Perimeter Solutions, Inc. (PRM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$757.1M

Revenue growth

24.2%

Net income, last twelve months

-$339.6M

Earnings per share

-$2.23

Gross margin

54.7%

Operating margin

-50.6%

Net margin

-44.9%

Free cash flow

$97.1M

Return on equity

-33.2%

Market value

$4.7B

Cash

$82.8M

Debt

$1.2B

Debt to equity

1.18

Shares outstanding

163.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 31 July 2026.

• Net sales grew 31 percent. Net sales were $213.8 million, up from $162.6 million a year earlier. Fire Safety contributed $129.1 million and Specialty Products contributed $84.7 million.
• GAAP net loss widened on founders fees. Net loss was $181.6 million, or $1.11 per diluted share, against $32.2 million a year earlier. Founders advisory fees of $266.3 million were the largest operating expense line in the quarter.
• Adjusted EPS fell to $0.35. Adjusted earnings per diluted share were $0.35, against $0.39 in the prior year quarter.
• Adjusted EBITDA rose 16 percent. Adjusted EBITDA was $105.6 million, up from $91.3 million. Management attributed the increase to Value Driver execution and recent acquisitions.
• Specialty Products sales doubled. Specialty Products net sales were $84.7 million, up from $42.4 million. Segment Adjusted EBITDA was $26.8 million, up from $13.7 million.
• Fire Safety sales rose 7 percent. Fire Safety net sales were $129.1 million, up from $120.3 million. Segment Adjusted EBITDA was $78.8 million, up from $77.7 million.
• Specialty Products scope described. The company described Specialty Products as spanning lubricant additives, electronic and electro-mechanical components, and highly engineered machinery for the medical device industry.
• Cost of goods sold rose. Cost of goods sold was $95.9 million against $61.1 million, and gross profit was $117.9 million against $101.5 million.
• Inventory step-up raised cost. Purchase accounting on acquired inventory added $4.5 million to the cost of inventory sold in the quarter.
• Restructuring and other non-recurring costs. Non-recurring expenses were $2.5 million for the quarter, including $1.4 million of restructuring and other non-recurring costs.
• Amortization and acquisition costs rose. Amortization expense was $24.0 million against $14.6 million, and acquisition costs were $3.6 million against $0.3 million.
• Interest expense rose to $19.6 million. Interest expense, net was $19.6 million, up from $9.9 million a year earlier.
• Year-to-date sales up 44 percent. Year-to-date net sales were $338.9 million, with Fire Safety at $174.5 million and Specialty Products at $164.4 million.
• Year-to-date Adjusted EBITDA up 34 percent. Year-to-date Adjusted EBITDA was $146.7 million, up from $109.4 million. Specialty Products segment Adjusted EBITDA was $49.3 million, up 127 percent.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 47 held.

Every filing

The newest filings with the SEC of 125 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

352 funds held it at 30 Jun 2026: 188 added and 72 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Solstice Advanced Materials Inc. (SOLS): revenue $4.1B, market value $10.1B
• Balchem Corp. (BCPC): revenue $1.1B, market value $5.3B
• Ingevity Corp. (NGVT): revenue –, market value $2.6B
• Innospec Inc. (IOSP): revenue $1.8B, market value $2.5B
• Chemours Co. (CC): revenue $5.8B, market value $2.0B
• Olin Corp. (OLN): revenue $6.7B, market value $1.9B
• Huntsman Corp. (HUN): revenue $5.9B, market value $1.6B
• FMC Corp. (FMC): revenue $3.3B, market value $559.1M

What the company does

Perimeter Solutions, Inc. makes and sells firefighting products, lubricant additives and electronic components. Since the January 2026 acquisition of Medical Manufacturing Technologies, LLC ("MMT"), it also makes machinery for the medical device industry. It reports in two segments, Fire Safety and Specialty Products. As of 31 December 2025 it had 356 full-time employees and 15 temporary, seasonal or part-time employees worldwide. About 76% of its revenues come from the United States, 10% from Europe, 7% from Canada and the remaining 7% from other countries. Its common stock trades on the New York Stock Exchange under the symbol PRM.

How the business is organised

The company runs a decentralised structure. General managers have operational autonomy and are held accountable for results. Before the MMT acquisition there were five business units across the two segments, and each has a business unit manager responsible for its financial and operational targets. The company says its Operational Value Drivers are seeking out profitable new business, structurally improving operational productivity, and sharing in value creation through value-based pricing.

What Fire Safety sells

Fire Safety makes fire retardants and fire suppressants, together with related equipment and services. Retardant is applied ahead of an active wildland fire to slow or stop its spread. It can be dropped from fixed wing or rotor wing aircraft or applied from the ground, using fire engines, rail cars or the company's ground-applied retardant units. Its suppressants are mainly Class B foams for flammable and combustible liquid fires. It also makes Class A, Class A/B and training foams.

Equipment includes airbase retardant storage, mixing and delivery equipment, mobile retardant bases and foam delivery systems. Services include designing and installing airbase equipment and managing airbase operations. The company has full-service operations at approximately 60 United States and Canadian air bases and equipment at over 100 bases globally. It says it can deliver retardant within hours to over 150 air tanker bases in North America. Equipment and services are often priced with the retardant as one bundled offering. The company also uses tiered pricing, availability pricing and annual pricing escalators with key customers.

What Specialty Products sells

Phosphorus Derivatives, Inc. produces Phosphorus Pentasulfide ("P2S5") for lubricant additives. P2S5 is also used in pesticide and mining chemicals and in emerging electric battery technologies. Intelligent Manufacturing Solutions ("IMS") makes electronic and electro-mechanical components for communications infrastructure, energy infrastructure, defense systems and industrial systems, with a focus on aftermarket repair and replacement. MMT supplies machinery for making medical devices such as complex catheters, guidewires and microcoils, along with aftermarket consumables, parts and services. MMT added 14 manufacturing locations serving approximately 50 countries.

Who buys from it

Fire retardant customers are mostly government agencies responsible for protecting government and private land, along with commercial customers. The USDA Forest Service accounted for 32% of consolidated revenues and the United States Bureau of Land Management for 11%. No other customer exceeded 10%. In September 2025 the company entered a five-year agreement with both agencies covering Fire Safety products and services.

Class B foam goes mainly to industrial, aviation and military customers. Class A foam goes to local fire departments and state wildland agencies, and Class A/B foam to municipal fire departments. About 87% of Fire Safety sales are in North America. The North American fire season typically runs from April through September, so much of the sales are recorded in the second and third quarters.

Where it makes things

Fire retardant is produced at McClellan Park (opened in 2025) and Rancho Cucamonga in California, at Kamloops in British Columbia and Sturgeon County in Alberta, at Aix-En-Provence in France, and in New South Wales, Australia. Third parties manufacture retardant in Moreland, Idaho and Pasco, Washington. Foam is made in Green Bay, Wisconsin and Mieres, Spain. Equipment is manufactured at Post Falls, Idaho and at a tolling facility in Port Arthur, Texas.

In Specialty Products, P2S5 for North America comes from a tolling facility in Sauget, Illinois, operated by Flexsys Chemical Company. P2S5 for other regions comes from Knapsack Chemical Park in Hurth, Germany. IMS operates from Londonderry, New Hampshire.

Competition, patents and people

Retardant competes with gels, foams and water, as well as with global and domestic retardant makers. The foam market is fragmented. For P2S5 the company has one primary local competitor in each of North America and Europe, plus imports from Asia.

For Fire Safety the company owns 38 United States patents and 49 foreign counterpart patents. For Specialty Products it owns 5 and 5. MMT added 11 United States patents and 7 foreign counterparts. The portfolio covers approximately 19 countries.

Of the company's employees, 25 in Europe are represented by a works council, and none are represented by a labor union. MMT added 356 full-time employees and 9 temporary, seasonal or part-time employees.

*From Perimeter Solutions's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1880319/000188031926000013/prm-20251231.htm)*

From the company's 10-K.