Perimeter Solutions, Inc. (PRM) Stock Price & How to Invest

Perimeter Solutions, Inc. (NYSE: PRM) is a Clayton, Missouri industrial company that runs two reporting segments. Fire Safety formulates and manufactures aerial long-term fire retardants and fire suppressant foams, and it supplies the equipment and the resupply service network behind them, covering roughly ~150 air tanker bases across North America. That segment produced ~$489.0 million of net sales and ~$290.5 million of segment adjusted EBITDA in fiscal 2025, a margin near ~59%, and it sits on top of contracts rather than open-market demand: a sole-source USDA Forest Service aerial retardant award announced in September 2025 with a potential value of ~$1.12 billion over five years, a CAL FIRE renewal covering 2026 to 2031 with pricing brought in line with other large retardant customers, and a Defense Logistics Agency indefinite-delivery contract for aqueous film forming foam with a ~$500 million ceiling and an ordering period running to April 29, 2031. Specialty Products is the other half of the story and is being built by purchase: lubricant additives through Phosphorus Derivatives (phosphorus pentasulfide), electronic and electro-mechanical components through Intelligent Manufacturing Solutions, electro-optical product lines bought for ~$40.0 million in November 2025, Medical Manufacturing Technologies acquired from Arcline for ~$685 million in January 2026, and Monaco Enterprises, a life safety and emergency management systems supplier to US government facilities, for ~$120.0 million on July 30, 2026.

The investment picture turns on three things that do not show up in a screener. First, the seasonality is extreme, because retardant demand tracks the wildfire season: quarterly net sales ran ~$102.8 million in Q4 2025, ~$125.1 million in Q1 2026, ~$213.8 million in Q2 2026 and ~$315.4 million in Q3 2025, so a trailing-twelve-month figure blends a peak quarter with two near-dormant ones and tells you very little about a run rate. Second, the company assumed an advisory agreement from EverArc Holdings, the vehicle that took it public in November 2021, under which EverArc Founders, LLC receives a fixed annual amount of ~2,357,061 shares per year through 2027 and a variable amount tied to share-price appreciation through 2031. Half of that is liability-classified and remeasured every quarter, so the stock rising ~71% over the past year produced a ~$266.3 million founders advisory expense in Q2 2026 alone and a ~$1.26 billion combined fair value at June 30, 2026. Third, the balance sheet changed shape in 2026: gross borrowings went from ~$675 million to ~$1.225 billion to fund MMT, cash fell from ~$325.9 million to ~$82.8 million, and goodwill plus intangibles now stand at roughly ~$2.59 billion of ~$3.24 billion in total assets. At ~$31.44 per share in late August 2026 the market value is ~$5.15 billion and enterprise value ~$6.44 billion, or about ~17.5x trailing adjusted EBITDA and ~18.5x forward earnings.

The founder advisory structure is the single largest non-operating claim on this company: at June 30, 2026 the fixed amount was carried at ~$167.5 million and the variable amount at ~$1,093.6 million, roughly ~$1.26 billion combined against a ~$5.15 billion market value, with ~$630.6 million already sitting on the balance sheet as a related-party liability and ~$95.7 million settled in cash during the first half of 2026, and because at least half is settled in shares it dilutes as well as costs. Customer concentration is severe and stated plainly in the filings, with substantial dependence on the USDA Forest Service, the Bureau of Land Management and the State of California, so a contract loss, a procurement change or a mild fire season hits a business with very high incremental margins in both directions. Leverage rose sharply in 2026 to ~$1.225 billion of notes against ~$82.8 million of cash and ~$369 million of trailing adjusted EBITDA, and operating cash flow was negative ~$89.6 million in the first half because of the founder fee settlement and a seasonal working capital build, which is normal for the cycle but leaves less room if a season disappoints. Perimeter is named in the aqueous film forming foam multi-district litigation consolidated in the District of South Carolina and in similar matters elsewhere; the company states that losses are not considered probable or reasonably estimable at this time, and separately the Schall Law Firm publicized an investigation of the company in April 2026, which is a plaintiff-firm announcement rather than a filed case with a docket number. Finally, ~$1.37 billion of goodwill and ~$1.22 billion of intangibles now dominate the asset side, so an acquisition that underperforms shows up as an impairment rather than as a slow fade in revenue.

4 analysts publish price targets on PRM, averaging $43.75 against a $31.44 price as of August 2026, or +39.2%. The published targets run from $40.00 to $48.00, a narrow spread, and the ratings split 4 buy, 0 hold, 0 sell. Over the last six months there have been 3 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full PRM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Perimeter Solutions, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. A contracted federal retardant franchise. Fire Safety is not a spot-market chemicals business. The most optimistic published target, $48.00, assumes this works close to its best case.

The case against. The founder advisory structure is the single largest non-operating claim on this company: at June 30, 2026 the fixed amount was carried at ~$167.5 million and the variable amount at ~$1,093.6 million, roughly ~$1.26 billion combined against a ~$5.15 billion market value, with ~$630.6 million already sitting on the balance sheet as a related-party liability and ~$95.7 million settled in cash during the first half of 2026, and because at least half is settled in shares it dilutes as well as costs. The most pessimistic target, $40.00, is roughly what PRM is worth if this bites instead.

Read the full bull and bear case on PRM, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Perimeter Solutions, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$757.1 million trailing twelve months (up ~24%); fiscal 2025 net sales ~$652.9 million (up ~16%); first half 2026 ~$338.9 million (up ~44%), split Fire Safety ~$174.5 million and Specialty Products ~$164.4 million
• Earnings (GAAP): Trailing net loss ~$339.6 million; Q2 2026 net loss ~$181.6 million (~-$1.11 per diluted share) versus ~$32.2 million a year earlier; fiscal 2025 net loss ~$206.4 million (~-$1.37). The swing is driven by ~$266.3 million of founders advisory fee expense in Q2 2026 alone
• Adjusted profitability: Q2 2026 adjusted EBITDA ~$105.6 million (up ~16%) and adjusted EPS ~$0.35 (versus ~$0.39 and below the ~$0.42 consensus); first half adjusted EBITDA ~$146.7 million (up ~34%); fiscal 2025 adjusted EBITDA ~$331.7 million, implying roughly ~$369 million trailing
• Seasonality: Quarterly net sales ran ~$102.8 million (Q4 2025), ~$125.1 million (Q1 2026), ~$213.8 million (Q2 2026) and ~$315.4 million in the peak Q3 2025, so any trailing-twelve-month multiple mixes one fire-season quarter with three quiet ones
• Balance sheet: ~$82.8 million cash (down from ~$325.9 million at year-end) against ~$1.225 billion of notes (~$675 million due 2029, ~$550 million due 2034) and an undrawn ~$200 million revolver; ~$630.6 million of founders advisory fees payable; ~$119.0 million of 6.50% redeemable preferred; ~$1.37 billion goodwill and ~$1.02 billion of equity on ~$3.24 billion of assets
• Market pricing: ~$31.44 per share for a market value near ~$5.15 billion on ~163.7 million shares and an enterprise value near ~$6.44 billion: about ~6.8x sales, ~8.5x EV to sales, ~17.5x trailing adjusted EBITDA, ~18.5x forward earnings and ~5.0x book. 52-week range ~$18.41 to ~$38.17, beta ~1.91, short interest ~3.1% of shares. Four covering analysts average a ~$43.75 target

Figures are approximate, stamped to August 2026 and drawn from the Q2 2026 10-Q, the July 31, 2026 earnings release and the fiscal 2025 10-K, so check live data before acting on any of them. Two adjustments matter more here than at most companies: trailing GAAP earnings are not usable because the founders advisory remeasurement moves with the share price, so a rising stock mechanically manufactures a larger loss, and a trailing revenue or EBITDA multiple understates seasonality because Q3 alone can carry more revenue than the two adjacent quarters combined. Consensus has fiscal 2026 revenue near ~$881.5 million and EPS near ~$1.55, rising to ~$995.5 million and ~$1.83 in 2027, which embeds both a full year of Medical Manufacturing Technologies and the start of the DLA foam ramp.

Other names that sit close to PRM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get PRM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so PRM sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where PRM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Perimeter is a high-margin, contract-anchored fire safety franchise being rolled into a broader industrial compounder, wrapped in an accounting and incentive structure that makes the headline GAAP numbers close to unreadable.

Whether PRM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PRM a buy or a sell?, and where the stock could go from here in the PRM stock forecast.

For income investors, whether PRM pays a dividend and how the payout looks is covered in does PRM pay a dividend? And to weigh PRM against a peer, read the full side-by-side comparisons: PRM vs BRK-B and PRM vs SHEL.