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Side-by-side financial comparison of DYNEX CAPITAL INC (DX) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
Perma-Pipe International Holdings, Inc. is the larger business by last-quarter revenue ($61.1M vs $43.5M, roughly 1.4× DYNEX CAPITAL INC). On growth, DYNEX CAPITAL INC posted the faster year-over-year revenue change (531.3% vs 47.1%). Over the past eight quarters, DYNEX CAPITAL INC's revenue compounded faster (75.8% CAGR vs 23.4%).
Dynex Capital Inc. is a publicly traded real estate investment trust headquartered in the United States. It specializes in investing in and managing a diversified portfolio of mortgage-backed securities, residential and commercial mortgage loans, and other mortgage-related assets. It delivers consistent returns to shareholders via regular dividends and long-term capital growth.
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.
DX vs PPIH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.5M | $61.1M |
| Net Profit | — | $6.3M |
| Gross Margin | — | 34.4% |
| Operating Margin | — | 18.6% |
| Net Margin | — | 10.3% |
| Revenue YoY | 531.3% | 47.1% |
| Net Profit YoY | — | 153.5% |
| EPS (diluted) | $1.59 | $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 | $43.5M | $61.1M | ||
| Q3 25 | $30.6M | $47.9M | ||
| Q2 25 | $23.1M | $46.7M | ||
| Q1 25 | $17.1M | $45.0M | ||
| Q4 24 | — | $41.6M | ||
| Q3 24 | — | $37.5M | ||
| Q2 24 | — | $34.3M | ||
| Q1 24 | $-3.2M | $40.2M |
| Q4 25 | — | $6.3M | ||
| Q3 25 | $150.4M | $851.0K | ||
| Q2 25 | $-13.6M | $5.0M | ||
| Q1 25 | $-3.1M | $1.8M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | — | $3.3M | ||
| Q2 24 | — | $1.4M | ||
| Q1 24 | $40.1M | $8.6M |
| 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 24 | — | 30.0% |
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 6.7% | ||
| Q2 25 | — | 16.9% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 11.3% |
| Q4 25 | — | 10.3% | ||
| Q3 25 | 491.3% | 1.8% | ||
| Q2 25 | -58.8% | 10.6% | ||
| Q1 25 | -18.0% | 3.9% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | — | 8.8% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | -1256.8% | 21.5% |
| Q4 25 | $1.59 | $0.77 | ||
| Q3 25 | $1.08 | $0.10 | ||
| Q2 25 | $-0.14 | $0.61 | ||
| Q1 25 | $-0.06 | $0.23 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | — | $0.40 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | $0.64 | $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 | $531.0M | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $2.5B | $85.8M |
| Total Assets | $17.3B | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $531.0M | $27.2M | ||
| Q3 25 | $491.0M | $17.3M | ||
| Q2 25 | $387.5M | $18.8M | ||
| Q1 25 | $327.4M | $15.7M | ||
| Q4 24 | — | $13.3M | ||
| Q3 24 | — | $9.5M | ||
| Q2 24 | — | $7.7M | ||
| Q1 24 | $295.7M | $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 | $2.5B | $85.8M | ||
| Q3 25 | $2.0B | $80.2M | ||
| Q2 25 | $1.6B | $77.9M | ||
| Q1 25 | $1.4B | $72.1M | ||
| Q4 24 | — | $71.2M | ||
| Q3 24 | — | $68.6M | ||
| Q2 24 | — | $65.5M | ||
| Q1 24 | $958.5M | $65.7M |
| Q4 25 | $17.3B | $217.0M | ||
| Q3 25 | $14.2B | $189.0M | ||
| Q2 25 | $11.3B | $178.3M | ||
| Q1 25 | $9.0B | $165.2M | ||
| Q4 24 | — | $160.7M | ||
| Q3 24 | — | $157.8M | ||
| Q2 24 | — | $155.7M | ||
| Q1 24 | $6.3B | $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 | $120.8M | $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.
| Q4 25 | $120.8M | $17.3M | ||
| Q3 25 | $68.3M | $-2.0M | ||
| Q2 25 | $31.9M | $733.0K | ||
| Q1 25 | $6.4M | $6.0M | ||
| Q4 24 | — | $5.2M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | — | $-73.0K | ||
| Q1 24 | $-17.1M | $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 | — | 2.74× | ||
| Q3 25 | 0.45× | -2.40× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | -0.43× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
