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Side-by-side financial comparison of Perma-Pipe International Holdings, Inc. (PPIH) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $61.1M, roughly 1.6× Perma-Pipe International Holdings, Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 10.3%, a 18.2% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 6.5%). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 2.5%).
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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
PPIH vs SAFE — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.1M | $97.9M |
| Net Profit | $6.3M | $27.9M |
| Gross Margin | 34.4% | 98.6% |
| Operating Margin | 18.6% | 27.4% |
| Net Margin | 10.3% | 28.5% |
| Revenue YoY | 47.1% | 6.5% |
| Net Profit YoY | 153.5% | 7.1% |
| EPS (diluted) | $0.77 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $47.9M | $96.2M | ||
| Q2 25 | $46.7M | $93.8M | ||
| Q1 25 | $45.0M | $97.7M | ||
| Q4 24 | $41.6M | $91.9M | ||
| Q3 24 | $37.5M | $90.7M | ||
| Q2 24 | $34.3M | $89.9M | ||
| Q1 24 | $40.2M | $93.2M |
| Q4 25 | $6.3M | $27.9M | ||
| Q3 25 | $851.0K | $29.3M | ||
| Q2 25 | $5.0M | $27.9M | ||
| Q1 25 | $1.8M | $29.4M | ||
| Q4 24 | $2.5M | $26.0M | ||
| Q3 24 | $3.3M | $19.3M | ||
| Q2 24 | $1.4M | $29.7M | ||
| Q1 24 | $8.6M | $30.7M |
| Q4 25 | 34.4% | 98.6% | ||
| Q3 25 | 30.1% | 98.5% | ||
| Q2 25 | 35.8% | 99.1% | ||
| Q1 25 | 33.7% | 98.8% | ||
| Q4 24 | 33.9% | 98.8% | ||
| Q3 24 | 35.9% | 98.8% | ||
| Q2 24 | 30.6% | 98.8% | ||
| Q1 24 | 30.0% | 98.8% |
| Q4 25 | 18.6% | 27.4% | ||
| Q3 25 | 6.7% | 25.9% | ||
| Q2 25 | 16.9% | 25.5% | ||
| Q1 25 | 12.1% | 25.9% | ||
| Q4 24 | 13.4% | 24.6% | ||
| Q3 24 | 16.4% | 17.5% | ||
| Q2 24 | 9.1% | 26.7% | ||
| Q1 24 | 11.3% | 26.4% |
| Q4 25 | 10.3% | 28.5% | ||
| Q3 25 | 1.8% | 30.5% | ||
| Q2 25 | 10.6% | 29.8% | ||
| Q1 25 | 3.9% | 30.1% | ||
| Q4 24 | 6.0% | 28.3% | ||
| Q3 24 | 8.8% | 21.3% | ||
| Q2 24 | 4.2% | 33.0% | ||
| Q1 24 | 21.5% | 33.0% |
| Q4 25 | $0.77 | $0.38 | ||
| Q3 25 | $0.10 | $0.41 | ||
| Q2 25 | $0.61 | $0.39 | ||
| Q1 25 | $0.23 | $0.41 | ||
| Q4 24 | $0.31 | $0.36 | ||
| Q3 24 | $0.40 | $0.27 | ||
| Q2 24 | $0.18 | $0.42 | ||
| Q1 24 | $1.07 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | $12.7M | $4.6B |
| Stockholders' EquityBook value | $85.8M | $2.4B |
| Total Assets | $217.0M | $7.2B |
| Debt / EquityLower = less leverage | 0.15× | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $21.7M | ||
| Q3 25 | $17.3M | $12.1M | ||
| Q2 25 | $18.8M | $13.9M | ||
| Q1 25 | $15.7M | $17.3M | ||
| Q4 24 | $13.3M | $8.3M | ||
| Q3 24 | $9.5M | $15.6M | ||
| Q2 24 | $7.7M | $13.4M | ||
| Q1 24 | $5.8M | $11.3M |
| Q4 25 | $12.7M | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | $15.2M | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | $15.2M | $4.1B |
| Q4 25 | $85.8M | $2.4B | ||
| Q3 25 | $80.2M | $2.4B | ||
| Q2 25 | $77.9M | $2.4B | ||
| Q1 25 | $72.1M | $2.4B | ||
| Q4 24 | $71.2M | $2.3B | ||
| Q3 24 | $68.6M | $2.3B | ||
| Q2 24 | $65.5M | $2.3B | ||
| Q1 24 | $65.7M | $2.3B |
| Q4 25 | $217.0M | $7.2B | ||
| Q3 25 | $189.0M | $7.1B | ||
| Q2 25 | $178.3M | $7.1B | ||
| Q1 25 | $165.2M | $6.9B | ||
| Q4 24 | $160.7M | $6.9B | ||
| Q3 24 | $157.8M | $6.8B | ||
| Q2 24 | $155.7M | $6.8B | ||
| Q1 24 | $155.7M | $6.7B |
| Q4 25 | 0.15× | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | 0.21× | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | 0.23× | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $12.4M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 8.1% | — |
| Cash ConversionOCF / Net Profit | 2.74× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $12.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.3M | $47.8M | ||
| Q3 25 | $-2.0M | $-1.4M | ||
| Q2 25 | $733.0K | $28.0M | ||
| Q1 25 | $6.0M | $8.9M | ||
| Q4 24 | $5.2M | $37.9M | ||
| Q3 24 | $2.8M | $8.3M | ||
| Q2 24 | $-73.0K | $24.8M | ||
| Q1 24 | $7.1M | $-3.1M |
| Q4 25 | $12.4M | — | ||
| Q3 25 | $-4.6M | — | ||
| Q2 25 | $-194.0K | — | ||
| Q1 25 | $4.7M | — | ||
| Q4 24 | $4.8M | — | ||
| Q3 24 | $2.2M | — | ||
| Q2 24 | $-662.0K | — | ||
| Q1 24 | $4.2M | — |
| Q4 25 | 20.2% | — | ||
| Q3 25 | -9.6% | — | ||
| Q2 25 | -0.4% | — | ||
| Q1 25 | 10.5% | — | ||
| Q4 24 | 11.6% | — | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | -1.9% | — | ||
| Q1 24 | 10.5% | — |
| Q4 25 | 8.1% | — | ||
| Q3 25 | 5.3% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 0.8% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 7.2% | — |
| Q4 25 | 2.74× | 1.72× | ||
| Q3 25 | -2.40× | -0.05× | ||
| Q2 25 | 0.15× | 1.00× | ||
| Q1 25 | 3.42× | 0.30× | ||
| Q4 24 | 2.07× | 1.45× | ||
| Q3 24 | 0.86× | 0.43× | ||
| Q2 24 | -0.05× | 0.83× | ||
| Q1 24 | 0.82× | -0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PPIH
Segment breakdown not available.
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
