PRM

MKT CAP:$5B

Perimeter Solutions, S.A.

Market Cap

$5B

Basic Materials·Chemicals - Specialty·🇺🇸 United States·NYSE

Materials·Chemicals·🇺🇸·NYSE

Stock Price

$28.77+$1.25 (+4.56%)

Apr 20, 2026

Company Details

Perimeter Solutions, SA manufactures and supplies firefighting products and lubricant additives in the United States, Germany, and internationally. It operates in two segments, Fire Safety and Oil Additives. The Fire Safety segment provides...

CEO

Haitham R. Khouri

IPO Date

Nov 9, 2021

Website

www.perimeter-solutions.com

Key Metrics TTM

Revenue

$609M

+56.9% YoY

Net Income

$80M

EPS (Diluted)

$0.43

Free Cash Flow

$155M

Revenue / Share

$4.14

Gross Margin

57.9%

Operating Margin

-12.8%

Net Margin

13.1%

FCF Margin

25.4%

P/S

7.6x

P/E

57.9x

Earnings Reports

Q3 2025

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$653M+16.4%EPS -$1.37

Q2 2025

Aug 7, 2025

$163M+27.8%EPS -$0.22

Q1 2025

May 8, 2025

$72M+22.0%EPS $0.36

FY 2024

Feb 20, 2025

$561M+74.2%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$87M	$38M	$6M
Q3 21	$195M	$109M	$80M
Q1 22	$58M	$16M	$43M
Q2 22	$101M	$29M	$16M
Q3 22	$161M	$87M	$131M
Q4 22	$41M	$15M	-$45M
Q1 23	$44M	$10M	-$13M
Q2 23	$76M	$29M	$63M
Q3 23	$143M	$70M	$27M
Q4 23	$59M	$21M	-$9M
Q1 24	$59M	$21M	$75M
Q2 24	$127M	$73M	$45M
Q3 24	$288M	$181M	-$35M
Q4 24	$86M	$42M	$61M
Q1 25	$72M	$28M	-$78M
Q2 25	$163M	$101M	-$26M

Valuation

Quarter	P/S	P/E
Q2 21	13.1x	192.2x
Q3 21	12.4x	197.3x
Q1 22	12.3x	69.1x
Q2 22	10.4x	49.0x
Q3 22	8.9x	22.6x
Q4 22	12.8x	38.3x
Q1 23	13.3x	49.7x
Q2 23	14.3x	33.9x
Q3 23	15.1x	94.5x
Q4 23	14.3x	68.2x
Q1 24	13.7x	—
Q2 24	11.9x	—
Q3 24	8.6x	—
Q4 24	8.2x	—
Q1 25	8.0x	34.5x
Q2 25	7.6x	57.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$43M	$41M
Q4 21	$38M	$34M
Q1 22	-$71M	-$72M
Q2 22	-$18M	-$21M
Q3 22	$46M	$44M
Q4 22	$3M	$423.0K
Q1 23	-$32M	-$34M
Q2 23	-$41M	-$43M
Q3 23	$63M	$60M
Q4 23	$10M	$8M
Q1 24	$3M	$1M
Q2 24	$9M	$5M
Q3 24	$183M	$179M
Q4 24	-$6M	-$12M
Q1 25	$24M	$19M
Q2 25	-$3M	-$31M

Capital Expenditures

Quarter	CapEx
Q3 21	$2M
Q4 21	$4M
Q1 22	$1M
Q2 22	$3M
Q3 22	$2M
Q4 22	$3M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$3M
Q1 24	$2M
Q2 24	$4M
Q3 24	$4M
Q4 24	$6M
Q1 25	$5M
Q2 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+59.1%	+42.7%
Q3 21	+12.1%	+17.0%
Q1 22	+3.5%	-74.0%
Q2 22	+197.6%	+79.8%
Q3 22	+84.2%	-63.7%
Q4 22	-78.9%	-25.1%
Q1 23	-24.1%	+285.8%
Q2 23	-24.6%	-85.0%
Q3 23	-11.1%	+293.0%
Q4 23	+44.1%	-20.6%
Q1 24	+34.6%	-127.9%
Q2 24	+67.2%	+543.1%
Q3 24	+102.2%	+180.2%
Q4 24	+45.0%	-63.6%
Q1 25	+22.0%	+1047.1%
Q2 25	+27.8%	+129.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	—
Q1 22	$5M	8.6%
Q2 22	$3M	3.4%
Q3 22	-$845.0K	-0.5%
Q4 22	-$5M	-11.3%
Q1 23	-$3M	-7.0%
Q2 23	$1M	1.6%
Q3 23	$2M	1.2%
Q4 23	$2M	2.9%
Q1 24	$70M	118.7%
Q2 24	$3M	2.4%
Q3 24	$3M	1.1%
Q4 24	-$7M	-8.4%
Q1 25	-$78M	-108.2%
Q2 25	$2M	1.4%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 21	$18M	—	—
Q3 21	$15M	—	—
Q1 22	$19M	—	—
Q2 22	$2M	$18M	—
Q3 22	—	$67M	—
Q4 22	—	—	$10M
Q1 23	$10M	—	—
Q2 23	—	—	$12M
Q3 23	—	—	$13M
Q4 23	—	—	$16M
Q1 24	—	—	$13M
Q2 24	—	—	$14M
Q3 24	—	—	$19M
Q4 24	—	—	$21M
Q1 25	—	—	$16M
Q2 25	—	—	$16M

Revenue Segments

Quarter	Other	Product	Service	Product and Service, Other
Q3 21	$588.0K	$173M	$21M	—
Q1 22	—	$56M	$2M	$572.0K
Q2 22	—	$97M	$3M	$478.0K
Q3 22	—	$140M	$20M	$442.0K
Q4 22	—	$38M	$3M	$690.0K
Q1 23	—	$43M	$709.0K	$9.0K
Q2 23	—	$73M	$3M	$488.0K
Q3 23	—	$122M	$20M	$466.0K
Q1 24	—	$58M	$1M	$80.0K
Q2 24	—	$95M	$32M	$106.0K
Q3 24	—	$235M	$53M	$40.0K
Q1 25	—	$68M	$4M	$16.0K
Q2 25	—	$131M	$32M	$22.0K

Revenue by Geography

Quarter	C A	D E	Other Foreign Countries	U S
Q3 21	$18M	$6M	$17M	$155M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$154M	$0	$154M
Q2 22	$126M	$0	$126M
Q3 22	$166M	$0	$166M
Q4 22	$127M	$0	$127M
Q1 23	$92M	$0	$92M
Q2 23	$22M	$0	$22M
Q3 23	$72M	$0	$72M
Q4 23	$47M	$6M	$53M
Q1 24	$34M	$4M	$39M
Q2 24	$43M	$0	$43M
Q3 24	$223M	$0	$223M
Q4 24	$198M	$0	$198M
Q1 25	$200M	$0	$200M
Q2 25	$141M	$0	$141M
Q3 25	$341M	$0	$341M
Q4 25	$326M	$0	$326M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	157M	0.0%	+196.2%
Q3 21	157M	0.0%	0.0%
Q1 22	175M	+11.2%	+229.5%
Q2 22	177M	+1.3%	+12.7%
Q3 22	177M	-0.2%	+12.5%
Q4 22	158M	-10.7%	+0.5%
Q1 23	169M	+7.3%	-3.0%
Q2 23	168M	-0.7%	-4.9%
Q3 23	165M	-1.7%	-6.4%
Q4 23	151M	-8.9%	-4.5%
Q1 24	145M	-3.7%	-14.3%
Q2 24	155M	+6.4%	-8.1%
Q3 24	145M	-6.1%	-12.2%
Q4 24	161M	+10.8%	+6.7%
Q1 25	157M	-2.6%	+7.8%
Q2 25	147M	-6.2%	-4.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q1 22	$255.6K	226
Q2 22	$446.7K	226
Q3 22	$710.2K	226
Q4 22	$182.6K	226
Q1 23	$194.1K	226
Q2 23	$336.9K	226
Q3 23	$631.2K	226
Q4 23	$271.5K	219
Q1 24	$269.6K	219
Q2 24	$581.2K	219
Q3 24	$1M	219
Q4 24	$270.3K	319
Q1 25	$225.8K	319
Q2 25	$509.8K	319

Revenue / Employee