Perma-Pipe International Holdings (PPIH) Operating Margin (2010 - 2026)
Perma-Pipe International Holdings' (PPIH) quarterly Operating Margin came in at 9.23% in Q2 2026, down 765.0% YoY from 1.39% in Q2 2025, and down 27.03% on a QoQ basis from 12.64% in Q1 2026.
Perma-Pipe International Holdings (PPIH) Operating Margin (2010 - 2026) Analysis & Trends
Perma-Pipe International Holdings' Operating Margin history runs 17 years deep, the most recent figure standing at 9.23% for Q2 2026.
- On a quarterly basis, Operating Margin fell 765.0% year-over-year to 9.23% in Q2 2026; TTM through Apr 2026 was 12.22%, a 245.0% decrease from a year earlier, with the FY2026 full-year figure at 13.96%, up 114.0% from the prior year.
- Operating Margin was 9.23% for Q2 2026 at Perma-Pipe International Holdings, down from 12.64% in the prior quarter.
- Over the last five years, Operating Margin for PPIH reached as high as 18.65% in Q4 2025 and fell as low as 16.73% in Q1 2024.
- A 5-year average of 6.47% and a median of 9.18% in 2024 frame the typical range for Operating Margin.
- The widest annual swing landed in 2022, when Operating Margin sank 4110 bps; it then surged 2882 bps in 2025.
- Tracing PPIH's Operating Margin over 5 years: stood at 11.97% in 2022, then grew by 10 bps to 13.22% in 2023, then climbed by 2 bps to 13.44% in 2024, then jumped by 39 bps to 18.65% in 2025, then sank by 51 bps to 9.23% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 9.23%, 12.64%, and 18.65% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Trane Technologies | 107.22 Bn | 106.17 Bn | 1.73 Bn | 15.62% |
| 2 | Johnson Controls International | 89.13 Bn | 88.60 Bn | 2.07 Bn | 14.71% |
| 3 | Carrier Global | 60.07 Bn | 59.04 Bn | 4.82 Bn | 4.85% |
| 4 | Lennox International | 18.56 Bn | 18.51 Bn | 351.30 Mn | 14.40% |
| 5 | Masco | 15.26 Bn | 15.14 Bn | 686.00 Mn | 16.48% |
| 6 | Carlisle Companies | 14.75 Bn | 13.98 Bn | 363.20 Mn | 17.14% |
| 7 | SPX Technologies | 12.03 Bn | 11.87 Bn | 230.60 Mn | 15.47% |
| 8 | Advanced Drainage Systems | 11.45 Bn | 11.30 Bn | 237.66 Mn | 7.88% |
| 9 | Aaon | 11.16 Bn | 11.16 Bn | 109.77 Mn | 10.36% |
| 10 | Perma-Pipe International Holdings | 234.43 Mn | 219.08 Mn | 14.64 Mn | 9.23% |
Historic Data
Download Data| Date | Value |
|---|---|
| Apr 30, 2026 | 9.23% |
| Jan 31, 2026 | 12.64% |
| Oct 31, 2025 | 18.65% |
| Jul 31, 2025 | 6.65% |
| Apr 30, 2025 | 16.88% |
| Jan 31, 2025 | 12.09% |
| Oct 31, 2024 | 13.44% |
| Jul 31, 2024 | 16.37% |
| Apr 30, 2024 | 9.13% |
| Jan 31, 2024 | -16.73% |
| Oct 31, 2023 | 13.22% |
| Jul 31, 2023 | 7.66% |
| Apr 30, 2023 | 0.25% |
| Jan 31, 2023 | -16.51% |
| Oct 31, 2022 | 11.97% |
| Jul 31, 2022 | 8.99% |
| Apr 30, 2022 | 0.51% |
| Jan 31, 2022 | -7.89% |
| Oct 31, 2021 | 4.80% |
| Jul 31, 2021 | 10.27% |