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Side-by-side financial comparison of Automatic Data Processing (ADP) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.4B vs $61.1M, roughly 87.6× Perma-Pipe International Holdings, Inc.). Automatic Data Processing runs the higher net margin — 19.8% vs 10.3%, a 9.5% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 6.2%). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 1.0%).
Automatic Data Processing, Inc. (ADP) is an American multinational provider of cloud-based human resources management, payroll processing, and professional employer organization (PEO) services, headquartered in Roseland, New Jersey.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
ADP vs PPIH — Head-to-Head
Income Statement — Q2 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $61.1M |
| Net Profit | $1.1B | $6.3M |
| Gross Margin | 46.1% | 34.4% |
| Operating Margin | 25.8% | 18.6% |
| Net Margin | 19.8% | 10.3% |
| Revenue YoY | 6.2% | 47.1% |
| Net Profit YoY | 10.3% | 153.5% |
| EPS (diluted) | $2.62 | $0.77 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.4B | $61.1M | ||
| Q3 25 | $5.2B | $47.9M | ||
| Q2 25 | $5.1B | $46.7M | ||
| Q1 25 | $5.6B | $45.0M | ||
| Q4 24 | $5.0B | $41.6M | ||
| Q3 24 | $4.8B | $37.5M | ||
| Q2 24 | $4.8B | $34.3M | ||
| Q1 24 | $5.3B | $40.2M |
| Q4 25 | $1.1B | $6.3M | ||
| Q3 25 | $1.0B | $851.0K | ||
| Q2 25 | $910.7M | $5.0M | ||
| Q1 25 | $1.2B | $1.8M | ||
| Q4 24 | $963.2M | $2.5M | ||
| Q3 24 | $956.3M | $3.3M | ||
| Q2 24 | $829.3M | $1.4M | ||
| Q1 24 | $1.2B | $8.6M |
| Q4 25 | 46.1% | 34.4% | ||
| Q3 25 | 45.2% | 30.1% | ||
| Q2 25 | 45.1% | 35.8% | ||
| Q1 25 | 47.7% | 33.7% | ||
| Q4 24 | 45.7% | 33.9% | ||
| Q3 24 | 45.5% | 35.9% | ||
| Q2 24 | 44.8% | 30.6% | ||
| Q1 24 | 47.3% | 30.0% |
| Q4 25 | 25.8% | 18.6% | ||
| Q3 25 | 25.3% | 6.7% | ||
| Q2 25 | 23.2% | 16.9% | ||
| Q1 25 | 29.2% | 12.1% | ||
| Q4 24 | 25.0% | 13.4% | ||
| Q3 24 | 25.6% | 16.4% | ||
| Q2 24 | 22.8% | 9.1% | ||
| Q1 24 | 29.4% | 11.3% |
| Q4 25 | 19.8% | 10.3% | ||
| Q3 25 | 19.6% | 1.8% | ||
| Q2 25 | 17.8% | 10.6% | ||
| Q1 25 | 22.5% | 3.9% | ||
| Q4 24 | 19.1% | 6.0% | ||
| Q3 24 | 19.8% | 8.8% | ||
| Q2 24 | 17.4% | 4.2% | ||
| Q1 24 | 22.6% | 21.5% |
| Q4 25 | $2.62 | $0.77 | ||
| Q3 25 | $2.49 | $0.10 | ||
| Q2 25 | $2.23 | $0.61 | ||
| Q1 25 | $3.06 | $0.23 | ||
| Q4 24 | $2.35 | $0.31 | ||
| Q3 24 | $2.34 | $0.40 | ||
| Q2 24 | $2.01 | $0.18 | ||
| Q1 24 | $2.88 | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5B | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $6.4B | $85.8M |
| Total Assets | $84.6B | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $27.2M | ||
| Q3 25 | $7.9B | $17.3M | ||
| Q2 25 | $7.8B | $18.8M | ||
| Q1 25 | $2.7B | $15.7M | ||
| Q4 24 | $2.2B | $13.3M | ||
| Q3 24 | $7.3B | $9.5M | ||
| Q2 24 | $3.3B | $7.7M | ||
| Q1 24 | $3.3B | $5.8M |
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $6.4B | $85.8M | ||
| Q3 25 | $6.4B | $80.2M | ||
| Q2 25 | $6.2B | $77.9M | ||
| Q1 25 | $5.9B | $72.1M | ||
| Q4 24 | $5.1B | $71.2M | ||
| Q3 24 | $5.3B | $68.6M | ||
| Q2 24 | $4.5B | $65.5M | ||
| Q1 24 | $4.6B | $65.7M |
| Q4 25 | $84.6B | $217.0M | ||
| Q3 25 | $54.3B | $189.0M | ||
| Q2 25 | $53.4B | $178.3M | ||
| Q1 25 | $56.4B | $165.2M | ||
| Q4 24 | $64.1B | $160.7M | ||
| Q3 24 | $49.5B | $157.8M | ||
| Q2 24 | $54.4B | $155.7M | ||
| Q1 24 | $64.2B | $155.7M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.23× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1B | $17.3M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 8.1% |
| Cash ConversionOCF / Net Profit | 1.07× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $17.3M | ||
| Q3 25 | $642.3M | $-2.0M | ||
| Q2 25 | $1.4B | $733.0K | ||
| Q1 25 | $1.5B | $6.0M | ||
| Q4 24 | $1.2B | $5.2M | ||
| Q3 24 | $824.4M | $2.8M | ||
| Q2 24 | $1.3B | $-73.0K | ||
| Q1 24 | $1.5B | $7.1M |
| Q4 25 | — | $12.4M | ||
| Q3 25 | — | $-4.6M | ||
| Q2 25 | — | $-194.0K | ||
| Q1 25 | — | $4.7M | ||
| Q4 24 | — | $4.8M | ||
| Q3 24 | — | $2.2M | ||
| Q2 24 | — | $-662.0K | ||
| Q1 24 | — | $4.2M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | -9.6% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | -1.9% | ||
| Q1 24 | — | 10.5% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 7.2% |
| Q4 25 | 1.07× | 2.74× | ||
| Q3 25 | 0.63× | -2.40× | ||
| Q2 25 | 1.58× | 0.15× | ||
| Q1 25 | 1.22× | 3.42× | ||
| Q4 24 | 1.19× | 2.07× | ||
| Q3 24 | 0.86× | 0.86× | ||
| Q2 24 | 1.57× | -0.05× | ||
| Q1 24 | 1.26× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADP
| HCM | $2.2B | 42% |
| PEO Zero Margin Benefits Pass Throughs | $1.1B | 21% |
| HRO | $979.3M | 18% |
| Global | $709.3M | 13% |
| Interest On Funds Held For Clients | $308.6M | 6% |
PPIH
Segment breakdown not available.
