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Makes fire retardants and firefighting foam used by aerial wildfire response and industrial fire suppression.
Makes fire retardants and firefighting foam used by aerial wildfire response and industrial fire suppression.
Sells long-term fire retardant mainly to the US Forest Service and similar agencies, which qualify products and buy for use at air bases, so revenue depends on a few buyers and, in the short run, on fire-season severity. A separate specialty chemicals line, phosphorus pentasulfide used in lubricant additives, adds steadier sales. It went public in 2021 by merging with a SPAC, a blank-check company.
Moat: wide (regulatory licence, installed base, scale). Dominant, near-monopoly supplier of long-term fire retardant for US aerial wildfire suppression contracts.
Headquarters: Clayton, Missouri, US · Founded: 2021 · Employees: 371
Size Perimeter Solutions (PRM) is a United States Materials company (Chemicals: Major Diversified) with a market value of $4.83B, the 1208th largest of 3,117 United States companies the cockpit tracks. Shares closed at $29.50 on 6 Nov 2026.
Performance Over six months the shares fell 7.2%, against +7.1% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 24.2% over the last twelve months (peer median +6.5%); the operating margin is -50.6% (peer median 8.4%).
Valuation It trades at 18.3× forward earnings against a peer median of 15.3× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 37% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 25.4 points below its cost of capital (12.4% WACC).
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $757M | $653M | $561M | $322M | $361M |
| Revenue growth | — | +16% | +74% | -11% | — |
| Gross profit | $337M | $315M | $262M | $83.8M | $87.5M |
| EBITDA | -$288M | -$127M | $62.0M | $205M | $201M |
| Net income | -$340M | -$206M | -$5.91M | $67.5M | $91.8M |
| Free cash flow | $104M | $209M | $173M | -$9.24M | -$48.8M |
| Capital expenditure | $30.6M | $44.8M | $15.5M | $9.44M | $8.61M |
| Total debt | $1.38B | $824M | $806M | $798M | $789M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Perimeter Solutions PRM | $4.83B | -7% | +24% | -51% | 18.3× | 36.6% |
| ICL ICL | $6.04B | -27% | +11% | 11% | 11.5× | 3.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PRM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.5% | -9.0% | 2nd highest of 21 |
| 6-month return | -7.2% | +7.1% | 10th lowest of 21 |
| Distance from 52-week high | -22.7% | -26.7% | 9th highest of 21 |
| Revenue growth (TTM) | +24.2% | +6.5% | 6th highest of 21 |
| Operating margin | -50.6% | 8.4% | lowest of 21 |
| Forward P/E | 18.3× | 15.3× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 36.6% | 9.2% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +14.0% | +6.6% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | +22.7 pp | -2.4 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -25.4 pp | -1.8 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Perimeter Solutions PRM | United States | $4.83B | -7% | +24% | -51% | 18.3× | 36.6% | +14.0% |
| Kingfa Sci. & Tech 600143.SS | China | $4.96B | -28% | -1% | 3% | 24.6× | -1.2% | +13.3% |
| Arkema AKE.PA | France | $4.96B | -9% | -6% | 5% | 13.7× | 12.5% | +2.8% |
| Tokyo Ohka Kogyo 4186.T | Japan | $5.03B | -30% | +22% | 21% | 17.8× | 19.9% | +15.1% |
| Wacker Chemie WCH.DE | Germany | $4.42B | -24% | -5% | -1% | 33.0× | n/a | n/a |
| Hubei Xingfa Chemicals 600141.SS | China | $4.19B | -27% | +4% | 8% | 15.3× | n/a | n/a |
| Avient AVNT | United States | $4.17B | +23% | +5% | 11% | 13.0× | 9.9% | +0.1% |
| Mitsui Chemicals 4183.T | Japan | $4.08B | -9% | -3% | 6% | 10.7× | 1.9% | +6.6% |
| Johnson Matthey JMAT.L | United Kingdom | $4.01B | +14% | +8% | 3% | 13.3× | 9.6% | -4.0% |
| Ecopro 086520.KS | South Korea | $6.55B | -57% | +11% | 9% | 31.5× | n/a | n/a |
| Kuraray 3405.T | Japan | $3.52B | +14% | +3% | 7% | 15.0× | -0.2% | +8.3% |
| Element Solutions ESI | United States | $7.61B | -29% | +40% | 14% | 15.0× | 16.6% | +6.6% |
| Grandit 688549.SS | China | $2.89B | +36% | +40% | -1% | n/a | n/a | n/a |
| CES Energy Solutions CEU.TO | Canada | $2.82B | +4% | +11% | 10% | 14.1× | 9.2% | +22.9% |
| Mitsubishi Chemical 4188.T | Japan | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% | +2.6% |
| Solstice Advanced Materials SOLS | United States | $9.22B | -26% | +3% | 17% | 17.8× | 0.3% | +2.7% |
| Peric Special Gases 688146.SS | China | $9.58B | +102% | +75% | 19% | 67.1× | 50.8% | +13.1% |
| Nippon Shokubai 4114.T | Japan | $2.27B | +11% | +4% | 6% | 16.2× | 4.1% | +7.9% |
| Sasol Limited Sponsored ADR SSL | United States | $10.3B | +14% | +18% | 22% | 4.8× | n/a | n/a |
| Hubei Sinophorus Electronic Materials 688545.SS | China | $2.24B | +11% | +75% | 11% | 68.3× | n/a | n/a |
| Aether Industries AETHER.NS | India | $2.20B | +29% | +31% | 25% | 72.6× | n/a | n/a |