Patrick Industries, Inc. (PATK) 10-Year Financial Performance & Capital Metrics

PATK • • Industrial / General

Consumer CyclicalHome FurnishingsKitchen & Bath ProductsKitchen Cabinetry & Storage

AboutPatrick Industries, Inc. manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products. This segment also provides wrapped vinyl, paper, and hardwood profile moulding; interior passage doors; air handling products; slide-out trim and fascia; treated, untreated, and laminated plywood; fiberglass and plastic helm systems and components; boat covers, tower, top, and frame; adhesives and sealants; thermoformed shower surrounds; specialty bath, and closet building products; wiring and wire harnesses; aluminum and plastic fuel tanks; CNC molds, composite part, marine hardware; slotwall panels, components; and other products. The company's Distribution segment distributes pre-finished wall and ceiling panel, drywall and finishing product, electronic, audio system component, appliance, marine accessories, wiring product, electrical and plumbing product, fiber reinforced polyester product; cement siding product, raw and processed lumber, interior passage, roofing, laminate, and ceramic flooring product, shower door, furniture, fireplace and surround, interior and exterior lighting product, and other products. This segment also offers transportation and logistics service. The company was founded in 1959 and is headquartered in Elkhart, Indiana.Show more

Revenue $3.72B +7.1%
EBITDA $425M +4.9%
Net Income $138M -3.1%
EPS (Diluted) 4.11 -36.8%
Gross Margin 22.5% -0.3%
EBITDA Margin 11.43% -2.1%
Operating Margin 6.94% -7.4%
Net Margin 3.72% -9.6%
ROE 12.73% -10.9%
ROIC 7.97% -5.6%
Debt/Equity 1.35 +16.9%
Interest Coverage 3.25 -14.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 21.7%
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Shares diluted 53.0% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.58%

5Y9.72%

3Y-3.05%

TTM6.08%

Profit (Net Income) CAGR

10Y16.26%

5Y9.09%

3Y-14.94%

TTM-22.06%

EPS CAGR

10Y12.37%

5Y1.32%

3Y-24.71%

TTM-31.51%

ROCE

10Y Avg17.66%

5Y Avg14.74%

3Y Avg14.19%

Latest10.25%

Peer Comparison

Kitchen Cabinetry & Storage

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PATKPatrick Industries, Inc.	4.19B	125.82	30.61	7.14%	3.11%	10.32%	6%	1.35
MBCMasterBrand, Inc.	1.65B	12.99	13.53	-0.95%	3%	5.98%	12.82%	0.84
AMWDAmerican Woodmark Corporation	922.52M	63.32	9.74	-7.47%	3.94%	6.77%	7.12%	0.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	920.33M	1.22B	1.64B	2.26B	2.34B	2.49B	4.08B	4.88B	3.47B	3.72B
Revenue Growth %	0.25%	0.33%	0.34%	0.38%	0.03%	0.06%	0.64%	0.2%	-0.29%	0.07%
Cost of Goods Sold+	768.05M	1.02B	1.36B	1.85B	1.91B	2.03B	3.28B	3.82B	2.69B	2.88B
COGS % of Revenue	0.83%	0.83%	0.83%	0.82%	0.82%	0.82%	0.8%	0.78%	0.77%	0.78%
Gross Profit+	152.28M	202.47M	278.92M	415.87M	422.87M	459.02M	801.19M	1.06B	782.23M	835.89M
Gross Margin %	0.17%	0.17%	0.17%	0.18%	0.18%	0.18%	0.2%	0.22%	0.23%	0.22%
Gross Profit Growth %	0.29%	0.33%	0.38%	0.49%	0.02%	0.09%	0.75%	0.32%	-0.26%	0.07%
Operating Expenses+	82.31M	111.63M	157.01M	237.45M	268.43M	285.64M	449.48M	563.77M	522.03M	577.85M
OpEx % of Revenue	0.09%	0.09%	0.1%	0.1%	0.11%	0.11%	0.11%	0.12%	0.15%	0.16%
Selling, General & Admin	73.52M	98.26M	137.64M	203.24M	232.52M	244.78M	393.15M	490.54M	443.34M	481.57M
SG&A % of Revenue	0.08%	0.08%	0.08%	0.09%	0.1%	0.1%	0.1%	0.1%	0.13%	0.13%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	8.79M	13.37M	19.37M	34.21M	35.91M	40.87M	56.33M	73.23M	78.69M	96.28M
Operating Income+	69.92M	90.84M	121.9M	178.41M	154.44M	173.37M	351.71M	496.17M	260.2M	258.04M
Operating Margin %	0.08%	0.07%	0.07%	0.08%	0.07%	0.07%	0.09%	0.1%	0.08%	0.07%
Operating Income Growth %	0.36%	0.3%	0.34%	0.46%	-0.13%	0.12%	1.03%	0.41%	-0.48%	-0.01%
EBITDA+	78.7M	115.2M	155.44M	233.47M	217.24M	246.64M	456.52M	626.93M	404.74M	424.58M
EBITDA Margin %	0.09%	0.09%	0.1%	0.1%	0.09%	0.1%	0.11%	0.13%	0.12%	0.11%
EBITDA Growth %	0.41%	0.46%	0.35%	0.5%	-0.07%	0.14%	0.85%	0.37%	-0.35%	0.05%
D&A (Non-Cash Add-back)	8.79M	24.36M	33.54M	55.05M	62.8M	73.27M	104.81M	130.76M	144.54M	166.54M
EBIT	69.92M	90.84M	121.9M	178.41M	154.44M	173.37M	351.71M	496.17M	260.2M	258.04M
Net Interest Income+	-4.32M	-7.18M	-8.79M	-26.44M	-36.62M	-43M	-57.89M	-60.76M	-68.94M	-79.47M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	4.32M	7.18M	8.79M	26.44M	36.62M	43M	57.89M	60.76M	68.94M	79.47M
Other Income/Expense	-4.32M	-7.18M	-8.79M	-26.44M	-36.62M	-43M	-57.89M	-60.76M	-68.94M	-79.47M
Pretax Income+	65.6M	83.65M	113.11M	151.98M	117.83M	130.37M	293.82M	435.41M	191.26M	178.57M
Pretax Margin %	0.07%	0.07%	0.07%	0.07%	0.05%	0.05%	0.07%	0.09%	0.06%	0.05%
Income Tax+	23.38M	28.07M	27.39M	32.15M	28.26M	33.31M	68.91M	107.21M	48.36M	40.17M
Effective Tax Rate %	0.64%	0.66%	0.76%	0.79%	0.76%	0.74%	0.77%	0.75%	0.75%	0.78%
Net Income+	42.22M	55.58M	85.72M	119.83M	89.57M	97.06M	224.91M	328.2M	142.9M	138.4M
Net Margin %	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.06%	0.07%	0.04%	0.04%
Net Income Growth %	0.38%	0.32%	0.54%	0.4%	-0.25%	0.08%	1.32%	0.46%	-0.56%	-0.03%
Net Income (Continuing)	42.22M	55.58M	85.72M	119.83M	89.57M	97.06M	224.91M	328.2M	142.9M	138.4M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.81	2.43	3.48	4.93	3.85	4.20	9.63	13.50	6.50	4.11
EPS Growth %	0.41%	0.34%	0.43%	0.42%	-0.22%	0.09%	1.29%	0.4%	-0.52%	-0.37%
EPS (Basic)	1.84	2.47	3.54	4.99	3.88	4.27	9.87	14.97	6.65	4.25
Diluted Shares Outstanding	23.25M	22.9M	24.64M	24.32M	23.28M	23.09M	23.36M	24.3M	22.02M	33.7M
Basic Shares Outstanding	22.98M	22.52M	24.23M	24M	23.06M	22.73M	23.36M	21.93M	22M	32.57M
Dividend Payout Ratio	-	-	-	-	0.06%	0.24%	0.12%	0.1%	0.29%	0.36%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	139.74M	172.77M	273.95M	385.17M	516.83M	528.06M	974.08M	909.9M	734.63M	822.62M
Cash & Short-Term Investments	87K	6.45M	2.77M	6.89M	140.8M	44.77M	122.85M	22.85M	11.41M	33.56M
Cash Only	87K	6.45M	2.77M	6.89M	139.39M	44.77M	122.85M	22.85M	11.41M	33.56M
Short-Term Investments	0	0	0	0	1.41M	0	0	0	0	0
Accounts Receivable	38.21M	38.45M	77.78M	92.63M	87.54M	139.03M	181.09M	185.26M	173.14M	188.08M
Days Sales Outstanding	15.16	11.49	17.36	14.94	13.67	20.41	16.21	13.85	18.22	18.48
Inventory	89.48M	120.02M	175.27M	272.9M	253.87M	312.81M	614.36M	667.84M	510.13M	551.62M
Days Inventory Outstanding	42.52	42.97	47.15	53.92	48.41	56.31	68.43	63.78	69.33	69.91
Other Current Assets	0	7.85M	18.13M	22.88M	27.06M	0	60.41M	0	8.21M	14.5M
Total Non-Current Assets+	246.31M	362.18M	592.69M	846.06M	954.16M	1.23B	1.68B	1.87B	1.94B	2.2B
Property, Plant & Equipment	67.88M	85.48M	118.49M	177.15M	274.39M	369.31M	477.68M	514.25M	531.34M	585.6M
Fixed Asset Turnover	13.56x	14.29x	13.80x	12.78x	8.52x	6.73x	8.54x	9.49x	6.53x	6.35x
Goodwill	68.61M	109.89M	208.04M	281.73M	319.35M	395.8M	551.38M	629.26M	637.39M	797.24M
Intangible Assets	106.76M	164.54M	263.47M	382.98M	357.01M	456.28M	640.46M	720.23M	651.15M	802.89M
Long-Term Investments	-3.33M	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	555K	2.27M	2.69M	4.2M	3.4M	3.99M	7.15M	8.83M	7.93M	12.61M
Total Assets+	386.05M	534.95M	866.64M	1.23B	1.47B	1.75B	2.65B	2.78B	2.67B	3.02B
Asset Turnover	2.38x	2.28x	1.89x	1.84x	1.59x	1.42x	1.54x	1.75x	1.30x	1.23x
Asset Growth %	0.51%	0.39%	0.62%	0.42%	0.19%	0.19%	0.51%	0.05%	-0.04%	0.13%
Total Current Liabilities+	57.93M	86.09M	136.43M	157.75M	186.94M	227.39M	432.78M	367.24M	308.5M	353.62M
Accounts Payable	28.74M	46.75M	84.11M	89.8M	96.21M	105.79M	203.54M	142.91M	140.52M	187.91M
Days Payables Outstanding	13.66	16.74	22.63	17.74	18.34	19.04	22.67	13.65	19.1	23.82
Short-Term Debt	10.71M	15.77M	15.77M	8.75M	5M	7.5M	7.5M	7.5M	56.26M	6.25M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	13.19M	10.73M	23.97M	27.3M	2M	49.93M	96.7M	92.83M	51.64M	30.17M
Current Ratio	2.41x	2.01x	2.01x	2.44x	2.76x	2.32x	2.25x	2.48x	2.38x	2.33x
Quick Ratio	0.87x	0.61x	0.72x	0.71x	1.41x	0.95x	0.83x	0.66x	0.73x	0.77x
Cash Conversion Cycle	44.02	37.72	41.88	51.12	43.73	57.68	61.97	63.98	68.45	64.57
Total Non-Current Liabilities+	199.53M	263.41M	359.53M	664.72M	786.58M	966.61M	1.45B	1.46B	1.32B	1.54B
Long-Term Debt	193.14M	256.81M	338.11M	621.75M	676.22M	810.91M	1.28B	1.28B	1.02B	1.31B
Capital Lease Obligations	0	0	0	0	66.47M	88.17M	120.16M	122.47M	132.44M	151.03M
Deferred Tax Liabilities	3.84M	4.99M	13.64M	22.7M	0	39.52M	36.45M	48.39M	158.5M	61.35M
Other Non-Current Liabilities	2.55M	1.61M	7.78M	20.27M	43.89M	28.01M	14.79M	13.05M	11.09M	14.92M
Total Liabilities	257.45M	349.5M	495.96M	822.48M	973.51M	1.19B	1.88B	1.83B	1.63B	1.89B
Total Debt+	204.48M	272.58M	353.88M	630.5M	775.38M	937.48M	1.45B	1.45B	1.21B	1.52B
Net Debt	204.4M	266.13M	351.11M	623.61M	635.99M	892.72M	1.32B	1.43B	1.2B	1.49B
Debt / Equity	1.59x	1.47x	0.95x	1.54x	1.56x	1.68x	1.89x	1.52x	1.15x	1.35x
Debt / EBITDA	2.60x	2.37x	2.28x	2.70x	3.57x	3.80x	3.17x	2.31x	2.98x	3.59x
Net Debt / EBITDA	2.60x	2.31x	2.26x	2.67x	2.93x	3.62x	2.90x	2.28x	2.95x	3.51x
Interest Coverage	16.19x	12.64x	13.87x	6.75x	4.22x	4.03x	6.08x	8.17x	3.77x	3.25x
Total Equity+	128.6M	185.45M	370.69M	408.75M	497.48M	559.44M	767.56M	955.17M	1.05B	1.13B
Equity Growth %	0.25%	0.44%	1%	0.1%	0.22%	0.12%	0.37%	0.24%	0.09%	0.08%
Book Value per Share	5.53	8.10	15.04	16.81	21.37	24.23	32.86	39.30	47.46	33.48
Total Shareholders' Equity	128.6M	185.45M	370.69M	408.75M	497.48M	559.44M	767.56M	955.17M	1.05B	1.13B
Common Stock	57.68M	63.72M	163.2M	161.44M	172.66M	180.89M	196.38M	197M	203.26M	202.35M
Retained Earnings	62.57M	113.46M	199.18M	224.87M	305.5M	360.21M	513.73M	758.86M	843.08M	926.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	32K	27K	66K	-2.68M	-5.7M	-6.05M	-2.23M	-695K	-999K	-926K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	65.63M	97.15M	99.9M	200.01M	192.41M	160.15M	252.13M	411.74M	408.67M	326.84M
Operating CF Margin %	0.07%	0.08%	0.06%	0.09%	0.08%	0.06%	0.06%	0.08%	0.12%	0.09%
Operating CF Growth %	0.43%	0.48%	0.03%	1%	-0.04%	-0.17%	0.57%	0.63%	-0.01%	-0.2%
Net Income	42.22M	55.58M	85.72M	119.83M	89.57M	97.06M	224.91M	328.2M	142.9M	138.4M
Depreciation & Amortization	16.77M	24.36M	33.54M	55.05M	62.8M	73.27M	104.81M	130.76M	144.54M	166.54M
Stock-Based Compensation	4.67M	6.47M	10.41M	13.98M	15.44M	15.96M	22.89M	21.75M	19.43M	16.77M
Deferred Taxes	-1.8M	-560K	-6.48M	759K	5.59M	8.09M	-3.94M	-9.35M	-591K	-6.48M
Other Non-Cash Items	791K	1.27M	1.61M	3.61M	5.36M	11.18M	13.54M	1.08M	3.5M	5.96M
Working Capital Changes	2.98M	10.03M	-24.91M	6.78M	13.66M	-45.41M	-110.08M	-60.69M	98.89M	5.64M
Change in Receivables	9.02M	11.32M	-12.34M	26.12M	5.77M	-20.75M	-149.85M	26.06M	8.92M	10.85M
Change in Inventory	3.04M	-12.46M	-35.27M	92K	19.68M	-34.55M	-232.47M	-11.9M	162.18M	-1.86M
Change in Payables	-9.55M	12.8M	30.31M	-246.84M	1.08M	20.75M	149.85M	-94.98M	-68.28M	4.27M
Cash from Investing+	-147.39M	-154M	-273.14M	-371.37M	-79.21M	-337.88M	-574.73M	-321.47M	-86.55M	-512.85M
Capital Expenditures	-7.96M	-15.41M	-22.5M	-34.49M	-27.66M	-32.1M	-64.8M	-79.88M	-58.99M	-75.68M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	747K	252K	1.21M	6.46M	4.4M	211K	-1.8M	7.32M	-1.7M	-25.42M
Cash from Financing+	81.72M	63.21M	169.55M	175.49M	19.3M	83.11M	400.69M	-190.27M	-333.56M	208.16M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-5.8M	-23.63M	-27.02M	-32.87M	-42.14M	-50.19M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	928K	1.42M	93.17M	-20.98M	-15.01M	-1.42M	-43.98M	-18.08M	-12.33M	-31.05M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	57.67M	81.74M	77.4M	165.53M	164.75M	128.05M	187.33M	331.55M	349.69M	251.16M
FCF Margin %	0.06%	0.07%	0.05%	0.07%	0.07%	0.05%	0.05%	0.07%	0.1%	0.07%
FCF Growth %	0.47%	0.42%	-0.05%	1.14%	-0%	-0.22%	0.46%	0.77%	0.05%	-0.28%
FCF per Share	2.48	3.57	3.14	6.81	7.08	5.55	8.02	13.64	15.88	7.45
FCF Conversion (FCF/Net Income)	1.55x	1.75x	1.17x	1.67x	2.15x	1.65x	1.12x	1.25x	2.86x	2.36x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	36.5%	35.39%	30.83%	30.75%	19.77%	18.37%	33.9%	38.1%	14.29%	12.73%
Return on Invested Capital (ROIC)	19.54%	17.37%	15.58%	15.26%	10.7%	10.06%	14.89%	16.63%	8.44%	7.97%
Gross Margin	16.55%	16.57%	17.05%	18.38%	18.09%	18.46%	19.65%	21.71%	22.56%	22.5%
Net Margin	4.59%	4.55%	5.24%	5.3%	3.83%	3.9%	5.52%	6.72%	4.12%	3.72%
Debt / Equity	1.59x	1.47x	0.95x	1.54x	1.56x	1.68x	1.89x	1.52x	1.15x	1.35x
Interest Coverage	16.19x	12.64x	13.87x	6.75x	4.22x	4.03x	6.08x	8.17x	3.77x	3.25x
FCF Conversion	1.55x	1.75x	1.17x	1.67x	2.15x	1.65x	1.12x	1.25x	2.86x	2.36x
Revenue Growth	25.09%	32.77%	33.86%	38.36%	3.27%	6.4%	64%	19.71%	-28.96%	7.14%

Revenue by Segment

	2012	2016	2017	2018	2019	2020	2021	2022	2023	2024
Manufactured Housing	-	-	-	-	-	-	-	-	-	682.09M
Manufactured Housing Growth	-	-	-	-	-	-	-	-	-	-
Marine	-	-	-	-	-	-	-	-	-	570.72M
Marine Growth	-	-	-	-	-	-	-	-	-	-
Industrial	-	-	-	-	-	-	-	-	-	485.43M
Industrial Growth	-	-	-	-	-	-	-	-	-	-
Powersports	-	-	-	-	-	-	-	-	-	352.23M
Powersports Growth	-	-	-	-	-	-	-	-	-	-
Manufacturing	346.95M	-	-	1.75B	1.64B	1.73B	2.93B	3.6B	2.65B	-
Manufacturing Growth	-	-	-	-	-5.91%	5.31%	69.44%	22.98%	-26.38%	-
Distribution	108.26M	-	-	517.59M	694.82M	757.15M	1.15B	1.28B	889.41M	-
Distribution Growth	-	-	-	-	34.24%	8.97%	51.57%	11.37%	-30.41%	-
Decorative Interior Products and Components	-	982.21M	1.21B	-	-	-	-	-	-	-
Decorative Interior Products and Components Growth	-	-	23.49%	-	-	-	-	-	-	-
Exterior Products and Other	-	164.27M	274.74M	-	-	-	-	-	-	-
Exterior Products and Other Growth	-	-	67.25%	-	-	-	-	-	-	-
Non-Decorative Interior Products and Components	-	75.41M	148M	-	-	-	-	-	-	-
Non-Decorative Interior Products and Components Growth	-	-	96.27%	-	-	-	-	-	-	-
Reportable	455.2M	-	-	-	-	-	-	-	-	-
Reportable Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Elimination	-17.84M	-	-	-	-	-	-	-	-	-
Intersegment Elimination Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Patrick Industries, Inc. (PATK) has a price-to-earnings (P/E) ratio of 30.6x. This suggests investors expect higher future growth.

Growth & Financials

Patrick Industries, Inc. (PATK) reported $3.87B in revenue for fiscal year 2024. This represents a 1158% increase from $307.8M in 2011.

Patrick Industries, Inc. (PATK) grew revenue by 7.1% over the past year. This is steady growth.

Yes, Patrick Industries, Inc. (PATK) is profitable, generating $120.5M in net income for fiscal year 2024 (3.7% net margin).

Dividend & Returns

Yes, Patrick Industries, Inc. (PATK) pays a dividend with a yield of 1.18%. This makes it attractive for income-focused investors.

Patrick Industries, Inc. (PATK) has a return on equity (ROE) of 12.7%. This is reasonable for most industries.

Patrick Industries, Inc. (PATK) generated $183.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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