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Side-by-side financial comparison of Planet Labs PBC (PL) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
Planet Labs PBC is the larger business by last-quarter revenue ($81.3M vs $61.1M, roughly 1.3× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -72.8%, a 83.2% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 32.6%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $1.9M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 17.5%).
Planet Labs PBC, known as "Planet.", is a publicly traded American Earth imaging company based in San Francisco, California. Their goal is to image the entirety of the Earth daily to monitor changes and pinpoint trends.
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.
PL vs PPIH — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $81.3M | $61.1M |
| Net Profit | $-59.2M | $6.3M |
| Gross Margin | 57.3% | 34.4% |
| Operating Margin | -22.6% | 18.6% |
| Net Margin | -72.8% | 10.3% |
| Revenue YoY | 32.6% | 47.1% |
| Net Profit YoY | -194.7% | 153.5% |
| EPS (diluted) | $-0.19 | $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 | $81.3M | $61.1M | ||
| Q3 25 | $73.4M | $47.9M | ||
| Q2 25 | $66.3M | $46.7M | ||
| Q1 25 | $61.6M | $45.0M | ||
| Q4 24 | $61.3M | $41.6M | ||
| Q3 24 | $61.1M | $37.5M | ||
| Q2 24 | $60.4M | $34.3M | ||
| Q1 24 | $58.9M | $40.2M |
| Q4 25 | $-59.2M | $6.3M | ||
| Q3 25 | $-22.6M | $851.0K | ||
| Q2 25 | $-12.6M | $5.0M | ||
| Q1 25 | $-35.2M | $1.8M | ||
| Q4 24 | $-20.1M | $2.5M | ||
| Q3 24 | $-38.7M | $3.3M | ||
| Q2 24 | $-29.3M | $1.4M | ||
| Q1 24 | $-30.1M | $8.6M |
| Q4 25 | 57.3% | 34.4% | ||
| Q3 25 | 57.6% | 30.1% | ||
| Q2 25 | 55.2% | 35.8% | ||
| Q1 25 | 62.1% | 33.7% | ||
| Q4 24 | 61.2% | 33.9% | ||
| Q3 24 | 52.9% | 35.9% | ||
| Q2 24 | 52.4% | 30.6% | ||
| Q1 24 | 55.2% | 30.0% |
| Q4 25 | -22.6% | 18.6% | ||
| Q3 25 | -24.5% | 6.7% | ||
| Q2 25 | -34.4% | 16.9% | ||
| Q1 25 | -31.5% | 12.1% | ||
| Q4 24 | -36.9% | 13.4% | ||
| Q3 24 | -64.8% | 16.4% | ||
| Q2 24 | -57.2% | 9.1% | ||
| Q1 24 | -57.6% | 11.3% |
| Q4 25 | -72.8% | 10.3% | ||
| Q3 25 | -30.8% | 1.8% | ||
| Q2 25 | -19.1% | 10.6% | ||
| Q1 25 | -57.1% | 3.9% | ||
| Q4 24 | -32.8% | 6.0% | ||
| Q3 24 | -63.3% | 8.8% | ||
| Q2 24 | -48.5% | 4.2% | ||
| Q1 24 | -51.1% | 21.5% |
| Q4 25 | $-0.19 | $0.77 | ||
| Q3 25 | $-0.07 | $0.10 | ||
| Q2 25 | $-0.04 | $0.61 | ||
| Q1 25 | $-0.12 | $0.23 | ||
| Q4 24 | $-0.07 | $0.31 | ||
| Q3 24 | $-0.13 | $0.40 | ||
| Q2 24 | $-0.10 | $0.18 | ||
| Q1 24 | $-0.10 | $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 | $443.3M | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $349.6M | $85.8M |
| Total Assets | $1.1B | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $443.3M | $27.2M | ||
| Q3 25 | $181.1M | $17.3M | ||
| Q2 25 | $133.5M | $18.8M | ||
| Q1 25 | $118.0M | $15.7M | ||
| Q4 24 | $139.0M | $13.3M | ||
| Q3 24 | $148.3M | $9.5M | ||
| Q2 24 | $107.4M | $7.7M | ||
| Q1 24 | $83.9M | $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 | $349.6M | $85.8M | ||
| Q3 25 | $435.7M | $80.2M | ||
| Q2 25 | $444.8M | $77.9M | ||
| Q1 25 | $441.3M | $72.1M | ||
| Q4 24 | $464.6M | $71.2M | ||
| Q3 24 | $473.2M | $68.6M | ||
| Q2 24 | $500.3M | $65.5M | ||
| Q1 24 | $518.0M | $65.7M |
| Q4 25 | $1.1B | $217.0M | ||
| Q3 25 | $696.4M | $189.0M | ||
| Q2 25 | $658.4M | $178.3M | ||
| Q1 25 | $633.8M | $165.2M | ||
| Q4 24 | $630.8M | $160.7M | ||
| Q3 24 | $658.4M | $157.8M | ||
| Q2 24 | $674.6M | $155.7M | ||
| Q1 24 | $702.0M | $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 | $28.6M | $17.3M |
| Free Cash FlowOCF − Capex | $1.9M | $12.4M |
| FCF MarginFCF / Revenue | 2.3% | 20.2% |
| Capex IntensityCapex / Revenue | 32.9% | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $40.7M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $17.3M | ||
| Q3 25 | $67.8M | $-2.0M | ||
| Q2 25 | $17.3M | $733.0K | ||
| Q1 25 | $-6.3M | $6.0M | ||
| Q4 24 | $4.1M | $5.2M | ||
| Q3 24 | $-7.9M | $2.8M | ||
| Q2 24 | $-4.3M | $-73.0K | ||
| Q1 24 | $-6.8M | $7.1M |
| Q4 25 | $1.9M | $12.4M | ||
| Q3 25 | $47.5M | $-4.6M | ||
| Q2 25 | $9.2M | $-194.0K | ||
| Q1 25 | $-17.9M | $4.7M | ||
| Q4 24 | $-3.6M | $4.8M | ||
| Q3 24 | $-23.0M | $2.2M | ||
| Q2 24 | $-14.2M | $-662.0K | ||
| Q1 24 | $-15.7M | $4.2M |
| Q4 25 | 2.3% | 20.2% | ||
| Q3 25 | 64.7% | -9.6% | ||
| Q2 25 | 13.9% | -0.4% | ||
| Q1 25 | -29.1% | 10.5% | ||
| Q4 24 | -5.8% | 11.6% | ||
| Q3 24 | -37.6% | 5.8% | ||
| Q2 24 | -23.6% | -1.9% | ||
| Q1 24 | -26.7% | 10.5% |
| Q4 25 | 32.9% | 8.1% | ||
| Q3 25 | 27.6% | 5.3% | ||
| Q2 25 | 12.3% | 2.0% | ||
| Q1 25 | 18.9% | 2.9% | ||
| Q4 24 | 12.5% | 0.8% | ||
| Q3 24 | 24.8% | 1.7% | ||
| Q2 24 | 16.4% | 1.7% | ||
| Q1 24 | 15.1% | 7.2% |
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | -2.40× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | — | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PL
| Defense And Intelligence | $49.4M | 61% |
| Civil Government | $18.8M | 23% |
| Commercial | $13.1M | 16% |
PPIH
Segment breakdown not available.
