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Patria Investments Limited

PAX Financial Asset Management

Patria Investments Limited’s revenue for fiscal 2025 (year ended December 2025) was $381.7 million, up 2.01% from fiscal 2024.

Revenue
+20.5%
EPS
−12.5%
Free cash flow
−41.2%
Total debt
+141.4%

Quarter to September 2026, against a year earlier

9.51 0.10 −1.04%
Market cap
$1.6B
P/E
21.9×
Fwd P/E
14.5×
Dividend yield
6.48%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 2.67
Sold, $m 0.17
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 3 2 — — — — —
Sell — — — — 1 — — — — — — —
Insider Ownership 60.08%

Capital & Financial Ratios $m

Size
Market Cap 1,570.00
Revenue ttm 445.74
Net income ttm 79.08
Free cash flow ttm 153.30
Net debt Q 238.50
Valuation
P/E 21.91
Forward P/E 14.50
Price / sales 3.49
Forward P/S Powerpack
Price / FCF 10.15
Price / book 2.48
Financial health
Current ratio Q 0.95
Debt / equity Q 0.56
Interest coverage Q 1.66
Growth
Revenue growth Q +20.52% (above 0%: growing)
Operating income growth Q +7.58% (above 0%: growing)
EPS, this year +4.56%
EPS, next year A +5.93%
Revenue, next year A +13.22% (at or above 10%: strong)
EPS, past 5 yrs +0.31%
EPS, next 5 yrs A +7.36%

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

Valuation vs history

P/E against its own 10 years 42.89%
10-year low 10-year high
P/S against its own 10 years 0.48%
10-year low 10-year high
P/B against its own 10 years 0.48%
10-year low 10-year high

Dividends

Yield
6.48%
Annual rate
0.63
Payout ratio
142.1%
Growth, 2021–25
+1.42%/yr
  1. 0.71 ’21
  2. 0.70 ’22 −1
  3. 0.98 ’23 +40
  4. 1.02 ’24 +4
  5. 0.75 ’25 −27
  6. 0.64 ’26e −15
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 224 110 223 115
Receivables 131 222 128 318
Inventory — — — —
Other 46 41 54 158
402 373 405 590
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — 8
Other 289 154 201 377
397 397 415 618

Compound Annual Growth %

10y 5y 3y
Sales — 27.12% 13.82%
Cash Flow — 39.92% 53.63%
Earnings — 7.80% (0.87%)
Book Value — 60.72% 7.25%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.28 Actual 0.30

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.47 0.50 Beat by 0.03
Mar 2026 0.28 0.27 Miss by 0.01
Jun 2026 0.29 0.32 Beat by 0.03
Sep 2026 0.28 0.30 Beat by 0.02
Dec 2026 0.40 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.01 0.07 — — —
’25 0.09 0.08 0.14 0.22 0.54
’24 0.10 0.01 0.01 0.38 0.48
’23 0.13 0.25 0.12 0.31 0.79
’22 0.13 0.11 0.08 0.31 0.63
’21 0.11 0.54 0.16 0.09 0.88
’20 0.11 0.11 0.17 0.12 0.53
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 97 111 104 — —
’25 80 83 86 133 382
’24 64 75 78 157 374
’23 74 79 64 112 328
’22 55 56 57 91 259
’21 31 119 40 46 236
’20 26 25 33 32 115
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 31 40 — — —
’25 100 75 67 40 283
’24 42 10 68 26 146
’23 29 43 45 39 157
’22 26 8 56 (12) 78
’21 35 (3) 48 28 108
’20 18 0 41 (7) 53
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 27 42 — — —
’25 98 71 54 31 253
’24 40 9 66 23 138
’23 29 38 43 33 142
’22 25 5 51 (10) 71
’21 34 (3) 47 27 106
’20 18 0 39 (5) 52
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
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 — — 106 123 115 236 259 328 374 382 446 +20.1% 432 473 542 +12.4%
Gross margin, % — — 60.99 65.14 71.15 63.14 52.96 54.41 53.35 45.31 40.17 (15.7) pt
EBT — — 46 64 65 122 102 118 86 92 76 +10.3%
EBT margin, % — — 43.96 52.31 56.49 51.62 39.58 36.02 22.98 24.17 17.00 (19.8) pt
Net income — 0 44 61 62 121 94 121 76 91 79 n/m
Per share, $
Per share, $ Revenue — — 0.90 1.05 0.98 1.73 1.76 2.21 2.44 2.39 0.00 +14.9%
Earnings — — 0.38 0.52 0.53 0.88 0.63 0.79 0.48 0.54 0.44 +5.1%
Cash flow — — 0.34 0.38 0.45 0.79 0.53 1.06 0.95 1.77 1.11 +26.7%
Capex — — (0.01) 0.00 (0.01) (0.01) (0.05) (0.10) (0.05) (0.18) (0.16) +47.5%
Free cash flow — — 0.33 0.38 0.44 0.78 0.48 0.96 0.90 1.59 0.95 +25.4%
Book value — — 0.66 0.76 0.50 4.15 3.49 3.52 3.20 3.97 0.00 +29.1%
Shares, m — — 117 117 117 136 147 148 153 160 161 +4.5%
Valuation, ×
Valuation, × P/E — — 39.10 39.10 39.10 18.00 21.95 18.94 23.26 29.98 21.91 28.7
P/S — — 22.94 22.94 22.94 9.35 7.87 6.94 4.76 6.65 3.49 13.0
P/B — — 44.69 44.69 44.69 3.90 3.97 4.36 3.63 4.00 2.48 19.2
EV/Sales — — 24.03 24.03 24.03 8.64 6.66 6.26 5.08 6.98 — 13.2
EV/FCF — — 53.13 53.13 53.13 19.26 24.20 14.46 13.81 10.51 — 30.2
Cash, $m
Cash, $m Operating cash flow — — 40 44 53 108 78 157 146 283 179 +32.5%
Capex — — (1) 0 (1) (2) (7) (15) (8) (29) (25) +54.1%
Free cash flow — — 38 44 52 106 71 142 138 253 153 +31.1%
Balance, $m
Balance, $m Working capital — — 37 38 10 196 142 4 (25) (10) (28) n/m
Net debt — — (42) (37) (24) (167) (312) (224) 39 (48) 239 +2.0%
Shareholders’ equity — — 78 89 59 564 513 521 491 633 628 +35.0%
Returns, %
Returns, % ROA — — 71.04 49.23 56.03 28.20 10.70 11.91 6.83 6.70 3.77 (64.3) pt
ROIC — — 81.84 78.28 116.07 19.18 29.32 25.13 12.57 12.24 8.59 (69.6) pt
ROE — — 52.50 70.37 84.17 39.30 17.25 22.88 14.95 16.11 9.67 (36.4) pt
People
People Employees — — — 167 158 390 385 430 577 548 — +21.9%
Revenue/emp, $m — — 0.00 0.74 0.73 0.60 0.67 0.76 0.65 0.70 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Patria Investments Limited vs peers in Asset Management (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
GCMG GCM Grosvenor Inc. $2.5B 16.1× 14.7× −14.09% (below 0%: shrinking) −46.67% (below 0%: shrinking) −11.02% (below 0%: shrinking) 0.00% 0.00% Compare
TSLX Sixth Street Specialty Lending, Inc. $1.7B 19.4× 17.1× −9.58% (below 0%: shrinking) −7.17% (below 0%: shrinking) −523.17% (below 0%: shrinking) 100.00% 73.54% Compare
TRIN Trinity Capital Inc. $1.7B 9.6× 8.9× +25.46% (above 0%: growing) +25.64% (above 0%: growing) +63.94% (above 0%: growing) 100.00% 80.88% Compare
PAX Patria Investments Limited $1.6B 21.9× 14.5× +20.52% (above 0%: growing) −12.50% (below 0%: shrinking) −41.24% (below 0%: shrinking) 40.31% 27.93%
CSWC Capital Southwest Corporation $1.6B 13.2× 11.5× +17.93% (above 0%: growing) −26.78% (below 0%: shrinking) −170.75% (below 0%: shrinking) 100.00% 86.58% Compare
MSDL Morgan Stanley Direct Lending Fund $1.2B 284× 15.2× −13.62% (below 0%: shrinking) n/m +230.03% (above 0%: growing) 100.00% 0.00% Compare
OCSL Oaktree Specialty Lending Corp. $1.1B 26.1× 22.7× −7.76% (below 0%: shrinking) −20.45% (below 0%: shrinking) +173.07% (above 0%: growing) 94.24% 82.04% Compare
RPC Ridgepost Capital, Inc. $1.0B 29.6× 35.2× +17.11% (above 0%: growing) +350.00% (above 0%: growing) +447.90% (above 0%: growing) 100.00% 28.63% Compare
GSBD Goldman Sachs BDC, Inc. $990.6M 34.0× 11.6× −7.97% (below 0%: shrinking) n/m +465.71% (above 0%: growing) 100.00% 87.38% Compare
Median of peers $1.4B 22.8× 15.0× −7.86% −13.81% +118.51% 100.00% 77.21%

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stockrow.com/PAX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com