Perma-Pipe International Remains Cheap Enough To Deal With This Pain

Daniel Jones Investing Group Leader Follow Summary Perma-Pipe International Holdings remains a 'Buy' despite a recent 7.6% share price decline and mixed Q1 2026 results. PPIH's revenue grew 7.7% year-over-year, with backlog rising to $136.5 million, indicating strong future sales momentum. Profitability declined due to unfavorable product mix and one-time ramp-up costs, but shares remain cheap versus peers on both 2025 and 2026 estimates. Initiation of quarterly earnings calls should improve transparency and market confidence, supporting the investment thesis for significant upside potential. Looking for a helping hand in the market? Members of Crude Value Insights get exclusive ideas and guidance to navigate any climate. Learn More » Monty Rakusen/DigitalVision via Getty Images Being a successful value investor means being patient. It can take months, or even years, for a good investment opportunity to really play out in the way that you would like it to. That's why I'm not surprised, nor concerned, that Perma-Pipe International Holdings ( This article was written by Daniel Jones 37.81K Followers Follow Daniel is an avid and active professional investor. He runs Crude Value Insights, a value-oriented newsletter aimed at analyzing the cash flows and assessing the value of companies in the oil and gas space. His primary focus is on finding businesses that are trading at a significant discount to their intrinsic value by employing a combination of Benjamin Graham's investment philosophy and a contrarian approach to the market and the securities therein. Learn more. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.