# Patrick Industries (PATK.US)

Canonical: https://gigainvestors.com/s/PATK

Analysis as of: 2026-10-15T06:36:47.248Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $68.13 per share; close as of 2026-10-15.

Estimated value: low $87.07 per share, central $99.08 per share, high $115.06 per share. Buy at or below the central value $99.08 per share. Valuation as of 2026-10-15T06:36:47.248Z; scenarios are not confidence intervals.

Expected annual return: 13.3% at the stated quote. About 13.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.07×

- LTM to Jun 2026: 0.07×

### moat: pass

- ROIC, median of available years: 16.0%

- ROIC, second-lowest year: 11.0%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 19.1%

- Recent gross margin (lower of latest and 3-year median): 22.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 11.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.7%

- FY2017: 18.0%

- FY2018: 18.7%

- FY2019: 14.4%

- FY2020: 12.2%

- FY2021: 17.5%

- FY2022: 21.3%

- FY2023: 12.1%

- FY2024: 11.0%

- FY2025: 10.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.36×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $969M

- Return on incremental invested capital: 737.0%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.6 pp

- Working capital / revenue, final three-year average: 15.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.18×

- FY2022: 1.16×

- FY2023: 1.60×

- FY2024: 1.66×

- FY2025: 1.61×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.0% vs 11.0%

- Per-share earnings: 1.62 to 4.11 (three-year endpoint medians)

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $972M

- Cumulative retained earnings: $864M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.3%

- Per-share value change: $2.49

- Per-share value, starting three-year median: $1.62

- Per-share value, ending three-year median: $4.11

- Buybacks concentrated in cheaper years (correlation): 0.77

- Average buyback yield: 2.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $2.4B

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 18.0%

- ROIC, last three-year median: 11.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.62

- FY2017: $2.32

- FY2018: $3.29

- FY2019: $2.56

- FY2020: $2.80

- FY2021: $6.42

- FY2022: $8.94

- FY2023: $4.33

- FY2024: $4.11

- FY2025: $3.90

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.34×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.8%

- FY2017: -1.6%

- FY2018: -6.5%

- FY2019: -7.0%

- FY2020: -3.6%

- FY2021: -1.0%

- FY2022: -3.0%

- FY2023: -9.9%

- FY2024: -6.2%

- FY2025: -6.3%

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 46% since Jan 2026 · sales -0.3%

Story as of 2026-10-16T09:59:21.858Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.8% a year for ten years

### Sales · FY2025–2026

sales -0.3%; source https://www.sec.gov/Archives/edgar/data/76605/000007660526000013/patk-20251231.htm; observed 2026-02-19.

- FY2017: $1.6B 

- FY2018: $2.3B 

- FY2019: $2.3B 

- FY2020: $2.5B 

- FY2021: $4.1B 

- FY2022: $4.9B 

- FY2023: $3.5B 

- FY2024: $3.7B 

- FY2025: $4.0B 

- FY2026: $3.9B 

### Gross margin · FY2025

gross margin 23.1%; source https://www.sec.gov/Archives/edgar/data/76605/000007660526000013/patk-20251231.htm; observed 2026-02-19.

- FY2016: 16.6% 

- FY2017: 17.1% 

- FY2018: 18.4% 

- FY2019: 18.1% 

- FY2020: 18.5% 

- FY2021: 19.6% 

- FY2022: 21.7% 

- FY2023: 22.6% 

- FY2024: 22.5% 

- FY2025: 23.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in recreational vehicles; annual sales are USD 4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/76605/000007660526000013/patk-20251231.htm (filed 2026-02-19); FY2025: revenue 3950773000; grossProfit 912860000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PATK.US: Patrick Industries, Inc. manufactures and distributes component and materials for recreational vehicle, marine, powersports, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. The company operates through Manufacturing and Distribution segments. Its Manufacturing segment manufactures and sells laminated for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinetry; polymer-based and other flooring products; and dash panels. This segment also provides wrapped vinyl, paper, and hardwood profile mouldings; interior passage doors; air handling products; slide-out trim and fascia; treated, untreated, and laminated plywood; fiberglass and plastic helm systems and components; boat towers, tops, trailers, and frames; adhesives and sealants; thermoformed shower surrounds; specialty bath, and closet building products; wiring and wire harnesses; aluminum and plastic fuel tanks; CNC molds, composite parts, and marine hardware and accessories; slotwall panels and components; and other products. The company's Distribution segment distributes pre-finished wall and ceiling panels, drywall and finishing products, electronic and audio systems, appliances, and marine accessories; wiring, electrical, and plumbing products; fiber reinforced polyester products; and cement siding, raw and processed lumber, interior passage, roofing, laminate, and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other products. This segment also offers transportation and logistics services. Patrick Industries, Inc. was incorporated in 1959 and is based in Elkhart, Indiana.

### Why customers stay

Margins ranged from 22.5% to 23.1% during 2023–25; it earns 16% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 22.5%.

- Source: https://www.sec.gov/Archives/edgar/data/76605/000007660526000013/patk-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.1766274433138739],[2017,0.17981339976404948],[2018,0.18741182342203924],[2019,0.14445369393874435],[2020,0.12218873907138332],[2021,0.17479180038781025],[2022,0.21329511864291487],[2023,0.12123159782688149],[2024,0.1098733709874118],[2025,0.1074285539574676]]; median 0.1596227471632773. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 55.9% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 15406000; cash acquisitions 138915000; owner earnings 64533000. Growth capex plus acquisitions / owner earnings = 2.152619589977221.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 22497000; cash acquisitions 251851000; owner earnings 96762000. Growth capex plus acquisitions / owner earnings = 2.6027882846572004.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 34486000; cash acquisitions 343347000; owner earnings 140398000. Growth capex plus acquisitions / owner earnings = 2.445526289548284.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 27661000; cash acquisitions 55953000; owner earnings 124700000. Growth capex plus acquisitions / owner earnings = 0.448700882117081.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 32100000; cash acquisitions 305995000; owner earnings 138231000. Growth capex plus acquisitions / owner earnings = 2.2136496154986944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 64804000; cash acquisitions 508127000; owner earnings 264919000. Growth capex plus acquisitions / owner earnings = 1.918046648220777.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 79883000; cash acquisitions 248899000; owner earnings 379070000. Growth capex plus acquisitions / owner earnings = 0.6566043211016435.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 58987000; cash acquisitions 25859000; owner earnings 228453000. Growth capex plus acquisitions / owner earnings = 0.11319177248711988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 75682000; cash acquisitions 411747000; owner earnings 229264000. Growth capex plus acquisitions / owner earnings = 1.7959513922813874.

- Source: https://www.sec.gov/Archives/edgar/data/76605/000007660526000013/patk-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 87501000; cash acquisitions 121740000; owner earnings 217767000. Growth capex plus acquisitions / owner earnings = 0.5590378707517668.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 7.37004795507795, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,5798000],[2017,5798000],[2018,5798000],[2019,5798000],[2020,23630000],[2021,27024000],[2022,32869000],[2023,42140000],[2024,50187000],[2025,55274000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/76605/000007660526000013/patk-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 31969000 USD.

### Are managers owners

Insiders own 4.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PATK.US SharesStats.PercentInsiders = 4.083 percentage points; cache date 2026-10-15.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/76605/000007660526000013/patk-20251231.htm (filed 2026-02-19);  (“FSC”) materials to its customers at certain of its manufacturing branches. The FSC certification provides a link between responsible production and consumption of materials from the world’s forests and assists the Company’s customers in making socially and environmentally responsible buying decisions on the products they purchase. Upholstered products and mattresses provided by the Company for RVs must comply with Federal Motor Vehicle Safety Standards regulated by the National Highway Traffic Safety Administration regarding flammability.

Select raw materials and components are subject to tariffs and other import duties. Changes in U.S. trade policy, including the imposition or expansion of tariffs and potential retaliatory measures, could increase our input costs; however, the Company has implemented measures designed to mitigate such impacts. We are also subject to governmental regulations relating to importation activities, including enforcement actions by U.S. Customs and Border Protection (“CBP”), such as withhold release orders.

The Company also produces and provides products for manufactured homes that must comply with performance and construction regulations promulgated by the U.S. Department of Housing and Urban Development.

For additional information on the Company's efforts for sustainability and environmental quality, please see our 2025 Responsibility & Sustainability Report under "ESG" on the "Investors" section of our website. Information on our website is not incorporated in this Annual Report on Form 10-K.

Seasonality

Manufacturing operations in the RV, marine, powersports and MH industries historically have been seasonal and at their highest levels when the weather is moderate. Accordingly, the Company’s sales and profits had generally been the highest in the second quarter and lowest in the fourth quarter. Seasonal industry trends in the past several years have included the impact related to the addition of major RV manufacturer open houses for dealers in the August-September timeframe, marine dealer open houses held in the fall and boat shows in the December-February timeframe, resulting in dealers delaying certain restocking purchases until new product lines are introduced at these shows. In addition, recent seasonal industry trends have been, and future trends may be, different than in prior years due to volatile economic conditions, interest rates, access to financing, cost of fuel, national and regional economic conditions and consumer confidence on retail sales of RVs, powersports and marine units and other products for which the Company sells its components, as well as fluctuations in RV, powersports and marine dealer inventories, increased volatility in demand from RV, marine and powersports dealers, the timing of dealer orders, and from time to time, the impact of severe weather conditions on the timing of indust

### What the price says

The price assumes cash profits shrink 3.8% yearly over ten years; actual growth was 15.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate -0.0663510640244363. Price 68.13; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.463146125397781 → FY2025 6.287120709068337. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $57.35 per share

- 2016-11: $71.35 per share

- 2016-12: $76.30 per share

- 2017-01: $81.75 per share

- 2017-02: $79.85 per share

- 2017-03: $70.90 per share

- 2017-04: $71.05 per share

- 2017-05: $66.20 per share

- 2017-06: $72.85 per share

- 2017-07: $76.10 per share

- 2017-08: $74.00 per share

- 2017-09: $84.10 per share

- 2017-10: $93.00 per share

- 2017-11: $101.20 per share

- 2017-12: $69.45 per share

- 2018-01: $42.70 per share

- 2018-02: $40.97 per share

- 2018-03: $41.23 per share

- 2018-04: $37.93 per share

- 2018-05: $40.40 per share

- 2018-06: $37.90 per share

- 2018-07: $40.83 per share

- 2018-08: $42.67 per share

- 2018-09: $39.47 per share

- 2018-10: $29.01 per share

- 2018-11: $26.48 per share

- 2018-12: $19.74 per share

- 2019-01: $26.60 per share

- 2019-02: $30.14 per share

- 2019-03: $30.21 per share

- 2019-04: $33.25 per share

- 2019-05: $27.19 per share

- 2019-06: $32.79 per share

- 2019-07: $30.58 per share

- 2019-08: $24.09 per share

- 2019-09: $28.59 per share

- 2019-10: $32.94 per share

- 2019-11: $33.01 per share

- 2019-12: $34.95 per share

- 2020-01: $34.59 per share

- 2020-02: $35.22 per share

- 2020-03: $18.77 per share

- 2020-04: $27.48 per share

- 2020-05: $34.58 per share

- 2020-06: $40.83 per share

- 2020-07: $42.63 per share

- 2020-08: $37.47 per share

- 2020-09: $38.35 per share

- 2020-10: $37.17 per share

- 2020-11: $42.03 per share

- 2020-12: $45.57 per share

- 2021-01: $46.04 per share

- 2021-02: $52.62 per share

- 2021-03: $56.67 per share

- 2021-04: $59.73 per share

- 2021-05: $57.13 per share

- 2021-06: $48.67 per share

- 2021-07: $55.09 per share

- 2021-08: $54.41 per share

- 2021-09: $55.53 per share

- 2021-10: $51.94 per share

- 2021-11: $53.18 per share

- 2021-12: $53.79 per share

- 2022-01: $42.93 per share

- 2022-02: $47.56 per share

- 2022-03: $40.20 per share

- 2022-04: $41.50 per share

- 2022-05: $40.07 per share

- 2022-06: $34.56 per share

- 2022-07: $40.48 per share

- 2022-08: $35.31 per share

- 2022-09: $29.23 per share

- 2022-10: $30.47 per share

- 2022-11: $37.29 per share

- 2022-12: $40.40 per share

- 2023-01: $47.31 per share

- 2023-02: $48.57 per share

- 2023-03: $45.87 per share

- 2023-04: $45.75 per share

- 2023-05: $43.69 per share

- 2023-06: $53.33 per share

- 2023-07: $57.70 per share

- 2023-08: $55.76 per share

- 2023-09: $50.04 per share

- 2023-10: $50.10 per share

- 2023-11: $54.69 per share

- 2023-12: $66.90 per share

- 2024-01: $66.93 per share

- 2024-02: $79.96 per share

- 2024-03: $79.65 per share

- 2024-04: $69.66 per share

- 2024-05: $76.40 per share

- 2024-06: $72.37 per share

- 2024-07: $85.37 per share

- 2024-08: $86.15 per share

- 2024-09: $94.91 per share

- 2024-10: $83.99 per share

- 2024-11: $89.59 per share

- 2024-12: $83.08 per share

- 2025-01: $97.14 per share

- 2025-02: $90.60 per share

- 2025-03: $84.56 per share

- 2025-04: $76.98 per share

- 2025-05: $85.86 per share

- 2025-06: $92.27 per share

- 2025-07: $97.24 per share

- 2025-08: $111.85 per share

- 2025-09: $103.43 per share

- 2025-10: $104.37 per share

- 2025-11: $108.22 per share

- 2025-12: $108.43 per share

- 2026-01: $126.17 per share

- 2026-02: $123.79 per share

- 2026-03: $111.07 per share

- 2026-04: $93.00 per share

- 2026-05: $90.52 per share

- 2026-06: $89.78 per share

- 2026-07: $82.55 per share

- 2026-08: $81.72 per share

- 2026-09: $67.78 per share

- 2026-10: $64.20 per share

## Annual estimated value (USD per share)

- FY2016: low $20.63 per share, central $23.57 per share, high $27.38 per share

- FY2017: low $25.98 per share, central $30.09 per share, high $34.97 per share

- FY2018: low $38.98 per share, central $46.07 per share, high $53.61 per share

- FY2019: low $47.69 per share, central $59.79 per share, high $69.38 per share

- FY2020: low $46.98 per share, central $57.79 per share, high $67.39 per share

- FY2021: low $88.03 per share, central $116.00 per share, high $135.56 per share

- FY2022: low $99.54 per share, central $125.63 per share, high $146.69 per share

- FY2023: low $81.13 per share, central $100.92 per share, high $117.76 per share

- FY2024: low $78.29 per share, central $89.08 per share, high $103.45 per share

- FY2025: low $80.99 per share, central $92.16 per share, high $107.02 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/76605/000007660526000013/patk-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.