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Side-by-side financial comparison of IRONWOOD PHARMACEUTICALS INC (IRWD) 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 $47.7M, roughly 1.3× IRONWOOD PHARMACEUTICALS INC). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -4.8%, a 15.1% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs -47.3%). IRONWOOD PHARMACEUTICALS INC produced more free cash flow last quarter ($74.6M vs $12.4M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs -20.2%).
Ironwood Pharmaceuticals, Inc. is a publicly traded pharmaceutical company. It was originally called Microbia, Inc.
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.
IRWD vs PPIH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $47.7M | $61.1M |
| Net Profit | $-2.3M | $6.3M |
| Gross Margin | — | 34.4% |
| Operating Margin | 14.3% | 18.6% |
| Net Margin | -4.8% | 10.3% |
| Revenue YoY | -47.3% | 47.1% |
| Net Profit YoY | -200.9% | 153.5% |
| EPS (diluted) | $0.01 | $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 | $47.7M | $61.1M | ||
| Q3 25 | $122.1M | $47.9M | ||
| Q2 25 | $85.2M | $46.7M | ||
| Q1 25 | $41.1M | $45.0M | ||
| Q4 24 | $90.5M | $41.6M | ||
| Q3 24 | $91.6M | $37.5M | ||
| Q2 24 | $94.4M | $34.3M | ||
| Q1 24 | $74.9M | $40.2M |
| Q4 25 | $-2.3M | $6.3M | ||
| Q3 25 | $40.1M | $851.0K | ||
| Q2 25 | $23.6M | $5.0M | ||
| Q1 25 | $-37.4M | $1.8M | ||
| Q4 24 | $2.3M | $2.5M | ||
| Q3 24 | $3.6M | $3.3M | ||
| Q2 24 | $-860.0K | $1.4M | ||
| Q1 24 | $-4.2M | $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 | 14.3% | 18.6% | ||
| Q3 25 | 61.8% | 6.7% | ||
| Q2 25 | 53.2% | 16.9% | ||
| Q1 25 | -70.7% | 12.1% | ||
| Q4 24 | 34.8% | 13.4% | ||
| Q3 24 | 28.0% | 16.4% | ||
| Q2 24 | 26.5% | 9.1% | ||
| Q1 24 | 14.7% | 11.3% |
| Q4 25 | -4.8% | 10.3% | ||
| Q3 25 | 32.8% | 1.8% | ||
| Q2 25 | 27.7% | 10.6% | ||
| Q1 25 | -90.9% | 3.9% | ||
| Q4 24 | 2.5% | 6.0% | ||
| Q3 24 | 4.0% | 8.8% | ||
| Q2 24 | -0.9% | 4.2% | ||
| Q1 24 | -5.6% | 21.5% |
| Q4 25 | $0.01 | $0.77 | ||
| Q3 25 | $0.23 | $0.10 | ||
| Q2 25 | $0.14 | $0.61 | ||
| Q1 25 | $-0.23 | $0.23 | ||
| Q4 24 | $0.03 | $0.31 | ||
| Q3 24 | $0.02 | $0.40 | ||
| Q2 24 | $-0.01 | $0.18 | ||
| Q1 24 | $-0.03 | $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 | $215.5M | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $-261.8M | $85.8M |
| Total Assets | $396.9M | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $215.5M | $27.2M | ||
| Q3 25 | $140.4M | $17.3M | ||
| Q2 25 | $92.9M | $18.8M | ||
| Q1 25 | $108.5M | $15.7M | ||
| Q4 24 | $88.6M | $13.3M | ||
| Q3 24 | $88.2M | $9.5M | ||
| Q2 24 | $105.5M | $7.7M | ||
| Q1 24 | $121.5M | $5.8M |
| Q4 25 | — | $12.7M | ||
| Q3 25 | $199.5M | — | ||
| Q2 25 | $199.3M | — | ||
| Q1 25 | $199.2M | $15.2M | ||
| Q4 24 | $199.0M | — | ||
| Q3 24 | $198.8M | — | ||
| Q2 24 | $198.6M | — | ||
| Q1 24 | $398.3M | $15.2M |
| Q4 25 | $-261.8M | $85.8M | ||
| Q3 25 | $-264.2M | $80.2M | ||
| Q2 25 | $-308.2M | $77.9M | ||
| Q1 25 | $-334.1M | $72.1M | ||
| Q4 24 | $-301.3M | $71.2M | ||
| Q3 24 | $-311.3M | $68.6M | ||
| Q2 24 | $-321.7M | $65.5M | ||
| Q1 24 | $-330.5M | $65.7M |
| Q4 25 | $396.9M | $217.0M | ||
| Q3 25 | $396.1M | $189.0M | ||
| Q2 25 | $342.9M | $178.3M | ||
| Q1 25 | $327.2M | $165.2M | ||
| Q4 24 | $350.9M | $160.7M | ||
| Q3 24 | $389.5M | $157.8M | ||
| Q2 24 | $395.6M | $155.7M | ||
| Q1 24 | $438.8M | $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 | $74.6M | $17.3M |
| Free Cash FlowOCF − Capex | $74.6M | $12.4M |
| FCF MarginFCF / Revenue | 156.3% | 20.2% |
| Capex IntensityCapex / Revenue | 0.0% | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $127.0M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $74.6M | $17.3M | ||
| Q3 25 | $47.6M | $-2.0M | ||
| Q2 25 | $-15.1M | $733.0K | ||
| Q1 25 | $20.0M | $6.0M | ||
| Q4 24 | $15.2M | $5.2M | ||
| Q3 24 | $9.9M | $2.8M | ||
| Q2 24 | $33.5M | $-73.0K | ||
| Q1 24 | $45.0M | $7.1M |
| Q4 25 | $74.6M | $12.4M | ||
| Q3 25 | $47.6M | $-4.6M | ||
| Q2 25 | $-15.1M | $-194.0K | ||
| Q1 25 | $19.9M | $4.7M | ||
| Q4 24 | — | $4.8M | ||
| Q3 24 | $9.9M | $2.2M | ||
| Q2 24 | $33.4M | $-662.0K | ||
| Q1 24 | $44.9M | $4.2M |
| Q4 25 | 156.3% | 20.2% | ||
| Q3 25 | 39.0% | -9.6% | ||
| Q2 25 | -17.7% | -0.4% | ||
| Q1 25 | 48.4% | 10.5% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | 10.8% | 5.8% | ||
| Q2 24 | 35.4% | -1.9% | ||
| Q1 24 | 60.0% | 10.5% |
| Q4 25 | 0.0% | 8.1% | ||
| Q3 25 | 0.0% | 5.3% | ||
| Q2 25 | 0.0% | 2.0% | ||
| Q1 25 | 0.1% | 2.9% | ||
| Q4 24 | 0.0% | 0.8% | ||
| Q3 24 | 0.0% | 1.7% | ||
| Q2 24 | 0.1% | 1.7% | ||
| Q1 24 | 0.1% | 7.2% |
| Q4 25 | — | 2.74× | ||
| Q3 25 | 1.19× | -2.40× | ||
| Q2 25 | -0.64× | 0.15× | ||
| Q1 25 | — | 3.42× | ||
| Q4 24 | 6.74× | 2.07× | ||
| Q3 24 | 2.71× | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | — | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
