. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

$210.9MRevenue, fiscal 20263
$17.0MNet income, fiscal 20263
1989Founded1

Compare with CECO ENVIRONMENTAL CORP, FUEL TECH, INC. or Donaldson Company, or pick any stock.

  • TickerPPIH on Nasdaq1
  • IndustryIndustrial & Commercial Fans & Blowers & Air Purifing Equip1
  • HeadquartersNiles1
  • Incorporated inDE4
  • Business address25025 I-45, Suite 200, The Woodlands, Tx 773804
  • Filer categoryAccelerated filer, Smaller reporting company4

Perma-Pipe International Holdings, Inc., collectively with its subsidiaries ("PPIH", the "Company", "we", "our" or the "Registrant"), is engaged in the manufacture and sale of products in one reportable segment: Piping Systems. The Company was incorporated in Delaware on October 12, 1993. The Company's common stock is traded on the Nasdaq Global Market and reported under the ticker symbol "PPIH". The Company's fiscal year ends on January 31. Years, results and balances described as 2026, 2025 and 2024 are for the fiscal year ending January 31, 2027 and the fiscal years ended January 31, 2026 and 2025, respectively.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

32.9%Gross margin3
14.0%Operating margin3
8.1%Net margin3
33.2%Revenue growth, 20263
18.8%Return on equity3
0.05×Debt to equity3
-$1.3MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 28% of the revenue MFRI broke down this way in fiscal 2026.

  1. United States$59.6M328%up 14% from 2025
  2. Canada$48.1M323%up 47% from 2025
  3. AE$47.3M322%up 98% from 2025
  4. SA$45.4M322%up 21% from 2025
  5. Other Geographical Area$10.5M35%down 9% from 2025
Regions by year
Regions20252026
United States$52.5M$59.6M
Canada$32.8M$48.1M
AE$23.9M$47.3M
SA$37.7M$45.4M
Other Geographical Area$11.6M$10.5M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue67¢$141.4M
  • Other costs21¢$43.5M
  • Interest1¢$2.1M
  • Income tax3¢$6.8M
  • Profit8¢$17.0M

Out of $210.9M in revenue.3

Where each dollar of operating cash went, fiscal 2026

  • Capital spending100¢$10.4M

Out of $9.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue678910113$210.9M in 2026+64% since 2019
0$100.0M$200.0M$300.0M2019: $129.0M$129.0M20192020: $127.7M$127.7M2020−1%2021: $84.7M$84.7M2021−34%2022: $138.6M$138.6M2022+64%2023: $142.6M$142.6M2023+3%2024: $150.7M$150.7M2024+6%2025: $158.4M$158.4M2025+5%2026: $210.9M$210.9M2026+33%
Gross profit678910113$69.5M in 2026+198% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $23.3M$23.3M20192020: $29.0M$29.0M2020+25%2021: $11.2M$11.2M2021−62%2022: $32.5M$32.5M2022+191%2023: $38.3M$38.3M2023+18%2024: $41.5M$41.5M2024+8%2025: $53.2M$53.2M2025+28%2026: $69.5M$69.5M2026+30%
Operating income678910113$29.4M in 2026+982% since 2019
-$20.0M0$20.0M$40.0M2019: $2.7M$2.7M20192020: $4.9M$4.9M2020+79%2021: -$11.4M-$11.4M20212022: $8.1M$8.1M20222023: $11.1M$11.1M2023+37%2024: $13.4M$13.4M2024+20%2025: $20.3M$20.3M2025+52%2026: $29.4M$29.4M2026+45%
Net income678910113$17.0M in 2026
-$10.0M0$10.0M$20.0M2019: -$550.0K-$550.0K20192020: $3.6M$3.6M20202021: -$7.6M-$7.6M20212022: $6.1M$6.1M20222023: $5.9M$5.9M2023−2%2024: $10.5M$10.5M2024+76%2025: $9.0M$9.0M2025−14%2026: $17.0M$17.0M2026+90%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2026-01-312025-01-31
Net sales$210.9M$158.4M
Cost of sales$141.4M$105.1M
Gross profit$69.5M$53.2M
General and administrative expenses$35.3M$28.0M
Selling expense$4.7M$4.9M
Total operating expenses$40.0M$32.9M
Income from operations$29.4M$20.3M
Interest expense, net$1.8M$1.9M
Other (expense) income, net-$134.0K$107.0K
Income from operations before income taxes$27.5M$18.5M
Income tax expense$6.8M$5.4M
Net income$20.6M$13.1M
Net income attributable to redeemable non-controlling interest$3.6M$4.1M
Net income attributable to common stock$17.0M$9.0M
Basic (in shares)8.0M shares8.0M shares
Diluted (in shares)8.1M shares8.0M shares
Basic (in dollars per share)$2.12$1.13
Diluted (in dollars per share)$2.09$1.12

Compare MFRI with another company

Leadership

Who has led MFRI, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (31)

Former names

  • MFRI INCMay 6, 1994 to Mar 20, 20174

Timeline

  1. Jun 27, 2025New chief executive Saleh Nehad Saleh Sagr becomes CEO14
  2. Nov 9, 2016New chief executive David J. Mansfield becomes CEO15
  3. Jul 29, 2013New chief executive Bradley E. Mautner becomes CEO16
  4. Jun 26, 2006New chief executive David Unger becomes CEO17
  5. 1989Founded Founded1

Filings

190 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 48 major events, 90 insider forms, 11 large holders, 19 other. The latest 20:

  1. Sep 9, 202610-Q EDGAR
  2. Sep 9, 20268-K EDGAR
  3. Aug 27, 20268-K EDGAR
  4. Jul 29, 2026SCHEDULE 13G EDGAR
  5. Jul 29, 20264 EDGAR
  6. Jun 29, 20268-K EDGAR
  7. Jun 29, 20264 EDGAR
  8. Jun 29, 20264 EDGAR
  9. Jun 26, 2026EFFECT EDGAR
  10. Jun 26, 20264 EDGAR
  11. Jun 26, 20264 EDGAR
  12. Jun 26, 20264 EDGAR
  13. Jun 26, 20264/A EDGAR
  14. Jun 26, 20264 EDGAR
  15. Jun 26, 20264 EDGAR
  16. Jun 23, 20264 EDGAR
  17. Jun 22, 2026CORRESP EDGAR
  18. Jun 15, 2026UPLOAD EDGAR
  19. Jun 9, 2026S-3 EDGAR
  20. Jun 9, 202610-Q EDGAR

The 190 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 3 buys and 18 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Oct 1, 2024Brown David BDirectorSale1,280$12.76$16.3KForm 4
Oct 1, 2024Boiter CynthiaDirectorSale1,280$12.76$16.3KForm 4
Oct 1, 2024Walker Jerome T.DirectorSale1,451$12.76$18.5KForm 4
Jul 9, 2024Brown David BDirectorSale1,280$8.11$10.4KForm 4
Jul 9, 2024Boiter CynthiaDirectorSale1,280$8.11$10.4KForm 4
Dec 20, 2023Boiter CynthiaDirectorSale2,394$7.91$18.9KForm 4
Dec 20, 2023Brown David BDirectorSale2,394$7.91$18.9KForm 4
Oct 6, 2023Walker Jerome T.DirectorBuy1,500$7.50$11.2KForm 4
Sep 26, 2023Walker Jerome T.DirectorBuy1,200$7.90$9.5KForm 4
Sep 20, 2023McNally Robert JosephDirectorBuy6,000$8.36$50.1KForm 4
Nov 16, 2022Brown David BDirectorSale1,343$9.30$12.5KForm 4
Nov 16, 2022Walker Jerome T.DirectorSale1,343$9.30$12.5KForm 4
Nov 16, 2022Boiter CynthiaDirectorSale1,343$9.30$12.5KForm 4
Aug 17, 2022DirectorSale1,343$8.99$12.1KForm 4
Aug 17, 2022Brown David BDirectorSale1,343$9.01$12.1KForm 4
Aug 17, 2022Boiter CynthiaDirectorSale1,343$8.99$12.1KForm 4
Jan 5, 2022Barrie David SDirectorSale3,000$8.64$25.9KForm 4
Nov 17, 2021Walker Jerome T.DirectorSale1,532$8.30$12.7KForm 4
Nov 17, 2021Brown David BDirectorSale1,787$8.30$14.8KForm 4
Nov 17, 2021Barrie David SDirectorSale1,787$8.30$14.8KForm 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 80. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Raymond James Financial Inc561,342$15.3M0.0%+52,848
BlackRock, Inc.424,428$11.6M0.0%+383,941
Dimensional Fund Advisors LP384,491$10.5M0.0%−3,702
Vanguard Capital Management LLC343,022$9.3M0.0%+19,332
Caldwell Sutter Capital, Inc.231,638$6.3M2.4%−2,600
Geode Capital Management, LLC201,234$5.5M0.0%+107,885
Royce & Associates LP196,758$5.4M0.0%+65,817
Morgan Stanley172,338$4.7M0.0%+19,250
Renaissance Technologies LLC154,393$4.2M0.0%−54,700
Meros Investment Management, LP132,163$3.6M1.1%+69,865
Jacobs Levy Equity Management, Inc117,281$3.2M0.0%New
State Street Corp83,660$2.3M0.0%+44,294
Bridgeway Capital Management, LLC75,207$2.0M0.0%+7,115
American Century Companies Inc71,447$1.9M0.0%−77,326
Shufro Rose & Co LLC70,000$1.9M0.1%No change
Northern Trust Corp62,022$1.7M0.0%+31,210
Vanguard Fiduciary Trust Co57,442$1.6M0.0%+9,585
Wells Fargo & Company/mn54,143$1.5M0.0%+54,117
Vanguard Portfolio Management LLC51,710$1.4M0.0%New
Lazard Asset Management LLC43,319$1.2M0.0%+871
Jpmorgan Chase & Co40,020$1.1M0.0%−8,701
Arrowstreet Capital, Limited Partnership37,363$1.0M0.0%−117,421
Bnp Paribas Financial Markets35,327$962.0K0.0%−5,355
Empowered Funds, LLC32,097$874.0K0.0%+2,115
UBS Group AG25,007$680.9K0.0%−15,014

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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