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Perma-Pipe International Holdings vs Fuel Tech: PPIH and FTEK compared
Perma-Pipe International Holdings is the larger company: $59.6M of revenue in its latest quarter (Q2 FY27) against $8.7M for Fuel Tech (Q3 2026). Perma-Pipe International Holdings is growing faster (+24% against +16% a year earlier). Perma-Pipe International Holdings is more profitable, with an operating margin of 7.1% against -6.0%.
Where the money goes: PPIH and FTEK
Perma-Pipe International Holdings (PPIH) · Q2 FY27
Perma-Pipe International Holdings, Q2 FY27: revenue $59.6M (+24% year over year), operating margin 7.1%, net earnings $2.5M, operating cash flow $7.2M. The chart follows the revenue to costs, profit and cash.
Fuel Tech (FTEK) · Q3 2026
Fuel Tech, Q3 2026: revenue $8.7M (+16% year over year), operating margin -6.0%, net loss $267K, operating cash flow −$1.7M. The chart follows the revenue to costs, profit and cash.
| Perma-Pipe International Holdings (PPIH) | Fuel Tech (FTEK) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $59.6M | $8.7M |
| Revenue growth, Y/Y | +24% | +16% |
| Gross margin | 29.2% | — |
| Operating margin | 7.1% | -6.0% |
| Net earnings | $2.5M | −$267K |
| Net margin | 4.3% | -3.1% |
| Operating cash flow | $7.2M | −$1.7M |
| Free cash flow | $5.3M | — |
Where the revenue comes from
Fuel Tech
- FUEL CHEM: $4.9M (57%)
- Air Pollution Control: $3.7M (43%)
Questions
Which is bigger, Perma-Pipe International Holdings or Fuel Tech?
Perma-Pipe International Holdings is the larger company: $59.6M of revenue in its latest quarter (Q2 FY27) against $8.7M for Fuel Tech (Q3 2026).
Is Perma-Pipe International Holdings or Fuel Tech growing faster?
Perma-Pipe International Holdings is growing faster (+24% against +16% a year earlier).
Which is more profitable, Perma-Pipe International Holdings or Fuel Tech?
Perma-Pipe International Holdings is more profitable, with an operating margin of 7.1% against -6.0%.
More: Perma-Pipe International Holdings earnings · how Perma-Pipe International Holdings makes money · Fuel Tech earnings · how Fuel Tech makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 9, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.