Perimeter Solutions, Inc.
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Range $34 – $40
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About the company
Perimeter Solutions, Inc. is a global manufacturer and supplier specializing in fire suppression products and chemical additives for lubricants. Its operations are organized into two main divisions: Fire Safety and Oil Additives.
- CEO
- Haitham R. Khouri
- IPO
- 2021
- Employees
- 356
- HQ
- Clayton, MO, US
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- Market Cap
- $5.04B
- P/E
- -14.04
- Fwd P/E
- 19.58
- PEG
- 0.07
- P/S
- 6.65
- P/B
- 4.80
- EV/EBITDA
- -21.08
- Div Yield
- 0.00%
- Gross Margin
- 48.55%
- Op Margin
- -30.04%
- Net Margin
- -44.86%
- ROE
- -30.38%
- ROIC
- -5.95%
Latest fiscal year · YoY change
- Revenue
- $652.86M+16.4%
- Gross Profit
- $375.15M+18.3%
- Op Income
- $-200,930,000
- Net Income
- $-206,366,000-3394.8%
- EPS
- $-1.37-3282.7%
- OCF Growth
- +26.4%
- FCF Growth
- +20.7%
- 52W High
- $38.17
- 52W Low
- $18.41
- 50D MA
- $34.39
- 200D MA
- $29.06
- Beta
- 1.91
- RSI (14)
- 39
- Avg Volume
- 1.67M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Perimeter delivered strong Q2 adjusted EBITDA growth, highlighted a major Monaco acquisition, and pointed to a better second half as Fire Safety headwinds fade.· July 31, 2026
- Q2 net sales rose 31% to $213.8 million and adjusted EBITDA increased 16% to $105.6 million.
- Fire Safety was held back by a 5% federal pricing step-down and minimal DLA foam deliveries, but management expects both to improve in Q3 and the back half.
- Specialty Products benefited from acquisitions, especially MMT, but PDI remained pressured by production issues at the Sauget plant.
- Perimeter closed the approximately $120 million cash acquisition of Monaco Enterprises, expanding the company into a sixth product platform.
- Management reiterated a capital-light, acquisition-driven strategy with remaining leverage at about 3.1x net debt to LTM adjusted EBITDA and $83 million of cash at quarter end.
Q2 2026 net sales increased 31% year over year to $213.8 million, and adjusted EBITDA rose 16% to $105.6 million. Reported net loss was $181.6 million, or $1.11 per diluted share, versus a net loss of $32.2 million, or $0.22 per diluted share, in Q2 2025. Adjusted net income increased to $59.6 million from $57.1 million, while adjusted diluted EPS was $0.35 versus $0.39 last year. For the first half, net sales increased 44% to $338.9 million and adjusted EBITDA rose 34% to $146.7 million. Fire Safety Q2 revenue increased 7% to $129.1 million and adjusted EBITDA rose to $78.8 million from $77.7 million; Specialty Products revenue doubled to $84.7 million and adjusted EBITDA increased to $26.8 million from $13.7 million. Management said Fire Safety EBITDA would have grown at a double-digit rate excluding the federal pricing step-down and DLA pause, and it expects Q3 to benefit as foam deliveries resume and CAL FIRE pricing offsets part of the federal pressure. Full-year capital expenditures are still expected to be $30 million to $40 million, annual cash interest about $75 million, and cash taxes approximately 20% or better over time. Monaco was acquired for approximately $120 million in cash, and quarter-end leverage was about 3.1x net debt to LTM adjusted EBITDA with approximately $83 million of cash and a fully undrawn $200 million revolver.
Haitham Khouri emphasized that Perimeter is building a portfolio of niche, mission-critical businesses and applying the same operational value-driver playbook across them. His tone was upbeat and confident, especially around Monaco, which he described as fitting Perimeter’s economic criteria and having a strong management team, proprietary differentiation, and recurring aftermarket revenue. He also framed Fire Safety as a long-term growth story supported by rising fire activity, expanding aerial firefighting fleets, and international investment in suppression resources.
Kyle Sable focused on the quarter’s financial mechanics and the company’s capital position. He quantified Q2 sales at $213.8 million, adjusted EBITDA at $105.6 million, adjusted EPS at $0.35, and net loss at $181.6 million, then walked through segment-level drivers: Fire Safety revenue of $129.1 million and EBITDA of $78.8 million, and Specialty Products revenue of $84.7 million and EBITDA of $26.8 million. On cash flow and capital allocation, he reiterated annual cash interest around $75 million, depreciation and amortization of $60 million to $65 million, capex of $30 million to $40 million, cash taxes around 20% or better over time, $83 million of cash at quarter end, and leverage of about 3.1x net debt to LTM adjusted EBITDA. He also said liquidity exceeds $150 million after Monaco, with more room expected in the third quarter as cash generation seasonally improves.
Analysts focused on whether Fire Safety margins could recover in the back half, how quickly the DLA-related suppressants business ramps, and what Monaco can contribute beyond its current installed base. Management said the Q2 margin pressure came from two temporary issues: the federal contract pricing step-down and the pause in DLA foam sales while the company prepared for the new contract; both are expected to ease, with the more substantial DLA ramp coming in 2027. On Monaco, management said the acquisition process was competitive and that the business has low-single-digit industry growth plus meaningful new business opportunities within DoD and other regulated government settings. Questions on Canada centered on the new fleet additions; management said the four retardant-capable aircraft are large air tankers with 3,000- to 4,000-gallon capacity and called them a meaningful long-term fleet expansion.
The call gave a clear path to improved second-half profitability in Fire Safety as the federal pricing impact fades, DLA foam deliveries restart, and CAL FIRE pricing helps offset the step-down. Management also sees secular upside from fleet expansion in Canada, Texas, Europe and other regions, which they believe can support more retardant volumes over time. Monaco adds a recurring-revenue, high-margin platform with strong installed-base economics and a management team Perimeter says it can support without disrupting the business.
Q2 showed real operating drag in Fire Safety from the federal contract reset and the temporary DLA pause, and management said the fuller DLA ramp will not really show up until 2027. PDI remains under pressure from the Sauget facility issues, which management said are tied to production disruptions and are still being worked through despite the court-appointed receiver. The company is also taking on more acquisition and integration work, including funding Monaco with cash and borrowings, while keeping an eye on leverage and capital deployment priorities.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 91.6%
- Shares Outstanding
- 163.13M
- Float Shares
- 149.43M
of shares held by institutions
297 13F filers
Buy/sell ratio 0.28. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Windacre Partnership LLC | 16.15M | ▼ 5.71M |
| Principal Financial Group Inc | 14.01M | ▲ 1.49M |
| Blackrock, Inc. | 12.17M | ▲ 1.34M |
| Fmr LLC | 9.60M | ▲ 563.36K |
| Vanguard Group Inc | 8.57M | ▲ 156.79K |
| Vanguard Capital Management LLC | 6.59M | ▲ 411.66K |
| Dimensional Fund Advisors LP | 4.32M | ▼ 447.72K |
| Geode Capital Management, LLC | 4.23M | ▲ 433.92K |
| Janus Henderson Group PLC | 4.01M | ▲ 315.76K |
| State Street Corp | 3.61M | ▲ 367.28K |
| Df Dent & Co Inc | 3.32M | ▼ 609.66K |
| Jpmorgan Chase & Co | 3.14M | ▲ 331.95K |
Held by 215 ETFs
Biggest fund positions in PRM by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 26, 26 | WINDACRE PARTNERSHIP LLC | sell | 378,600 |
| Jun 26, 26 | WINDACRE PARTNERSHIP LLC | sell | 150,000 |
| Jun 26, 26 | WINDACRE PARTNERSHIP LLC | sell | 2,296,400 |
| Jun 26, 26 | WINDACRE PARTNERSHIP LLC | sell | 20,000 |
| Jun 26, 26 | WINDACRE PARTNERSHIP LLC | sell | 548,479 |
| Jun 29, 26 | WINDACRE PARTNERSHIP LLC | sell | 437,500 |
| Jun 30, 26 | WINDACRE PARTNERSHIP LLC | sell | 1,875,000 |
| May 20, 26 | Khouri Haitham | sell | 20,300 |
| May 21, 26 | Khouri Haitham | sell | 91,724 |
| May 22, 26 | Khouri Haitham | sell | 117,511 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our PRM coverage
Recent articles, reports, and earnings notes.
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