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Side-by-side financial comparison of AMERISAFE INC (AMSF) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
AMERISAFE INC is the larger business by last-quarter revenue ($80.1M vs $61.1M, roughly 1.3× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs 10.2%, a 0.2% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 10.3%). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 2.8%).
AMERISAFE Inc. is a specialty insurance provider that focuses exclusively on workers' compensation coverage for small and mid-sized businesses in high-hazard industries including construction, logging, trucking, and manufacturing. It operates across 49 U.S. states, offering tailored insurance policies paired with targeted risk management support for clients.
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.
AMSF vs PPIH — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $80.1M | $61.1M |
| Net Profit | $8.1M | $6.3M |
| Gross Margin | — | 34.4% |
| Operating Margin | — | 18.6% |
| Net Margin | 10.2% | 10.3% |
| Revenue YoY | 10.3% | 47.1% |
| Net Profit YoY | -9.0% | 153.5% |
| EPS (diluted) | $0.43 | $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.
| Q1 26 | $80.1M | — | ||
| Q4 25 | $81.6M | $61.1M | ||
| Q3 25 | $82.0M | $47.9M | ||
| Q2 25 | $81.1M | $46.7M | ||
| Q1 25 | $72.6M | $45.0M | ||
| Q4 24 | $74.0M | $41.6M | ||
| Q3 24 | $78.7M | $37.5M | ||
| Q2 24 | $75.8M | $34.3M |
| Q1 26 | $8.1M | — | ||
| Q4 25 | $10.4M | $6.3M | ||
| Q3 25 | $13.8M | $851.0K | ||
| Q2 25 | $14.0M | $5.0M | ||
| Q1 25 | $8.9M | $1.8M | ||
| Q4 24 | $13.2M | $2.5M | ||
| Q3 24 | $14.3M | $3.3M | ||
| Q2 24 | $11.0M | $1.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 34.4% | ||
| Q3 25 | — | 30.1% | ||
| Q2 25 | — | 35.8% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 35.9% | ||
| Q2 24 | — | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 15.6% | 18.6% | ||
| Q3 25 | 21.3% | 6.7% | ||
| Q2 25 | 21.5% | 16.9% | ||
| Q1 25 | 15.5% | 12.1% | ||
| Q4 24 | 22.7% | 13.4% | ||
| Q3 24 | 22.6% | 16.4% | ||
| Q2 24 | 18.1% | 9.1% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | 12.8% | 10.3% | ||
| Q3 25 | 16.9% | 1.8% | ||
| Q2 25 | 17.2% | 10.6% | ||
| Q1 25 | 12.3% | 3.9% | ||
| Q4 24 | 17.8% | 6.0% | ||
| Q3 24 | 18.2% | 8.8% | ||
| Q2 24 | 14.5% | 4.2% |
| Q1 26 | $0.43 | — | ||
| Q4 25 | $0.55 | $0.77 | ||
| Q3 25 | $0.72 | $0.10 | ||
| Q2 25 | $0.73 | $0.61 | ||
| Q1 25 | $0.47 | $0.23 | ||
| Q4 24 | $0.69 | $0.31 | ||
| Q3 24 | $0.75 | $0.40 | ||
| Q2 24 | $0.57 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $34.2M | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $246.6M | $85.8M |
| Total Assets | — | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.2M | — | ||
| Q4 25 | $61.9M | $27.2M | ||
| Q3 25 | $54.7M | $17.3M | ||
| Q2 25 | $48.5M | $18.8M | ||
| Q1 25 | $44.8M | $15.7M | ||
| Q4 24 | $44.1M | $13.3M | ||
| Q3 24 | $63.7M | $9.5M | ||
| Q2 24 | $30.6M | $7.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $246.6M | — | ||
| Q4 25 | $251.6M | $85.8M | ||
| Q3 25 | $274.8M | $80.2M | ||
| Q2 25 | $265.6M | $77.9M | ||
| Q1 25 | $260.8M | $72.1M | ||
| Q4 24 | $257.3M | $71.2M | ||
| Q3 24 | $314.4M | $68.6M | ||
| Q2 24 | $301.0M | $65.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $217.0M | ||
| Q3 25 | $1.2B | $189.0M | ||
| Q2 25 | $1.2B | $178.3M | ||
| Q1 25 | $1.2B | $165.2M | ||
| Q4 24 | $1.2B | $160.7M | ||
| Q3 24 | $1.3B | $157.8M | ||
| Q2 24 | $1.2B | $155.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $17.3M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $11.1M | $17.3M | ||
| Q3 25 | $10.7M | $-2.0M | ||
| Q2 25 | $-8.4M | $733.0K | ||
| Q1 25 | $-1.8M | $6.0M | ||
| Q4 24 | $24.2M | $5.2M | ||
| Q3 24 | $8.4M | $2.8M | ||
| Q2 24 | $-2.6M | $-73.0K |
| Q1 26 | — | — | ||
| Q4 25 | $8.9M | $12.4M | ||
| Q3 25 | $9.8M | $-4.6M | ||
| Q2 25 | $-9.5M | $-194.0K | ||
| Q1 25 | $-1.8M | $4.7M | ||
| Q4 24 | $23.4M | $4.8M | ||
| Q3 24 | $8.4M | $2.2M | ||
| Q2 24 | $-2.6M | $-662.0K |
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | 20.2% | ||
| Q3 25 | 11.9% | -9.6% | ||
| Q2 25 | -11.7% | -0.4% | ||
| Q1 25 | -2.5% | 10.5% | ||
| Q4 24 | 31.5% | 11.6% | ||
| Q3 24 | 10.7% | 5.8% | ||
| Q2 24 | -3.5% | -1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 8.1% | ||
| Q3 25 | 1.1% | 5.3% | ||
| Q2 25 | 1.3% | 2.0% | ||
| Q1 25 | 0.0% | 2.9% | ||
| Q4 24 | 1.1% | 0.8% | ||
| Q3 24 | 0.0% | 1.7% | ||
| Q2 24 | 0.1% | 1.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.06× | 2.74× | ||
| Q3 25 | 0.77× | -2.40× | ||
| Q2 25 | -0.61× | 0.15× | ||
| Q1 25 | -0.20× | 3.42× | ||
| Q4 24 | 1.83× | 2.07× | ||
| Q3 24 | 0.59× | 0.86× | ||
| Q2 24 | -0.24× | -0.05× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
