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Patria Investments Limited

PAX

Patria Investments Limited • NASDAQ
$15.07 ▲ 2.24% (+0.33)
Market Cap $2.40 B
52w High $16.24
52w Low $9.43
Dividend Yield 0.60%
P/E 22.16
Volume 301.82K
Outstanding Shares 159.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $86.5M ▲ $11.9M ▼ $22.5M ▲ 26.012% ▲ $0.15 ▲ $33.584M ▲
Q2-2025 $82.522M ▲ $37.787M ▲ $12.851M ▼ 15.573% ▼ $0.082 ▼ $29.748M ▼
Q1-2025 $79.567M ▼ $35.956M ▼ $15.664M ▼ 19.687% ▼ $0.086 ▼ $32.815M ▼
Q4-2024 $157.242M ▲ $64.001M ▲ $55.254M ▲ 35.139% ▲ $0.37 ▲ $68.319M ▲
Q3-2024 $78.055M $36.014M $466K 0.597% $0.01 $22.72M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $52.3M ▼ $1.326B ▲ $723M ▼ $586.8M ▲
Q2-2025 $109.735M ▲ $1.318B ▼ $729.203M ▼ $575.093M ▲
Q1-2025 $50.639M ▲ $1.334B ▲ $777.822M ▲ $545.525M ▲
Q4-2024 $38.374M ▼ $1.206B ▼ $715.175M ▼ $481.078M ▲
Q3-2024 $48.034M $1.345B $861.893M $475.331M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $22.5M ▲ $0 ▼ $0 ▲ $0 ▲ $-28.539M ▼ $0 ▼
Q2-2025 $12.851M ▼ $76.874M ▼ $-32.007M ▼ $-53.253M ▲ $-7.531M ▼ $74.422M ▼
Q1-2025 $16.558M ▼ $100.072M ▲ $-9.433M ▼ $-90.113M ▼ $2.652M ▲ $97.808M ▲
Q4-2024 $55.422M ▲ $25.94M ▼ $2.146M ▲ $-31.119M ▲ $-4.908M ▼ $23.081M ▼
Q3-2024 $466K $68.405M $174K $-59.956M $9.377M $68.307M

Five-Year Company Overview

Income Statement

Income Statement Patria’s income statement shows a business that has scaled up significantly since 2020. Revenue has grown strongly over the past few years, and profit margins have generally remained healthy, which is typical of a fee-based asset manager with an established franchise. The one wrinkle is that while revenue continued to rise most recently, bottom-line profit and earnings per share stepped down from the prior year. That suggests higher operating costs, investments in growth, or deal-related expenses are absorbing more of the additional revenue. Even so, the company has stayed consistently profitable each year, which speaks to a resilient core business model. In short: strong growth from a higher base, good structural profitability, but with some recent pressure on net income as the company spends to expand and diversify.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets growing as the firm has added platforms, strategies, and geographic reach. This is consistent with an asset manager building scale across multiple funds and investment products. Debt was very low for several years and then increased sharply in the latest period, becoming a much more visible part of the capital structure. Equity remains solid, but it edged down recently, which may reflect shareholder distributions, currency effects, or deal structuring rather than underlying weakness. Overall, Patria has moved from a very lightly levered position to a more leveraged but still equity-supported balance sheet. The key questions going forward are how prudently that new debt is used and whether asset growth continues to comfortably outpace obligations.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been positive and generally improving over time, and free cash flow has consistently tracked close behind, helped by relatively modest capital spending needs. This pattern reflects the nature of the business: Patria is more people- and fee-driven than asset-heavy, so it does not need to invest heavily in physical assets to grow. Stable and recurring fee income, combined with low capital intensity, supports a healthy conversion of accounting profit into real cash. In practical terms, the company appears to have reliable internal cash generation to fund expansions, absorb some volatility in earnings, and still have room for capital returns or strategic investments, subject to management’s choices and market conditions.

Competitive Edge

Competitive Edge Patria is positioned as a leading alternative asset manager focused on Latin America, with decades of local experience. Its edge comes from deep regional knowledge, long-standing relationships with institutional investors, and a track record of delivering attractive returns in private equity and infrastructure. For global investors seeking exposure to Latin America, Patria effectively acts as a gateway, offering multiple strategies—private equity, infrastructure, credit, real estate, and public equities—under a single platform. The firm emphasizes proprietary deal sourcing, especially in infrastructure and “buy-and-build” strategies, which can help it avoid crowded auctions and create value through consolidation. At the same time, the firm operates in a region with meaningful political and economic volatility and faces increasing competition from both local and global managers. Its competitive position therefore relies heavily on maintaining performance, sustaining investor trust, and executing its growth plans across new countries and products without diluting quality.

Innovation and R&D

Innovation and R&D Although it is not a technology company, Patria is leaning into innovation where it intersects with investing. Its push into digital infrastructure and data centers—especially through the green “Omnia” platform powered by renewable energy—shows a willingness to back long-term secular trends around data usage and sustainability. The firm is also using technology to improve operations within its portfolio companies, aiming to boost efficiency and profitability. The move into venture capital via Igah Ventures and the expansion of the credit platform through Solis Investimentos broaden Patria’s reach into earlier-stage tech companies and more complex credit strategies, respectively. Patria’s focus on ESG, digital transformation, and new product lines signals a forward-looking mindset. The main risk is execution: scaling platforms like Omnia, integrating acquisitions, and expanding across new markets require careful risk management, talent, and discipline to avoid stretching the organization too thin.

Summary

Patria Investments looks like a growing Latin American alternatives platform with a solid foundation and an active expansion agenda. Financially, the business has scaled up revenue and maintained attractive margins, though recent profit softness suggests a phase of heavier investment and higher costs. The balance sheet has bulked up with more debt but still rests on a meaningful equity base, while cash flow remains robust and well aligned with earnings thanks to an asset-light, fee-driven model. Strategically, Patria’s long history in Latin America, strong institutional relationships, and diversified product suite give it a distinctive position as a regional specialist. Its push into digital infrastructure, green data centers, venture capital, and credit shows it is not standing still. The opportunity is continued growth in assets under management and product breadth; the key risks are regional macro volatility, rising competition, and the challenge of executing multiple growth initiatives at once without compromising performance or culture.

NEWS

November 26, 2025 · 9:26 AM UTC

Patria Investments announces acquisition of 51% stake in Solis Investimentos, a leading Asset Back Security-focused manager in Brazil

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November 4, 2025 · 6:00 AM UTC

Patria Reports Third Quarter 2025 Earnings Results

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October 8, 2025 · 4:30 PM UTC

Patria Announces Third Quarter 2025 Investor Call

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September 23, 2025 · 8:00 AM UTC

PAX Health Acquires Neuropsychology and Counseling Associates, Expanding Comprehensive Mental Health Services Across New Jersey

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