Perimeter Solutions, S.A. (PRM) is a global provider of high-quality firefighting products and phosphorus-based specialty chemicals. The company operates in two main business segments, offering solutions for fire safety and industrial applications. Its products are used by government agencies, commercial entities, and industries worldwide to address critical safety and operational needs.
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Fire Safety - Manufactures fire retardants, firefighting foams, and specialized equipment to combat wildfires, structural fires, and flammable liquid fires. Provides services such as air base retardant storage, mixing, and delivery equipment, as well as mobile retardant bases and custom-designed firefighting equipment.
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Specialty Products - Produces phosphorus pentasulfide (P2S5) for use in lubricant additives, agricultural applications, mining chemicals, and emerging electric battery technologies. Supplies key components like Zinc Dialkyldithiophosphates (ZDDP) for engine oils, which provide anti-wear protection and oxidation inhibition.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Edward Goldberg ExecutiveBoard | Vice Chairman | None | Edward Goldberg transitioned from CEO to Vice Chairman in March 2023, focusing on strategic matters in Fire Safety. | |
Haitham Khouri ExecutiveBoard | Chief Executive Officer | Member of EverArc Founders LLC | Haitham Khouri is the CEO of PRM, overseeing strategic direction and corporate governance. He joined the Board in June 2021 and became CEO in March 2023. | |
Jeffrey Emery Executive | President of Global Fire Safety | None | Jeffrey Emery has been President of Global Fire Safety since May 2022, with prior experience in industrial automation and safety. | |
Kyle Sable Executive | Chief Financial Officer | None | Kyle Sable is the CFO of PRM, responsible for financial strategy. He was promoted to CFO in November 2023. | |
Noriko Yokozuka Executive | General Counsel and Chief Administrative Officer | None | Noriko Yokozuka has been with PRM since March 2018, overseeing legal and compliance matters. | |
Shannon Horn Executive | Business Director, North America Retardant and Services | None | Shannon Horn joined PRM in 2019, bringing over 30 years of experience in fire safety. | |
Stephen Cornwall Executive | President of Specialty Products | None | Stephen Cornwall has over 27 years in the chemical industry and has been with PRM since December 2019. | |
Jorge L. Valladares III Board | Director | None | Jorge L. Valladares III is a director at PRM, nominated in April 2024. | |
Sean Hennessy Board | Director | Board of Directors of TransDigm | Sean Hennessy has been a director since November 2021, with a background in finance and corporate governance. | |
Tracy Britt Cool Board | Director | Co-Founder of Kanbrick, Co-Founder of Smart Woman Securities | Tracy Britt Cool has been a director since November 2021, with extensive leadership experience and a background in investment. | |
Vivek Raj Board | Director | None | Vivek Raj is an Independent Director at PRM, serving on several committees since June 2021. |
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Given the significant variability in wildfire seasons and the fact that 2024's strong performance was partly due to a return to normal demand after an unusually mild 2023, how confident are you that the adjusted EBITDA growth is sustainable in future years?
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The acquisition of IMS expands your business into the PCB market, which seems quite different from your core competencies in fire safety and specialty chemicals; can you explain how this aligns with your strategic goals and what synergies you expect to achieve?
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You mentioned a desire to increase your leverage ratio through M&A to levels around 3.5x net debt to EBITDA; how do you plan to balance this increased leverage with the need to maintain financial flexibility and manage potential risks?
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Despite stating that tariffs and new governmental policies will have negligible impact on your business, what specific measures are you taking to mitigate potential future risks from supply chain disruptions or regulatory changes?
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With a significant uptick in capital expenditures focused predominantly on the Fire Safety segment, how will you ensure these investments yield the attractive returns you anticipate, especially if future fire seasons don't align with your expectations?
Research analysts who have asked questions during Perimeter Solutions earnings calls.
Daniel Kutz
Morgan Stanley
3 questions for PRM
Chris Fidyk
Pacific Asset Management
1 question for PRM
Christopher Perrella
UBS Group AG
1 question for PRM
Josh Spector
UBS Group
1 question for PRM
Joshua Spector
UBS
1 question for PRM
Lucas Beaumont
UBS Group AG
1 question for PRM
Nathan Hilton
Morgan Stanley
1 question for PRM
| Customer | Relationship | Segment | Details |
|---|---|---|---|
USDA Forest Service | Major government customer for firefighting products | Fire Safety | 34% of 2024 consolidated revenue |
U.S. Bureau of Land Management | Major government customer for firefighting products | Fire Safety | 11% of 2024 consolidated revenue |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
SK Intermediate | 2021 | The Business Combination with SK Intermediate was completed on November 9, 2021 and involved PSSA, EverArc Holdings Limited, SK Invictus Holdings, and related entities. The deal combined an equity contribution (10 million 6.50% Redeemable Preferred Shares valued at $100 million) and a cash sale (approximately $1.9 billion), resulting in a total fair value consideration of $1,331,151,000 and the recognition of $1,045,895,000 in goodwill, driven by industry expertise and innovation, with funding from various sources and a subsequent NYSE listing under “PRM”. |
Recent press releases and 8-K filings for PRM.
- Perimeter Solutions reported Q3 2025 consolidated sales of $315.4 million, a 9% increase year-over-year, and adjusted EBITDA of $186.3 million, also up 9%.
- The Fire Safety segment's revenue grew 9% to $273.4 million and adjusted EBITDA increased 13% to $177.2 million, driven by operational value drivers, reduced dependence on the North America fire season, and customers' proactive initial attack strategies.
- The company signed a significant five-year contract with the U.S. Forest Service in Q3 2025, which is expected to drive continued financial momentum by initially lowering retardant prices, expanding services, and enhancing wildfire preparedness.
- The Specialty Products segment's adjusted EBITDA declined to $9.1 million due to persistent unplanned downtime and operational issues at the Flexsys-operated Sauget plant, with continued financial impact expected until resolution.
- Perimeter Solutions invested $12 million in Q3 for IMS product line acquisitions and is actively evaluating larger M&A targets, while maintaining a net debt to LTM adjusted EBITDA ratio of 1 times.
- Perimeter Solutions reported consolidated revenue of $315.4 million for Q3 2025, a 9% increase year-over-year, with Adjusted EBITDA growing 9% to $186.3 million. Year-to-date 2025, consolidated revenue reached $550.1 million, up 16%, and Adjusted EBITDA increased 20% to $295.7 million.
- The Fire Safety segment saw its revenue increase 9% year-over-year to $273.4 million in Q3 2025, and its Adjusted EBITDA rose 13% to $177.2 million. The company also secured a full 5-year USFS contract, which is expected to expand its footprint and increase fixed service revenue.
- As of Q3 2025, the company maintained a strong financial position with $340.6 million in cash and cash equivalents and a Net Debt to LTM Adjusted EBITDA ratio of 1.0x. Free cash flow for Q3 2025 was $193.6 million, bringing the year-to-date total to $196.9 million.
- Perimeter Solutions reported Q3 2025 Adjusted EBITDA of $186.3 million and year-to-date Adjusted EBITDA of $295.7 million, with consolidated sales growing 9% in Q3 to $315.4 million and 16% year-to-date to $550.1 million. This performance was driven by strong results in the international retardant business, suppressants market, and IMS, alongside a more proactive initial attack strategy by customers.
- The company signed a new five-year contract with the U.S. Forest Service during Q3 2025, which is expected to drive continued financial momentum by expanding services and transitioning to a full-service model and all-powder footprint, enhancing consistency and predictability in the business despite an initial price reduction.
- The Specialty Products segment faced significant operational and safety events, including unplanned downtime at the Flexsys-operated Sauget plant, leading to a decline in Q3 Adjusted EBITDA to $9.1 million from $12.9 million in the prior year quarter. Litigation is ongoing to gain operational control of the plant.
- Perimeter Solutions maintains a strong financial position with 1x net debt to LTM Adjusted EBITDA and an undrawn $100 million revolver as of Q3 2025.
- Perimeter Solutions reported Q3 2025 adjusted EBITDA of $186.3 million and year-to-date adjusted EBITDA of $295.7 million, with consolidated Q3 sales growing 9% to $315.4 million and year-to-date sales up 16% to $550.1 million. This performance was driven by strong operational execution, reduced dependence on the North America fire season, and a more proactive initial attack strategy by customers.
- The company signed a new five-year contract with the U.S. Forest Service during Q3 2025, which is expected to drive continued financial momentum and enhance national wildfire preparedness, despite an initial price reduction for retardant. This contract also transitions federal bulk bases to a full-service model and an all-powder product footprint, aiming for greater consistency and predictability.
- The Specialty Products segment experienced ongoing operational challenges and significant safety events at the Sauget, Illinois plant, resulting in Q3 adjusted EBITDA of $9.1 million, a decrease from the prior year. Perimeter Solutions is pursuing legal action to gain operational control of the plant.
- In Q3, the company invested nearly $17 million in capital, including $5 million in capital expenditures and $12 million for IMS product line acquisitions, while maintaining a 1x net debt to LTM adjusted EBITDA leverage ratio. The company generated $193.6 million in free cash flow for Q3 and $197 million year-to-date.
- Perimeter Solutions reported net sales of $315.4 million for the third quarter of 2025, marking a 9% increase compared to the prior-year quarter.
- The company recorded a net loss of $90.7 million, resulting in a $0.62 loss per diluted share for Q3 2025.
- Adjusted Net Income was $125.5 million, and Adjusted Earnings Per Diluted Share was $0.82 for the third quarter.
- Adjusted EBITDA increased 9% to $186.3 million in the third quarter of 2025.
- On September 12, 2025, the Specialty Products segment acquired IMS add-on product lines for $12.0 million.
- Perimeter Solutions reported net sales of $315.4 million for the third quarter ended September 30, 2025, an increase of 9% compared to the prior-year quarter, and $550.1 million for the year-to-date period, up 16%.
- The company posted a net loss of $90.7 million, or $0.62 loss per diluted share, for Q3 2025, while Adjusted Earnings Per Diluted Share were $0.82. For the year-to-date period, the net loss was $66.1 million, or $0.45 loss per diluted share, with Adjusted Earnings Per Share of $1.24.
- Adjusted EBITDA increased 9% to $186.3 million in the third quarter and 20% to $295.7 million for the year-to-date period.
- On September 12, 2025, Perimeter's Specialty Products segment acquired certain product lines from a third party for $12.0 million, integrating them into its IMS strategy.
- Perimeter Solutions signed a transformative five-year agreement with the United States Department of Agriculture (USDA) on September 3, 2025.
- This agreement is expected to deliver over $150 million in total savings to the federal government and taxpayers.
- The contract includes a full conversion to Perimeter's powder retardant technology, significant upgrades to air tanker base capacity, and a transition to Perimeter full-service operations at most or all federal tanker bases.
- Under the agreement, 100% of Perimeter's retardant for federal use will be manufactured in the United States, and the USDA will receive the lowest pricing Perimeter offers.
- Consolidated Revenue increased by 22% from $59,044K in Q1 2024 to $72.0M in Q1 2025; net sales also up 22% to $72.0M
- Consolidated Adjusted EBITDA grew by 49%, reaching $18.1M
- Segment performance varied: Fire Safety revenue rose to $37,163K with margin improvement from -1% to 27%, while Specialty Products grew modestly to $34,867K amid a 35% decline in Adjusted EBITDA
- Financial results include a net income of $56.7M, GAAP Earnings Per Diluted Share of $0.36, and non-GAAP Adjusted EPS of $0.03
- Capital allocation priorities featured $4.8M in capex, a $10M acquisition for IMS product lines, and share repurchases—part of an $8.2M buyback strategy that included repurchasing 0.9M shares at an average price of $9.19