# Patrick Industries, Inc. (PATK)

> Source: Nexqual · https://nexqual.com/PATK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Patrick Industries, Inc. (PATK), nexqual.com/PATK" · informational, not investment advice.

**Price:** USD 70.27 (+4.41% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 67.3 · day 67.51–71.21 · 52w 63–148.5 · market cap $2.26B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $3.94B, net income $147M (3.7% margin), free cash flow $128M (SEC filings).
- Valuation: P/E 15.3x (avg 21.2x at the last 3 fiscal year-ends), EV/EBITDA 8.4x, net debt $1.39B.
- 1 of 80 tracked superinvestors hold PATK (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 8 Form 4 filings, $2.5M; 1 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -30.0% vs S&P 500 +14.9%; 5Y +44.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1, revenue estimate $943M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.08B | $4.88B | $3.47B | $3.72B | $3.95B | $3.94B |
| Gross profit | $801M | $1.06B | $782M | $836M | $913M | — |
| Operating income | $352M | $496M | $260M | $258M | $276M | $265M |
| Net income | $225M | $328M | $143M | $138M | $135M | $147M |
| EPS (diluted) | $6.42 | $8.99 | $4.33 | $4.11 | $3.90 | — |
| Free cash flow | $187M | $332M | $350M | $251M | $246M | $128M |
| Gross margin | 19.6% | 21.7% | 22.6% | 22.5% | 23.1% | — |
| Operating margin | 8.6% | 10.2% | 7.5% | 6.9% | 7.0% | 6.7% |
| Net margin | 5.5% | 6.7% | 4.1% | 3.7% | 3.4% | 3.7% |
| Revenue growth | +64.0% | +19.7% | -29.0% | +7.1% | +6.3% | — |
| Cash + short-term investments | $123M | $22.8M | $11.4M | $33.6M | $26.4M | — |
| Total debt | $1.36B | $1.30B | $1.04B | $1.33B | $1.30B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 15.3x · P/S 0.6x · EV/EBITDA 8.4x · EV/Sales 0.9x · P/FCF 17.7x · P/B 2.0x · FCF yield 5.66% · Earnings yield 6.53% · Dividend yield (paid, TTM) 2.64% · Buyback yield (TTM) 4.70% · Net debt $1.39B · EV $3.65B
P/E at fiscal year-ends: Dec 2025 27.8x, Dec 2024 20.2x, Dec 2023 15.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PATK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.08% | $8.5M | Added +63.8% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
8 purchases, $2.5M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-10 | Welch M Scott | Director | 100 | $8K | 83.85 | Too little history (no open-market trades in 2023) |
| 2026-05-19 | Welch M Scott | Director | 100 | $9K | 89.44 | Too little history (no open-market trades in 2023) |
| 2026-05-06 | Petkovich Jacob R | President - Marine | 1,300 | $124K | 95.57 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Augsburger Blake | Director | 400 | $34K | 85.19 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Nemeth Andy L | Chief Executive Officer | 10,000 | $880K | 88 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Welch M Scott | Director | 10,050 | $887K | 88.23 | Too little history (no open-market trades in 2023) |
| 2026-05-05 | Filer Matthew S |  | 1,000 | $86K | 85.5 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Roeder Charles R | President - RV | 5,750 | $505K | 87.83 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | BMO Capital | Target lowered | Outperform | $120 → $100 |
| 2026-10-08 | Keybanc | Target lowered | Overweight | $115 → $100 |
| 2026-08-11 | Benchmark | Target lowered | Buy | $135 → $115 |
| 2026-08-10 | Truist Securities | Target lowered | Buy | $113 → $108 |
| 2026-07-22 | Keybanc | Target lowered | Overweight | $125 → $115 |
| 2026-07-08 | Truist Securities | Target lowered | Buy | $126 → $113 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -30.0% | +44.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -30.1% | +7.6% |
| Volatility (annualized) | 37.6% | 38.1% |
| Max drawdown | -55.9% (Feb 2026→Oct 2026) | -55.0% (Feb 2026→Oct 2026) |

## Peers (Recreational Vehicles)
LCII (LCI Industries) USD 86.6 +4.15% · HOG (Harley-Davidson, Inc.) USD 29.11 +6.47% · PII (Polaris Inc.) USD 56.69 +4.42% · THO (Thor Industries, Inc.) USD 70.71 +6.44% · DOO (BRP Inc.) USD 58.54 +4.78% · BC (Brunswick Corporation) USD 68.29 +4.29%

## More
Full page: https://nexqual.com/PATK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Manufacturing | $802.6M | 77.0% | +4.0% | $103.4M | 12.9% |
| Distribution | $239.1M | 23.0% | -13.3% | $21.6M | 9.0% |
| Total revenue | $1.04B | 100% | — | $125.0M | 12.0% |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Recreational Vehicle | $291.1M | 27.9% | -12.1% |
| Marine | $178.8M | 17.2% | +23.8% |
| Industrial | $135.1M | 13.0% | +10.1% |
| Powersports | $117.2M | 11.2% | +27.7% |
| Manufactured Housing | $80.5M | 7.7% | -1.3% |
| Total revenue | $1.04B | 100% | — |
The lines above cover 77% of total revenue.

## Customer concentration

Period ended 2026-06-28: 12%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.00 | $1.23 | -18.6% | $943.3M | 10 |
| Next quarter (ends 2026-12-31) | $0.82 | $1.06 | -22.9% | $892.4M | 10 |
| Current fiscal year (ends 2026-12-31) | $4.20 | $4.70 | -10.6% | $3.87B | 10 |
| Next fiscal year (ends 2027-12-31) | $5.18 | $5.77 | -10.2% | $4.07B | 10 |