Overview
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- TickerPPIH on Nasdaq1
- IndustryIndustrial & Commercial Fans & Blowers & Air Purifing Equip1
- HeadquartersNiles1
- Incorporated inDE4
- Business address25025 I-45, Suite 200, The Woodlands, Tx 773804
- Filer categoryAccelerated filer, Smaller reporting company4
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Perma-Pipe International Holdings, Inc., collectively with its subsidiaries ("PPIH", the "Company", "we", "our" or the "Registrant"), is engaged in the manufacture and sale of products in one reportable segment: Piping Systems. The Company was incorporated in Delaware on October 12, 1993. The Company's common stock is traded on the Nasdaq Global Market and reported under the ticker symbol "PPIH". The Company's fiscal year ends on January 31. Years, results and balances described as 2026, 2025 and 2024 are for the fiscal year ending January 31, 2027 and the fiscal years ended January 31, 2026 and 2025, respectively.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2026
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 28% of the revenue MFRI broke down this way in fiscal 2026.
Regions by year
| Regions | 2025 | 2026 |
|---|---|---|
| United States | $52.5M | $59.6M |
| Canada | $32.8M | $48.1M |
| AE | $23.9M | $47.3M |
| SA | $37.7M | $45.4M |
| Other Geographical Area | $11.6M | $10.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2026
- Cost of revenue67¢$141.4M
- Other costs21¢$43.5M
- Interest1¢$2.1M
- Income tax3¢$6.8M
- Profit8¢$17.0M
Out of $210.9M in revenue.3
Where each dollar of operating cash went, fiscal 2026
- Capital spending100¢$10.4M
Out of $9.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2026-01-31 | 2025-01-31 |
|---|---|---|
| Net sales | $210.9M | $158.4M |
| Cost of sales | $141.4M | $105.1M |
| Gross profit | $69.5M | $53.2M |
| General and administrative expenses | $35.3M | $28.0M |
| Selling expense | $4.7M | $4.9M |
| Total operating expenses | $40.0M | $32.9M |
| Income from operations | $29.4M | $20.3M |
| Interest expense, net | $1.8M | $1.9M |
| Other (expense) income, net | -$134.0K | $107.0K |
| Income from operations before income taxes | $27.5M | $18.5M |
| Income tax expense | $6.8M | $5.4M |
| Net income | $20.6M | $13.1M |
| Net income attributable to redeemable non-controlling interest | $3.6M | $4.1M |
| Net income attributable to common stock | $17.0M | $9.0M |
| Basic (in shares) | 8.0M shares | 8.0M shares |
| Diluted (in shares) | 8.1M shares | 8.0M shares |
| Basic (in dollars per share) | $2.12 | $1.13 |
| Diluted (in dollars per share) | $2.09 | $1.12 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2026-01-31 | 2025-01-31 | 2024-01-31 |
|---|---|---|---|
| Cash and cash equivalents | $18.7M | $15.7M | |
| Restricted cash | $3.6M | $1.4M | |
| Trade accounts receivable, less allowance for doubtful accounts of $1,571 at January 31, 2026 and $703 at January 31, 2025 | $66.0M | $43.1M | |
| Inventories | $18.1M | $16.6M | |
| Prepaid expenses and other current assets | $6.8M | $10.0M | |
| Unbilled accounts receivable | $28.8M | $18.9M | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | $4.7M | $2.9M | |
| Total current assets | $146.7M | $108.8M | |
| Property, Plant and Equipment, Net | $44.1M | $35.4M | |
| Operating lease right-of-use asset | $13.1M | $8.2M | |
| Long-term assets | $6.0M | $6.6M | |
| Goodwill | $2.2M | $2.1M | $2.2M |
| Other long-term assets | $5.4M | $4.2M | |
| Total long-term assets | $70.8M | $56.4M | |
| Total assets | $217.5M | $165.2M | |
| Trade accounts payable | $24.5M | $23.7M | |
| Accrued compensation and payroll taxes | $1.4M | $1.4M | |
| Commissions and management incentives payable | $6.6M | $5.8M | |
| Long-term Debt, Current Maturities, Excluding North American Revolving Line | $19.8M | $9.2M | |
| Customers' deposits | $11.9M | $2.5M | |
| Operating lease liability short-term | $2.2M | $1.1M | |
| Other accrued liabilities | $7.2M | $6.7M | |
| Billings in excess of costs and estimated earnings on uncompleted contracts | $2.2M | $1.2M | $500.0K |
| Income taxes payable | $3.9M | $2.4M | |
| Total current liabilities | $79.8M | $54.1M | |
| Long-Term Debt, Excluding Current Maturities | $4.2M | $3.7M | |
| Long-term finance obligation | $8.5M | $11.6M | |
| Deferred compensation liabilities | $1.8M | $1.7M | |
| Deferred tax liabilities | $1.8M | $1.3M | |
| Operating lease liability long-term | $12.1M | $7.7M | |
| Other long-term liabilities | $3.0M | $2.1M | |
| Total long-term liabilities | $31.4M | $28.1M | |
| Non-controlling interest | $15.7M | $11.0M | $6.3M |
| Common stock, $.01 par value, authorized 50,000 shares; 8,122 issued and outstanding at January 31, 2026 and 7,983 issued and outstanding at January 31, 2025 | $81.0K | $80.0K | |
| Additional paid-in capital | $61.1M | $60.2M | |
| Retained earnings | $37.1M | $20.1M | |
| Accumulated other comprehensive loss | -$7.7M | -$8.2M | |
| Total stockholders' equity | $90.6M | $72.1M | $65.7M |
| Total liabilities and stockholders' equity | $217.5M | $165.2M | |
| Allowance for doubtful accounts | $1.6M | $703.0K | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | |
| Common stock, issued (in shares) | 8.1M shares | 8.0M shares | |
| Common stock, outstanding (in shares) | 8.1M shares | 8.0M shares |
| Period ending | 2026-01-31 | 2025-01-31 | 2024-01-31 |
|---|---|---|---|
| Cash and cash equivalents | $18.7M | $15.7M | |
| Restricted cash | $3.6M | $1.4M | |
| Trade accounts receivable, less allowance for doubtful accounts of $1,571 at January 31, 2026 and $703 at January 31, 2025 | $66.0M | $43.1M | |
| Inventories | $18.1M | $16.6M | |
| Prepaid expenses and other current assets | $6.8M | $10.0M | |
| Unbilled accounts receivable | $28.8M | $18.9M | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | $4.7M | $2.9M | |
| Total current assets | $146.7M | $108.8M | |
| Property, Plant and Equipment, Net | $44.1M | $35.4M | |
| Operating lease right-of-use asset | $13.1M | $8.2M | |
| Long-term assets | $6.0M | $6.6M | |
| Goodwill | $2.2M | $2.1M | $2.2M |
| Other long-term assets | $5.4M | $4.2M | |
| Total long-term assets | $70.8M | $56.4M | |
| Total assets | $217.5M | $165.2M | |
| Trade accounts payable | $24.5M | $23.7M | |
| Accrued compensation and payroll taxes | $1.4M | $1.4M | |
| Commissions and management incentives payable | $6.6M | $5.8M | |
| Long-term Debt, Current Maturities, Excluding North American Revolving Line | $19.8M | $9.2M | |
| Customers' deposits | $11.9M | $2.5M | |
| Operating lease liability short-term | $2.2M | $1.1M | |
| Other accrued liabilities | $7.2M | $6.7M | |
| Billings in excess of costs and estimated earnings on uncompleted contracts | $2.2M | $1.2M | $500.0K |
| Income taxes payable | $3.9M | $2.4M | |
| Total current liabilities | $79.8M | $54.1M | |
| Long-Term Debt, Excluding Current Maturities | $4.2M | $3.7M | |
| Long-term finance obligation | $8.5M | $11.6M | |
| Deferred compensation liabilities | $1.8M | $1.7M | |
| Deferred tax liabilities | $1.8M | $1.3M | |
| Operating lease liability long-term | $12.1M | $7.7M | |
| Other long-term liabilities | $3.0M | $2.1M | |
| Total long-term liabilities | $31.4M | $28.1M | |
| Non-controlling interest | $15.7M | $11.0M | $6.3M |
| Common stock, $.01 par value, authorized 50,000 shares; 8,122 issued and outstanding at January 31, 2026 and 7,983 issued and outstanding at January 31, 2025 | $81.0K | $80.0K | |
| Additional paid-in capital | $61.1M | $60.2M | |
| Retained earnings | $37.1M | $20.1M | |
| Accumulated other comprehensive loss | -$7.7M | -$8.2M | |
| Total stockholders' equity | $90.6M | $72.1M | $65.7M |
| Total liabilities and stockholders' equity | $217.5M | $165.2M | |
| Allowance for doubtful accounts | $1.6M | $703.0K | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | |
| Common stock, issued (in shares) | 8.1M shares | 8.0M shares | |
| Common stock, outstanding (in shares) | 8.1M shares | 8.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2026-01-31 | 2025-01-31 |
|---|---|---|
| Net income | $20.6M | $13.1M |
| Depreciation and amortization | $4.9M | $3.6M |
| Deferred tax expense | $1.1M | $1.6M |
| Stock-based compensation expense | $2.5M | $860.0K |
| Provision on uncollectible accounts | $880.0K | $4.0K |
| (Gain) loss on disposal of fixed assets | -$16.0K | $292.0K |
| Accounts payable | $481.0K | -$1.2M |
| Accrued compensation and payroll taxes | $772.0K | $1.5M |
| Inventories | -$1.4M | -$1.8M |
| Customers' deposits | $9.3M | -$1.6M |
| Income tax receivable | $15.0K | $0 |
| Prepaid expenses and other current assets | $3.2M | -$447.0K |
| Accounts receivable | -$22.6M | $2.5M |
| Costs and estimated earnings in excess of billings on uncompleted contracts | -$1.7M | $163.0K |
| Billings in excess of costs and estimated earnings on uncompleted contracts | $904.0K | $753.0K |
| Other assets and liabilities | -$85.0K | -$2.4M |
| Net cash provided by operating activities | $9.2M | $13.9M |
| Capital expenditures | -$10.4M | -$2.9M |
| Proceeds from sales of property and equipment | $17.0K | $27.0K |
| Net cash used in investing activities | -$10.4M | -$2.8M |
| Proceeds from revolving lines | $91.9M | $76.3M |
| Payments of debt on revolving lines | -$84.2M | -$76.5M |
| Payments of debt on mortgage | -$222.0K | -$360.0K |
| Increase (decrease) in drafts payable | -$17.0K | $46.0K |
| Payments on finance lease obligations, net | -$84.0K | -$31.0K |
| Stock options exercised and taxes paid related to restricted shares vested | -$509.0K | -$179.0K |
| Net cash provided by (used in) financing activities | $6.6M | -$907.0K |
| Net increase in cash, cash equivalents and restricted cash | $5.2M | $9.9M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -$154.0K | -$296.0K |
| Interest paid | $1.8M | $1.9M |
| Income taxes paid | $4.1M | $3.7M |
| Fixed assets acquired under financing leases - non-cash | $711.0K | $0 |
| Fixed assets acquired - non-cash | $257.0K | $21.0K |
No quarter-by-quarter statement was filed.
Corporate structure
MFRI sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of MFRI
- BlackRock Filed SCHEDULE 13G on MFRI, latest Jul 29, 2026
- DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on MFRI, latest Apr 9, 2026 (4 filings since Feb 8, 2022)
- RAYMOND JAMES & ASSOCIATES Filed SCHEDULE 13G/A on MFRI, latest Jan 7, 2026 (3 filings since Apr 15, 2025)
- Carl W. Dinger Iii. Filed SC 13D/A on MFRI, latest Aug 20, 2024
- VANGUARD GROUP INC Filed SC 13G/A on MFRI, latest Feb 10, 2022
- VANGUARD INDEX FUNDS Filed SC 13G/A on MFRI, latest Feb 10, 2022
- MFRI Niles
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What MFRI reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $91.7M3 Jan 31, 2026 | $81.0M3 Jan 31, 2025 | +13.2% |
| Accumulated depreciation | $47.6M3 Jan 31, 2026 | $45.7M3 Jan 31, 2025 | +4.3% |
| Property and equipment, net | $44.1M3 Jan 31, 2026 | $35.4M3 Jan 31, 2025 | +24.7% |
| Finance-lease assets | $829.0K3 Jan 31, 2026 | $273.0K3 Jan 31, 2025 | +203.7% |
| Operating-lease assets (leased space) | $13.1M3 Jan 31, 2026 | $8.2M3 Jan 31, 2025 | +59.2% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $18.7M3 Jan 31, 2026 | $15.7M3 Jan 31, 2025 | +19.1% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $2.2M3 Jan 31, 2026 | $2.1M3 Jan 31, 2025 | +6.4% |
| Accumulated amortization | $2.6M3 Jan 31, 2026 | $2.6M3 Jan 31, 2025 | 0% |
| Patents, net | $2.8M3 Jan 31, 2026 | $2.7M3 Jan 31, 2025 | +3.7% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $18.1M3 Jan 31, 2026 | $16.6M3 Jan 31, 2025 | +9.0% |
| Raw materials | $18.2M3 Jan 31, 2026 | $16.4M3 Jan 31, 2025 | +11.0% |
| Work in process | $447.0K3 Jan 31, 2026 | $745.0K3 Jan 31, 2025 | −40.0% |
| Finished goods | $300.0K3 Jan 31, 2026 | $366.0K3 Jan 31, 2025 | −18.0% |
Properties, in its own words
Location · Leased and/or Owned
Illinois · Leased building and office space
The rest of Item 2
Louisiana · Owned building and leased land
Tennessee · Leased building, office space, and land
Texas · Leased office space
Camrose, Alberta, Canada · Owned building with office space on owned land; leased land and leased office space
Vars, Ontario, Canada · Leased building, office space, and land
India · Leased building, office space, and land
Dammam, Kingdom of Saudi Arabia · Owned building and office space on leased land
Riyadh, Kingdom of Saudi Arabia · Leased building, office space, and land
Medinah, Kingdom of Saudi Arabia · Leased building, office space, and land
United Arab Emirates · Leased office space and building on leased land; owned building with office space on leased land
Egypt · Leased building, office space, and land
Qatar · Leased building, office space, and land
For further information, see Note 6 - Leases, in the Notes to Consolidated Financial Statements.
Item 2 of the 10-K filed Apr 16, 2026.5
Leadership
Who has led MFRI, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
President
Chief financial officer
Chief operating officer
- Chief executive officerSaleh Nehad Saleh Sagr Jun 27, 2025 to now14
- Chief executive officerDavid J. Mansfield Nov 9, 2016 to Jun 27, 202515
- Chief executive officerBradley E. Mautner Jul 29, 2013 to Jun 21, 201616
- Chief executive officerDavid Unger Jun 26, 2006 to Jul 2, 201217
- ChairDavid Unger Jun 26, 2006 to Jul 2, 201217
- PresidentSaleh Nehad Saleh Sagr Jun 27, 2025 to now14
- PresidentDavid J. Mansfield Nov 9, 2016 to Jun 27, 202515
- PresidentEdward A. Crylen Jun 28, 2010 to Jun 29, 201218
- PresidentFati A. Elgendy Jun 28, 2010 to Jun 29, 201219
- PresidentStephen C. Buck Jun 28, 2010 to Jun 29, 201220
- PresidentJohn Mark Foster Aug 19, 2008 to May 28, 201321
- PresidentBradley E. Mautner Jun 26, 2006 to Jun 21, 201622
- Chief financial officerMatthew Earl Lewicki Jun 26, 2024 to now23
- Chief financial officerD. Bryan Norwood Nov 2, 2018 to Jun 27, 202324
- Chief financial officerKarl J. Schmidt Jan 31, 2013 to Jun 28, 201825
- Chief financial officerGerald P. Oconnor Dec 5, 2012 to Dec 5, 201226
- Chief financial officerMichael D. Bennett Jun 26, 2006 to Jun 29, 201227
- Chief operating officerGrant Dewbre Aug 5, 2021 to Jun 27, 202328
- Chief operating officerBradley E. Mautner Jun 21, 2007 to Jun 29, 201229
Board members and other officers (31)
- Chief Accounting OfficerMatthew Earl Lewicki May 10, 2023 to Jun 23, 202330
- Vice President, SecretaryMichael D. Bennett Jun 24, 2013 to Jun 24, 201331
- Chief Finance OfficerKarl J. Schmidt Jul 29, 2013 to Jul 29, 201316
- VP of HRWayne Bosch Dec 9, 2013 to Jun 22, 202232
- Vice PresidentStephen C. Buck Jul 29, 2008 to Jul 2, 201433
- Vice PresidentEdward A. Crylen Jun 22, 2007 to Jun 28, 201334
- Vice PresidentDon Gruenberg Jun 21, 2006 to Aug 19, 200835
- Vice PresidentGene K. Ogilvie Jun 21, 2006 to Aug 7, 200836
- Vice PresidentBilly E. Ervin Jun 26, 2006 to Jun 28, 201037
- Vice PresidentFati A. Elgendy Jun 26, 2006 to Feb 3, 201738
- Vice chairHenry Mautner Jun 26, 2006 to Jan 29, 200939
- Vice PresidentRobert A. Maffei Jun 26, 2006 to Jun 28, 201340
- Vice PresidentThomas A. Benson Jun 26, 2006 to Jun 28, 201041
- Board memberNancy Zakhour Apr 13, 2026 to now42
- Board memberSaleh Nehad Saleh Sagr Jun 26, 2026 to now43
- Board memberJon C. Biro Mar 12, 2025 to now44
- Board memberIbrahim Alkuwari Jun 4, 2025 to now45
- Board memberRichard Sherrill Dec 15, 2025 to now46
- Board memberRobert Joseph McNally Jun 24, 2022 to now47
- Board memberCynthia Boiter Jan 22, 2019 to Oct 3, 202448
- Board memberDavid J. Mansfield Jun 26, 2017 to Jun 27, 201849
- Board memberJerome T. Walker Jun 19, 2014 to Oct 3, 202450
- Board memberDavid S. Barrie Nov 7, 2012 to Jan 7, 202251
- Board memberMark A. Zorko Apr 23, 2009 to Jan 14, 201952
- Board memberMichael J. Gade Apr 24, 2009 to Jun 29, 201653
- Board memberDavid Unger Jan 3, 2007 to Jun 29, 201654
- Board memberArnold F. Brookstone Jun 26, 2006 to Jun 19, 201455
- Board memberBradley E. Mautner Jun 26, 2006 to Jun 26, 201722
- Board memberDennis Kessler Jun 26, 2006 to Jun 29, 201656
- Board memberHenry Mautner Jun 26, 2006 to Jun 28, 201039
- Board memberStephen B. Schwartz Jun 26, 2006 to Jun 19, 201457
Former names
- MFRI INCMay 6, 1994 to Mar 20, 20174
Timeline
- Sep 9, 20268-K Results of operations58
- Aug 27, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation59
- Jun 29, 20268-K Shareholder vote60
- Jun 9, 20268-K Results of operations61
- Apr 16, 20268-K Results of operations62
- Apr 14, 20268-K Entered a material agreement; New debt or obligation63
- Apr 7, 20268-K Executive or director change; Regulation FD disclosure64
- Mar 19, 20268-K Regulation FD disclosure65
- Jan 20, 20268-K Executive or director change66
- Dec 12, 20258-K Results of operations67
- Dec 5, 20258-K Executive or director change68
- Sep 15, 20258-K Results of operations69
- Jun 27, 2025New chief executive Saleh Nehad Saleh Sagr becomes CEO14
- Nov 9, 2016New chief executive David J. Mansfield becomes CEO15
- Jul 29, 2013New chief executive Bradley E. Mautner becomes CEO16
- Jun 26, 2006New chief executive David Unger becomes CEO17
- 1989Founded Founded1
Calendar
Coming up
- Dec 11, 2026Reports results for the quarter ending Oct/202670
When it reported results
- Sep 9, 2026Reported quarterly or annual results58
- Jun 9, 2026Reported quarterly or annual results61
- Apr 16, 2026Reported quarterly or annual results62
- Dec 12, 2025Reported quarterly or annual results67
- Sep 15, 2025Reported quarterly or annual results69
- Jun 13, 2025Reported quarterly or annual results71
- May 1, 2025Reported quarterly or annual results72
- Dec 23, 2024Reported quarterly or annual results73
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
190 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 48 major events, 90 insider forms, 11 large holders, 19 other. The latest 20:
- Sep 9, 202610-Q EDGAR
- Sep 9, 20268-K EDGAR
- Aug 27, 20268-K EDGAR
- Jul 29, 2026SCHEDULE 13G EDGAR
- Jul 29, 20264 EDGAR
- Jun 29, 20268-K EDGAR
- Jun 29, 20264 EDGAR
- Jun 29, 20264 EDGAR
- Jun 26, 2026EFFECT EDGAR
- Jun 26, 20264 EDGAR
- Jun 26, 20264 EDGAR
- Jun 26, 20264 EDGAR
- Jun 26, 20264/A EDGAR
- Jun 26, 20264 EDGAR
- Jun 26, 20264 EDGAR
- Jun 23, 20264 EDGAR
- Jun 22, 2026CORRESP EDGAR
- Jun 15, 2026UPLOAD EDGAR
- Jun 9, 2026S-3 EDGAR
- Jun 9, 202610-Q EDGAR
The 190 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
21 open-market trades by officers, directors and large owners since October 2021: 3 buys and 18 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2024 | Brown David BDirector | Sale | 1,280 | $12.76 | $16.3K | Form 4 |
| Oct 1, 2024 | Boiter CynthiaDirector | Sale | 1,280 | $12.76 | $16.3K | Form 4 |
| Oct 1, 2024 | Walker Jerome T.Director | Sale | 1,451 | $12.76 | $18.5K | Form 4 |
| Jul 9, 2024 | Brown David BDirector | Sale | 1,280 | $8.11 | $10.4K | Form 4 |
| Jul 9, 2024 | Boiter CynthiaDirector | Sale | 1,280 | $8.11 | $10.4K | Form 4 |
| Dec 20, 2023 | Boiter CynthiaDirector | Sale | 2,394 | $7.91 | $18.9K | Form 4 |
| Dec 20, 2023 | Brown David BDirector | Sale | 2,394 | $7.91 | $18.9K | Form 4 |
| Oct 6, 2023 | Walker Jerome T.Director | Buy | 1,500 | $7.50 | $11.2K | Form 4 |
| Sep 26, 2023 | Walker Jerome T.Director | Buy | 1,200 | $7.90 | $9.5K | Form 4 |
| Sep 20, 2023 | McNally Robert JosephDirector | Buy | 6,000 | $8.36 | $50.1K | Form 4 |
| Nov 16, 2022 | Brown David BDirector | Sale | 1,343 | $9.30 | $12.5K | Form 4 |
| Nov 16, 2022 | Walker Jerome T.Director | Sale | 1,343 | $9.30 | $12.5K | Form 4 |
| Nov 16, 2022 | Boiter CynthiaDirector | Sale | 1,343 | $9.30 | $12.5K | Form 4 |
| Aug 17, 2022 | Director | Sale | 1,343 | $8.99 | $12.1K | Form 4 |
| Aug 17, 2022 | Brown David BDirector | Sale | 1,343 | $9.01 | $12.1K | Form 4 |
| Aug 17, 2022 | Boiter CynthiaDirector | Sale | 1,343 | $8.99 | $12.1K | Form 4 |
| Jan 5, 2022 | Barrie David SDirector | Sale | 3,000 | $8.64 | $25.9K | Form 4 |
| Nov 17, 2021 | Walker Jerome T.Director | Sale | 1,532 | $8.30 | $12.7K | Form 4 |
| Nov 17, 2021 | Brown David BDirector | Sale | 1,787 | $8.30 | $14.8K | Form 4 |
| Nov 17, 2021 | Barrie David SDirector | Sale | 1,787 | $8.30 | $14.8K | Form 4 |
All 21 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G, 1 filing Jul 29, 202674
- DIMENSIONAL FUND ADVISORS LPSCHEDULE 13G/A, 4 filings Feb 8, 2022 to Apr 9, 202675
- RAYMOND JAMES & ASSOCIATESSCHEDULE 13G/A, 3 filings Apr 15, 2025 to Jan 7, 202676
- Carl W. Dinger Iii.SC 13D/A, 1 filing Aug 20, 202477
- VANGUARD GROUP INCSC 13G/A, 1 filing Feb 10, 202278
- VANGUARD INDEX FUNDSSC 13G/A, 1 filing Feb 10, 202279
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Saleh Sagr | $424.5K | $1.7M80 | |
| 2025 | David J. Mansfield | $200.2K | $1.1M80 | |
| 2025 | Matthew E. Lewicki | $301.5K | $735.7K80 | |
| 2024 | Former ChiefExecutive Officer | $486.5K | $1.7M80 | |
| 2024 | PresidentChief Executive Officer, and Director | $303.2K | $685.8K80 | |
| 2024 | Vice President and Chief Financial Officer | $290.0K | $530.9K80 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 80. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How MFRI is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARPerma-Pipe International Holdings, Inc.2
- CIK0000914122
- Employer ID (EIN)36-39229695
- Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsJanuary 312
- Industry code (SIC)3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip2
- SEC reviewing officeOffice of Technology, Division of Corporation Finance2
- Business address25025 I-45, Suite 200, The Woodlands, TX 773802
- Phone28159862222
- Shares outstanding8,195,179 as of Sep 9, 202613
- Public float$174.8M as of Jul 31, 20255
- AuditorPricewaterhouseCoopers LLP, Houston, Texas PCAOB ID 238; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceMay 6, 19942
- Filings1,040 in all: 4 (461), 8-K (141), 10-Q (92), SC 13G/A (83), DEF 14A (31), 10-K (28), SC 13G (23), 3 (22)2
All 41 form types
10-Q/A (16), 4/A (16), 144 (11), UPLOAD (11), CORRESP (10), DEFA14A (10), 10-K/A (9), S-8 (9), NT 10-K (6), NT 10-Q (6), S-3 (6), SC 13D (5), SC 13D/A (5), EFFECT (4), SC TO-I/A (4), 144/A (3), 8-K/A (3), DEFR14A (3), SCHEDULE 13G/A (3), 10-K405 (2), 424B5 (2), PRE 14A (2), S-3/A (2), SCHEDULE 13G (2), 10-12B (1), 424B2 (1), 8-A12B (1), 8-A12G (1), ARS (1), DEFM14A (1), NO ACT (1), PREM14A (1), SC TO-I (1)
- Latest filingsAnnual report (10-K) Apr 16, 2026
Quarterly report (10-Q) Sep 9, 2026
Proxy statement (DEF 14A) May 13, 2026
Latest 8-K (8-K) Sep 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $.01 par value per share | PPIH | Nasdaq |
From the cover page of the 10-K filed Apr 16, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks MFRI names in Item 1A of its 10-K filed Apr 16, 2026: 15 risks under these headings, as written.5
- Market Condition Risks
- The Company may be unable to purchase raw materials at favorable prices, or maintain beneficial relationships with its suppliers, which could result in a shortage of supply, or increased pricing .
- Decreases in government spending on projects using the Company’s products, and challenges to the Company’s customers’ liquidity and availability of capital funds, may adversely impact demand for the Company’s products.
- Financial Risks
- The Company may be unable to maintain compliance with existing debt covenants, repay its debt or renew its expiring international credit facilities.
- The Company may be unable to maintain sustained levels of profitability or positive cash flows in the future.
- The Company’s inability to establish and maintain effective internal control over financial reporting could harm its business and financial results.
- The Company may experience changes in estimates which could result in a reduction or elimination of previously recorded revenues and profit in connection with "over time" revenue recognition.
- Business Condition Risks
- Delays in the timing of order receipt, execution, delivery and acceptance of the Company’s products generally negatively impact the Company’s operating results.
- The Company may not be able to successfully negotiate progress-billing arrangements on its large-scale contracts, which could adversely impact the Company’s working capital needs, cash flows and credit risk.
- Aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates could drive down the Company's profits and reduce the Company's revenue.
The other 6 risks
- The Company may be subject to claims for damages from defective products.
- The Company may not be able to recover costs and damages from vendors that supply defective materials.
- Product and service orders included in the Company’s backlog may be reduced or cancelled.
- General Risks
- The Company may be unable to retain its senior management and key personnel.
- The Company may not be able to achieve the expected benefits from its growth initiatives.
- The Company's information technology systems may be negatively affected by cybersecurity threats.
Legal proceedings
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including those involving environmental, tax, product liability, and general liability claims. The Company accrues a liability for these matters when it is considered probable that future costs will be incurred, and the amount can be reasonably estimated. Such accruals are based on developments to date, the Company's estimates of the outcomes with respect to any legal proceedings, and its experience in contesting, litigating, and settling other similar matters.
As of January 31, 2026 , the Company had no material pending litigation.
The opening of Item 3, Legal Proceedings.5
Links
- WikidataQ17113762
- SEC EDGARCIK 914122
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataMFRI on Wikidata
- 2SEC EDGARMFRI filings on SEC EDGAR
- 3SEC EDGARMFRI 10-K for fiscal 2026
- 4SEC EDGARMFRI filings on SEC EDGAR
- 5
- 6SEC EDGARMFRI 10-K for fiscal 2019
- 7SEC EDGARMFRI 10-K for fiscal 2020
- 8SEC EDGARMFRI 10-K for fiscal 2021
- 9SEC EDGARMFRI 10-K for fiscal 2022
- 10SEC EDGARMFRI 10-K for fiscal 2023
- 11SEC EDGARMFRI 10-K for fiscal 2024
- 12SEC EDGARMFRI 10-Q for fiscal 2026
- 13SEC EDGARMFRI 10-Q for fiscal 2026
- 14
- 15
- 16
- 17SEC EDGARDavid Unger, Chief executive officer
- 18SEC EDGAREdward A. Crylen, President
- 19SEC EDGARFati A. Elgendy, President
- 20SEC EDGARStephen C. Buck, President
- 21SEC EDGARJohn Mark Foster, President
- 22SEC EDGARBradley E. Mautner, President
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32SEC EDGARWayne Bosch, VP of HR
- 33SEC EDGARStephen C. Buck, Vice President
- 34SEC EDGAREdward A. Crylen, Vice President
- 35SEC EDGARDon Gruenberg, Vice President
- 36SEC EDGARGene K. Ogilvie, Vice President
- 37SEC EDGARBilly E. Ervin, Vice President
- 38SEC EDGARFati A. Elgendy, Vice President
- 39SEC EDGARHenry Mautner, Vice chair
- 40SEC EDGARRobert A. Maffei, Vice President
- 41SEC EDGARThomas A. Benson, Vice President
- 42SEC EDGARNancy Zakhour, Board member
- 43SEC EDGARSaleh Nehad Saleh Sagr, Board member
- 44SEC EDGARJon C. Biro, Board member
- 45SEC EDGARIbrahim Alkuwari, Board member
- 46SEC EDGARRichard Sherrill, Board member
- 47SEC EDGARRobert Joseph McNally, Board member
- 48SEC EDGARCynthia Boiter, Board member
- 49SEC EDGARDavid J. Mansfield, Board member
- 50SEC EDGARJerome T. Walker, Board member
- 51SEC EDGARDavid S. Barrie, Board member
- 52SEC EDGARMark A. Zorko, Board member
- 53SEC EDGARMichael J. Gade, Board member
- 54SEC EDGARDavid Unger, Board member
- 55SEC EDGARArnold F. Brookstone, Board member
- 56SEC EDGARDennis Kessler, Board member
- 57SEC EDGARStephen B. Schwartz, Board member
- 58SEC EDGARResults of operations
- 59
- 60SEC EDGARShareholder vote
- 61SEC EDGARResults of operations
- 62SEC EDGARResults of operations
- 63
- 64
- 65SEC EDGARRegulation FD disclosure
- 66SEC EDGARExecutive or director change
- 67SEC EDGARResults of operations
- 68SEC EDGARExecutive or director change
- 69SEC EDGARResults of operations
- 70NasdaqNasdaq calendar
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- 74SEC EDGARBlackRock SCHEDULE 13G on MFRI
- 75
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- 77SEC EDGARCarl W. Dinger Iii. SC 13D/A on MFRI
- 78SEC EDGARVANGUARD GROUP INC SC 13G/A on MFRI
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- 80