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Side-by-side financial comparison of AerSale Corp (ASLE) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
AerSale Corp is the larger business by last-quarter revenue ($90.9M vs $61.1M, roughly 1.5× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs 5.9%, a 4.4% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs -4.0%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $9.8M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 0.2%).
AerSale, Inc. is a Doral, Florida-based global supplier of aftermarket commercial jet aircraft, engines, used materials, and aeronautical engineering services to passenger and cargo airlines, government, multinational original equipment manufacturers, and independent MROs. AerSale is a member of the Aircraft Fleet Recycling Association.
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.
ASLE vs PPIH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $90.9M | $61.1M |
| Net Profit | $5.4M | $6.3M |
| Gross Margin | 34.1% | 34.4% |
| Operating Margin | 7.8% | 18.6% |
| Net Margin | 5.9% | 10.3% |
| Revenue YoY | -4.0% | 47.1% |
| Net Profit YoY | 99.7% | 153.5% |
| EPS (diluted) | $0.10 | $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 | $90.9M | $61.1M | ||
| Q3 25 | $71.2M | $47.9M | ||
| Q2 25 | $107.4M | $46.7M | ||
| Q1 25 | $65.8M | $45.0M | ||
| Q4 24 | $94.7M | $41.6M | ||
| Q3 24 | $82.7M | $37.5M | ||
| Q2 24 | $77.1M | $34.3M | ||
| Q1 24 | $90.5M | $40.2M |
| Q4 25 | $5.4M | $6.3M | ||
| Q3 25 | $-120.0K | $851.0K | ||
| Q2 25 | $8.6M | $5.0M | ||
| Q1 25 | $-5.3M | $1.8M | ||
| Q4 24 | $2.7M | $2.5M | ||
| Q3 24 | $509.0K | $3.3M | ||
| Q2 24 | $-3.6M | $1.4M | ||
| Q1 24 | $6.3M | $8.6M |
| Q4 25 | 34.1% | 34.4% | ||
| Q3 25 | 30.2% | 30.1% | ||
| Q2 25 | 32.9% | 35.8% | ||
| Q1 25 | 27.3% | 33.7% | ||
| Q4 24 | 31.4% | 33.9% | ||
| Q3 24 | 28.6% | 35.9% | ||
| Q2 24 | 28.2% | 30.6% | ||
| Q1 24 | 31.8% | 30.0% |
| Q4 25 | 7.8% | 18.6% | ||
| Q3 25 | 4.0% | 6.7% | ||
| Q2 25 | 11.7% | 16.9% | ||
| Q1 25 | -10.1% | 12.1% | ||
| Q4 24 | 5.2% | 13.4% | ||
| Q3 24 | 2.4% | 16.4% | ||
| Q2 24 | -2.4% | 9.1% | ||
| Q1 24 | 5.2% | 11.3% |
| Q4 25 | 5.9% | 10.3% | ||
| Q3 25 | -0.2% | 1.8% | ||
| Q2 25 | 8.0% | 10.6% | ||
| Q1 25 | -8.0% | 3.9% | ||
| Q4 24 | 2.9% | 6.0% | ||
| Q3 24 | 0.6% | 8.8% | ||
| Q2 24 | -4.7% | 4.2% | ||
| Q1 24 | 6.9% | 21.5% |
| Q4 25 | $0.10 | $0.77 | ||
| Q3 25 | $0.00 | $0.10 | ||
| Q2 25 | $0.18 | $0.61 | ||
| Q1 25 | $-0.10 | $0.23 | ||
| Q4 24 | $0.05 | $0.31 | ||
| Q3 24 | $0.01 | $0.40 | ||
| Q2 24 | $-0.07 | $0.18 | ||
| Q1 24 | $0.12 | $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 | $4.4M | $27.2M |
| Total DebtLower is stronger | $1.3M | $12.7M |
| Stockholders' EquityBook value | $424.4M | $85.8M |
| Total Assets | $640.5M | $217.0M |
| Debt / EquityLower = less leverage | 0.00× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.4M | $27.2M | ||
| Q3 25 | $5.3M | $17.3M | ||
| Q2 25 | $5.7M | $18.8M | ||
| Q1 25 | $4.7M | $15.7M | ||
| Q4 24 | $4.7M | $13.3M | ||
| Q3 24 | $9.8M | $9.5M | ||
| Q2 24 | $4.3M | $7.7M | ||
| Q1 24 | $2.6M | $5.8M |
| Q4 25 | $1.3M | $12.7M | ||
| Q3 25 | $1.5M | — | ||
| Q2 25 | $907.0K | — | ||
| Q1 25 | $1.1M | $15.2M | ||
| Q4 24 | $1.2M | — | ||
| Q3 24 | $376.0K | — | ||
| Q2 24 | $522.0K | — | ||
| Q1 24 | $3.5M | $15.2M |
| Q4 25 | $424.4M | $85.8M | ||
| Q3 25 | $417.1M | $80.2M | ||
| Q2 25 | $415.9M | $77.9M | ||
| Q1 25 | $406.5M | $72.1M | ||
| Q4 24 | $455.6M | $71.2M | ||
| Q3 24 | $451.5M | $68.6M | ||
| Q2 24 | $449.8M | $65.5M | ||
| Q1 24 | $452.0M | $65.7M |
| Q4 25 | $640.5M | $217.0M | ||
| Q3 25 | $646.3M | $189.0M | ||
| Q2 25 | $646.7M | $178.3M | ||
| Q1 25 | $646.1M | $165.2M | ||
| Q4 24 | $604.7M | $160.7M | ||
| Q3 24 | $601.5M | $157.8M | ||
| Q2 24 | $598.7M | $155.7M | ||
| Q1 24 | $571.7M | $155.7M |
| Q4 25 | 0.00× | 0.15× | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | 0.21× | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.01× | 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 | $11.4M | $17.3M |
| Free Cash FlowOCF − Capex | $9.8M | $12.4M |
| FCF MarginFCF / Revenue | 10.8% | 20.2% |
| Capex IntensityCapex / Revenue | 1.7% | 8.1% |
| Cash ConversionOCF / Net Profit | 2.11× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $-29.1M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.4M | $17.3M | ||
| Q3 25 | $-8.9M | $-2.0M | ||
| Q2 25 | $19.8M | $733.0K | ||
| Q1 25 | $-45.2M | $6.0M | ||
| Q4 24 | $37.5M | $5.2M | ||
| Q3 24 | $10.4M | $2.8M | ||
| Q2 24 | $-15.3M | $-73.0K | ||
| Q1 24 | $-21.5M | $7.1M |
| Q4 25 | $9.8M | $12.4M | ||
| Q3 25 | $-9.8M | $-4.6M | ||
| Q2 25 | $18.6M | $-194.0K | ||
| Q1 25 | $-47.6M | $4.7M | ||
| Q4 24 | $32.3M | $4.8M | ||
| Q3 24 | $8.9M | $2.2M | ||
| Q2 24 | $-18.9M | $-662.0K | ||
| Q1 24 | $-25.0M | $4.2M |
| Q4 25 | 10.8% | 20.2% | ||
| Q3 25 | -13.8% | -9.6% | ||
| Q2 25 | 17.3% | -0.4% | ||
| Q1 25 | -72.4% | 10.5% | ||
| Q4 24 | 34.0% | 11.6% | ||
| Q3 24 | 10.7% | 5.8% | ||
| Q2 24 | -24.6% | -1.9% | ||
| Q1 24 | -27.7% | 10.5% |
| Q4 25 | 1.7% | 8.1% | ||
| Q3 25 | 1.3% | 5.3% | ||
| Q2 25 | 1.1% | 2.0% | ||
| Q1 25 | 3.7% | 2.9% | ||
| Q4 24 | 5.6% | 0.8% | ||
| Q3 24 | 1.9% | 1.7% | ||
| Q2 24 | 4.7% | 1.7% | ||
| Q1 24 | 3.9% | 7.2% |
| Q4 25 | 2.11× | 2.74× | ||
| Q3 25 | — | -2.40× | ||
| Q2 25 | 2.31× | 0.15× | ||
| Q1 25 | — | 3.42× | ||
| Q4 24 | 13.89× | 2.07× | ||
| Q3 24 | 20.52× | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | -3.42× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASLE
| Products | $57.8M | 64% |
| Maintenance | $23.2M | 26% |
| Leasing Arrangements | $9.9M | 11% |
PPIH
Segment breakdown not available.
