Is Perma-Pipe International Holdings, Inc. overvalued or undervalued?

As of 16 June 2025, the valuation grade for Perma-Pipe International Holdings, Inc. has moved from attractive to fair. The company is currently fairly valued. Key ratios include a P/E ratio of 9, an EV to EBITDA of 4.75, and a ROE of 18.15%. In comparison, Graham Corp. is considered expensive with a P/E of 45.56, while Natural Gas Services Group, Inc. is fairly valued with a P/E of 18.93.
Despite the fair valuation, Perma-Pipe has demonstrated strong performance, with a year-to-date return of 57.26%, significantly outpacing the S&P 500's return of 2.44% in the same period. This performance highlights the company's potential, although its current valuation suggests it is neither undervalued nor overvalued at this time.