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Side-by-side financial comparison of AMERICAN SUPERCONDUCTOR CORP (AMSC) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
AMERICAN SUPERCONDUCTOR CORP is the larger business by last-quarter revenue ($74.5M vs $61.1M, roughly 1.2× Perma-Pipe International Holdings, Inc.). AMERICAN SUPERCONDUCTOR CORP runs the higher net margin — 158.1% vs 10.3%, a 147.7% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 21.4%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $2.4M). Over the past eight quarters, AMERICAN SUPERCONDUCTOR CORP's revenue compounded faster (33.2% CAGR vs 23.4%).
Anglo American plc is a British multinational mining company with headquarters in London, England. It is the world's largest producer of platinum, representing approximately 40 percent of global output, as well as being a major producer of diamonds, copper, nickel, iron ore, polyhalite and steelmaking coal. The company has operations in Africa, Asia, Australia, Europe, North America and South America.
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.
AMSC vs PPIH — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $74.5M | $61.1M |
| Net Profit | $117.8M | $6.3M |
| Gross Margin | 30.7% | 34.4% |
| Operating Margin | 4.5% | 18.6% |
| Net Margin | 158.1% | 10.3% |
| Revenue YoY | 21.4% | 47.1% |
| Net Profit YoY | 4679.1% | 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 | $74.5M | $61.1M | ||
| Q3 25 | $65.9M | $47.9M | ||
| Q2 25 | $72.4M | $46.7M | ||
| Q1 25 | $66.7M | $45.0M | ||
| Q4 24 | $61.4M | $41.6M | ||
| Q3 24 | $54.5M | $37.5M | ||
| Q2 24 | $40.3M | $34.3M | ||
| Q1 24 | $42.0M | $40.2M |
| Q4 25 | $117.8M | $6.3M | ||
| Q3 25 | $4.8M | $851.0K | ||
| Q2 25 | $6.7M | $5.0M | ||
| Q1 25 | $1.2M | $1.8M | ||
| Q4 24 | $2.5M | $2.5M | ||
| Q3 24 | $4.9M | $3.3M | ||
| Q2 24 | $-2.5M | $1.4M | ||
| Q1 24 | $-1.6M | $8.6M |
| Q4 25 | 30.7% | 34.4% | ||
| Q3 25 | 31.0% | 30.1% | ||
| Q2 25 | 33.8% | 35.8% | ||
| Q1 25 | 26.5% | 33.7% | ||
| Q4 24 | 26.6% | 33.9% | ||
| Q3 24 | 28.7% | 35.9% | ||
| Q2 24 | 30.3% | 30.6% | ||
| Q1 24 | 24.8% | 30.0% |
| Q4 25 | 4.5% | 18.6% | ||
| Q3 25 | 4.5% | 6.7% | ||
| Q2 25 | 7.8% | 16.9% | ||
| Q1 25 | 2.5% | 12.1% | ||
| Q4 24 | 2.1% | 13.4% | ||
| Q3 24 | -1.4% | 16.4% | ||
| Q2 24 | -8.2% | 9.1% | ||
| Q1 24 | -5.3% | 11.3% |
| Q4 25 | 158.1% | 10.3% | ||
| Q3 25 | 7.2% | 1.8% | ||
| Q2 25 | 9.3% | 10.6% | ||
| Q1 25 | 1.8% | 3.9% | ||
| Q4 24 | 4.0% | 6.0% | ||
| Q3 24 | 9.0% | 8.8% | ||
| Q2 24 | -6.3% | 4.2% | ||
| Q1 24 | -3.8% | 21.5% |
| Q4 25 | $2.62 | $0.77 | ||
| Q3 25 | $0.11 | $0.10 | ||
| Q2 25 | $0.17 | $0.61 | ||
| Q1 25 | $0.04 | $0.23 | ||
| Q4 24 | $0.06 | $0.31 | ||
| Q3 24 | $0.13 | $0.40 | ||
| Q2 24 | $-0.07 | $0.18 | ||
| Q1 24 | $-0.03 | $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 | $141.1M | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $536.8M | $85.8M |
| Total Assets | $719.5M | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $27.2M | ||
| Q3 25 | $212.9M | $17.3M | ||
| Q2 25 | $207.9M | $18.8M | ||
| Q1 25 | $79.5M | $15.7M | ||
| Q4 24 | $75.2M | $13.3M | ||
| Q3 24 | $72.1M | $9.5M | ||
| Q2 24 | $93.5M | $7.7M | ||
| Q1 24 | $90.5M | $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 | $536.8M | $85.8M | ||
| Q3 25 | $342.2M | $80.2M | ||
| Q2 25 | $333.1M | $77.9M | ||
| Q1 25 | $197.1M | $72.1M | ||
| Q4 24 | $192.7M | $71.2M | ||
| Q3 24 | $187.0M | $68.6M | ||
| Q2 24 | $143.3M | $65.5M | ||
| Q1 24 | $144.6M | $65.7M |
| Q4 25 | $719.5M | $217.0M | ||
| Q3 25 | $445.6M | $189.0M | ||
| Q2 25 | $452.8M | $178.3M | ||
| Q1 25 | $310.5M | $165.2M | ||
| Q4 24 | $310.3M | $160.7M | ||
| Q3 24 | $298.4M | $157.8M | ||
| Q2 24 | $240.1M | $155.7M | ||
| Q1 24 | $232.8M | $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 | $3.2M | $17.3M |
| Free Cash FlowOCF − Capex | $2.4M | $12.4M |
| FCF MarginFCF / Revenue | 3.2% | 20.2% |
| Capex IntensityCapex / Revenue | 1.2% | 8.1% |
| Cash ConversionOCF / Net Profit | 0.03× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $16.0M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2M | $17.3M | ||
| Q3 25 | $6.5M | $-2.0M | ||
| Q2 25 | $4.1M | $733.0K | ||
| Q1 25 | $6.3M | $6.0M | ||
| Q4 24 | $5.9M | $5.2M | ||
| Q3 24 | $12.7M | $2.8M | ||
| Q2 24 | $3.4M | $-73.0K | ||
| Q1 24 | $2.2M | $7.1M |
| Q4 25 | $2.4M | $12.4M | ||
| Q3 25 | $5.1M | $-4.6M | ||
| Q2 25 | $3.3M | $-194.0K | ||
| Q1 25 | $5.3M | $4.7M | ||
| Q4 24 | $5.3M | $4.8M | ||
| Q3 24 | $12.1M | $2.2M | ||
| Q2 24 | $3.1M | $-662.0K | ||
| Q1 24 | $1.9M | $4.2M |
| Q4 25 | 3.2% | 20.2% | ||
| Q3 25 | 7.7% | -9.6% | ||
| Q2 25 | 4.6% | -0.4% | ||
| Q1 25 | 7.9% | 10.5% | ||
| Q4 24 | 8.7% | 11.6% | ||
| Q3 24 | 22.3% | 5.8% | ||
| Q2 24 | 7.8% | -1.9% | ||
| Q1 24 | 4.6% | 10.5% |
| Q4 25 | 1.2% | 8.1% | ||
| Q3 25 | 2.1% | 5.3% | ||
| Q2 25 | 1.1% | 2.0% | ||
| Q1 25 | 1.6% | 2.9% | ||
| Q4 24 | 0.9% | 0.8% | ||
| Q3 24 | 1.1% | 1.7% | ||
| Q2 24 | 0.7% | 1.7% | ||
| Q1 24 | 0.7% | 7.2% |
| Q4 25 | 0.03× | 2.74× | ||
| Q3 25 | 1.37× | -2.40× | ||
| Q2 25 | 0.61× | 0.15× | ||
| Q1 25 | 5.22× | 3.42× | ||
| Q4 24 | 2.38× | 2.07× | ||
| Q3 24 | 2.60× | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | — | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMSC
| Equipment And Systems | $56.0M | 75% |
| Megatran | $14.1M | 19% |
| Comtrafo Industria De Transformadores Eletricos SA | $4.6M | 6% |
PPIH
Segment breakdown not available.
