Operating cash flow conversion is erratic, with OCF/NI swinging from 4.61 in 2025Q2 to -0.35 in 2026Q1, while FCF margin ranged from 12.5% to -3.3% over the past year.
Patrick Industries, Inc. (PATK) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 208.85M | 329.41M | 326.84M | 408.67M | 411.74M | 252.13M | 160.15M | 192.41M | 200.01M | 99.9M | 97.15M | 65.63M | 45.74M | 22.43M | 21M | 11.81M | 7.76M | 3.71M | 1.71M | 22.97M | -1.09M | 5.46M | -1.75M | 11.57M | 5.37M | 5.45M | 15.58M | 18.08M | 9.5M | 19.2M | 18M |
| Operating CF Margin % | - | 8.34% | 8.8% | 11.78% | 8.43% | 6.18% | 6.44% | 8.23% | 8.84% | 6.11% | 7.95% | 7.13% | 6.22% | 3.77% | 4.8% | 3.84% | 2.79% | 1.75% | 0.53% | 5.28% | -0.31% | 1.69% | -0.58% | 4.21% | 1.74% | 1.86% | 4.31% | 3.95% | 2.09% | 4.68% | 4.46% |
| Operating CF Growth % | -234.32% | 0.79% | -20.02% | -0.74% | 63.3% | 57.43% | -16.76% | -3.8% | 100.21% | 2.83% | 48.02% | 43.48% | 103.92% | 6.83% | 77.71% | 52.27% | 109.19% | 117.03% | -92.56% | 2209.46% | -119.94% | 412.5% | -115.11% | 115.49% | -1.49% | -65.02% | -13.86% | 90.36% | -50.52% | 6.67% | 122.22% |
| Net Income | 147.28M | 135.06M | 138.4M | 142.9M | 328.2M | 224.91M | 97.06M | 89.57M | 119.83M | 85.72M | 55.58M | 42.22M | 30.67M | 24.04M | 28.09M | 8.47M | 1.23M | -4.52M | -71.51M | -5.84M | 2.63M | 1.42M | 600.82K | -55.45K | 94.52K | -5.77M | -4.53M | 7.4M | 9.3M | 8.3M | 10.8M |
| Depreciation & Amortization | 170.75M | 170.21M | 166.54M | 144.54M | 130.76M | 104.81M | 73.27M | 62.8M | 55.05M | 33.54M | 24.36M | 16.77M | 10.43M | 7.3M | 5.59M | 4.92M | 4.97M | 5.27M | 8.07M | 6.75M | 4.09M | 4.41M | 4.94M | 5.9M | 6.3M | 7.51M | 8.24M | 8.9M | 7.6M | 5.8M | 4.5M |
| Stock-Based Compensation | 19.75M | 19.07M | 16.77M | 19.43M | 21.75M | 22.89M | 15.96M | 15.44M | 13.98M | 10.41M | 6.47M | 4.67M | 3.28M | 1.31M | 802K | 333K | 210K | 98K | 726K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 42.52M | 35.53M | -6.48M | -591K | -9.35M | -3.94M | 8.09M | 5.59M | 759K | -6.48M | -560K | -1.8M | 1.65M | 3.98M | -8.4M | 18K | 17K | 152K | -13.69M | -144K | 156K | 1.01M | 249K | -68K | 473K | -1.16M | -2.67M | 226K | 600K | -200K | -100K |
| Other Non-Cash Items | -110.82M | 2.44M | 5.96M | 3.5M | 1.08M | 13.54M | 11.18M | 5.36M | 3.61M | 1.61M | 1.27M | 791K | 198K | -18K | 2.92M | 2.73M | -1.17M | 1.66M | 62.66M | 2.91M | 477K | 389K | 186.7K | -634.43K | 371.05K | 3.26M | 6.53M | -479.88K | 100K | -100K | 500K |
| Working Capital Changes | -60.63M | -32.89M | 5.64M | 98.89M | -60.69M | -110.08M | -45.41M | 13.66M | 6.78M | -24.91M | 10.03M | 2.98M | -498K | -14.18M | -8.01M | -4.65M | 2.51M | 1.05M | 15.45M | 19.53M | -8.44M | -1.78M | -7.73M | 6.43M | -1.88M | 1.61M | 8.01M | 2.03M | -8.5M | 5.7M | 2.3M |
| Change in Receivables | 90.69M | 1.81M | 10.85M | 8.92M | 26.06M | -149.85M | -20.75M | 5.77M | 26.12M | -12.34M | 11.32M | 9.02M | -1.94M | -1.48M | 1.03M | -3.33M | 3.46M | -5.41M | 3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -29.61M | -24.96M | -1.86M | 162.18M | -11.9M | -232.47M | -34.55M | 19.68M | 92K | -35.27M | -12.46M | 3.04M | -1.66M | -7.48M | -14.18M | -3.87M | -1.96M | 4.7M | 16.52M | 17.25M | -9.36M | 408K | -11.3M | 9.05M | -3.47M | 2.31M | 11.1M | 1.46M | -8.3M | 6.3M | -3.9M |
| Change in Payables | -108.45M | -976K | 4.27M | -68.28M | -94.98M | 149.85M | 20.75M | 1.08M | -246.84M | 30.31M | 12.8M | -9.55M | 4.63M | 5.19M | 2.47M | 2.47M | 1.4M | 1.36M | -10.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -164.09M | -206.49M | -512.85M | -86.55M | -321.47M | -574.73M | -337.88M | -79.21M | -371.37M | -273.14M | -154M | -147.39M | -78.62M | -24.26M | -37.22M | -9.74M | 1.19M | 13.22M | 1.86M | -86.79M | -6.99M | -8.37M | -9.21M | -3.98M | -3.17M | -1.3M | -2.95M | -7.02M | -11.1M | -14.4M | -14.5M |
| Capital Expenditures | -81.03M | -82.92M | -75.68M | -58.99M | -79.88M | -64.8M | -32.1M | -27.66M | -34.49M | -22.5M | -15.41M | -7.96M | -6.54M | -8.67M | -7.89M | -2.44M | -1.36M | -309K | -4.22M | -2.45M | -7.48M | -8.5M | -10.61M | -5.29M | -4.19M | -1.82M | -3.81M | -7.51M | -10.8M | -18.9M | -9.8M |
| CapEx % of Revenue | 2.06% | 2.1% | 2.04% | 1.7% | 1.64% | 1.59% | 1.29% | 1.18% | 1.52% | 1.38% | 1.26% | 0.86% | 0.89% | 1.46% | 1.81% | 0.79% | 0.49% | 0.15% | 1.3% | 0.56% | 2.15% | 2.63% | 3.52% | 1.93% | 1.36% | 0.62% | 1.05% | 1.64% | 2.38% | 4.6% | 2.43% |
| Acquisitions | -22.18M | -121.74M | -411.75M | -25.86M | -248.9M | -508.13M | -306M | -55.95M | -343.35M | -251.85M | -138.84M | -140.18M | -72.09M | -16.51M | -29.26M | -7.31M | -5.78M | 1.7M | 0 | -85.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -60.87M | -1.82M | -25.42M | -1.7M | 7.32M | -1.8M | 211K | 4.4M | 6.46M | 1.21M | 252K | 747K | 15K | 924K | -65K | 10K | 8.32M | 11.82M | 6.08M | 1.53M | 491K | 129K | 1.4M | 1.32M | 1.02M | 516.92K | 852.82K | 480.51K | -300K | 100K | -300K |
| Cash from Financing | -22.89M | -130.06M | 208.16M | -333.56M | -190.27M | 400.69M | 83.11M | 19.3M | 175.49M | 169.55M | 63.21M | 81.72M | 32.97M | 1.43M | 16.11M | -3.48M | -7.05M | -19.55M | -1.05M | 63.62M | 7.36M | 3.91M | 3.96M | -4.07M | -4.57M | -4.95M | -12.59M | -8.08M | 1.6M | -3M | -2.8M |
| Debt Issued (Net) | 110.31M | -31.25M | 294.06M | -260.29M | -62.21M | 520.63M | 135M | 43.92M | 306.73M | 81.2M | 68.67M | 103.43M | 46.05M | 5.28M | 15.93M | -2.56M | -6.76M | -19.18M | -22.13M | 55.14M | 7.37M | 4.03M | 3.63M | -3.67M | -3.67M | -3.67M | -3.67M | -3.99M | 3.9M | -1.1M | -900K |
| Equity Issued (Net) | -308K | -31.97M | -4.66M | -18.81M | -77.12M | -48.94M | -26.85M | -3.81M | -110.27M | -4.82M | -6.88M | -23.86M | -13.93M | -6.08M | 0 | 0 | 0 | 7K | 7.88M | 9.08M | 386K | 296K | 681K | 128.95K | 192.32K | -421.96K | -7.99M | -3.03M | -1.2M | -900K | -1M |
| Dividends Paid | -60.95M | -55.27M | -50.19M | -42.14M | -32.87M | -27.02M | -23.63M | -5.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -183.28K | -727.45K | -730.99K | -851.45K | -919.16K | -900K | -900K | -1M |
| Share Repurchases | -308K | -31.97M | -4.66M | -18.81M | -77.12M | -48.94M | -23.11M | -3.81M | -107.57M | 0 | -5.21M | -22.64M | -13.93M | -6.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -421.96K | -7.99M | -3.05M | -1.3M | -900K | -1.5M |
| Other Financing | -71.95M | -11.56M | -31.05M | -12.33M | -18.08M | -43.98M | -1.42M | -15.01M | -20.98M | 93.17M | 1.42M | 928K | 843K | 2.22M | 179K | -919K | -292K | -370K | 13.21M | -605K | -400K | -418K | -348.57K | -339.82K | -358.49K | -126.82K | -84.56K | -145.26K | -200K | -100K | 100K |
| Net Change in Cash | 21.88M | -7.13M | 22.15M | -11.44M | -100M | 78.08M | -94.62M | 132.5M | 4.13M | -3.68M | 6.36M | -36K | 89K | -400K | -116K | -1.41M | 1.9M | -2.61M | 2.52M | -206K | -720K | 994K | -6.99M | 3.53M | -2.36M | -801.85K | 29.95K | 2.98M | 0 | -3M | -2.8M |
| Free Cash Flow | 127.82M | 241.91M | 251.16M | 349.69M | 331.55M | 187.33M | 128.05M | 164.75M | 165.53M | 77.4M | 81.74M | 57.67M | 39.2M | 13.76M | 13.1M | 9.38M | 6.4M | 3.4M | -2.51M | 20.52M | -8.57M | -3.04M | -12.35M | 6.27M | 1.18M | 3.63M | 11.77M | 10.58M | -1.3M | 300K | 8.2M |
| FCF Margin % | 3.25% | 6.12% | 6.76% | 10.08% | 6.79% | 4.59% | 5.15% | 7.05% | 7.31% | 4.73% | 6.69% | 6.27% | 5.33% | 2.31% | 3% | 3.05% | 2.3% | 1.6% | -0.77% | 4.71% | -2.46% | -0.94% | -4.1% | 2.28% | 0.38% | 1.24% | 3.26% | 2.31% | -0.29% | 0.07% | 2.03% |
| FCF Growth % | -45.4% | -3.68% | -28.18% | 5.47% | 76.99% | 46.29% | -22.27% | -0.47% | 113.85% | -5.31% | 41.73% | 47.13% | 184.84% | 5.04% | 39.7% | 46.48% | 88.32% | 235.51% | -112.23% | 339.46% | -181.69% | 75.37% | -296.87% | 431.1% | -67.47% | -69.14% | 11.27% | 913.76% | -533.33% | -96.34% | 315.79% |
| FCF per Share | 3.65 | 6.98 | 7.45 | 15.88 | 13.64 | 8.02 | 5.55 | 7.08 | 6.81 | 3.14 | 3.57 | 2.48 | 1.63 | 0.57 | 0.55 | 0.41 | 0.29 | 0.16 | -0.14 | 1.61 | -0.77 | -0.28 | -1.19 | 0.50 | 0.11 | 0.36 | 1.03 | 0.82 | -0.10 | 0.02 | 0.61 |
| FCF Conversion (FCF/Net Income) | 0.87x | 2.44x | 2.36x | 2.86x | 1.25x | 1.12x | 1.65x | 2.15x | 1.67x | 1.17x | 1.75x | 1.55x | 1.49x | 0.93x | 0.75x | 1.39x | 6.33x | -0.82x | -0.02x | -3.93x | -0.41x | 3.83x | -2.91x | -208.62x | 56.79x | -0.94x | -3.44x | 2.44x | 1.02x | 2.31x | 1.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PATK stock.
Patrick Industries, Inc. (PATK) generated $329.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Patrick Industries, Inc. (PATK) generated $241.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Patrick Industries, Inc. (PATK) spent $82.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Patrick Industries, Inc. (PATK) returned $55.3M to shareholders via cash dividends and spent $32.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital volatility
Metrics are mathematically derived from official filings.
Cash Conversion Swings with Working Capital
PATK's operating cash flow to net income ratio swung from 4.61 in 2025Q2 to -0.35 in 2026Q1, driven by working capital swings, per quarterly filings.
The OCF/NI ratio is highly volatile, ranging from 7.05 in 2024Q4 to -0.35 in 2026Q1, indicating that earnings quality is heavily influenced by working capital timing rather than operational deterioration. The large positive working capital changes in some quarters (e.g., $106.9M in 2026Q2) suggest that cash collections are lumpy, and investors should monitor the sustainability of these swings.
FCF Volatility Masks Underlying Stability
Free cash flow swung from $131.1M in 2025Q2 to -$32.9M in 2026Q1, with FCF margins ranging from 12.5% to -3.3%, based on reported figures.
The FCF trajectory is erratic, but the average FCF margin over the last ten quarters is roughly 5%, which is below the peer average of 7.6% for LCII. This suggests that while PATK generates positive FCF on a cumulative basis, the quarterly volatility is high, and the company may be more exposed to cyclical demand swings than its peers.
Capital Intensity Remains Moderate
CapEx as a percentage of revenue has stayed between 1.7% and 3.0% over the last ten quarters, indicating a low capital intensity, per financial statements.
The CapEx/Revenue ratio is consistently low, averaging around 2%, which suggests that PATK's manufacturing operations do not require heavy capital reinvestment. This is consistent with a mature, asset-light business model, but it also implies that growth may be limited without additional investment.
Working Capital Swings Drive Cash Flow
Working capital changes ranged from -$106.9M to $106.9M across the last ten quarters, causing significant cash flow volatility, as reported in quarterly data.
The working capital swings are the primary driver of the volatile operating cash flow, with changes in receivables, inventory, and payables causing large quarterly fluctuations. This suggests that PATK's cash conversion cycle is sensitive to demand changes, and the company may be managing inventory levels aggressively to align with order patterns.
Capital Returns Balanced with Acquisitions
PATK returned $16.3M in dividends and repurchased $14.7M in shares in 2026Q2, while also deploying $6.7M in acquisitions, per recent filings.
The company consistently pays dividends and occasionally repurchases shares, but the amounts are modest relative to FCF. Acquisition activity has been sporadic, with a large $329.5M outflow in 2024Q1, indicating that M&A is a key part of the capital deployment strategy, though it may strain liquidity in certain quarters.
Cumulative Earnings Outpace Cash Flow
Over the last ten quarters, cumulative net income of $356.4M exceeds cumulative operating cash flow of $725.2M, but the gap is driven by working capital timing, per data.
The cumulative operating cash flow is actually higher than net income, which is a positive sign, but the quarterly divergence is large. This suggests that while earnings are backed by cash generation over time, the timing of cash flows is unpredictable, and investors should focus on the longer-term trend rather than quarterly fluctuations.
What the Cash Flow Statement Obscures
Stock-based compensation averaged $5M per quarter, and acquisition outflows reached $329.5M in 2024Q1, potentially masking true cash generation, per reported data.
While SBC is modest, the large acquisition outflows and working capital swings can obscure the underlying cash generation. The $329.5M acquisition in 2024Q1 significantly reduced cash, but the subsequent quarters show recovery, suggesting that M&A is a strategic use of cash that may not be fully reflected in quarterly FCF. Investors should consider the cumulative effect of these items when assessing cash flow quality.