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Side-by-side financial comparison of FUEL TECH, INC. (FTEK) 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 $7.2M, roughly 8.4× FUEL TECH, INC.). On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 37.2%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $-2.0M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 20.9%).
Rocket Fuel was an ad technology company based in Redwood City, California. It was founded in 2008 by alumni of Yahoo!.
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.
FTEK vs PPIH — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $7.2M | $61.1M |
| Net Profit | — | $6.3M |
| Gross Margin | 44.6% | 34.4% |
| Operating Margin | -19.7% | 18.6% |
| Net Margin | — | 10.3% |
| Revenue YoY | 37.2% | 47.1% |
| Net Profit YoY | — | 153.5% |
| EPS (diluted) | $-0.05 | $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 | $7.2M | $61.1M | ||
| Q3 25 | $7.5M | $47.9M | ||
| Q2 25 | $5.6M | $46.7M | ||
| Q1 25 | $6.4M | $45.0M | ||
| Q4 24 | $5.3M | $41.6M | ||
| Q3 24 | $7.9M | $37.5M | ||
| Q2 24 | $7.0M | $34.3M | ||
| Q1 24 | $5.0M | $40.2M |
| Q4 25 | — | $6.3M | ||
| Q3 25 | $303.0K | $851.0K | ||
| Q2 25 | $-689.0K | $5.0M | ||
| Q1 25 | $-739.0K | $1.8M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | $80.0K | $3.3M | ||
| Q2 24 | $-421.0K | $1.4M | ||
| Q1 24 | $281.0K | $8.6M |
| Q4 25 | 44.6% | 34.4% | ||
| Q3 25 | 48.9% | 30.1% | ||
| Q2 25 | 45.5% | 35.8% | ||
| Q1 25 | 46.4% | 33.7% | ||
| Q4 24 | 42.3% | 33.9% | ||
| Q3 24 | 43.4% | 35.9% | ||
| Q2 24 | 41.9% | 30.6% | ||
| Q1 24 | 40.9% | 30.0% |
| Q4 25 | -19.7% | 18.6% | ||
| Q3 25 | 0.1% | 6.7% | ||
| Q2 25 | -23.5% | 16.9% | ||
| Q1 25 | -14.9% | 12.1% | ||
| Q4 24 | -40.1% | 13.4% | ||
| Q3 24 | -2.3% | 16.4% | ||
| Q2 24 | -10.2% | 9.1% | ||
| Q1 24 | -34.1% | 11.3% |
| Q4 25 | — | 10.3% | ||
| Q3 25 | 4.0% | 1.8% | ||
| Q2 25 | -12.4% | 10.6% | ||
| Q1 25 | -11.6% | 3.9% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | 1.0% | 8.8% | ||
| Q2 24 | -6.0% | 4.2% | ||
| Q1 24 | 5.7% | 21.5% |
| Q4 25 | $-0.05 | $0.77 | ||
| Q3 25 | $0.01 | $0.10 | ||
| Q2 25 | $-0.02 | $0.61 | ||
| Q1 25 | $-0.02 | $0.23 | ||
| Q4 24 | $-0.06 | $0.31 | ||
| Q3 24 | $0.00 | $0.40 | ||
| Q2 24 | $-0.01 | $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 | $24.9M | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $39.9M | $85.8M |
| Total Assets | $47.2M | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $27.2M | ||
| Q3 25 | $25.9M | $17.3M | ||
| Q2 25 | $23.0M | $18.8M | ||
| Q1 25 | $21.8M | $15.7M | ||
| Q4 24 | $18.7M | $13.3M | ||
| Q3 24 | $20.4M | $9.5M | ||
| Q2 24 | $20.1M | $7.7M | ||
| Q1 24 | $23.3M | $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 | $39.9M | $85.8M | ||
| Q3 25 | $41.0M | $80.2M | ||
| Q2 25 | $40.7M | $77.9M | ||
| Q1 25 | $41.4M | $72.1M | ||
| Q4 24 | $42.0M | $71.2M | ||
| Q3 24 | $43.9M | $68.6M | ||
| Q2 24 | $43.6M | $65.5M | ||
| Q1 24 | $44.0M | $65.7M |
| Q4 25 | $47.2M | $217.0M | ||
| Q3 25 | $47.9M | $189.0M | ||
| Q2 25 | $47.0M | $178.3M | ||
| Q1 25 | $46.7M | $165.2M | ||
| Q4 24 | $48.8M | $160.7M | ||
| Q3 24 | $50.1M | $157.8M | ||
| Q2 24 | $49.0M | $155.7M | ||
| Q1 24 | $49.4M | $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 | $-1.6M | $17.3M |
| Free Cash FlowOCF − Capex | $-2.0M | $12.4M |
| FCF MarginFCF / Revenue | -27.7% | 20.2% |
| Capex IntensityCapex / Revenue | 6.1% | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $2.3M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.6M | $17.3M | ||
| Q3 25 | $3.1M | $-2.0M | ||
| Q2 25 | $-21.0K | $733.0K | ||
| Q1 25 | $1.5M | $6.0M | ||
| Q4 24 | $-1.6M | $5.2M | ||
| Q3 24 | $879.0K | $2.8M | ||
| Q2 24 | $-1.6M | $-73.0K | ||
| Q1 24 | $-1.1M | $7.1M |
| Q4 25 | $-2.0M | $12.4M | ||
| Q3 25 | $3.0M | $-4.6M | ||
| Q2 25 | $-57.0K | $-194.0K | ||
| Q1 25 | $1.4M | $4.7M | ||
| Q4 24 | $-1.7M | $4.8M | ||
| Q3 24 | $767.0K | $2.2M | ||
| Q2 24 | $-1.7M | $-662.0K | ||
| Q1 24 | $-1.2M | $4.2M |
| Q4 25 | -27.7% | 20.2% | ||
| Q3 25 | 39.6% | -9.6% | ||
| Q2 25 | -1.0% | -0.4% | ||
| Q1 25 | 22.6% | 10.5% | ||
| Q4 24 | -32.4% | 11.6% | ||
| Q3 24 | 9.8% | 5.8% | ||
| Q2 24 | -23.8% | -1.9% | ||
| Q1 24 | -24.0% | 10.5% |
| Q4 25 | 6.1% | 8.1% | ||
| Q3 25 | 1.7% | 5.3% | ||
| Q2 25 | 0.6% | 2.0% | ||
| Q1 25 | 1.0% | 2.9% | ||
| Q4 24 | 1.2% | 0.8% | ||
| Q3 24 | 1.4% | 1.7% | ||
| Q2 24 | 1.3% | 1.7% | ||
| Q1 24 | 2.3% | 7.2% |
| Q4 25 | — | 2.74× | ||
| Q3 25 | 10.22× | -2.40× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | 10.99× | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | -3.83× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
