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olivLaw · US equity research

Perimeter Solutions, Inc. PRM

Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)

28.10USD−1.54% · 1 dayClose 04 Nov 2026

Perimeter Solutions is a specialized provider of industrial products for firefighting and niche segments such as lubricant additives and electronic components, operating mainly in the United States, where most of its revenue is generated. In the first half of 2026 net sales rose 44% to 338.9 million USD, driven in particular by recent acquisitions, which makes the company's profile relevant for readers following the industry.

At the close of 04 Nov 2026, Perimeter Solutions, Inc. (PRM) stock was 28.10 USD (−1.54% on the day), with market capitalisation 4.6 bn USD, beta 1.10, 52-week range 20.69–37.78 USD. Latest reported quarter (Q2 2026): revenue of 213.8 m USD (+31.5% YoY), net income of -181.6 m USD, diluted EPS -1.11 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
4.6 bn USD
shares as of 24 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.18 · TTM to 30 Jun 2026
E/P (TTM)
-7.76%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.10
Volatility (1y) 50%
52-week range
20.6937.78

Price history

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Technical reading

RSI (14)
48.6
neutral
Bollinger (20, 2)
26.38 – 28.99
in the upper half of the band · %B 0.66 · band width 9.4%
SMA 50 / 200
29.10 / 29.60
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.16 / -0.37
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.1%−1.1%+1.2 pp—
3 months−19.6%−0.5%−19.2 pp—
6 months+2.5%+4.4%−1.9 pp—
Year to date+2.1%+12.3%−10.2 pp—
1 year+16.4%+13.5%+2.8 pp+3.3%
3 years+780.9%+76.4%+704.5 pp−49.7%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−30.3%
18 Jun 2026 → 30 Sept 2026
Max drawdown (5y)
−79.5%
04 Jan 2022 → 01 Nov 2023
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
213.8 m USD
+31.5% YoY
Net income
-181.6 m USD
unavailable YoY
Diluted EPS
-1.11
unavailable YoY
net / operating
-85.0% / -95.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue288.4 m86.2 m72.0 m162.6 m315.4 m102.8 m125.1 m213.8 m
Cost of revenue107.2 m44.3 m43.9 m61.1 m116.3 m56.4 m74.3 m95.9 m
Gross profit181.2 m41.9 m28.2 m101.5 m199.1 m46.4 m50.8 m117.9 m
SG&A18.5 m21.0 m16.3 m16.0 m23.5 m21.8 m23.1 m27.0 m
Operating income-35.2 m61.3 m77.8 m-26.2 m-87.3 m-165.2 m72.5 m-203.0 m
Depreciation & amortisation16.4 m16.5 m16.9 m17.9 m18.8 m20.4 m27.1 m28.9 m
Interest expense10.1 m9.2 m9.6 m9.9 m9.9 m9.7 m24.4 m19.6 m
Pre-tax income-44.1 m49.9 m69.2 m-33.8 m-97.2 m-174.4 m49.8 m-221.4 m
Income tax45.1 m-94.2 m12.5 m-1.7 m-6.5 m-34.2 m-23.1 m-39.8 m
Net income-89.2 m144.2 m56.7 m-32.2 m-90.7 m-140.2 m72.9 m-181.6 m
Diluted EPS-0.610.98 ≈0.36-0.22-0.62-0.89 ≈0.44-1.11
Operating cash flow183.0 m ≈-6.0 m23.7 m-2.9 m ≈198.7 m ≈18.6 m-89.0 m-654.0 k ≈
Capex3.9 m ≈6.5 m4.8 m12.8 m ≈5.0 m ≈7.0 m5.8 m12.7 m ≈
Share repurchases3.0 k ≈08.2 m32.2 m ≈0 ≈000 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201920202022202320242025
Revenue239.3 m339.6 m360.5 m322.1 m561.0 m652.9 m
Revenue YoYunavailable+41.9%unavailable−10.7%+74.2%+16.4%
Net income-42.0 m24.2 m91.8 m67.5 m-5.9 m-206.4 m
Net income YoYunavailableunavailableunavailable−26.5%−108.7%unavailable
Diluted EPS-0.790.460.520.41-0.04-1.37
Diluted EPS YoYunavailableunavailableunavailable−21.2%−109.8%unavailable
net %-17.6%7.1%25.5%21.0%-1.1%-31.6%
Free cash flow-9.2 m63.3 m-48.8 m-9.2 m172.9 m208.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
325.9 m USD
Financial debt
669.1 m USD
Net debt
343.2 m USD
Equity
1.1 bn USD
Total assets
2.7 bn USD
Debt / equity
0.59x
Current ratio
3.22x
ROE
-18.0%
ROA
-8.1%
FCF margin
31.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
322.1 m
2024
561.0 m
2025
652.9 m

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
193.8 m
2024
243.9 m
2025
277.7 m

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
128.3 m
2024
317.1 m
2025
375.2 m

SEC (XBRL)· 26 Feb 2026verified

SG&A
2023
46.5 m
2024
66.9 m
2025
77.6 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
94.5 m
2024
-3.8 m
2025
-200.9 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
64.9 m
2024
65.7 m
2025
74.0 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
159.3 m ≈
2024
62.0 m ≈
2025
-126.9 m ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2023
41.4 m
2024
40.5 m
2025
39.1 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
61.6 m
2024
-46.9 m
2025
-236.2 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
-5.9 m
2024
-41.0 m
2025
-29.9 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
67.5 m
2024
-5.9 m
2025
-206.4 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
0.41
2024
-0.04
2025
-1.37

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
166.5 m
2024
145.7 m
2025
150.4 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
47.3 m
2024
198.5 m
2025
325.9 m

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
39.6 m
2024
56.0 m
2025
64.4 m

SEC (XBRL)· 26 Feb 2026verified

Inventories
2023
145.7 m
2024
116.3 m
2025
139.6 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
251.0 m
2024
394.0 m
2025
564.0 m

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
59.4 m
2024
64.8 m
2025
85.1 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
1.0 bn
2024
1.0 bn
2025
1.1 bn

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
945.0 m
2024
898.4 m
2025
899.3 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
2.3 bn
2024
2.4 bn
2025
2.7 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
—
2024
—
2025
—

SEC (XBRL)· 01 Mar 2023verified

Short-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 14 Dec 2021verified

Long-term debt
2023
666.5 m
2024
667.8 m
2025
669.1 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
55.1 m
2024
62.5 m
2025
175.1 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
1.2 bn
2024
1.3 bn
2025
1.5 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
1.2 bn †
2024
1.2 bn †
2025
1.1 bn †

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
193.0 k
2024
188.4 m
2025
238.1 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
9.4 m
2024
15.5 m
2025
29.6 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
-9.2 m ≈
2024
172.9 m ≈
2025
208.6 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-14.9 m
2024
-42.9 m
2025
-106.8 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-64.5 m
2024
8.3 m
2025
-9.0 m

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
64.1 m
2024
14.4 m
2025
40.4 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
16.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
21.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
14.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
20.7%
computed by olivLawFY 2025

Profitability

Gross margin
54.7%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-38.0%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-50.6%
computed by olivLawTTM to 30 Jun 2026
Net margin
-44.9%
computed by olivLawTTM to 30 Jun 2026
FCF margin
12.8%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-30.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-11.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-16.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-13.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
1.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
1.2x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-6.0x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
127.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
30.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
97.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
67 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
188 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
4.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
5.7 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-7.8%
computed by olivLawTTM to 30 Jun 2026
P/B
4.5x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
6.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
7.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
47.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
2.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Risk

Altman Z
0.76
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 50.0% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

28.10 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 4.6 bn USD

Key indicators

Market capitalisation
4.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
4.5x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-30.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-44.9%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
16.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 24 Jul 2026
Source: SEC (XBRL)published 31 Jul 2026
verified 932derived 74

Score by group

50% · Insufficient data

Estimated value range

Low
10.10
USD per share
Mid
14.13
USD per share
High
20.88
USD per share
Price: 28.10 USD
The price is above the range
Potential to the central value: -49.7% (value / price − 1)
Margin of safety: -98.8% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.10 – 20.88 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)10.10 – 20.88 (Mid 14.13)
    WACC 8.4% · starting FCFF 150.4 m USD · terminal value share of EV 77%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Chemicals & Allied Products (SIC 2800)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 50.0% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-16.7%17 (vs peers)21%
Net margin · Quality-44.9%36 (vs peers)13%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth21.9%100 (on a fixed band)17%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-6.0x0 (on a fixed band)13%
Current ratio · Balance sheet1.6x64 (on a fixed band)8%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation2.1%26 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)13%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet26/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality24/100 · 2/3 factors with a value
  • Returns· partial0/100 · 1/2 factors with a value
  • Valuation· partial26/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

PERIMETER SOLUTIONS, INC. (PRM). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 652.9 m USD in 2025; YoY growth 16.4%; net margin -44.9%; ROE -30.9%.

The estimated value range is 10.10–20.88 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.13 USD, the price of 28.10 USD leaves a potential of -49.7% (value / price − 1) and a margin of safety of -98.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 21.9%

What contradicts it

  • ROIC: -16.7%
  • Interest coverage: -6.0x
  • FCF yield: 2.1%
  • Shareholder yield (distributions): 0.0%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Chemicals & Allied Products (SIC 2800) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
—
vertical median 31.4x
EV/EBITDA
—
vertical median 8.6x
P/S
6.1x
vertical median 1.3x
above median (+383.9%)
P/B
4.5x
vertical median 1.7x
above median (+166.1%)
ROE
-30.9%
vertical median -11.8%
below median
Net margin
-44.9%
vertical median -5.5%
below median
EBIT margin
-50.6%
vertical median -2.7%
below median
Revenue YoY
16.4%
vertical median -1.1%
above median
Net debt/EBITDA
—
vertical median 2.3x
Dividend yield
—
vertical median 4.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SOLSSolstice Advanced Materials Inc.9.1 bn28.313.6%7.8%+3.1%+21% / unavailable
BCPCBalchem Corporation5.8 bn34.413.0%15.4%+8.8%+17% / +46%
PRMPerimeter Solutions, Inc.4.6 bn—-30.9%-44.9%+16.4%+16% / +781%
NGVTIngevity Corporation2.5 bn50.164.4%4.7%−2.7%+41% / +90%
CCThe Chemours Company2.1 bn—-339.7%-5.2%+0.4%+8% / −50%
OLNOlin Corporation2.1 bn—-12.2%-3.3%+3.7%−14% / −62%
IOSPInnospec Inc.2.0 bn14.210.5%7.5%−3.7%+8% / −23%
HUNHuntsman Corporation1.7 bn—-11.8%-5.8%−5.8%−5% / −60%
ECVTEcovyst Inc.1.1 bn—-9.6%-7.1%+20.9%+8% / +5%
FMCFmc Corporation998.7 m—-226.7%-151.2%−18.3%−55% / −88%
ACNTAscent Industries Co.124.0 m—-1.1%-1.0%−7.2%−3% / +68%
CITRCitroTech Inc.54.8 m—-431.0%-1,788.4%+194.6%unavailable / unavailable
LOOPLoop Industries, Inc.13.0 m——-2,154.3%−95.3%−77% / −92%
GUREGulf Resources, Inc.5.6 m—-32.4%-134.4%+231.8%+3% / −80%
ADURAduro Clean Technologies Inc.——-133.8%-5,253.1%−31.5%−26% / unavailable

1- and 3-year price returns: for PRM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Perimeter Solutions is a specialized provider of industrial products for firefighting and niche segments such as lubricant additives and electronic components, operating mainly in the United States, where most of its revenue is generated 1. In the first half of 2026 net sales rose 44% to 338.9 million USD, driven in particular by recent acquisitions, which makes the company's profile relevant for readers following the industry 3.

    SWOT

    Strengths

    • The company holds a leading position among retardants listed on the Forest Service qualified products list, and its rapid delivery network to air bases is hard to replicate 1.
    • The value-based pricing model and annual escalators could protect margins even in lower-volume years 1.
    • The decentralized structure and capital allocation discipline allow the company to integrate new acquisitions, as the 2026 transactions show 2.

    Weaknesses

    • Revenue concentration in a few government customers makes quarterly results hard to estimate and exposed to budget changes 1.
    • The large net loss in the second quarter of 2026 shows that accounting items and acquisition-related costs can strongly influence reported results 3.
    • Higher debt after the MMT notes offering could limit financial flexibility if demand weakens 2.

    Opportunities

    • If the transition to fluorine-free foams accelerates, the company could gain new share in Fire Safety 1.
    • Integration of MMT and other medical acquisitions could open relationships with device makers and recurring revenue from parts and consumables 1.
    • Further Monaco-type acquisitions in Fire Safety could extend the portfolio in government segments 3.

    Threats

    • A shorter fire season or tighter government budgets could directly reduce retardant demand 1.
    • The shift to electric vehicles could reduce demand for phosphorus-based additives in Specialty Products 1.
    • Tariffs and trade restrictions could affect supply chains for raw materials with limited sources 1.

    Risks

    • Dependence on government customershigh

      The sources show a significant share of revenue comes from federal agencies, and losing or reducing contracts could materially affect results 1.

    • Acquisition integrationhigh

      The MMT and Monaco acquisitions changed the company's structure, and realizing the expected benefits depends on efficient integration, which the sources describe as uncertain 12.

    • Higher indebtednessmedium

      The notes offering and higher debt could reduce financial flexibility if operating results do not improve 2.

    • Raw material dependencemedium

      Raw materials from limited or sole sources may face cost increases or supply disruptions that are hard to offset quickly 1.

    • Trade policy and tariffslow

      Changes in tariffs and import or export rules could affect costs and relationships with customers and suppliers 1.

    Investment thesis

    What would need to be true (bull case)

    • If the fire season keeps lengthening and retardant demand rises, the Fire Safety segment could sustain revenue growth over the long term 1.
    • Integration of recent acquisitions could bring recurring revenue from parts and consumables and reduce dependence on a single sector 12.
    • The value-based pricing model and disciplined capital allocation could protect margins and support per-share value over time 1.

    What would break the thesis

    • Customer concentration in a few government agencies makes revenue vulnerable to budget or contract changes 1.
    • The large second-quarter net loss and rising debt show that reported results can be volatile in the short term 32.
    • The shift to electric vehicles could reduce demand for additives in Specialty Products over the long term 1.

    What to watch

    • Integration of MMT and Monaco, including contribution to Adjusted EBITDAQ3 2026
    • Evolution of contracts with the Forest Service and the Bureau of Land Management2027
    • Pace of adoption of fluorine-free foams in Fire Safetynext 10-K
    • Debt service costs following the 2026 notes offeringQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Perimeter Solutions, Inc. (NYSE: PRM) organizes its activity into two reporting segments, Fire Safety and Specialty Products, and describes its model as decentralized, with business unit managers holding operational autonomy and accountability for results 1. The company says capital allocation prioritizes high-return organic reinvestment, then opportunistic share repurchases and finally acquisitions 1. About 76% of 2025 revenues were derived in the United States, with the rest coming from Europe, Canada and other countries 1.

    In January 2026 the company completed the acquisition of Medical Manufacturing Technologies, LLC (MMT), which adds highly engineered machinery and aftermarket parts for medical device production, financed mainly by senior secured notes due 2034 1. On July 30, 2026 it also acquired Monaco Enterprises, included in Fire Safety, for 120.0 million USD net of cash acquired 3. These transactions changed the company's structure, which in its 2025 description had five business units and in 2026 six 2.

    Key customers are government agencies: in fiscal 2025 the USDA Forest Service and the U.S. Bureau of Land Management accounted for 32% and 11% of consolidated revenues 1. This concentration means a large contract with the administration can strongly influence quarterly results, and in September 2025 the company signed a five-year agreement with these two customers for the Fire Safety segment 1.

    Segments

    Fire Safety

    The segment includes fire retardants and suppressants, along with equipment and services for aerial and ground firefighting, and the company says it can deliver retardant within hours to over 150 air tanker bases in North America 1. In the second quarter of 2026 segment net sales rose 7% to 129.1 million USD, while Adjusted EBITDA rose 1%, with Monaco also contributing 3.

    Specialty Products

    The segment includes Phosphorus Derivatives, which produces phosphorus pentasulfide for lubricant additives, IMS, a maker of electronic components, and MMT, added in January 2026 1. Segment net sales doubled in the second quarter of 2026 to 84.7 million USD, and Adjusted EBITDA nearly doubled year over year 3.

    Market context

    Demand for fire retardants depends on the frequency and intensity of vegetation fires, and the company notes that acreage burned annually in the United States has risen over the long term, with the ten-year average reaching 7.0 million acres in 2025 1. Expansion of the wildland-urban interface, where 32% of US homes are located, and rising aerial firefighting capacity are factors the company views as favorable 1. In lubricant additives, demand depends on vehicle production and miles driven, and over the long run could be affected by the shift toward electric vehicles 1.

    The firefighting market is gradually moving toward fluorine-free foams, a trend the company regards as an advantage if it can keep its leading position in this segment 1. Diversification through acquisitions in medical manufacturing and electronic components could reduce dependence on a single demand cycle, particularly if integration of these assets proceeds as planned 2.

    Trends

    • Longer fire seasontailwind

      The company says the US fire season has lengthened consistently, and if burned acreage and season length keep rising, demand for retardant could grow in turn 1.

    • Wildland-urban interface expansiontailwind

      Homes built near wooded areas increase the risk of human-caused fires, which could raise retardant use to protect property 1.

    • Shift to fluorine-free foamstailwind

      The market is moving toward products without intentionally added PFAS, and the company sees itself as a leader, which could bring higher share if the transition accelerates 1.

    • Electric vehicles and lubricant demandheadwind

      Growth in electric vehicles could reduce use of internal combustion engines and hence demand for phosphorus-based additives in Specialty Products, a long-term risk 1.

    Competitive position

    In fire retardants the company says it competes with gels, foams, water and numerous global and domestic retardant producers, and entry is hard because product testing and approval are lengthy 1. In lubricant additives and electronic components competition comes from specialized producers, and the company relies on reliability, intellectual property and vertical integration 1.

    For MMT, competition includes makers of equipment for medical devices, but the company's sources do not list competitors listed on a US exchange, so comparative analysis remains limited 1. The stated advantage lies in integrated solutions combining products, equipment and services, which could make supplier replacement harder 1.

    • Global and local fire retardant producers

      The company mentions numerous global and domestic retardant competitors, but the sources do not name them.

    • Gels, foams and water as substitutes

      The company says retardant competes with solutions such as gels, foams and water used directly in firefighting.

    • Lubricant additive producers

      Competition comes from specialized phosphorus-based additive producers, not named in the sources provided.

    • Medical equipment and component makers

      For MMT and IMS, competition comes from firms specialized in machinery and components for medical and electronic devices.

    News & filings

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Perimeter Solutions, Inc. · 26 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Perimeter Solutions, Inc. · 31 Jul 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Perimeter Solutions, Inc. · 31 Jul 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.