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Side-by-side financial comparison of Perma-Pipe International Holdings, Inc. (PPIH) and Quipt Home Medical Corp. (QIPT). 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 $49.0M, roughly 1.2× Quipt Home Medical Corp.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -2.1%, a 12.5% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 32.3%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $6.9M).
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.
Quipt Home Medical Corp is a U.S.-based home medical equipment provider specializing in respiratory care, sleep therapy supplies, and chronic disease management products. It serves patients with long-term health conditions, partners with healthcare providers and insurance payers across operating regions to deliver accessible in-home medical solutions.
PPIH vs QIPT — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $61.1M | $49.0M |
| Net Profit | $6.3M | $-1.1M |
| Gross Margin | 34.4% | 53.5% |
| Operating Margin | 18.6% | 2.1% |
| Net Margin | 10.3% | -2.1% |
| Revenue YoY | 47.1% | 32.3% |
| Net Profit YoY | 153.5% | 2.9% |
| EPS (diluted) | $0.77 | $-0.02 |
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 | $61.1M | $49.0M | ||
| Q3 25 | $47.9M | $39.8M | ||
| Q2 25 | $46.7M | $35.1M | ||
| Q1 25 | $45.0M | $33.3M | ||
| Q4 24 | $41.6M | $37.1M | ||
| Q3 24 | $37.5M | — | ||
| Q2 24 | $34.3M | — | ||
| Q1 24 | $40.2M | — |
| Q4 25 | $6.3M | $-1.1M | ||
| Q3 25 | $851.0K | $-3.5M | ||
| Q2 25 | $5.0M | $-3.0M | ||
| Q1 25 | $1.8M | $-3.0M | ||
| Q4 24 | $2.5M | $-1.1M | ||
| Q3 24 | $3.3M | — | ||
| Q2 24 | $1.4M | — | ||
| Q1 24 | $8.6M | — |
| Q4 25 | 34.4% | 53.5% | ||
| Q3 25 | 30.1% | 48.7% | ||
| Q2 25 | 35.8% | 57.6% | ||
| Q1 25 | 33.7% | 54.6% | ||
| Q4 24 | 33.9% | 52.1% | ||
| Q3 24 | 35.9% | — | ||
| Q2 24 | 30.6% | — | ||
| Q1 24 | 30.0% | — |
| Q4 25 | 18.6% | 2.1% | ||
| Q3 25 | 6.7% | -3.6% | ||
| Q2 25 | 16.9% | -5.2% | ||
| Q1 25 | 12.1% | -3.0% | ||
| Q4 24 | 13.4% | 1.2% | ||
| Q3 24 | 16.4% | — | ||
| Q2 24 | 9.1% | — | ||
| Q1 24 | 11.3% | — |
| Q4 25 | 10.3% | -2.1% | ||
| Q3 25 | 1.8% | -8.9% | ||
| Q2 25 | 10.6% | -8.6% | ||
| Q1 25 | 3.9% | -9.1% | ||
| Q4 24 | 6.0% | -2.9% | ||
| Q3 24 | 8.8% | — | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 21.5% | — |
| Q4 25 | $0.77 | $-0.02 | ||
| Q3 25 | $0.10 | $-0.07 | ||
| Q2 25 | $0.61 | $-0.07 | ||
| Q1 25 | $0.23 | $-0.07 | ||
| Q4 24 | $0.31 | $-0.03 | ||
| Q3 24 | $0.40 | — | ||
| Q2 24 | $0.18 | — | ||
| Q1 24 | $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 | $27.2M | $10.5M |
| Total DebtLower is stronger | $12.7M | $84.0M |
| Stockholders' EquityBook value | $85.8M | $113.0M |
| Total Assets | $217.0M | $280.7M |
| Debt / EquityLower = less leverage | 0.15× | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $10.5M | ||
| Q3 25 | $17.3M | $12.9M | ||
| Q2 25 | $18.8M | $11.3M | ||
| Q1 25 | $15.7M | $17.1M | ||
| Q4 24 | $13.3M | $15.5M | ||
| Q3 24 | $9.5M | — | ||
| Q2 24 | $7.7M | — | ||
| Q1 24 | $5.8M | — |
| Q4 25 | $12.7M | $84.0M | ||
| Q3 25 | — | $87.6M | ||
| Q2 25 | — | $66.0M | ||
| Q1 25 | $15.2M | $71.5M | ||
| Q4 24 | — | $70.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $15.2M | — |
| Q4 25 | $85.8M | $113.0M | ||
| Q3 25 | $80.2M | $112.1M | ||
| Q2 25 | $77.9M | $102.5M | ||
| Q1 25 | $72.1M | $103.6M | ||
| Q4 24 | $71.2M | $106.3M | ||
| Q3 24 | $68.6M | — | ||
| Q2 24 | $65.5M | — | ||
| Q1 24 | $65.7M | — |
| Q4 25 | $217.0M | $280.7M | ||
| Q3 25 | $189.0M | $283.3M | ||
| Q2 25 | $178.3M | $236.1M | ||
| Q1 25 | $165.2M | $244.6M | ||
| Q4 24 | $160.7M | $242.8M | ||
| Q3 24 | $157.8M | — | ||
| Q2 24 | $155.7M | — | ||
| Q1 24 | $155.7M | — |
| Q4 25 | 0.15× | 0.74× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | 0.21× | 0.69× | ||
| Q4 24 | — | 0.66× | ||
| 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 | $17.3M | $8.9M |
| Free Cash FlowOCF − Capex | $12.4M | $6.9M |
| FCF MarginFCF / Revenue | 20.2% | 14.0% |
| Capex IntensityCapex / Revenue | 8.1% | 4.2% |
| Cash ConversionOCF / Net Profit | 2.74× | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.3M | $26.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.3M | $8.9M | ||
| Q3 25 | $-2.0M | $9.8M | ||
| Q2 25 | $733.0K | $9.7M | ||
| Q1 25 | $6.0M | $8.9M | ||
| Q4 24 | $5.2M | $9.3M | ||
| Q3 24 | $2.8M | — | ||
| Q2 24 | $-73.0K | — | ||
| Q1 24 | $7.1M | — |
| Q4 25 | $12.4M | $6.9M | ||
| Q3 25 | $-4.6M | $8.0M | ||
| Q2 25 | $-194.0K | $4.4M | ||
| Q1 25 | $4.7M | $7.3M | ||
| Q4 24 | $4.8M | $5.6M | ||
| Q3 24 | $2.2M | — | ||
| Q2 24 | $-662.0K | — | ||
| Q1 24 | $4.2M | — |
| Q4 25 | 20.2% | 14.0% | ||
| Q3 25 | -9.6% | 20.0% | ||
| Q2 25 | -0.4% | 12.6% | ||
| Q1 25 | 10.5% | 22.0% | ||
| Q4 24 | 11.6% | 15.2% | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | -1.9% | — | ||
| Q1 24 | 10.5% | — |
| Q4 25 | 8.1% | 4.2% | ||
| Q3 25 | 5.3% | 4.6% | ||
| Q2 25 | 2.0% | 14.9% | ||
| Q1 25 | 2.9% | 4.8% | ||
| Q4 24 | 0.8% | 9.9% | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 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.
