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Patrick Industries, Inc.

PATK Consumer Cyclical Recreational Vehicles

Patrick Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, up 6.33% from fiscal 2024.

Revenue
−0.04%
EPS
−38.6%
Free cash flow
+437.9%
Total debt
+3.94%

Quarter to September 2026, against a year earlier

83.09 1.59 −1.88%
Market cap
$2.7B
P/E
20.1×
Fwd P/E
18.8×
Dividend yield
2.26%
F-score
7/9
Altman Z
3.35
Beneish M
−2.76
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 3.82
Sold, $m 5.73
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 2 2 — 7 1 — — — — —
Sell 1 — 3 1 — — — — — — — —
Insider Ownership 2.32%

Capital & Financial Ratios $m

Size
Market Cap 2,670.00
Revenue ttm 3,938.32
Net income ttm 133.04
Free cash flow ttm 203.89
Net debt Q 1,362.77
Valuation
P/E 20.08
Forward P/E 18.80
Price / sales 0.66
Forward P/S Powerpack
Price / FCF 15.81
Price / book 2.31
Financial health
Current ratio Q 2.51 (at or above 1.5: strong)
Debt / equity Q 1.21
Interest coverage Q 2.65
Growth
Revenue growth Q −0.04% (below 0%: shrinking)
Operating income growth Q −24.83% (below 0%: shrinking)
EPS, this year −9.13% (below 0%: weak)
EPS, next year A +23.35% (at or above 15%: strong)
Revenue, next year A −1.49% (below 0%: weak)
EPS, past 5 yrs +6.85%
EPS, next 5 yrs A +8.04%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.0×; over the ten years it ranged from 0.4× in 2022 to 1.4× in 2026.
P/E against its own 10 years 81.26%
10-year low 10-year high
P/S against its own 10 years 48.00%
10-year low 10-year high
P/B against its own 10 years 30.44%
10-year low 10-year high
EV/Sales against its own 10 years 56.95%
10-year low 10-year high
EV/FCF against its own 10 years 84.16%
10-year low 10-year high

Dividends raised every year since 2019

Yield
2.26%
Annual rate
1.88
Payout ratio
48.8%
Growth, 2019–25
+46.8%/yr
  1. 0.17 ’19
  2. 0.69 ’20 +312
  3. 0.78 ’21 +14
  4. 0.96 ’22 +23
  5. 1.27 ’23 +32
  6. 1.50 ’24 +18
  7. 1.67 ’25 +11
  8. 1.85 ’26e +11
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11 34 26 16
Receivables 164 178 185 286
Inventory 510 552 595 669
Other — — — —
735 823 873 1,019
2023 2024 2025 Q'26
Payables 141 188 192 215
ST’ Debt 8 6 6 6
Other — — 0 0
308 354 348 405

Compound Annual Growth %

10y 5y 3y
Sales 15.68% 9.70% (6.81%)
Cash Flow 17.29% 15.52% (7.17%)
Earnings 12.33% 6.83% (25.62%)
Book Value 24.86% 16.18% 7.43%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.97 Actual 1.03

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.74 0.84 Beat by 0.10
Q1 FY26 1.08 1.10 Beat by 0.02
Q2 FY26 1.23 1.29 Beat by 0.06
Q3 FY26 0.97 1.03 Beat by 0.06
Q4 FY26 0.80 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.10 1.28 0.64 — —
’25 1.11 0.96 1.01 0.83 3.90
’24 1.06 1.44 1.20 0.42 4.11
’23 0.90 1.29 1.21 0.94 4.33
’22 3.03 3.19 1.62 1.12 8.99
’21 1.36 1.68 1.63 1.75 6.42
’20 0.61 0.02 1.08 1.09 2.80
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 997 1,042 975 — —
’25 1,003 1,048 976 924 3,951
’24 933 1,017 919 846 3,716
’23 900 921 866 781 3,468
’22 1,342 1,476 1,112 952 4,882
’21 850 1,020 1,060 1,147 4,078
’20 589 424 701 773 2,487
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (14) 83 78 — —
’25 40 149 9 131 329
’24 35 137 52 103 327
’23 (1) 179 115 115 409
’22 (23) 97 156 182 412
’21 50 28 69 105 252
’20 13 26 73 47 160
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (32) 66 57 — —
’25 22 131 (17) 113 245
’24 20 123 34 77 226
’23 (21) 164 105 104 348
’22 (35) 72 137 166 339
’21 36 16 51 84 188
’20 6 23 63 38 128
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,222 1,636 2,263 2,337 2,487 4,078 4,882 3,468 3,716 3,951 3,938 +13.9% 3,892 4,046 4,431 +3.9%
Gross margin, % 16.57 17.05 18.38 18.09 18.46 19.65 21.71 22.56 22.50 23.11 23.28 +6.5 pt
EBT 84 113 152 118 130 294 435 191 179 177 175 +8.7%
EBT margin, % 6.85 6.92 6.72 5.04 5.24 7.20 8.92 5.51 4.81 4.48 4.44 (2.4) pt
Net income 56 86 120 90 97 225 328 143 138 135 133 +10.4%
Per share, $
Per share, $ Revenue 36.18 45.01 62.88 67.58 72.94 119.36 147.00 107.44 114.09 121.61 125.10 +14.4%
Earnings 1.64 2.36 3.33 2.59 2.85 6.58 9.88 4.43 4.25 4.16 4.14 +10.9%
Cash flow 2.88 2.75 5.56 5.56 4.70 7.38 12.40 12.66 10.04 10.14 8.81 +15.0%
Capex (0.45) (0.59) (0.78) (0.67) (0.94) (1.89) (2.19) (1.88) (3.10) (2.61) (2.33) +21.6%
Free cash flow 2.43 2.16 4.78 4.89 3.76 5.49 10.21 10.78 6.93 7.53 6.48 +13.4%
Book value 5.49 10.20 11.36 14.38 16.41 22.47 28.76 32.39 34.65 36.45 36.30 +23.4%
Shares, m 34 36 36 35 34 34 33 32 33 32 32 (0.4%)
Valuation, ×
Valuation, × P/E 21.39 19.77 5.92 13.51 15.97 8.17 4.13 15.01 19.55 26.06 20.08 14.9
P/S 0.95 1.04 0.31 0.52 0.62 0.45 0.28 0.62 0.73 0.89 0.66 0.6
P/B 6.27 4.58 1.74 2.43 2.78 2.39 1.41 2.05 2.40 2.97 2.31 2.9
EV/Sales 1.17 1.25 0.59 0.75 0.94 0.74 0.53 0.91 1.07 1.21 1.01 0.9
EV/FCF 17.42 26.04 7.76 10.31 18.14 16.01 7.69 9.32 18.41 22.70 24.05 15.4
Cash, $m
Cash, $m Operating cash flow 97 100 200 192 160 252 412 409 327 329 277 +14.5%
Capex (15) (21) (28) (23) (32) (65) (73) (61) (101) (85) (74) +21.1%
Free cash flow 82 79 172 169 128 188 339 348 226 245 204 +12.9%
Balance, $m
Balance, $m Working capital 87 138 227 330 301 541 543 426 469 525 614 +22.1%
Net debt 266 351 624 536 774 1,164 1,261 1,014 1,284 1,263 1,363 +18.9%
Shareholders’ equity 185 371 409 497 559 768 955 1,045 1,128 1,184 1,143 +22.9%
Returns, %
Returns, % ROA 12.13 12.23 11.42 6.63 6.02 10.21 12.08 5.35 4.96 4.43 4.19 (7.7) pt
ROIC 12.57 10.56 10.80 9.34 8.13 11.38 13.99 7.90 6.68 7.05 6.21 (5.5) pt
ROE 35.39 30.83 30.75 19.77 18.37 33.90 38.10 14.29 12.73 11.68 0.00 (23.7) pt
People
People Employees 4,497 6,721 8,113 7,500 8,700 11,000 11,000 10,000 10,000 10,000 — +9.3%
Revenue/emp, $m 0.27 0.24 0.28 0.31 0.29 0.37 0.44 0.35 0.37 0.40 — +4.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Patrick Industries, Inc. vs peers in Recreational Vehicles (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BC Brunswick Corporation $5.1B 24.4× 19.1× +6.89% (above 0%: growing) n/m +29.95% (above 0%: growing) 28.32% 7.15% Compare
DOO BRP Inc. $4.6B 57.4× — +16.59% (above 0%: growing) n/m +116.16% (above 0%: growing) 11.74% (2.24%) Compare
THO Thor Industries, Inc. $4.3B 24.4× 20.2× −8.41% (below 0%: shrinking) −66.96% (below 0%: shrinking) −26.73% (below 0%: shrinking) 12.36% 2.19% Compare
PII Polaris Inc. $3.7B — (loss-making) 28.3× +10.91% (above 0%: growing) n/m +170.18% (above 0%: growing) 21.17% 3.59% Compare
HOG Harley-Davidson, Inc. $3.4B — (loss-making) 39.8× −19.25% (below 0%: shrinking) −87.35% (below 0%: shrinking) +344.65% (above 0%: growing) 25.97% 3.45% Compare
PATK Patrick Industries, Inc. $2.7B 20.1× 18.8× −0.04% (below 0%: shrinking) −38.64% (below 0%: shrinking) +437.85% (above 0%: growing) 23.57% 5.11%
LCII LCI Industries $2.5B 12.5× 11.8× −4.24% (below 0%: shrinking) −19.53% (below 0%: shrinking) −35.24% (below 0%: shrinking) 26.58% 7.56% Compare
WGO Winnebago Industries, Inc. $944.6M 27.5× 20.4× −17.01% (below 0%: shrinking) −30.61% (below 0%: shrinking) −20.96% (below 0%: shrinking) 12.51% 2.73% Compare
MCFT MASTERCRAFT BOAT HOLDINGS, INC. $503.4M — (loss-making) 12.7× +63.41% (above 0%: growing) n/m −18.29% (below 0%: shrinking) 22.56% (4.86%) Compare
Median of peers $3.5B 24.4× 20.2× +1.33% −48.78% +5.83% 21.87% 3.09%

All 18 Recreational Vehicles stocks →

Pay and ownership Proxy statement filed 30 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.14m 13.90m 262.00
2024 6.40m 8.13m 198.00
2023 6.75m 15.50m 156.00
2022 7.81m 4.23m 92.00
2021 8.02m 12.88m 120.00

Ownership

Directors and executive officers, together 3.80%
BlackRock, Inc.50 Hudson YardsNew York, NY 14.50%
FMR LLC245 Summer StreetBoston, MA 11.60%
The Vanguard Group 7.30%
Wellington Management Group LLP 6.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Patrick Industries, Inc. (PATK) Latest News

30 Oct

Impact 4 · · Business Wire
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · PR Newswire earnings
Impact 3 · · Moby
Impact 3 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 4 · · PR Newswire
Impact 3 · · Investing.com
Impact 3 · · Business Wire

21 Oct

Impact 3 · · Business Wire

15 Oct

Impact 4 · · Simply Wall St.

26 Aug

Impact 3 ·

3 Aug

Impact 3 · · The Motley Fool transcript
Impact 3 ·

30 Jul

Impact 3 · · Moby transcript
Impact 3 · · The Motley Fool transcript
Impact 3 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·
Impact 3 ·

23 Jul

Impact 3 ·

2 Jul

Impact 5 ·

30 Jun

Impact 5 · · elkharttruth.com
Impact 4 ·

PATK metrics, ten years each

stockrow.com/PATK · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com