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FTEK vs PPIH // RETURN ON INVESTED CAPITAL (ROIC)

Fuel Tech Inc. (NASDAQ) VS. Perma-Pipe International Holdings Inc. (NASDAQ) • 15-METRIC TALLY: FTEK 2 — PPIH 5
▲ RETURN ON INVESTED CAPITAL (ROIC) LEADER: PPIH
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FTEK VS. PPIH) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC FTEK PPIH SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin 46.40% 32.90% +13.50 FTEK /gross-margins <GO>
Return on Invested Capital (ROIC) ACTIVE -10.40% 27.50% -37.90 PPIH /roic <GO>
EV/EBITDA & P/E Valuation — 6.3x — TIE /valuation <GO>
Free Cash Flow Yield 6.53% -0.52% +7.05 FTEK /fcf-yield <GO>
Operating Margin -13.80% 14.00% -27.80 PPIH /operating-margins <GO>
Net Profit Margin -8.70% 8.10% -16.80 PPIH /net-margins <GO>
Revenue Growth (YoY) 6.10% — — TIE /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 0.00% 0.00% 0.00 TIE /dividend-safety <GO>
Altman Z-Score & Debt/Equity 1.17 — — TIE /balance-sheet <GO>
Piotroski F-Score Quality 6/9 6/9 0.00 TIE /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 44.2 47.0 -2.79 PPIH /rsi-technicals <GO>
10Y Yield & FRED Macro Beta — — — TIE /macro-sensitivity <GO>
Forward P/E Multiple — 13.4x — TIE /forward-pe <GO>
Enterprise Scale & Market Cap $46.2M $245.6M -$199.4M PPIH /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR FTEK REV PPIH REV FTEK GROSS % PPIH GROSS % FTEK FCF PPIH FCF
FY 2025 $26.7M $210.9M 46.4% 32.9% $3.0M -$1.3M
FY 2024 $25.1M $158.4M 42.3% 33.6% -$3.4M $11.1M
FY 2023 $27.1M $0 — — $696.0K $14.7M
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
FTEK // BETA —
PPIH // BETA —