Perimeter Solutions Inc.: The M&A Playbook Travels Beyond Fire Safety; Initiating Overweight with YE27 PT of $50

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Perimeter Solutions Inc.: The M&A Playbook Travels Beyond Fire Safety; Initiating Overweight with YE27 PT of $50

J P M O R G A N North America Equity Research

09 July 2026

Initiation

Perimeter Solutions Inc. Overweight

PRM, PRM US

The M&A Playbook Travels Beyond Fire Safety; Price (08 Jul 26):$33.79

Initiating Overweight with YE27 PT of $50 Price Target (Dec-27):$50.00

We are initiating coverage of Perimeter Solutions (PRM) with an Overweight North America Small and Mid Cap

rating and a $50 price target (~50% upside potential). We view Perimeter as a niche Industrials

market leader in fire retardants with expanding suppressant capabilities, a Tomohiko Sano AC

disciplined M&A playbook proving portable beyond fire, and a differentiated, (1-212) 622-1099

decentralized operating structure. Perimeter’s adjusted EBITDA margin reached tomohiko.sano@jpmorgan.com

50.8% in FY25A, underscoring an already high-profit base. Our management Ethan Coyle

meetings and FDIC International checks reinforced an innovative, relationship- (1-212) 270-0613

driven culture, and MMT integration could demonstrate the ability to extend the ethan.coyle@jpmchase.com

playbook beyond current industries. Brendan Shea, CFA

(1-212) 622-0770

• Autonomy with Accountability: Decentralized Owner-Operator Model: brendan.shea@jpmorgan.comJ.P. Morgan Securities LLC

Perimeter runs a decentralized owner-operator model where each unit operates

independently, with managers accountable for results and incentivized like

owners. CEO Haitham Khouri and CFO Kyle Sable set guardrails on capital Quarterly Forecasts (FYE Dec)

allocation, incentives, and performance measurement, keeping the corporate Adj. EPS ($)

center lean while enabling fast decisions. Its M&A strategy targets mission- 2025A 2026E 2027E