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 (PPIH) has 17 years of Operating Margin data on file, last reported at 9.23% in Q2 2026.
- Quarterly Operating Margin fell 765.0% year-over-year to 9.23% in Q2 2026, while the trailing twelve-month figure through Apr 2026 was 12.22% (down 245.0% YoY) and the FY2026 annual result came in at 13.96%, up 114.0% from the prior year.
- Operating Margin declined to 9.23% in Q2 2026, from 12.64% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 18.65% in Q4 2025 to a low of 0.25% in Q2 2023.
- A 5-year average of 10.33% and a median of 10.28% in 2026 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2022 — Operating Margin jumped 2092 bps — and 2025, when it tumbled 972 bps.
- Tracing PPIH's Operating Margin over 5 years: stood at 11.97% in 2022, then increased by 10 bps to 13.22% in 2023, then grew by 2 bps to 13.44% in 2024, then surged by 39 bps to 18.65% in 2025, then plunged by 51 bps to 9.23% in 2026.
- The last three Operating Margin figures came in at 9.23% (Q2 2026), 12.64% (Q1 2026), and 18.65% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Trane Technologies | 99.71 Bn | 98.39 Bn | 2.26 Bn | 19.27% |
| 2 | Johnson Controls International | 87.29 Bn | 86.65 Bn | 2.47 Bn | 14.92% |
| 3 | Carrier Global | 49.78 Bn | 48.43 Bn | 1.94 Bn | 12.99% |
| 4 | Masco | 14.62 Bn | 14.07 Bn | 868.00 Mn | 23.59% |
| 5 | Carlisle Companies | 14.41 Bn | 13.74 Bn | 568.40 Mn | 22.45% |
| 6 | Lennox International | 14.06 Bn | 14.01 Bn | 539.50 Mn | 22.97% |
| 7 | Owens Corning | 11.84 Bn | 11.57 Bn | 793.00 Mn | 17.49% |
| 8 | Advanced Drainage Systems | 10.91 Bn | 10.75 Bn | 408.05 Mn | 25.43% |
| 9 | SPX Technologies | 10.27 Bn | 10.10 Bn | 272.80 Mn | 16.94% |
| 10 | Perma-Pipe International Holdings | 217.53 Mn | 185.69 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 | 11.33% |
| Oct 31, 2023 | 13.22% |
| Jul 31, 2023 | 7.66% |
| Apr 30, 2023 | 0.25% |
| Jan 31, 2023 | 8.57% |
| Oct 31, 2022 | 11.97% |
| Jul 31, 2022 | 8.99% |
| Apr 30, 2022 | 0.51% |
| Jan 31, 2022 | 8.37% |
| Oct 31, 2021 | 4.80% |
| Jul 31, 2021 | 10.27% |