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Side-by-side financial comparison of First Foundation Inc. (FFWM) 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 $48.4M, roughly 1.3× First Foundation Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -97.9%, a 108.2% gap on every dollar of revenue. On growth, First Foundation Inc. posted the faster year-over-year revenue change (421.7% vs 47.1%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $-35.2M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs -2.7%).
John B. Lacson Colleges Foundation (Bacolod), Inc. is a private maritime college in Bacolod, Negros Occidental, Philippines.
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.
FFWM vs PPIH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $48.4M | $61.1M |
| Net Profit | $-8.0M | $6.3M |
| Gross Margin | — | 34.4% |
| Operating Margin | -97.5% | 18.6% |
| Net Margin | -97.9% | 10.3% |
| Revenue YoY | 421.7% | 47.1% |
| Net Profit YoY | 43.0% | 153.5% |
| EPS (diluted) | $-0.09 | $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 | $48.4M | $61.1M | ||
| Q3 25 | $63.6M | $47.9M | ||
| Q2 25 | $51.4M | $46.7M | ||
| Q1 25 | $71.4M | $45.0M | ||
| Q4 24 | $9.3M | $41.6M | ||
| Q3 24 | $9.2M | $37.5M | ||
| Q2 24 | $57.5M | $34.3M | ||
| Q1 24 | $51.1M | $40.2M |
| Q4 25 | $-8.0M | $6.3M | ||
| Q3 25 | $-146.3M | $851.0K | ||
| Q2 25 | $-7.7M | $5.0M | ||
| Q1 25 | $6.9M | $1.8M | ||
| Q4 24 | $-14.1M | $2.5M | ||
| Q3 24 | $-82.2M | $3.3M | ||
| Q2 24 | $3.1M | $1.4M | ||
| Q1 24 | $793.0K | $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 | -97.5% | 18.6% | ||
| Q3 25 | -92.7% | 6.7% | ||
| Q2 25 | -21.1% | 16.9% | ||
| Q1 25 | 8.8% | 12.1% | ||
| Q4 24 | -247.7% | 13.4% | ||
| Q3 24 | -1276.7% | 16.4% | ||
| Q2 24 | 4.6% | 9.1% | ||
| Q1 24 | -0.2% | 11.3% |
| Q4 25 | -97.9% | 10.3% | ||
| Q3 25 | -230.1% | 1.8% | ||
| Q2 25 | -15.0% | 10.6% | ||
| Q1 25 | 9.7% | 3.9% | ||
| Q4 24 | -152.2% | 6.0% | ||
| Q3 24 | -896.9% | 8.8% | ||
| Q2 24 | 5.4% | 4.2% | ||
| Q1 24 | 1.6% | 21.5% |
| Q4 25 | $-0.09 | $0.77 | ||
| Q3 25 | $-1.78 | $0.10 | ||
| Q2 25 | $-0.09 | $0.61 | ||
| Q1 25 | $0.08 | $0.23 | ||
| Q4 24 | $-0.24 | $0.31 | ||
| Q3 24 | $-1.23 | $0.40 | ||
| Q2 24 | $0.05 | $0.18 | ||
| Q1 24 | $0.01 | $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 | $1.6B | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $912.6M | $85.8M |
| Total Assets | $11.9B | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $27.2M | ||
| Q3 25 | $1.7B | $17.3M | ||
| Q2 25 | $1.1B | $18.8M | ||
| Q1 25 | $1.0B | $15.7M | ||
| Q4 24 | $1.0B | $13.3M | ||
| Q3 24 | $1.1B | $9.5M | ||
| Q2 24 | $1.4B | $7.7M | ||
| Q1 24 | $1.6B | $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 | $912.6M | $85.8M | ||
| Q3 25 | $917.9M | $80.2M | ||
| Q2 25 | $1.1B | $77.9M | ||
| Q1 25 | $1.1B | $72.1M | ||
| Q4 24 | $1.1B | $71.2M | ||
| Q3 24 | $1.1B | $68.6M | ||
| Q2 24 | $933.2M | $65.5M | ||
| Q1 24 | $928.7M | $65.7M |
| Q4 25 | $11.9B | $217.0M | ||
| Q3 25 | $11.9B | $189.0M | ||
| Q2 25 | $11.6B | $178.3M | ||
| Q1 25 | $12.6B | $165.2M | ||
| Q4 24 | $12.6B | $160.7M | ||
| Q3 24 | $13.4B | $157.8M | ||
| Q2 24 | $13.7B | $155.7M | ||
| Q1 24 | $13.6B | $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 | $-31.9M | $17.3M |
| Free Cash FlowOCF − Capex | $-35.2M | $12.4M |
| FCF MarginFCF / Revenue | -72.8% | 20.2% |
| Capex IntensityCapex / Revenue | 6.9% | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $-45.9M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-31.9M | $17.3M | ||
| Q3 25 | $9.2M | $-2.0M | ||
| Q2 25 | $-16.3M | $733.0K | ||
| Q1 25 | $-552.0K | $6.0M | ||
| Q4 24 | $-8.7M | $5.2M | ||
| Q3 24 | $14.2M | $2.8M | ||
| Q2 24 | $-9.1M | $-73.0K | ||
| Q1 24 | $7.2M | $7.1M |
| Q4 25 | $-35.2M | $12.4M | ||
| Q3 25 | $8.6M | $-4.6M | ||
| Q2 25 | $-16.7M | $-194.0K | ||
| Q1 25 | $-2.5M | $4.7M | ||
| Q4 24 | $-11.4M | $4.8M | ||
| Q3 24 | $13.4M | $2.2M | ||
| Q2 24 | $-9.4M | $-662.0K | ||
| Q1 24 | $5.9M | $4.2M |
| Q4 25 | -72.8% | 20.2% | ||
| Q3 25 | 13.5% | -9.6% | ||
| Q2 25 | -32.4% | -0.4% | ||
| Q1 25 | -3.5% | 10.5% | ||
| Q4 24 | -123.5% | 11.6% | ||
| Q3 24 | 146.2% | 5.8% | ||
| Q2 24 | -16.3% | -1.9% | ||
| Q1 24 | 11.6% | 10.5% |
| Q4 25 | 6.9% | 8.1% | ||
| Q3 25 | 1.0% | 5.3% | ||
| Q2 25 | 0.8% | 2.0% | ||
| Q1 25 | 2.8% | 2.9% | ||
| Q4 24 | 29.4% | 0.8% | ||
| Q3 24 | 9.0% | 1.7% | ||
| Q2 24 | 0.4% | 1.7% | ||
| Q1 24 | 2.5% | 7.2% |
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | -2.40× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | -0.08× | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | -2.96× | -0.05× | ||
| Q1 24 | 9.09× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
