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Perma-Pipe International Holdings cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$5.3M in Q2 FY27 · $13.6M over twelve months

Operating cash flow$7.2M
Capital spending−$2.0M
Free cash flow+$5.3M
Cash / net income2.2×
Cash conversion cycle53 days

Analysis

In Q2 FY27, Perma-Pipe International Holdings generated $7.2M of operating cash flow and spent $2.0M on capital projects, leaving free cash flow of $5.3M. That is $9.9M more than in Q2 FY26 (−$4.6M).

Over the twelve months to Jul 31, 2026, operating cash flow was $23.8M; the largest uses were capital spending ($10.2M), other financing ($904K); besides operations, cash came from net borrowing (+) / repaid (−) ($3.7M), asset & business sales ($71K); the cash balance rose by $16.0M.

Operating cash flow was $7.2M against net income of $3.3M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: payables +$10.9M, contract assets −$2.2M, receivables −$1.9M.

Its cash conversion cycle was 53 days (receivables 77 + inventory 42 − payables 66).

Free cash flow

Perma-Pipe International Holdings: free cash flow by quarterPerma-Pipe International Holdings: free cash flow by quarter$4.8MQ3 FY25$4.7MQ4 FY25−$194KQ1 FY26−$4.6MQ2 FY26$12.4MQ3 FY26−$8.8MQ4 FY26$4.9MQ1 FY27$5.3MQ2 FY27
Operating cash flow less capital spending.
Perma-Pipe International Holdings: operating cash flow against capital spendingPerma-Pipe International Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$5.2M$322KQ3 FY25$6.0M$1.3MQ4 FY25$733K$927KQ1 FY26−$2.0M$2.6MQ2 FY26$17.3M$4.9MQ3 FY26−$6.8M$2.0MQ4 FY26$6.1M$1.3MQ1 FY27$7.2M$2.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow $7.2M, Capital spending $2.0M.

Capital allocation, year by year

Perma-Pipe International Holdings: where the cash came from (up) and went (down), by fiscal yearPerma-Pipe International Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY22: Operating cash flow −$2.6MFY22: Net borrowing −$800KFY22: Asset sales $9KFY22: Capital spending −$2.3MFY22: Buybacks −$2.0M$9KFY22FY23: Operating cash flow −$1.2MFY23: Net borrowing $5.1MFY23: Asset sales $94KFY23: Capital spending −$7.0MFY23: Buybacks −$69K$5.2MFY23FY24: Operating cash flow $14.7MFY24: Net borrowing −$1.5MFY24: Asset sales $3KFY24: Capital spending −$11.1MFY24: Buybacks −$942K$14.7MFY24FY25: Operating cash flow $13.9MFY25: Net borrowing −$227KFY25: Asset sales $27KFY25: Capital spending −$2.9M$14.0MFY25FY26: Operating cash flow $9.2MFY26: Net borrowing $7.6MFY26: Asset sales $17KFY26: Capital spending −$10.4M$16.7MFY26
Over these 5 years operating cash flow totalled $34.0M; the largest uses were capital spending ($33.7M) and operating cash flow ($3.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$31.8M
Debt$36.1M
Net debt$4.3M
Due within a year$19.8M

Perma-Pipe International Holdings funds itself: free cash flow was $13.6M over the last twelve months, and $31.8M of cash and investments stands against $36.1M of debt ($19.8M due within a year, 1.6× covered by cash).

Perma-Pipe International Holdings: debt maturities by year (FY26)Perma-Pipe International Holdings: debt maturities by year (FY26)$19.8MYear 1$694KYear 2$734KYear 3$790KYear 4$793KYear 5$9.8MAfter year 5
Principal due in each year as disclosed in the annual report, against $31.8M of cash and investments now.

Where the cash came from and went

Perma-Pipe International Holdings: sources (+) and uses (−) of cash, Q2 FY27Perma-Pipe International Holdings: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$7.2MCash drawn (+) / kept (−)−$2.9MCapital spending−$2.0MNet borrowing (+) / repaid (−)−$1.6MOther financing−$663KExchange rates−$141KOther investing$54K
Perma-Pipe International Holdings: sources (+) and uses (−) of cash, TTM to Q2 FY27Perma-Pipe International Holdings: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$23.8MCash drawn (+) / kept (−)−$16.0MCapital spending−$10.2MNet borrowing (+) / repaid (−)$3.7MOther financing−$904KExchange rates−$477KAsset & business sales$71K

From profit to cash

Perma-Pipe International Holdings: net income to operating cash flow, Q2 FY27Perma-Pipe International Holdings: net income to operating cash flow, Q2 FY27Net income$3.3MDepreciation & amortization$1.7MStock-based pay$233KDeferred taxes−$647KReceivables−$1.9MInventory−$799KPayables$10.9MEmployee-related liabilities$1.3MDeferred revenue−$264KContract assets−$2.2MPrepaid and other assets$624KIncome taxes payable$151KOther operating capital−$4KOperating cash flow$7.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2777426653
Q1 FY27104466289
Q4 FY26102456978
Q3 FY2678406355
Q2 FY2690425973
Q1 FY2686466567
Q4 FY2585506967
Q3 FY2588536873

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$7.2M−$2.0M−$1.6M−$2.9M$5.3M
Q1 FY27$6.1M−$1.3M$4.6M−$9.5M$4.9M
Q4 FY26−$6.8M−$2.0M$2.7M$6.4M−$8.8M
Q3 FY26$17.3M−$4.9M−$1.9M−$9.9M$12.4M
Q2 FY26−$2.0M−$2.6M$3.5M$1.6M−$4.6M
Q1 FY26$733K−$927K$3.3M−$3.1M−$194K
Q4 FY25$6.0M−$1.3M−$2.1M−$2.4M$4.7M
Q3 FY25$5.2M−$322K−$788K−$3.8M$4.8M

Perma-Pipe International Holdings: income statement and cash flow

Perma-Pipe International Holdings, Q2 FY27: revenue $59.6M (+24% year over year), operating margin 7.1%. The chart follows the revenue to costs, profit and cash.

Perma-Pipe International Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.