# Patria Investments (PAX.US)

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

Analysis as of: 2026-10-16T07:31:02.914Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $11.81 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.44×

- FY2019: 0.53×

- FY2020: 0.58×

- FY2021: 0.58×

- FY2022: 0.50×

- FY2023: 0.50×

- FY2024: 0.44×

- FY2025: 0.34×

### moat: pass

- ROIC, median of available years: 80.5%

- ROIC, second-lowest year: 45.8%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 87.4%

- Recent gross margin (lower of latest and 3-year median): 88.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 26.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: 84.4%

- FY2022: 54.4%

- FY2023: 76.6%

- FY2024: 43.3%

- FY2025: 45.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $540M

- Net income, five-year total: $491M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 3.5 pp

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

- FY2021: 0.86×

- FY2022: 0.79×

- FY2023: 1.18×

- FY2024: 1.38×

- FY2025: 1.42×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 150.0% vs 45.8%

- Per-share earnings: 0.50 to 0.53 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.6%

- Diluted shares, 5-year annual growth: 6.6%

- Per-share value growth: 1.3%

- Per-share value change: $0.03

- Per-share value, starting three-year median: $0.50

- Per-share value, ending three-year median: $0.53

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 3.2%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 45.8%

Chart: Earnings per share; fiscal year observations.

- FY2018: $0.37

- FY2019: $0.50

- FY2020: $0.53

- FY2021: $0.90

- FY2022: $0.63

- FY2023: $0.80

- FY2024: $0.47

- FY2025: $0.53

### accounting: pass

- Sloan accruals: -12.3%

- Receivables to sales index (DSRI): 0.60×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.35×

Chart: Sloan accruals; fiscal year observations.

- FY2018: 3.4%

- FY2019: 12.3%

- FY2020: 8.9%

- FY2021: 2.0%

- FY2022: 1.2%

- FY2023: -3.8%

- FY2024: -6.1%

- FY2025: -12.3%

## Holders

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

## Price story

Down 34% since Mar 2022 · sales +2%

Story as of 2026-10-16T09:59:21.936Z; price observation 2026-10-15.

- 2025-08-01: Patria Investments Non-GAAP EPS of $0.24 misses by $0.04 ([seekingalpha.com](https://seekingalpha.com/news/4476383-patria-investments-non-gaap-eps-of-024-misses-by-004?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +2%; source https://www.sec.gov/Archives/edgar/data/1825570/000207097926000201/pax-20251231.htm; observed 2026-04-30.

- FY2018: $106M 

- FY2019: $123M 

- FY2020: $115M 

- FY2021: $236M 

- FY2022: $259M 

- FY2023: $328M 

- FY2024: $374M 

- FY2025: $382M 

### Gross margin · FY2025

gross margin 96.7%; source https://www.sec.gov/Archives/edgar/data/1825570/000207097926000201/pax-20251231.htm; observed 2026-04-30.

- FY2018: 60.8% 

- FY2019: 65.2% 

- FY2020: 90.8% 

- FY2021: 93.8% 

- FY2022: 86.5% 

- FY2023: 88.2% 

- FY2024: 86.5% 

- FY2025: 96.7% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are USD 381.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/1825570/000207097926000201/pax-20251231.htm#000207097926000201 (filed 2026-04-30); FY2025: revenue 381730000; grossProfit 369200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PAX.US: Patria Investments Limited operates as a private market investment firm. It specializes in investments in private equity, secondary direct and indirect and venture capital with focus in middle market, buyout and growth capital investments. It seeks to be sector agnostic with focus on agribusiness, power & energy, healthcare, logistics & transportations, food & beverage, agricultural products, packaged foods and meats, education services, outsourced business services, and digital & tech services. It prefers to invest globally with focus on Latin America, Europe, United States, North America and Brazil. It seeks to invest between $38.48 million and $72.14 million per transaction. The firm seeks a majority or minority stake in its portfolio companies. The company offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and credit funds. The firm seeks to co-invest with other investors. Patria Investments Limited was founded in 1994 and is headquartered in Grand Cayman, Cayman Islands with additional offices across South America, North America, Europe and Asia. Patria Investments Limited operates as a subsidiary of Patria Holdings Limited.

### Why customers stay

Margins ranged from 86.5% to 96.7% during 2023–25; it earns 80.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: grossProfit / revenue = 88.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: grossProfit / revenue = 86.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1825570/000207097926000201/pax-20251231.htm (filed 2026-04-30); FY2025: grossProfit / revenue = 96.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); 8-year return on capital observations [[2018,1.500252067994035],[2019,1.3011976596445782],[2020,1.8319473825512747],[2021,0.8437404241581244],[2022,0.5444670700445349],[2023,0.7658765956054537],[2024,0.43308943594990795],[2025,0.45767364325174825]]; median 0.8048085098817891. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1% of cash earnings; paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2018: growth capex 0; upkeep 1430000; owner earnings 40054000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2019: growth capex 0; upkeep 217000; owner earnings 47410000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2020: growth capex 0; upkeep 660000; owner earnings 54143000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2021: growth capex 0; upkeep 1843000; owner earnings 104954000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2022: growth capex 0; upkeep 6712000; cash acquisitions 42521000; owner earnings 73608000. Growth capex plus acquisitions / owner earnings = 0.5776681882404087.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: growth capex 0; upkeep 15020000; cash acquisitions 7161000; owner earnings 140240000. Growth capex plus acquisitions / owner earnings = 0.051062464346834.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: growth capex 0; upkeep 8284000; cash acquisitions 112572000; owner earnings 99415000. Growth capex plus acquisitions / owner earnings = 1.1323442136498516.

- Source: https://www.sec.gov/Archives/edgar/data/1825570/000207097926000201/pax-20251231.htm (filed 2026-04-30); FY2025: growth capex 0; upkeep 10558000; cash acquisitions 1264000; owner earnings 121389000. Growth capex plus acquisitions / owner earnings = 0.010412805114137195.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Dividend observations: [[2018,38009000],[2019,46886000],[2020,64481000],[2021,119788000],[2022,103329000],[2023,145145000],[2024,132383000],[2025,95142000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1825570/000207097926000201/pax-20251231.htm (filed 2026-04-30); FY2025: cash repurchases 56231000 USD.

### Are managers owners

Insiders own 5.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PAX.US SharesStats.PercentInsiders = 5.588 percentage points; cache date 2026-10-15.

### What the price says

The price is 5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Closing price 11.81 USD; reporting-to-trading FX 1; FY2025 annual sales per share 2.374592328629196; price multiple 4.97348528318445. FY2025 cash earnings/share 0.7551132690120491. Closing-price date 2026-10-15.

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

- 2021-01: $17.85 per share

- 2021-02: $19.35 per share

- 2021-03: $17.42 per share

- 2021-04: $13.85 per share

- 2021-05: $16.91 per share

- 2021-06: $17.62 per share

- 2021-07: $15.65 per share

- 2021-08: $16.48 per share

- 2021-09: $16.33 per share

- 2021-10: $17.16 per share

- 2021-11: $17.08 per share

- 2021-12: $16.20 per share

- 2022-01: $17.00 per share

- 2022-02: $16.60 per share

- 2022-03: $17.81 per share

- 2022-04: $16.31 per share

- 2022-05: $16.45 per share

- 2022-06: $13.22 per share

- 2022-07: $14.41 per share

- 2022-08: $14.45 per share

- 2022-09: $13.05 per share

- 2022-10: $14.22 per share

- 2022-11: $13.65 per share

- 2022-12: $13.93 per share

- 2023-01: $15.43 per share

- 2023-02: $15.86 per share

- 2023-03: $14.80 per share

- 2023-04: $14.83 per share

- 2023-05: $14.75 per share

- 2023-06: $14.30 per share

- 2023-07: $15.22 per share

- 2023-08: $14.42 per share

- 2023-09: $14.58 per share

- 2023-10: $12.89 per share

- 2023-11: $14.16 per share

- 2023-12: $15.51 per share

- 2024-01: $14.27 per share

- 2024-02: $14.90 per share

- 2024-03: $14.84 per share

- 2024-04: $13.40 per share

- 2024-05: $13.00 per share

- 2024-06: $12.06 per share

- 2024-07: $13.01 per share

- 2024-08: $11.52 per share

- 2024-09: $11.17 per share

- 2024-10: $11.64 per share

- 2024-11: $11.96 per share

- 2024-12: $11.63 per share

- 2025-01: $11.89 per share

- 2025-02: $11.33 per share

- 2025-03: $11.29 per share

- 2025-04: $10.48 per share

- 2025-05: $12.74 per share

- 2025-06: $14.06 per share

- 2025-07: $13.95 per share

- 2025-08: $13.54 per share

- 2025-09: $14.60 per share

- 2025-10: $14.57 per share

- 2025-11: $15.07 per share

- 2025-12: $15.89 per share

- 2026-01: $14.61 per share

- 2026-02: $13.12 per share

- 2026-03: $12.60 per share

- 2026-04: $12.91 per share

- 2026-05: $11.59 per share

- 2026-06: $10.98 per share

- 2026-07: $10.82 per share

- 2026-08: $11.34 per share

- 2026-09: $10.15 per share

- 2026-10: $11.81 per share

## Annual estimated value (USD 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 20-F filing](https://www.sec.gov/Archives/edgar/data/1825570/000207097926000201/pax-20251231.htm); period 2025-12-31, filed 2026-04-30.

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.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 115,700 PAX shares; USD 1,270,000 reported position value; 0% of portfolio; add; quarter 2026 Q2.

# PAX — Patria Investments Ltd A

Held by 1 investor · USD 1,270,000 total · 2026 Q2 · reported price USD 10.98 (split-adjusted).
Page: https://gigainvestors.com/s/PAX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 1,270,000 | 0.0% | add +119.96% |

## Total held by quarter

- 2025 Q1: USD 223,938 · 1 holder · USD 11.31
- 2025 Q2: USD 298,072 · 1 holder · USD 14.06
- 2025 Q3: USD 309,944 · 1 holder · USD 14.62
- 2025 Q4: USD 337,080 · 1 holder · USD 15.90
- 2026 Q1: USD 662,760 · 1 holder · USD 12.60
- 2026 Q2: USD 1,270,000 · 1 holder · USD 10.98