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Side-by-side financial comparison of Perma-Pipe International Holdings, Inc. (PPIH) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $61.1M, roughly 1.6× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -7.0%, a 17.3% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $12.4M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
PPIH vs SWIM — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.1M | $100.0M |
| Net Profit | $6.3M | $-7.0M |
| Gross Margin | 34.4% | 28.0% |
| Operating Margin | 18.6% | -10.7% |
| Net Margin | 10.3% | -7.0% |
| Revenue YoY | 47.1% | 14.5% |
| Net Profit YoY | 153.5% | 76.0% |
| EPS (diluted) | $0.77 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $47.9M | $161.9M | ||
| Q2 25 | $46.7M | $172.6M | ||
| Q1 25 | $45.0M | $111.4M | ||
| Q4 24 | $41.6M | $87.3M | ||
| Q3 24 | $37.5M | $150.5M | ||
| Q2 24 | $34.3M | $160.1M | ||
| Q1 24 | $40.2M | $110.6M |
| Q4 25 | $6.3M | $-7.0M | ||
| Q3 25 | $851.0K | $8.1M | ||
| Q2 25 | $5.0M | $16.0M | ||
| Q1 25 | $1.8M | $-6.0M | ||
| Q4 24 | $2.5M | $-29.2M | ||
| Q3 24 | $3.3M | $5.9M | ||
| Q2 24 | $1.4M | $13.3M | ||
| Q1 24 | $8.6M | $-7.9M |
| Q4 25 | 34.4% | 28.0% | ||
| Q3 25 | 30.1% | 35.4% | ||
| Q2 25 | 35.8% | 37.1% | ||
| Q1 25 | 33.7% | 29.5% | ||
| Q4 24 | 33.9% | 24.6% | ||
| Q3 24 | 35.9% | 32.4% | ||
| Q2 24 | 30.6% | 33.1% | ||
| Q1 24 | 30.0% | 27.7% |
| Q4 25 | 18.6% | -10.7% | ||
| Q3 25 | 6.7% | 13.3% | ||
| Q2 25 | 16.9% | 14.3% | ||
| Q1 25 | 12.1% | -4.4% | ||
| Q4 24 | 13.4% | -14.9% | ||
| Q3 24 | 16.4% | 8.9% | ||
| Q2 24 | 9.1% | 12.5% | ||
| Q1 24 | 11.3% | -1.9% |
| Q4 25 | 10.3% | -7.0% | ||
| Q3 25 | 1.8% | 5.0% | ||
| Q2 25 | 10.6% | 9.3% | ||
| Q1 25 | 3.9% | -5.4% | ||
| Q4 24 | 6.0% | -33.4% | ||
| Q3 24 | 8.8% | 3.9% | ||
| Q2 24 | 4.2% | 8.3% | ||
| Q1 24 | 21.5% | -7.1% |
| Q4 25 | $0.77 | $-0.06 | ||
| Q3 25 | $0.10 | $0.07 | ||
| Q2 25 | $0.61 | $0.13 | ||
| Q1 25 | $0.23 | $-0.05 | ||
| Q4 24 | $0.31 | $-0.24 | ||
| Q3 24 | $0.40 | $0.05 | ||
| Q2 24 | $0.18 | $0.11 | ||
| Q1 24 | $1.07 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $12.7M | $279.8M |
| Stockholders' EquityBook value | $85.8M | $405.9M |
| Total Assets | $217.0M | $823.2M |
| Debt / EquityLower = less leverage | 0.15× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | — | ||
| Q3 25 | $17.3M | — | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $13.3M | — | ||
| Q3 24 | $9.5M | — | ||
| Q2 24 | $7.7M | — | ||
| Q1 24 | $5.8M | — |
| Q4 25 | $12.7M | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | $15.2M | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | $15.2M | $282.8M |
| Q4 25 | $85.8M | $405.9M | ||
| Q3 25 | $80.2M | $408.4M | ||
| Q2 25 | $77.9M | $398.4M | ||
| Q1 25 | $72.1M | $381.1M | ||
| Q4 24 | $71.2M | $387.2M | ||
| Q3 24 | $68.6M | $416.6M | ||
| Q2 24 | $65.5M | $408.1M | ||
| Q1 24 | $65.7M | $391.8M |
| Q4 25 | $217.0M | $823.2M | ||
| Q3 25 | $189.0M | $844.4M | ||
| Q2 25 | $178.3M | $822.1M | ||
| Q1 25 | $165.2M | $824.6M | ||
| Q4 24 | $160.7M | $794.2M | ||
| Q3 24 | $157.8M | $853.4M | ||
| Q2 24 | $155.7M | $830.0M | ||
| Q1 24 | $155.7M | $808.6M |
| Q4 25 | 0.15× | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | 0.21× | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | 0.23× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $12.4M | $14.1M |
| FCF MarginFCF / Revenue | 20.2% | 14.1% |
| Capex IntensityCapex / Revenue | 8.1% | 9.2% |
| Cash ConversionOCF / Net Profit | 2.74× | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.3M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.3M | $23.3M | ||
| Q3 25 | $-2.0M | $51.0M | ||
| Q2 25 | $733.0K | $36.0M | ||
| Q1 25 | $6.0M | $-46.9M | ||
| Q4 24 | $5.2M | $6.2M | ||
| Q3 24 | $2.8M | $37.2M | ||
| Q2 24 | $-73.0K | $52.4M | ||
| Q1 24 | $7.1M | $-34.5M |
| Q4 25 | $12.4M | $14.1M | ||
| Q3 25 | $-4.6M | $45.2M | ||
| Q2 25 | $-194.0K | $29.1M | ||
| Q1 25 | $4.7M | $-50.3M | ||
| Q4 24 | $4.8M | $-98.0K | ||
| Q3 24 | $2.2M | $33.2M | ||
| Q2 24 | $-662.0K | $47.9M | ||
| Q1 24 | $4.2M | $-39.9M |
| Q4 25 | 20.2% | 14.1% | ||
| Q3 25 | -9.6% | 27.9% | ||
| Q2 25 | -0.4% | 16.8% | ||
| Q1 25 | 10.5% | -45.2% | ||
| Q4 24 | 11.6% | -0.1% | ||
| Q3 24 | 5.8% | 22.1% | ||
| Q2 24 | -1.9% | 29.9% | ||
| Q1 24 | 10.5% | -36.0% |
| Q4 25 | 8.1% | 9.2% | ||
| Q3 25 | 5.3% | 3.6% | ||
| Q2 25 | 2.0% | 4.0% | ||
| Q1 25 | 2.9% | 3.1% | ||
| Q4 24 | 0.8% | 7.2% | ||
| Q3 24 | 1.7% | 2.7% | ||
| Q2 24 | 1.7% | 2.8% | ||
| Q1 24 | 7.2% | 4.8% |
| Q4 25 | 2.74× | — | ||
| Q3 25 | -2.40× | 6.29× | ||
| Q2 25 | 0.15× | 2.25× | ||
| Q1 25 | 3.42× | — | ||
| Q4 24 | 2.07× | — | ||
| Q3 24 | 0.86× | 6.32× | ||
| Q2 24 | -0.05× | 3.95× | ||
| 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.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
