Perimeter Group
PRMNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $30.72 Prior regular-session close from the quote source.
- $30.33–$31.29 Regular-session low and high so far today.
- 837.8K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 25 projected Projected for 2027-02-25 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $20.38–$38.17 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PRM if its mission-critical niche chemistry remains hard to substitute and keeps converting wildfire and specialty-industrial demand into high-gross-margin cash flow, while 2025's GAAP loss proves nonstructural.
PRM price history
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Investment thesis
What must happen next
Customers continue choosing Perimeter's specialized fire-safety and industrial formulations because mission reliability and qualification matter more than switching to lower-cost alternatives.StrengtheningMateriality: High
GAAP annual revenue increased from $322.1 million in FY2023 to $561.0 million in FY2024 and $652.9 million in FY2025. If the customer problem remains mission-critical and sticky, growth can be durable rather than a one-season spike; if substitutes qualify, revenue quality deteriorates before reported sales fully roll over.
Watch: A major fire agency or industrial customer qualifies and shifts meaningful volume to a competing retardant, suppressant, or specialty-chemical supplier.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $322.1 million in FY2023 to $561.0 million in FY2024 and $652.9 million in FY2025.
Open source ↗Perimeter's formulation know-how, qualification status, and niche positioning continue to support premium unit economics rather than commodity chemical margins.StrengtheningMateriality: High
GAAP annual gross profit rose from $128.3 million in FY2023 to $317.1 million in FY2024 and $375.2 million in FY2025. The business is attractive only if growth does not require giving up pricing power or absorbing raw-material inflation.
Watch: A competing qualified supplier wins business by undercutting price without compromising customer acceptance.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $128.3 million in FY2023 to $317.1 million in FY2024 and $375.2 million in FY2025.
Open source ↗The operating model keeps converting niche demand into cash even when GAAP earnings are distorted by noncash charges, working-capital timing, or seasonality.StrengtheningMateriality: Medium
GAAP annual operating cash flow improved from $0.2 million in FY2023 to $188.4 million in FY2024 and $238.1 million in FY2025. Owners can tolerate accounting volatility only if cash generation remains real and repeatable.
Watch: Large customers demand longer payment terms or shift purchases toward consignment-like arrangements that trap cash in working capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow improved from $0.2 million in FY2023 to $188.4 million in FY2024 and $238.1 million in.
Open source ↗FY2025's GAAP operating loss proves temporary or non-operating in nature rather than evidence that the core niche chemistry franchise has lost economic power.HoldingMateriality: Medium
FY2025 GAAP annual gross profit was $375.2 million, indicating substantial product-level profit despite the operating loss. If the GAAP loss is structural, the high gross margin and cash-flow story is not enough to justify durable per-share value creation.
Watch: Recurring impairments, restructuring, litigation, or compliance costs become a normal cost of serving the market.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual gross profit was $375.2 million, indicating substantial product-level profit despite the operating loss.
Open source ↗Management preserves enough liquidity and balance-sheet flexibility to fund seasonal demand and niche growth without turning the thesis into a leverage bet.HoldingMateriality: Medium
Cash increased from $47.3 million at FY2023 year-end to $198.5 million at FY2024 year-end and $325.9 million at FY2025 year-end. The equity compounds only if cash generation accrues to shareholders rather than creditors or rescue financing.
Watch: Management uses liquidity for a large debt-funded acquisition outside the core niche-mission strategy.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash increased from $47.3 million at FY2023 year-end to $198.5 million at FY2024 year-end and $325.9 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Customers continue choosing Perimeter's specialized fire-safety and industrial formulations because mission reliability and qualification matter more than switching to lower-cost alternatives. If the customer problem remains mission-critical and sticky, growth can be durable rather than a one-season spike; if substitutes qualify, revenue quality deteriorates before reported sales fully roll over.
Perimeter's formulation know-how, qualification status, and niche positioning continue to support premium unit economics rather than commodity chemical margins. The business is attractive only if growth does not require giving up pricing power or absorbing raw-material inflation.
The operating model keeps converting niche demand into cash even when GAAP earnings are distorted by noncash charges, working-capital timing, or seasonality. Owners can tolerate accounting volatility only if cash generation remains real and repeatable.
FY2025's GAAP operating loss proves temporary or non-operating in nature rather than evidence that the core niche chemistry franchise has lost economic power. If the GAAP loss is structural, the high gross margin and cash-flow story is not enough to justify durable per-share value creation.
Management preserves enough liquidity and balance-sheet flexibility to fund seasonal demand and niche growth without turning the thesis into a leverage bet. The equity compounds only if cash generation accrues to shareholders rather than creditors or rescue financing.
All standing thesis claims
Original report summary
its mission-critical niche chemistry remains hard to substitute and keeps converting wildfire and specialty-industrial demand into high-gross-margin cash flow, while 2025's GAAP loss proves nonstructural.
Bull case and bear case
Bull case and bear case for Perimeter Solutions
Where the evidence on Perimeter Solutions stands: Holding on the latest evidence (Oct 16, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
Customers continue choosing Perimeter's specialized fire-safety and industrial formulations because mission reliability and qualification matter more than switching to lower-cost alternatives.
Perimeter's formulation know-how, qualification status, and niche positioning continue to support premium unit economics rather than commodity chemical margins.
The operating model keeps converting niche demand into cash even when GAAP earnings are distorted by noncash charges, working-capital timing, or seasonality.
FY2025's GAAP operating loss proves temporary or non-operating in nature rather than evidence that the core niche chemistry franchise has lost economic power.
Management preserves enough liquidity and balance-sheet flexibility to fund seasonal demand and niche growth without turning the thesis into a leverage bet.
Bear case: what would count against it
A major fire agency or industrial customer qualifies and shifts meaningful volume to a competing retardant, suppressant, or specialty-chemical supplier.
A competing qualified supplier wins business by undercutting price without compromising customer acceptance.
Large customers demand longer payment terms or shift purchases toward consignment-like arrangements that trap cash in working capital.
Thesis-Break Engine
Thesis-break watch · Perimeter Solutions
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Perimeter Solutions filed an SEC 8-K on 2026-07-31: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Perimeter Solutions filed an SEC 8-K on 2026-05-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A major fire agency or industrial customer qualifies and shifts meaningful volume to a competing retardant, suppressant, or specialty-chemical supplier.
- A competing qualified supplier wins business by undercutting price without compromising customer acceptance.
- Large customers demand longer payment terms or shift purchases toward consignment-like arrangements that trap cash in working capital.
- Recurring impairments, restructuring, litigation, or compliance costs become a normal cost of serving the market.
- Management uses liquidity for a large debt-funded acquisition outside the core niche-mission strategy.
PRM news
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Financial statements
PRM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PRM: quick answers
- When does Perimeter Solutions (PRM) report earnings next?
- Perimeter Solutions's next results are projected for February 25, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is PRM's short interest?
- As of October 30, 2026, 6.6M PRM shares were sold short, 4.06% of its shares outstanding, down 4.3% from the count before. At the stock's average daily volume that is 5.6 days to cover. FINRA publishes the count twice a month. PRM short interest history
- Which well-known investors own PRM?
- 1 of the 37 well-known funds tracked here reported PRM shares in their latest 13F filing. By share of the fund's portfolio: Akre Capital Management (Chuck Akre), 0.2%. Fund portfolios
PRM in well-known investors’ portfolios
1 of 37 funds reported PRM shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Chuck AkreAkre Capital Management | 0.17% | $8.9M | No change | Q2 2026 |