olivLaw · US equity research
Perimeter Solutions, Inc. PRM
Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)
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.
Price history
Loading chart…
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
| Company | S&P 500 | vs S&P 500 | Vertical 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 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 288.4 m | 86.2 m | 72.0 m | 162.6 m | 315.4 m | 102.8 m | 125.1 m | 213.8 m |
| Cost of revenue | 107.2 m | 44.3 m | 43.9 m | 61.1 m | 116.3 m | 56.4 m | 74.3 m | 95.9 m |
| Gross profit | 181.2 m | 41.9 m | 28.2 m | 101.5 m | 199.1 m | 46.4 m | 50.8 m | 117.9 m |
| SG&A | 18.5 m | 21.0 m | 16.3 m | 16.0 m | 23.5 m | 21.8 m | 23.1 m | 27.0 m |
| Operating income | -35.2 m | 61.3 m | 77.8 m | -26.2 m | -87.3 m | -165.2 m | 72.5 m | -203.0 m |
| Depreciation & amortisation | 16.4 m | 16.5 m | 16.9 m | 17.9 m | 18.8 m | 20.4 m | 27.1 m | 28.9 m |
| Interest expense | 10.1 m | 9.2 m | 9.6 m | 9.9 m | 9.9 m | 9.7 m | 24.4 m | 19.6 m |
| Pre-tax income | -44.1 m | 49.9 m | 69.2 m | -33.8 m | -97.2 m | -174.4 m | 49.8 m | -221.4 m |
| Income tax | 45.1 m | -94.2 m | 12.5 m | -1.7 m | -6.5 m | -34.2 m | -23.1 m | -39.8 m |
| Net income | -89.2 m | 144.2 m | 56.7 m | -32.2 m | -90.7 m | -140.2 m | 72.9 m | -181.6 m |
| Diluted EPS | -0.61 | 0.98 ≈ | 0.36 | -0.22 | -0.62 | -0.89 ≈ | 0.44 | -1.11 |
| Operating cash flow | 183.0 m ≈ | -6.0 m | 23.7 m | -2.9 m ≈ | 198.7 m ≈ | 18.6 m | -89.0 m | -654.0 k ≈ |
| Capex | 3.9 m ≈ | 6.5 m | 4.8 m | 12.8 m ≈ | 5.0 m ≈ | 7.0 m | 5.8 m | 12.7 m ≈ |
| Share repurchases | 3.0 k ≈ | 0 | 8.2 m | 32.2 m ≈ | 0 ≈ | 0 | 0 | 0 ≈ |
≈ 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 year | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 239.3 m | 339.6 m | 360.5 m | 322.1 m | 561.0 m | 652.9 m |
| Revenue YoY | unavailable | +41.9% | unavailable | −10.7% | +74.2% | +16.4% |
| Net income | -42.0 m | 24.2 m | 91.8 m | 67.5 m | -5.9 m | -206.4 m |
| Net income YoY | unavailable | unavailable | unavailable | −26.5% | −108.7% | unavailable |
| Diluted EPS | -0.79 | 0.46 | 0.52 | 0.41 | -0.04 | -1.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −21.2% | −109.8% | unavailable |
| net % | -17.6% | 7.1% | 25.5% | 21.0% | -1.1% | -31.6% |
| Free cash flow | -9.2 m | 63.3 m | -48.8 m | -9.2 m | 172.9 m | 208.6 m |
Reported results vs expectations
Loading…
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
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 239.3 m | 339.6 m | 360.5 m | 322.1 m | 561.0 m | 652.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 155.4 m | 177.5 m | 231.9 m | 193.8 m | 243.9 m | 277.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 83.9 m | 162.0 m | 128.7 m | 128.3 m | 317.1 m | 375.2 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 36.2 m | 37.7 m | 60.3 m | 46.5 m | 66.9 m | 77.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -5.8 m | 71.5 m | 130.1 m | 94.5 m | -3.8 m | -200.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 58.0 m | 58.1 m | 65.8 m | 64.9 m | 65.7 m | 74.0 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 52.2 m ≈ | 129.6 m ≈ | 195.9 m ≈ | 159.3 m ≈ | 62.0 m ≈ | -126.9 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 51.7 m | 42.0 m | 42.6 m | 41.4 m | 40.5 m | 39.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -59.7 m | 34.7 m | 97.2 m | 61.6 m | -46.9 m | -236.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -17.7 m | 10.5 m | 5.5 m | -5.9 m | -41.0 m | -29.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -42.0 m | 24.2 m | 91.8 m | 67.5 m | -5.9 m | -206.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.79 | 0.46 | 0.52 | 0.41 | -0.04 | -1.37 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 53.0 m | 53.0 m | 175.1 m | 166.5 m | 145.7 m | 150.4 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 9.8 m | 22.5 m | 126.8 m | 47.3 m | 198.5 m | 325.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | — | 28.9 m | 26.6 m | 39.6 m | 56.0 m | 64.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | — | 58.8 m | 143.0 m | 145.7 m | 116.3 m | 139.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | — | 133.0 m | 308.5 m | 251.0 m | 394.0 m | 564.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | — | 48.2 m | 58.8 m | 59.4 m | 64.8 m | 85.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 473.2 m | 482.0 m | 1.0 bn | 1.0 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 473.7 m | 1.0 bn | 945.0 m | 898.4 m | 899.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | — | 1.1 bn | 2.5 bn | 2.3 bn | 2.4 bn | 2.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | — | 9.9 m | 36.8 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Short-term debt | — | 6.7 m | — | — | — | — | SEC (XBRL)· 14 Dec 2021verified |
| Long-term debt | — | 680.5 m | 665.3 m | 666.5 m | 667.8 m | 669.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | — | 32.9 m | 74.2 m | 55.1 m | 62.5 m | 175.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | — | 846.8 m | 1.3 bn | 1.2 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 262.4 m † | 291.4 m † | 1.1 bn † | 1.2 bn † | 1.2 bn † | 1.1 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -305.0 k | 70.8 m | -40.2 m | 193.0 k | 188.4 m | 238.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 8.9 m | 7.5 m | 8.6 m | 9.4 m | 15.5 m | 29.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -9.2 m ≈ | 63.3 m ≈ | -48.8 m ≈ | -9.2 m ≈ | 172.9 m ≈ | 208.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -25.2 m | -9.5 m | -10.3 m | -14.9 m | -42.9 m | -106.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 21.0 m | -45.6 m | -48.8 m | -64.5 m | 8.3 m | -9.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | 0 | 49.3 m | 64.1 m | 14.4 m | 40.4 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.6 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
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
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -16.7% | 17 (vs peers) | 21% |
| Net margin · Quality | -44.9% | 36 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 21.9% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.0x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.1% | 26 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SOLSSolstice Advanced Materials Inc. | 9.1 bn | 28.3 | 13.6% | 7.8% | +3.1% | +21% / unavailable |
| BCPCBalchem Corporation | 5.8 bn | 34.4 | 13.0% | 15.4% | +8.8% | +17% / +46% |
| PRMPerimeter Solutions, Inc. | 4.6 bn | — | -30.9% | -44.9% | +16.4% | +16% / +781% |
| NGVTIngevity Corporation | 2.5 bn | 50.1 | 64.4% | 4.7% | −2.7% | +41% / +90% |
| CCThe Chemours Company | 2.1 bn | — | -339.7% | -5.2% | +0.4% | +8% / −50% |
| OLNOlin Corporation | 2.1 bn | — | -12.2% | -3.3% | +3.7% | −14% / −62% |
| IOSPInnospec Inc. | 2.0 bn | 14.2 | 10.5% | 7.5% | −3.7% | +8% / −23% |
| HUNHuntsman Corporation | 1.7 bn | — | -11.8% | -5.8% | −5.8% | −5% / −60% |
| ECVTEcovyst Inc. | 1.1 bn | — | -9.6% | -7.1% | +20.9% | +8% / +5% |
| FMCFmc Corporation | 998.7 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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 |
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
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.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- U.K. arrest two Latvians inside perimeter of RAF base housing U.S., NATO intelligence operationsThe Hindu — International · 08 Oct 2026 · EN
- Combining CIS-SCO capabilities expands security perimeter in Eurasia — ATC headTASS (RU, EN) · 07 Oct 2026 · EN
- Signal 2.0 perimeter surveillance system is deployed in Zaporozhye front of special opTASS (RU, EN) · 02 Oct 2026 · EN
- Moscow's air defense perimeter system missed less than 0.001% of dronesTASS (RU, EN) · 05 Jun 2026 · RO
- Cybersecurity Evolution: How We Went From Perimeter Defense to AI-Native SecurityDark Reading · 27 May 2026 · RO
- Drone strike sparks fire on perimeter of UAE’s Barakah nuclear power plantAl Jazeera English · 17 May 2026 · EN
SEC filings
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Current report28 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Apr 2026
- Annual report26 Feb 2026
- Current report26 Feb 2026Results of operations · Financial statements and exhibits
- Current report22 Jan 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report02 Jan 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Perimeter Solutions, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Perimeter Solutions, Inc. · 31 Jul 2026
- [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.