Perimeter Solutions, Inc.
PRM NYSE Chemicals & Allied Products Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$653M
16.4%
vs prior year
Operating margin
Operating income as a share of revenue.
−30.8%
30.1 pts
Net income
Profit after all expenses, interest and tax.
−$206M
Free cash flow
Cash from operations minus capital spending.
$209M
20.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−10.8%
10.6 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.18 EPS (TTM)
What Perimeter Solutions, Inc. does
No business description yet.
- Legal name
- Perimeter Solutions, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001880319-26-000013
0001880319
Revenue and margins
Perimeter Solutions, Inc. had $653M of revenue in fiscal 2025, up 16.4% on the year before.
FY19
Revenue $239M
FY20
Revenue $340M
FY22
Revenue —
FY23
Revenue $322M
FY24
Revenue $561M
FY25
Revenue $653M
Q3 '23
Revenue $143M
Q4 '23
Revenue $59.5M
Q1 '24
Revenue $59.0M
Q2 '24
Revenue $127M
Q3 '24
Revenue $288M
Q4 '24
Revenue $86.2M
Q1 '25
Revenue $72.0M
Q2 '25
Revenue $163M
Q3 '25
Revenue $315M
Q4 '25
Revenue $103M
Q1 '26
Revenue $125M
Q2 '26
Revenue $214M
FY19
Gross 35.1%
Operating −2.4%
Net −17.6%
FCF −3.8%
FY20
Gross 47.7%
Operating 21.0%
Net 7.1%
FCF 18.6%
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross 39.8%
Operating 29.3%
Net 21.0%
FCF −2.9%
FY24
Gross 56.5%
Operating −0.7%
Net −1.1%
FCF 30.8%
FY25
Gross 57.5%
Operating −30.8%
Net −31.6%
FCF 31.9%
Gross
Operating
Net
FCF
Q3 '23
Gross 49.0%
Operating 19.0%
Net 13.5%
FCF 42.4%
Q4 '23
Gross 31.5%
Operating −15.0%
Net −22.3%
FCF 12.8%
Q1 '24
Gross 35.1%
Operating −126.8%
Net −139.8%
FCF 2.1%
Q2 '24
Gross 57.6%
Operating 35.4%
Net 17.0%
FCF 3.9%
Q3 '24
Gross 62.8%
Operating −12.2%
Net −30.9%
FCF 62.1%
Q4 '24
Gross 48.6%
Operating 71.1%
Net 167.2%
FCF −14.4%
Q1 '25
Gross 39.1%
Operating 108.0%
Net 78.7%
FCF 26.3%
Q2 '25
Gross 62.4%
Operating −16.1%
Net −19.8%
FCF −9.6%
Q3 '25
Gross 63.1%
Operating −27.7%
Net −28.7%
FCF 61.4%
Q4 '25
Gross 45.2%
Operating −160.7%
Net −136.5%
FCF 11.3%
Q1 '26
Gross 40.6%
Operating 58.0%
Net 58.3%
FCF −75.8%
Q2 '26
Gross 55.1%
Operating −95.0%
Net −85.0%
FCF −6.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$42.0M
FY20
Net income $24.2M
FY22
Net income —
FY23
Net income $67.5M
FY24
Net income −$5.9M
FY25
Net income −$206M
Q3 '23
Net income $19.3M
Q4 '23
Net income −$13.2M
Q1 '24
Net income −$82.6M
Q2 '24
Net income $21.7M
Q3 '24
Net income −$89.2M
Q4 '24
Net income $144M
Q1 '25
Net income $56.7M
Q2 '25
Net income −$32.2M
Q3 '25
Net income −$90.7M
Q4 '25
Net income −$140M
Q1 '26
Net income $72.9M
Q2 '26
Net income −$182M
FY19
Diluted EPS −$0.79
FY20
Diluted EPS $0.46
FY22
Diluted EPS —
FY23
Diluted EPS $0.41
FY24
Diluted EPS −$0.04
FY25
Diluted EPS −$1.37
Q3 '23
Diluted EPS $0.12
Q4 '23
Diluted EPS −$0.08
Q1 '24
Diluted EPS −$0.57
Q2 '24
Diluted EPS $0.14
Q3 '24
Diluted EPS −$0.61
Q4 '24
Diluted EPS $1.00
Q1 '25
Diluted EPS $0.36
Q2 '25
Diluted EPS −$0.22
Q3 '25
Diluted EPS −$0.62
Q4 '25
Diluted EPS −$0.89
Q1 '26
Diluted EPS $0.44
Q2 '26
Diluted EPS −$1.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −16.0%
Return on assets —
FY20
Return on capital 5.2%
Return on equity 8.8%
Return on assets 2.1%
FY22
Return on capital —
Return on equity —
Return on assets —
FY23
Return on capital 5.3%
Return on equity 5.9%
Return on assets 2.8%
FY24
Return on capital −0.2%
Return on equity −0.5%
Return on assets −0.2%
FY25
Return on capital −10.8%
Return on equity −18.0%
Return on assets −8.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $209M in fiscal 2025, 31.9% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$9.2M
FY20
Free cash flow $63.3M
FY22
Free cash flow —
FY23
Free cash flow −$9.2M
FY24
Free cash flow $173M
FY25
Free cash flow $209M
Q3 '23
Free cash flow $60.4M
Q4 '23
Free cash flow $7.6M
Q1 '24
Free cash flow $1.2M
Q2 '24
Free cash flow $5.0M
Q3 '24
Free cash flow $179M
Q4 '24
Free cash flow −$12.4M
Q1 '25
Free cash flow $18.9M
Q2 '25
Free cash flow −$15.6M
Q3 '25
Free cash flow $194M
Q4 '25
Free cash flow $11.6M
Q1 '26
Free cash flow −$94.8M
Q2 '26
Free cash flow −$13.4M
FY19
Cash from operations −$0.3M
Capital spending $8.9M
FY20
Cash from operations $70.8M
Capital spending $7.5M
FY22
Cash from operations —
Capital spending —
FY23
Cash from operations $0.2M
Capital spending $9.4M
FY24
Cash from operations $188M
Capital spending $15.5M
FY25
Cash from operations $238M
Capital spending $29.6M
Cash from operations
Capital spending
Q3 '23
Cash from operations $62.7M
Capital spending $2.3M
Q4 '23
Cash from operations $10.4M
Capital spending $2.8M
Q1 '24
Cash from operations $2.8M
Capital spending $1.6M
Q2 '24
Cash from operations $8.6M
Capital spending $3.6M
Q3 '24
Cash from operations $183M
Capital spending $3.9M
Q4 '24
Cash from operations −$6.0M
Capital spending $6.5M
Q1 '25
Cash from operations $23.7M
Capital spending $4.8M
Q2 '25
Cash from operations −$2.9M
Capital spending $12.8M
Q3 '25
Cash from operations $199M
Capital spending $5.0M
Q4 '25
Cash from operations $18.6M
Capital spending $7.0M
Q1 '26
Cash from operations −$89.0M
Capital spending $5.8M
Q2 '26
Cash from operations −$0.7M
Capital spending $12.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Perimeter Solutions, Inc. returned $40.4M to shareholders in fiscal 2025, 19% of free cash flow. The diluted share count rose 3.2%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $64.1M
FY24
Dividends —
Buybacks $14.4M
FY25
Dividends —
Buybacks $40.4M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $10.0M
Q4 '23
Dividends —
Buybacks $26.8M
Q1 '24
Dividends —
Buybacks $14.3M
Q2 '24
Dividends —
Buybacks $0.1M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $8.2M
Q2 '25
Dividends —
Buybacks $32.2M
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $0.0M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY22
Diluted shares —
FY23
Diluted shares 0.17B
FY24
Diluted shares 0.15B
FY25
Diluted shares 0.15B
Balance sheet
Cash, debt and the ratios that show how comfortably Perimeter Solutions, Inc. can carry it.
FY19
Cash $9.8M
Debt —
FY20
Cash $22.5M
Debt $687M
FY22
Cash $127M
Debt $665M
FY23
Cash $52.8M
Debt $673M
FY24
Cash $198M
Debt $675M
FY25
Cash $326M
Debt $676M
Cash
Debt
| Fiscal year end | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $22.5M | $127M | $52.8M | $198M | $326M |
| Debt incl. finance leases | $687M | $665M | $673M | $675M | $676M |
| Net debt / EBITDA | 5.1x | — | 3.9x | 7.7x | — |
| Debt / equity | 2.4x | 0.6x | 0.6x | 0.6x | 0.6x |
| Interest coverage | 1.7x | — | 2.3x | −0.1x | −5.1x |
| Current ratio | 4.0x | 4.2x | 4.6x | 6.3x | 3.2x |
| Quick ratio | 2.3x | 2.2x | 1.9x | 4.4x | 2.4x |
| Total assets | $1.1B | $2.5B | $2.3B | $2.4B | $2.7B |
| Total liabilities | $847M | $1.3B | $1.2B | $1.3B | $1.5B |
| Shareholders' equity | $291M | $1.1B | $1.2B | $1.2B | $1.1B |
| Net debt (− = net cash) | $665M | $539M | $620M | $476M | $350M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✓ | — | ✓ | ✕ |
| Gross margin rose | — | ✓ | — | ✓ | ✓ |
| Revenue rose relative to assets | — | — | — | ✓ | ✓ |
| F-score | — / 3 | — / 5 | — / 5 | 7 / 9 | 5 / 9 |
| Accruals ratio | — | −4.1% | 2.8% | −8.2% | −17.5% |
| Altman Z'' | — | 1.22 | 1.05 | 1.06 | 0.26 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $239M | $340M | — | $322M | $561M | $653M |
| Gross profit | $83.9M | $162M | — | $128M | $317M | $375M |
| Operating income | −$5.8M | $71.5M | — | $94.5M | −$3.8M | −$201M |
| Interest expense | $51.7M | $42.0M | — | $41.4M | $40.5M | $39.1M |
| Pretax income | −$59.7M | $34.7M | — | $61.6M | −$46.9M | −$236M |
| Income tax | −$17.7M | $10.5M | — | −$5.9M | −$41.0M | −$29.9M |
| Net income | −$42.0M | $24.2M | — | $67.5M | −$5.9M | −$206M |
| Diluted EPS | −$0.79 | $0.46 | — | $0.41 | −$0.04 | −$1.37 |
| Diluted shares | 0.05B | 0.05B | — | 0.17B | 0.15B | 0.15B |
| Cash flow | ||||||
| Cash from operations | −$0.3M | $70.8M | — | $0.2M | $188M | $238M |
| Capital expenditure | $8.9M | $7.5M | — | $9.4M | $15.5M | $29.6M |
| Free cash flow | −$9.2M | $63.3M | — | −$9.2M | $173M | $209M |
| Depreciation and amortization | $58.0M | $58.1M | — | $64.9M | $65.7M | $74.0M |
| Stock-based compensation | $0.0M | $0.0M | — | $1.6M | $12.8M | $16.6M |
| Acquisitions | $16.3M | $2.0M | — | — | — | — |
| Share buybacks | — | $0.0M | — | $64.1M | $14.4M | $40.4M |
| Dividends and buybacks | — | $0.0M | — | $64.1M | $14.4M | $40.4M |
| Balance sheet | ||||||
| Cash and short-term investments | $9.8M | $22.5M | $127M | $52.8M | $198M | $326M |
| Total debt | — | $687M | $665M | $666M | $668M | $669M |
| Finance lease liabilities | — | — | $0.0M | $6.1M | $6.7M | $6.4M |
| Current assets | — | $133M | $309M | $251M | $394M | $564M |
| Current liabilities | — | $32.9M | $74.2M | $55.1M | $62.5M | $175M |
| Inventory | — | $58.8M | $143M | $146M | $116M | $140M |
| Property and equipment, net | — | $48.2M | $58.8M | $59.4M | $64.8M | $85.1M |
| Goodwill | $473M | $482M | $1.0B | $1.0B | $1.0B | $1.1B |
| Intangible assets | — | $474M | $1.0B | $945M | $898M | $899M |
| Total assets | — | $1.1B | $2.5B | $2.3B | $2.4B | $2.7B |
| Total liabilities | — | $847M | $1.3B | $1.2B | $1.3B | $1.5B |
| Shareholders' equity | $262M | $291M | $1.1B | $1.2B | $1.2B | $1.1B |
| Margins | ||||||
| Gross margin | 35.1% | 47.7% | — | 39.8% | 56.5% | 57.5% |
| Operating margin | −2.4% | 21.0% | — | 29.3% | −0.7% | −30.8% |
| EBITDA margin | 21.8% | 38.2% | — | 49.5% | 11.0% | −19.4% |
| Net margin | −17.6% | 7.1% | — | 21.0% | −1.1% | −31.6% |
| FCF margin | −3.8% | 18.6% | — | −2.9% | 30.8% | 31.9% |
| Returns | ||||||
| Return on capital | — | 5.2% | — | 5.3% | −0.2% | −10.8% |
| Return on capital employed | — | 6.5% | — | 4.2% | −0.2% | −8.1% |
| Return on equity | −16.0% | 8.8% | — | 5.9% | −0.5% | −18.0% |
| Return on assets | — | 2.1% | — | 2.8% | −0.2% | −8.1% |
| Growth | ||||||
| Revenue growth | — | 41.9% | — | — | 74.2% | 16.4% |
| Net income growth | — | — | — | — | −108.8% | — |
| EPS growth | — | — | — | — | −109.8% | — |
| FCF growth | — | — | — | — | — | 20.7% |
| Share count change | — | 0.0% | — | — | −12.5% | 3.2% |
| Financial health | ||||||
| Net debt / EBITDA | — | 5.1x | — | 3.9x | 7.7x | — |
| Debt / equity | — | 2.4x | 0.6x | 0.6x | 0.6x | 0.6x |
| Interest coverage | −0.1x | 1.7x | — | 2.3x | −0.1x | −5.1x |
| Current ratio | — | 4.0x | 4.2x | 4.6x | 6.3x | 3.2x |
| Quick ratio | — | 2.3x | 2.2x | 1.9x | 4.4x | 2.4x |
| Capital allocation | ||||||
| Capex / revenue | 3.7% | 2.2% | — | 2.9% | 2.8% | 4.5% |
| Stock comp / revenue | 0.0% | 0.0% | — | 0.5% | 2.3% | 2.5% |
| Payouts / FCF | — | 0.0% | — | — | 8.3% | 19.4% |
| Quality scores | ||||||
| Piotroski F-score | — | — | — | — | 7.0 | 5.0 |
| Altman Z'' | — | 1.2 | — | 1.1 | 1.1 | 0.3 |
| Accruals ratio | — | −4.1% | — | 2.8% | −8.2% | −17.5% |
Source: SEC EDGAR XBRL filings (CIK 0001880319). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.