Perimeter Solutions, S.A.
- Open
- 30.22
- Day high
- 30.46
- Day low
- 29.71
- Prev close
- 30.50
- Volume
- 43K
- Mkt cap
- $4.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.8
- P/S
- 6.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$195.6M over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
Perimeter Solutions, S.A. (PRM) is a Basic Materials company listed on NYSE. The stock is up 35% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Perimeter Solutions, S.A. (PRM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PRM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $0.43 | $0.35 | -19.2% | $214M | -1.4% |
| May 6, 2026 | $0.02 | $0.06 | +200.0% | $125M | +2.7% |
| Feb 26, 2026 | $0.09 | $-0.94 | -1147.1% | $103M | +9.3% |
| Oct 30, 2025 | $0.68 | $0.82 | +20.6% | $315M | +235.4% |
| Aug 7, 2025 | $0.28 | $0.39 | +39.3% | $163M | -27.4% |
| May 8, 2025 | $-0.09 | $0.03 | +133.3% | $72M | -31.6% |
| Feb 20, 2025 | $-0.10 | $0.13 | +230.0% | $86M | +44.5% |
| Aug 1, 2024 | $0.01 | $0.14 | +833.3% | $127M | -33.9% |
| May 9, 2024 | $-0.15 | $-0.19 | -26.7% | $59M | +16.5% |
| Feb 22, 2024 | $-0.11 | $-0.09 | +18.2% | $59M | -43.4% |
| Nov 9, 2023 | $0.16 | $0.31 | +93.8% | $143M | +278.5% |
| Aug 3, 2023 | $-0.05 | $-0.05 | +0.0% | $76M | -49.3% |
PRM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | WINDACRE PARTNERSHIP LLC10 percent owner | Sell | 378,600 | $36.22 |
| Jun 30, 2026 | WINDACRE PARTNERSHIP LLC10 percent owner | Sell | 1,875,000 | $33.90 |
| Jun 30, 2026 | WINDACRE PARTNERSHIP LLC10 percent owner | Sell | 437,500 | $33.00 |
| Jun 30, 2026 | WINDACRE PARTNERSHIP LLC10 percent owner | Sell | 548,479 | $34.51 |
| Jun 30, 2026 | WINDACRE PARTNERSHIP LLC10 percent owner | Sell | 20,000 | $36.25 |
| Jun 30, 2026 | WINDACRE PARTNERSHIP LLC10 percent owner | Sell | 2,296,400 | $34.40 |
| Jun 30, 2026 | WINDACRE PARTNERSHIP LLC10 percent owner | Sell | 150,000 | $34.98 |
| May 22, 2026 | Khouri Haithamdirector, officer: Chief Executive Officer | Sell | 117,511 | $31.19 |
| May 22, 2026 | Khouri Haithamdirector, officer: Chief Executive Officer | Sell | 91,724 | $31.91 |
| May 22, 2026 | Khouri Haithamdirector, officer: Chief Executive Officer | Sell | 20,300 | $34.09 |
| May 15, 2026 | Emery Jeffreyofficer: President - Global Fire Safety | Option | 53,537 | $8.36 |
| May 15, 2026 | Sable Kyleofficer: Chief Financial Officer | Sell | 46,263 | $33.05 |
| May 15, 2026 | Sable Kyleofficer: Chief Financial Officer | Sell | 3,277 | $33.59 |
| May 15, 2026 | Sable Kyleofficer: Chief Financial Officer | Option | 49,540 | $8.36 |
| May 15, 2026 | Emery Jeffreyofficer: President - Global Fire Safety | Sell | 53,537 | $33.45 |
Source: PRM SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full PRM insider & 13F page →Perimeter Solutions, S.A. company profile
Overview
Perimeter Solutions, SA (NYSE:PRM) is a specialty chemicals company founded in 1963 and headquartered in Clayton, Missouri. The company went public in November 2021 and operates through two main business segments: Fire Safety and Specialty Products. Perimeter Solutions has established itself as a leading provider of mission-critical products serving firefighting agencies and industrial customers across the United States, Germany, and international markets. The company's strategic focus centers on owning exceptional businesses in niche markets while applying operational value drivers to generate what management describes as "private equity-like returns with public market liquidity."
Business
Perimeter Solutions operates in the specialty chemicals industry, manufacturing and supplying products that serve critical safety and industrial applications. The company's business is divided into two distinct segments: Fire Safety Segment (approximately 78% of total revenue based on 2024 figures): This segment produces fire retardants and firefighting foams used in wildfire suppression and structural firefighting. The primary products include PHOS-CHEK fire retardants, which are chemical formulations dropped from aircraft to create firebreaks and suppress wildfires. These retardants work by coating vegetation and reducing its flammability, helping firefighters contain and control fires. The segment also produces firefighting foams under brands like SOLBERG and AUXQUIMIA, including next-generation fluorine-free foams that are environmentally safer alternatives to traditional firefighting foams. The company serves federal agencies like the U.S. Forest Service, state and provincial fire departments, municipal fire services, and commercial customers including airports and industrial facilities. Specialty Products Segment (approximately 22% of total revenue): This segment produces Phosphorus Pentasulfide (P2S5), a chemical compound primarily used in manufacturing lubricant additives, particularly Zinc Dialkyldithiophosphates (ZDDP). These additives are essential components in engine oils and industrial lubricants, providing anti-wear and antioxidant properties. The segment has expanded beyond traditional oil additive applications to serve agricultural markets, mining operations, and emerging technology sectors including wind turbine applications. The company has also acquired Intelligent Manufacturing Solutions (IMS), which manufactures printed circuit boards, expanding their specialty products portfolio.
Revenue model
Perimeter Solutions generates revenue through direct product sales to government agencies, commercial customers, and industrial end-users. The company's business model is built around three operational value drivers: developing profitable new business, implementing continual productivity improvements, and pricing products based on their value rather than cost-plus models. In the Fire Safety segment, the company sells fire retardants and suppressants directly to government agencies (federal, state, and local fire departments) and commercial customers (airports, industrial facilities). Revenue fluctuates significantly based on wildfire activity levels - during severe fire seasons, demand for retardants can increase dramatically. The 2024 fire season generated $436.3 million in Fire Safety revenue, representing a 93% increase from the previous year due to elevated wildfire activity. The company also benefits from long-term contracts and relationships with government agencies, providing some revenue predictability. The Specialty Products segment operates on a more stable industrial sales model, selling P2S5 and other chemical products to manufacturers of lubricant additives and other industrial applications. This segment generated $124.7 million in 2024 revenue, with growth driven by both organic expansion and the IMS acquisition. Several factors influence the company's margins and profitability. Wildfire activity levels represent the most significant external factor - severe fire seasons can dramatically increase demand and pricing power for retardants, while mild seasons reduce volumes. Raw material costs for chemical inputs affect manufacturing margins, though the company has demonstrated ability to pass through cost increases via value-based pricing. Regulatory changes, particularly the transition away from fluorine-containing firefighting foams to environmentally safer alternatives, create both challenges and opportunities as customers convert to new products. Government budget allocations for firefighting can impact demand, though the critical nature of these products typically ensures continued funding. Competitive dynamics remain relatively stable given the specialized nature of the products and high barriers to entry in fire retardant manufacturing.
Competitive moat
Perimeter Solutions possesses a moderate but meaningful competitive moat built on several key factors. The company's strongest defensive position lies in its regulatory approvals and certifications required for fire retardant products. Fire retardants must undergo extensive testing and approval processes by government agencies, creating significant barriers to entry for potential competitors. The company's PHOS-CHEK brand has decades of proven performance and safety data, making it difficult for new entrants to gain regulatory approval and customer acceptance. The company also benefits from customer switching costs and relationships built over decades of service. Government fire agencies rely on proven, reliable products during emergency situations, creating strong customer loyalty. The company's infrastructure investments, including air tanker bases and specialized equipment, create additional switching costs for customers and operational advantages for Perimeter Solutions. However, the moat faces several challenges. The fire retardant market has limited growth potential beyond population expansion into fire-prone areas and climate change effects. The company faces potential disruption from alternative firefighting technologies or new chemical formulations that could replace traditional retardants. In the Specialty Products segment, the P2S5 business operates in a more commoditized market with fewer defensive characteristics, though the company's operational expertise and customer relationships provide some protection. The regulatory environment presents both opportunities and risks. While current regulations favor established players like Perimeter Solutions, future environmental regulations could require significant reformulation of products or create openings for new technologies. The company's ongoing development of fluorine-free foams demonstrates its ability to adapt to regulatory changes, but this also represents ongoing investment requirements to maintain market position.
Risks & safety
Perimeter Solutions demonstrates a strong financial position with substantial margin of safety, though with some cyclical earnings volatility. Liquidity and Solvency: - Strong cash position: $200 million in cash and short-term investments as of Q1 2025 - Excellent liquidity ratios: Current ratio of 5.2x, quick ratio of 3.6x - Low debt burden: Net debt-to-EBITDA ratio of 1.7x, well below concerning levels - Positive free cash flow generation: $173 million in 2024, $19 million in Q1 2025 Valuation Metrics: - Attractive valuation multiples: P/E ratio of 6.6x, EV/EBITDA of 5.2x based on Q1 2025 figures - Trading below book value historically, though recent performance has improved metrics - Graham number of 8.4 suggests reasonable valuation relative to fundamentals Other Considerations: - Cyclical earnings create volatility in valuation metrics year-over-year - Strong balance sheet provides flexibility for acquisitions and share repurchases - Substantial cash generation during favorable fire seasons builds financial reserves - Minimal capital intensity requirements for core business operations
Recent development
Over the past few years, Perimeter Solutions has executed several strategic initiatives focused on operational improvements and selective growth. The company completed its redomiciliation from Luxembourg to Delaware in 2024, simplifying its corporate structure and reducing regulatory complexity. This move was designed to improve the company's tax profile and operational efficiency. The company made its first acquisition since going public with the purchase of Intelligent Manufacturing Solutions (IMS) for $33 million in late 2024. IMS is a printed circuit board manufacturer that fits Perimeter's criteria for businesses with recurring revenue, high free cash flow generation, and consolidation potential. The acquisition represents an expansion beyond traditional chemical products into specialized manufacturing. In the Fire Safety segment, Perimeter Solutions has invested significantly in infrastructure and capacity expansion. The company has upgraded air tanker bases, including the Albuquerque facility, and deployed mobile retardant bases to improve response capabilities during fire seasons. These investments have enhanced the company's ability to serve customers during peak demand periods and improved operational efficiency. The company has also focused on product development and regulatory compliance, particularly in developing fluorine-free firefighting foams. This transition addresses environmental concerns while maintaining the company's market position as customers convert to safer alternatives. The company reports a 99% win rate in fluorine-free foam conversions, demonstrating successful product development and customer acceptance. Capital allocation has been a key focus, with the company repurchasing approximately 3 million shares in 2024 and maintaining an active share buyback program. Management has indicated plans to return to historical leverage ratios of around 3.5x through strategic acquisitions while maintaining financial flexibility for opportunistic investments.
PRM company profile · for informational purposes only — not investment advice.
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