vs
Side-by-side financial comparison of Perma-Pipe International Holdings, Inc. (PPIH) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $61.1M, roughly 1.2× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -20.3%, a 30.7% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 22.0%). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
PPIH vs TH — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.1M | $73.5M |
| Net Profit | $6.3M | $-14.9M |
| Gross Margin | 34.4% | 9.6% |
| Operating Margin | 18.6% | -22.9% |
| Net Margin | 10.3% | -20.3% |
| Revenue YoY | 47.1% | 22.0% |
| Net Profit YoY | 153.5% | -219.1% |
| EPS (diluted) | $0.77 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $47.9M | $91.6M | ||
| Q2 25 | $46.7M | $54.9M | ||
| Q1 25 | $45.0M | $54.9M | ||
| Q4 24 | $41.6M | $60.2M | ||
| Q3 24 | $37.5M | $65.8M | ||
| Q2 24 | $34.3M | $67.5M | ||
| Q1 24 | $40.2M | $72.4M |
| Q4 25 | $6.3M | $-14.9M | ||
| Q3 25 | $851.0K | $-795.0K | ||
| Q2 25 | $5.0M | $-14.9M | ||
| Q1 25 | $1.8M | $-6.5M | ||
| Q4 24 | $2.5M | $12.5M | ||
| Q3 24 | $3.3M | $20.0M | ||
| Q2 24 | $1.4M | $18.4M | ||
| Q1 24 | $8.6M | $20.4M |
| Q4 25 | 34.4% | 9.6% | ||
| Q3 25 | 30.1% | 19.6% | ||
| Q2 25 | 35.8% | -0.6% | ||
| Q1 25 | 33.7% | 32.7% | ||
| Q4 24 | 33.9% | 61.5% | ||
| Q3 24 | 35.9% | 68.7% | ||
| Q2 24 | 30.6% | 69.4% | ||
| Q1 24 | 30.0% | 67.8% |
| Q4 25 | 18.6% | -22.9% | ||
| Q3 25 | 6.7% | 0.1% | ||
| Q2 25 | 16.9% | -30.8% | ||
| Q1 25 | 12.1% | -2.0% | ||
| Q4 24 | 13.4% | 34.5% | ||
| Q3 24 | 16.4% | 42.5% | ||
| Q2 24 | 9.1% | 43.8% | ||
| Q1 24 | 11.3% | 42.0% |
| Q4 25 | 10.3% | -20.3% | ||
| Q3 25 | 1.8% | -0.9% | ||
| Q2 25 | 10.6% | -27.2% | ||
| Q1 25 | 3.9% | -11.8% | ||
| Q4 24 | 6.0% | 20.8% | ||
| Q3 24 | 8.8% | 30.4% | ||
| Q2 24 | 4.2% | 27.2% | ||
| Q1 24 | 21.5% | 28.2% |
| Q4 25 | $0.77 | $-0.14 | ||
| Q3 25 | $0.10 | $-0.01 | ||
| Q2 25 | $0.61 | $-0.15 | ||
| Q1 25 | $0.23 | $-0.07 | ||
| Q4 24 | $0.31 | $0.12 | ||
| Q3 24 | $0.40 | $0.20 | ||
| Q2 24 | $0.18 | $0.18 | ||
| Q1 24 | $1.07 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $12.7M | $1.7M |
| Stockholders' EquityBook value | $85.8M | $389.3M |
| Total Assets | $217.0M | $530.2M |
| Debt / EquityLower = less leverage | 0.15× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $8.3M | ||
| Q3 25 | $17.3M | $30.4M | ||
| Q2 25 | $18.8M | $19.2M | ||
| Q1 25 | $15.7M | $34.5M | ||
| Q4 24 | $13.3M | $190.7M | ||
| Q3 24 | $9.5M | $177.7M | ||
| Q2 24 | $7.7M | $154.3M | ||
| Q1 24 | $5.8M | $124.3M |
| Q4 25 | $12.7M | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | $15.2M | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | $15.2M | $179.9M |
| Q4 25 | $85.8M | $389.3M | ||
| Q3 25 | $80.2M | $402.4M | ||
| Q2 25 | $77.9M | $401.3M | ||
| Q1 25 | $72.1M | $415.3M | ||
| Q4 24 | $71.2M | $421.1M | ||
| Q3 24 | $68.6M | $417.6M | ||
| Q2 24 | $65.5M | $397.2M | ||
| Q1 24 | $65.7M | $375.5M |
| Q4 25 | $217.0M | $530.2M | ||
| Q3 25 | $189.0M | $541.2M | ||
| Q2 25 | $178.3M | $533.7M | ||
| Q1 25 | $165.2M | $562.5M | ||
| Q4 24 | $160.7M | $725.8M | ||
| Q3 24 | $157.8M | $709.8M | ||
| Q2 24 | $155.7M | $697.0M | ||
| Q1 24 | $155.7M | $687.2M |
| Q4 25 | 0.15× | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | 0.21× | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | 0.23× | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $12.4M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 8.1% | — |
| Cash ConversionOCF / Net Profit | 2.74× | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.3M | $5.7M | ||
| Q3 25 | $-2.0M | $53.4M | ||
| Q2 25 | $733.0K | $11.1M | ||
| Q1 25 | $6.0M | $3.9M | ||
| Q4 24 | $5.2M | $30.6M | ||
| Q3 24 | $2.8M | $31.4M | ||
| Q2 24 | $-73.0K | $39.1M | ||
| Q1 24 | $7.1M | $50.6M |
| Q4 25 | $12.4M | — | ||
| Q3 25 | $-4.6M | — | ||
| Q2 25 | $-194.0K | — | ||
| Q1 25 | $4.7M | $-11.6M | ||
| 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% | -21.1% | ||
| 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% | 28.2% | ||
| Q4 24 | 0.8% | — | ||
| 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× | 2.44× | ||
| Q3 24 | 0.86× | 1.57× | ||
| Q2 24 | -0.05× | 2.13× | ||
| Q1 24 | 0.82× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PPIH
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
