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Side-by-side financial comparison of Perma-Pipe International Holdings, Inc. (PPIH) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
RE/MAX Holdings, Inc. is the larger business by last-quarter revenue ($71.1M vs $61.1M, roughly 1.2× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs 2.0%, a 8.3% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs -1.8%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $12.4M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs -4.7%).
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.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
PPIH vs RMAX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.1M | $71.1M |
| Net Profit | $6.3M | $1.4M |
| Gross Margin | 34.4% | — |
| Operating Margin | 18.6% | 13.1% |
| Net Margin | 10.3% | 2.0% |
| Revenue YoY | 47.1% | -1.8% |
| Net Profit YoY | 153.5% | -75.2% |
| 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.
| Q4 25 | $61.1M | $71.1M | ||
| Q3 25 | $47.9M | $73.2M | ||
| Q2 25 | $46.7M | $72.8M | ||
| Q1 25 | $45.0M | $74.5M | ||
| Q4 24 | $41.6M | $72.5M | ||
| Q3 24 | $37.5M | $78.5M | ||
| Q2 24 | $34.3M | $78.5M | ||
| Q1 24 | $40.2M | $78.3M |
| Q4 25 | $6.3M | $1.4M | ||
| Q3 25 | $851.0K | $4.0M | ||
| Q2 25 | $5.0M | $4.7M | ||
| Q1 25 | $1.8M | $-2.0M | ||
| Q4 24 | $2.5M | $5.8M | ||
| Q3 24 | $3.3M | $966.0K | ||
| Q2 24 | $1.4M | $3.7M | ||
| Q1 24 | $8.6M | $-3.4M |
| 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 | 18.6% | 13.1% | ||
| Q3 25 | 6.7% | 25.0% | ||
| Q2 25 | 16.9% | 19.3% | ||
| Q1 25 | 12.1% | 7.2% | ||
| Q4 24 | 13.4% | 5.9% | ||
| Q3 24 | 16.4% | 19.4% | ||
| Q2 24 | 9.1% | 20.6% | ||
| Q1 24 | 11.3% | 5.8% |
| Q4 25 | 10.3% | 2.0% | ||
| Q3 25 | 1.8% | 5.4% | ||
| Q2 25 | 10.6% | 6.4% | ||
| Q1 25 | 3.9% | -2.6% | ||
| Q4 24 | 6.0% | 8.0% | ||
| Q3 24 | 8.8% | 1.2% | ||
| Q2 24 | 4.2% | 4.7% | ||
| Q1 24 | 21.5% | -4.3% |
| Q4 25 | $0.77 | — | ||
| Q3 25 | $0.10 | — | ||
| Q2 25 | $0.61 | — | ||
| Q1 25 | $0.23 | — | ||
| Q4 24 | $0.31 | — | ||
| 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 | $118.7M |
| Total DebtLower is stronger | $12.7M | $432.2M |
| Stockholders' EquityBook value | $85.8M | $452.4M |
| Total Assets | $217.0M | $582.5M |
| Debt / EquityLower = less leverage | 0.15× | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $118.7M | ||
| Q3 25 | $17.3M | $107.5M | ||
| Q2 25 | $18.8M | $94.3M | ||
| Q1 25 | $15.7M | $89.1M | ||
| Q4 24 | $13.3M | $96.6M | ||
| Q3 24 | $9.5M | $83.8M | ||
| Q2 24 | $7.7M | $66.1M | ||
| Q1 24 | $5.8M | $82.1M |
| Q4 25 | $12.7M | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | $15.2M | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | $15.2M | $439.0M |
| Q4 25 | $85.8M | $452.4M | ||
| Q3 25 | $80.2M | $448.1M | ||
| Q2 25 | $77.9M | $442.4M | ||
| Q1 25 | $72.1M | $433.5M | ||
| Q4 24 | $71.2M | $429.5M | ||
| Q3 24 | $68.6M | $423.1M | ||
| Q2 24 | $65.5M | $418.4M | ||
| Q1 24 | $65.7M | $412.0M |
| Q4 25 | $217.0M | $582.5M | ||
| Q3 25 | $189.0M | $582.2M | ||
| Q2 25 | $178.3M | $574.8M | ||
| Q1 25 | $165.2M | $571.4M | ||
| Q4 24 | $160.7M | $581.6M | ||
| Q3 24 | $157.8M | $578.6M | ||
| Q2 24 | $155.7M | $571.4M | ||
| Q1 24 | $155.7M | $566.7M |
| Q4 25 | 0.15× | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | 0.21× | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | 0.23× | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | $12.4M | $33.5M |
| FCF MarginFCF / Revenue | 20.2% | 47.1% |
| Capex IntensityCapex / Revenue | 8.1% | 10.4% |
| Cash ConversionOCF / Net Profit | 2.74× | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $12.3M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.3M | $40.9M | ||
| Q3 25 | $-2.0M | $17.7M | ||
| Q2 25 | $733.0K | $4.6M | ||
| Q1 25 | $6.0M | $5.7M | ||
| Q4 24 | $5.2M | $59.7M | ||
| Q3 24 | $2.8M | $17.6M | ||
| Q2 24 | $-73.0K | $15.9M | ||
| Q1 24 | $7.1M | $9.4M |
| Q4 25 | $12.4M | $33.5M | ||
| Q3 25 | $-4.6M | $16.4M | ||
| Q2 25 | $-194.0K | $2.9M | ||
| Q1 25 | $4.7M | $4.0M | ||
| Q4 24 | $4.8M | $53.0M | ||
| Q3 24 | $2.2M | $16.3M | ||
| Q2 24 | $-662.0K | $14.0M | ||
| Q1 24 | $4.2M | $6.8M |
| Q4 25 | 20.2% | 47.1% | ||
| Q3 25 | -9.6% | 22.4% | ||
| Q2 25 | -0.4% | 4.0% | ||
| Q1 25 | 10.5% | 5.3% | ||
| Q4 24 | 11.6% | 73.2% | ||
| Q3 24 | 5.8% | 20.8% | ||
| Q2 24 | -1.9% | 17.8% | ||
| Q1 24 | 10.5% | 8.6% |
| Q4 25 | 8.1% | 10.4% | ||
| Q3 25 | 5.3% | 1.8% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 2.9% | 2.3% | ||
| Q4 24 | 0.8% | 9.1% | ||
| Q3 24 | 1.7% | 1.7% | ||
| Q2 24 | 1.7% | 2.4% | ||
| Q1 24 | 7.2% | 3.3% |
| Q4 25 | 2.74× | 28.39× | ||
| Q3 25 | -2.40× | 4.45× | ||
| Q2 25 | 0.15× | 0.97× | ||
| Q1 25 | 3.42× | — | ||
| Q4 24 | 2.07× | 10.28× | ||
| Q3 24 | 0.86× | 18.22× | ||
| Q2 24 | -0.05× | 4.29× | ||
| Q1 24 | 0.82× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PPIH
Segment breakdown not available.
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
