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Side-by-side financial comparison of LandBridge Co LLC (LB) 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 $51.0M, roughly 1.2× LandBridge Co LLC). LandBridge Co LLC runs the higher net margin — 35.0% vs 10.3%, a 24.7% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 16.0%). LandBridge Co LLC produced more free cash flow last quarter ($40.9M vs $12.4M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (40.2% CAGR vs 23.4%).
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.
LB vs PPIH — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $51.0M | $61.1M |
| Net Profit | $17.9M | $6.3M |
| Gross Margin | — | 34.4% |
| Operating Margin | 57.2% | 18.6% |
| Net Margin | 35.0% | 10.3% |
| Revenue YoY | 16.0% | 47.1% |
| Net Profit YoY | 15.6% | 153.5% |
| EPS (diluted) | — | $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.
| Q1 26 | $51.0M | — | ||
| Q4 25 | $56.8M | $61.1M | ||
| Q3 25 | $50.8M | $47.9M | ||
| Q2 25 | $47.5M | $46.7M | ||
| Q1 25 | $44.0M | $45.0M | ||
| Q4 24 | $36.5M | $41.6M | ||
| Q3 24 | $28.5M | $37.5M | ||
| Q2 24 | $26.0M | $34.3M |
| Q1 26 | $17.9M | — | ||
| Q4 25 | $8.1M | $6.3M | ||
| Q3 25 | $8.1M | $851.0K | ||
| Q2 25 | $7.5M | $5.0M | ||
| Q1 25 | $6.5M | $1.8M | ||
| Q4 24 | $49.3M | $2.5M | ||
| Q3 24 | $2.7M | $3.3M | ||
| Q2 24 | $-57.7M | $1.4M |
| Q1 26 | — | — | ||
| 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 26 | 57.2% | — | ||
| Q4 25 | 60.0% | 18.6% | ||
| Q3 25 | 60.8% | 6.7% | ||
| Q2 25 | 60.0% | 16.9% | ||
| Q1 25 | 57.0% | 12.1% | ||
| Q4 24 | 49.4% | 13.4% | ||
| Q3 24 | 11.2% | 16.4% | ||
| Q2 24 | -197.4% | 9.1% |
| Q1 26 | 35.0% | — | ||
| Q4 25 | 14.2% | 10.3% | ||
| Q3 25 | 15.9% | 1.8% | ||
| Q2 25 | 15.8% | 10.6% | ||
| Q1 25 | 14.7% | 3.9% | ||
| Q4 24 | 135.2% | 6.0% | ||
| Q3 24 | 9.3% | 8.8% | ||
| Q2 24 | -222.1% | 4.2% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.77 | ||
| Q3 25 | $0.26 | $0.10 | ||
| Q2 25 | $0.24 | $0.61 | ||
| Q1 25 | $0.20 | $0.23 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | $-0.04 | $0.40 | ||
| Q2 24 | — | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.7M | $27.2M |
| Total DebtLower is stronger | $433.0K | $12.7M |
| Stockholders' EquityBook value | — | $85.8M |
| Total Assets | $1.4B | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $29.7M | — | ||
| Q4 25 | $30.7M | $27.2M | ||
| Q3 25 | $28.3M | $17.3M | ||
| Q2 25 | $20.3M | $18.8M | ||
| Q1 25 | $14.9M | $15.7M | ||
| Q4 24 | $37.0M | $13.3M | ||
| Q3 24 | $14.4M | $9.5M | ||
| Q2 24 | $24.6M | $7.7M |
| Q1 26 | $433.0K | — | ||
| Q4 25 | $570.7M | $12.7M | ||
| Q3 25 | $366.1M | — | ||
| Q2 25 | $370.9M | — | ||
| Q1 25 | $375.5M | $15.2M | ||
| Q4 24 | $385.5M | — | ||
| Q3 24 | $242.4M | — | ||
| Q2 24 | $360.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | $340.3M | $85.8M | ||
| Q3 25 | $272.0M | $80.2M | ||
| Q2 25 | $266.4M | $77.9M | ||
| Q1 25 | $217.0M | $72.1M | ||
| Q4 24 | $211.8M | $71.2M | ||
| Q3 24 | $97.2M | $68.6M | ||
| Q2 24 | $296.4M | $65.5M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $217.0M | ||
| Q3 25 | $1.1B | $189.0M | ||
| Q2 25 | $1.1B | $178.3M | ||
| Q1 25 | $1.0B | $165.2M | ||
| Q4 24 | $1.0B | $160.7M | ||
| Q3 24 | $689.9M | $157.8M | ||
| Q2 24 | $710.5M | $155.7M |
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 0.15× | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | 1.39× | — | ||
| Q1 25 | 1.73× | 0.21× | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 2.49× | — | ||
| Q2 24 | 1.22× | — |
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 | $41.1M | $17.3M |
| Free Cash FlowOCF − Capex | $40.9M | $12.4M |
| FCF MarginFCF / Revenue | 80.3% | 20.2% |
| Capex IntensityCapex / Revenue | — | 8.1% |
| Cash ConversionOCF / Net Profit | 2.30× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $232.8M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $41.1M | — | ||
| Q4 25 | $126.3M | $17.3M | ||
| Q3 25 | $34.9M | $-2.0M | ||
| Q2 25 | $37.3M | $733.0K | ||
| Q1 25 | $15.9M | $6.0M | ||
| Q4 24 | $67.6M | $5.2M | ||
| Q3 24 | $7.5M | $2.8M | ||
| Q2 24 | $16.0M | $-73.0K |
| Q1 26 | $40.9M | — | ||
| Q4 25 | $122.0M | $12.4M | ||
| Q3 25 | $33.7M | $-4.6M | ||
| Q2 25 | $36.1M | $-194.0K | ||
| Q1 25 | $15.8M | $4.7M | ||
| Q4 24 | $66.7M | $4.8M | ||
| Q3 24 | $7.1M | $2.2M | ||
| Q2 24 | $15.7M | $-662.0K |
| Q1 26 | 80.3% | — | ||
| Q4 25 | 214.9% | 20.2% | ||
| Q3 25 | 66.3% | -9.6% | ||
| Q2 25 | 75.9% | -0.4% | ||
| Q1 25 | 36.0% | 10.5% | ||
| Q4 24 | 182.6% | 11.6% | ||
| Q3 24 | 25.1% | 5.8% | ||
| Q2 24 | 60.4% | -1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 7.5% | 8.1% | ||
| Q3 25 | 2.3% | 5.3% | ||
| Q2 25 | 2.6% | 2.0% | ||
| Q1 25 | 0.2% | 2.9% | ||
| Q4 24 | 2.7% | 0.8% | ||
| Q3 24 | 1.1% | 1.7% | ||
| Q2 24 | 1.4% | 1.7% |
| Q1 26 | 2.30× | — | ||
| Q4 25 | 15.68× | 2.74× | ||
| Q3 25 | 4.31× | -2.40× | ||
| Q2 25 | 4.98× | 0.15× | ||
| Q1 25 | 2.46× | 3.42× | ||
| Q4 24 | 1.37× | 2.07× | ||
| Q3 24 | 2.80× | 0.86× | ||
| Q2 24 | — | -0.05× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LB
| Other | $14.2M | 28% |
| Easements and other surface-related revenues | $11.6M | 23% |
| Surface use royalties - related party | $11.0M | 22% |
| Resource sales | $5.2M | 10% |
| Resource royalties | $4.3M | 8% |
| Easements and other surface-related revenues - related party | $3.2M | 6% |
| Resource royalties - related party | $1.3M | 2% |
| Resource sales - related party | $205.0K | 0% |
PPIH
Segment breakdown not available.
