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

As of 17 October 2025, the valuation grade for Perma-Pipe International Holdings, Inc. has moved from attractive to fair. The company appears to be fairly valued based on its current metrics. Key ratios include a P/E ratio of 9, an EV to EBITDA ratio of 4.75, and a Price to Book Value of 1.62.
In comparison with peers, Perma-Pipe's P/E ratio is significantly lower than Graham Corp. at 41.09 and Natural Gas Services Group, Inc. at 17.57, indicating a relative undervaluation in terms of earnings. However, its EV to EBITDA ratio of 4.75 is more favorable than Graham Corp.'s 23.99, suggesting better operational efficiency relative to that peer. Notably, the company has delivered impressive returns, with a year-to-date return of 65.22% compared to the S&P 500's 13.30%, reinforcing its strong performance in the market.