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Side-by-side financial comparison of Perma-Pipe International Holdings, Inc. (PPIH) and Velocity Financial, Inc. (VEL). 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 $51.6M, roughly 1.2× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 10.3%, a 57.0% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 32.8%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $12.4M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 23.4%).
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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
PPIH vs VEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.1M | $51.6M |
| Net Profit | $6.3M | $34.8M |
| Gross Margin | 34.4% | — |
| Operating Margin | 18.6% | 97.0% |
| Net Margin | 10.3% | 67.3% |
| Revenue YoY | 47.1% | 32.8% |
| Net Profit YoY | 153.5% | 67.0% |
| EPS (diluted) | $0.77 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $47.9M | $49.1M | ||
| Q2 25 | $46.7M | $47.6M | ||
| Q1 25 | $45.0M | $37.5M | ||
| Q4 24 | $41.6M | $38.9M | ||
| Q3 24 | $37.5M | $35.1M | ||
| Q2 24 | $34.3M | $32.4M | ||
| Q1 24 | $40.2M | $29.5M |
| Q4 25 | $6.3M | $34.8M | ||
| Q3 25 | $851.0K | $25.4M | ||
| Q2 25 | $5.0M | $26.0M | ||
| Q1 25 | $1.8M | $18.9M | ||
| Q4 24 | $2.5M | $20.8M | ||
| Q3 24 | $3.3M | $15.8M | ||
| Q2 24 | $1.4M | $14.8M | ||
| Q1 24 | $8.6M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | 6.7% | 72.1% | ||
| Q2 25 | 16.9% | 71.3% | ||
| Q1 25 | 12.1% | 71.7% | ||
| Q4 24 | 13.4% | 82.5% | ||
| Q3 24 | 16.4% | 60.6% | ||
| Q2 24 | 9.1% | 61.3% | ||
| Q1 24 | 11.3% | 78.8% |
| Q4 25 | 10.3% | 67.3% | ||
| Q3 25 | 1.8% | 51.7% | ||
| Q2 25 | 10.6% | 54.6% | ||
| Q1 25 | 3.9% | 50.4% | ||
| Q4 24 | 6.0% | 53.5% | ||
| Q3 24 | 8.8% | 45.1% | ||
| Q2 24 | 4.2% | 45.6% | ||
| Q1 24 | 21.5% | 58.5% |
| Q4 25 | $0.77 | $0.90 | ||
| Q3 25 | $0.10 | $0.65 | ||
| Q2 25 | $0.61 | $0.69 | ||
| Q1 25 | $0.23 | $0.51 | ||
| Q4 24 | $0.31 | $0.56 | ||
| Q3 24 | $0.40 | $0.44 | ||
| Q2 24 | $0.18 | $0.42 | ||
| Q1 24 | $1.07 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $12.7M | — |
| Stockholders' EquityBook value | $85.8M | $672.5M |
| Total Assets | $217.0M | $7.4B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $92.1M | ||
| Q3 25 | $17.3M | $99.0M | ||
| Q2 25 | $18.8M | $79.6M | ||
| Q1 25 | $15.7M | $51.7M | ||
| Q4 24 | $13.3M | $49.9M | ||
| Q3 24 | $9.5M | $44.1M | ||
| Q2 24 | $7.7M | $47.4M | ||
| Q1 24 | $5.8M | $34.8M |
| Q4 25 | $12.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $15.2M | — |
| Q4 25 | $85.8M | $672.5M | ||
| Q3 25 | $80.2M | $634.3M | ||
| Q2 25 | $77.9M | $597.9M | ||
| Q1 25 | $72.1M | $563.2M | ||
| Q4 24 | $71.2M | $516.9M | ||
| Q3 24 | $68.6M | $484.6M | ||
| Q2 24 | $65.5M | $471.3M | ||
| Q1 24 | $65.7M | $452.9M |
| Q4 25 | $217.0M | $7.4B | ||
| Q3 25 | $189.0M | $7.0B | ||
| Q2 25 | $178.3M | $6.5B | ||
| Q1 25 | $165.2M | $6.0B | ||
| Q4 24 | $160.7M | $5.5B | ||
| Q3 24 | $157.8M | $5.2B | ||
| Q2 24 | $155.7M | $4.9B | ||
| Q1 24 | $155.7M | $4.6B |
| Q4 25 | 0.15× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | — | — | ||
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | $12.4M | $17.9M |
| FCF MarginFCF / Revenue | 20.2% | 34.6% |
| Capex IntensityCapex / Revenue | 8.1% | 0.5% |
| Cash ConversionOCF / Net Profit | 2.74× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $12.3M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.3M | $18.2M | ||
| Q3 25 | $-2.0M | $11.5M | ||
| Q2 25 | $733.0K | $7.7M | ||
| Q1 25 | $6.0M | $3.5M | ||
| Q4 24 | $5.2M | $37.8M | ||
| Q3 24 | $2.8M | $-17.6M | ||
| Q2 24 | $-73.0K | $11.5M | ||
| Q1 24 | $7.1M | $10.6M |
| Q4 25 | $12.4M | $17.9M | ||
| Q3 25 | $-4.6M | $11.4M | ||
| Q2 25 | $-194.0K | $7.6M | ||
| Q1 25 | $4.7M | $3.5M | ||
| Q4 24 | $4.8M | $37.5M | ||
| Q3 24 | $2.2M | $-17.6M | ||
| Q2 24 | $-662.0K | $11.4M | ||
| Q1 24 | $4.2M | $10.5M |
| Q4 25 | 20.2% | 34.6% | ||
| Q3 25 | -9.6% | 23.2% | ||
| Q2 25 | -0.4% | 15.9% | ||
| Q1 25 | 10.5% | 9.2% | ||
| Q4 24 | 11.6% | 96.4% | ||
| Q3 24 | 5.8% | -50.3% | ||
| Q2 24 | -1.9% | 35.1% | ||
| Q1 24 | 10.5% | 35.8% |
| Q4 25 | 8.1% | 0.5% | ||
| Q3 25 | 5.3% | 0.1% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 2.9% | 0.2% | ||
| Q4 24 | 0.8% | 0.7% | ||
| Q3 24 | 1.7% | 0.2% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 7.2% | 0.1% |
| Q4 25 | 2.74× | 0.52× | ||
| Q3 25 | -2.40× | 0.45× | ||
| Q2 25 | 0.15× | 0.29× | ||
| Q1 25 | 3.42× | 0.19× | ||
| Q4 24 | 2.07× | 1.81× | ||
| Q3 24 | 0.86× | -1.11× | ||
| Q2 24 | -0.05× | 0.78× | ||
| Q1 24 | 0.82× | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PPIH
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
