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PATK

Patrick Industries, Inc.

PATK

Patrick Industries, Inc. • NASDAQ
$108.22 ▲ 0.60% (+0.65)
Market Cap $3.60 B
52w High $116.78
52w Low $72.99
Dividend Yield 1.20%
P/E 31.1
Volume 144.12K
Outstanding Shares 33.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $975.631M ▼ $154.671M ▼ $35.303M ▲ 3.618% ▲ $1.09 ▲ $108.26M ▲
Q2-2025 $1.048B ▲ $163.91M ▲ $32.436M ▼ 3.096% ▼ $1 ▼ $19.656M ▼
Q1-2025 $1.003B ▲ $163.022M ▲ $38.238M ▲ 3.811% ▲ $1.17 ▲ $108.215M ▲
Q4-2024 $846.123M ▼ $147.635M ▲ $14.558M ▼ 1.721% ▼ $0.45 ▼ $82.135M ▼
Q3-2024 $919.444M $138.097M $40.866M 4.445% $1.25 $116.603M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $20.698M ▼ $3.147B ▲ $1.979B ▲ $1.169B ▲
Q2-2025 $21.974M ▼ $3.079B ▼ $1.936B ▼ $1.143B ▲
Q1-2025 $86.561M ▲ $3.187B ▲ $2.046B ▲ $1.141B ▲
Q4-2024 $33.561M ▼ $3.021B ▼ $1.893B ▼ $1.128B ▼
Q3-2024 $52.606M $3.123B $1.993B $1.129B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $35.303M ▲ $9.104M ▼ $-50.277M ▼ $39.897M ▲ $-1.276M ▲ $-17.194M ▼
Q2-2025 $32.436M ▼ $149.39M ▲ $-20.532M ▲ $-193.445M ▼ $-64.587M ▼ $131.115M ▲
Q1-2025 $38.238M ▲ $40.077M ▼ $-66.086M ▼ $79.009M ▲ $53M ▲ $19.906M ▼
Q4-2024 $14.558M ▼ $102.651M ▲ $-27.448M ▲ $-94.248M ▼ $-19.045M ▼ $49.402M ▲
Q3-2024 $40.866M $51.532M $-98.588M $55.702M $8.646M $33.679M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Industrial
Industrial
 $240.00M ▲$120.00M ▼$130.00M ▲$130.00M ▲
Manufactured Housing
Manufactured Housing
 $350.00M ▲$170.00M ▼$180.00M ▲$170.00M ▼
Marine
Marine
 $280.00M ▲$150.00M ▼$160.00M ▲$150.00M ▼
Powersports
Powersports
 $180.00M ▲$80.00M ▼$100.00M ▲$100.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue grew strongly coming out of 2020, peaked in the 2021–2022 boom, and has since stepped down but appears to be stabilizing rather than collapsing. Profitability followed a similar pattern: very strong margins at the peak, then a reset to more normal levels as RV, marine, and housing demand cooled. Over the last two years, sales have held up reasonably well while earnings per share have fallen more sharply, which suggests margin pressure from softer volumes, pricing, or input costs, as well as the impact of interest expense. Overall, the income statement reflects a clearly cyclical business that rode a surge and is now operating at more mid‑cycle profitability, but still stronger than pre‑2020 levels.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets and shareholders’ equity both increasing, reflecting years of investment and acquisitions. Debt has also climbed, so leverage is notable but not extreme, and the company appears to be using borrowing to finance growth and deals. Cash on hand is kept lean, which is typical for an industrial supplier that relies on bank facilities rather than holding large idle balances. The structure points to a growth‑oriented balance sheet with a meaningful, but manageable, dependence on debt—something to watch closely in a cyclical industry and a higher‑rate environment.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and has generally trended higher over the five‑year period, even as profits have come down from their peak. Free cash flow has stayed positive each year and has improved versus the early part of the decade, helped by disciplined and relatively steady capital spending. This pattern suggests that the business converts earnings into cash reasonably well and can fund its investment needs internally in most environments. Stronger cash flow performance during weaker earnings years likely also reflects working capital unwinding as volumes cooled after the boom.

Competitive Edge

Competitive Edge Patrick holds a strong position as a key component supplier to RV, marine, powersports, and housing markets, with a broad portfolio of brands and products. Its “full solutions” model—covering design, engineering, manufacturing, distribution, and logistics—deepens customer relationships and makes it harder for OEMs to switch suppliers. The company has spent years building scale through acquisitions, giving it a wide geographic footprint and a deep catalog that smaller rivals struggle to match. At the same time, its core end markets are highly cyclical, and many customers are large OEMs with significant bargaining power, so sustaining pricing and volume through downturns remains an ongoing competitive challenge.

Innovation and R&D

Innovation and R&D Innovation is a clear focus, but it is embedded in product development and engineering rather than traditional lab‑style R&D. The Advanced Products and Advanced Products Evolution groups work closely with OEMs several model years ahead, aiming to lock in future content on new platforms. The company is leaning heavily into advanced materials—especially composites and carbon fiber—under unified brands such as Alpha Composites and XTCrbn, offering lighter, stronger, and more durable components for RVs and boats. Design studios and showrooms support customized, co‑created solutions, and recent moves into aftermarket and direct‑to‑consumer channels add a new layer of product and business model experimentation. The main question is execution: how effectively these innovations translate into sustained margin and share gains across cycles.

Summary

Patrick Industries looks like a mature, acquisition‑driven manufacturer navigating a cyclical reset after an exceptional boom. Revenues and profits have come down from peak levels but remain stronger than before 2020, while cash generation has held up well. The balance sheet shows meaningful investment funded partly by higher leverage, which increases sensitivity to interest rates and downturns but also reflects a clear growth and consolidation strategy. Competitively, Patrick benefits from scale, a wide product portfolio, tight integration with OEMs, and a growing presence in composites and aftermarket channels. Its innovation engine is practical and customer‑driven, focused on materials, design, and systems rather than pure research. Overall, the picture is of a cyclical, moderately leveraged supplier with solid cash flow and a differentiated product and solutions platform, whose long‑term outcome will depend on how well it manages industry cycles and integrates ongoing innovation and acquisitions.

NEWS

November 20, 2025 · 8:30 AM UTC

Patrick Industries, Inc. Announces Increase to Regular Quarterly Cash Dividend

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November 4, 2025 · 4:30 PM UTC

Patrick Industries, Inc. to Participate in Upcoming Investor Conferences

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October 30, 2025 · 8:00 AM UTC

Patrick Industries, Inc. Reports Third Quarter 2025 Financial Results

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