Cash generation remains highly volatile, evidenced by a negative $106.9 million working capital outflow in 2026Q1 and an operating cash flow to net income ratio of -0.35.
| 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 | 275.33M | 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 % | -181.16% | 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 | 136.3M | 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 | 170.34M | 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 | 19.8M | 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 | 45.06M | 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 | 2.09M | 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 | -98.25M | -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 | 109.61M | 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 | -30.32M | -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 | -48.49M | -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 | -166.34M | -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 | -81.68M | -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 | 2.07% | 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 | 25.38M | 0 | -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 | -110.04M | -123.56M | -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 | -158.08M | -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) | -141.25M | -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) | -23.46M | -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 | -41.41M | -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 | -23.46M | -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 | 48.04M | -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 | -49.09M | -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 | 193.65M | 246.49M | 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 % | 4.91% | 6.24% | 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 % | -13.37% | -1.86% | -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 | 5.37 | 7.12 | 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) | 1.42x | 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 |
Cyclical Working Capital Volatility
As reported in recent financial filings, PATK's operating cash flow to net income ratio plummeted to -0.35 in 2026Q1, indicating a significant divergence between accounting profits and actual cash generation that warrants close investor scrutiny regarding the sustainability of reported earnings during periods of cyclical downturn.
The sharp negative conversion ratio suggests that the company is struggling to translate net income into cash, likely due to aggressive working capital absorption. Investors should monitor whether this disconnect is a temporary seasonal anomaly or a structural shift in the company's ability to monetize its manufacturing output.
Based on the company's historical cash flow statements, free cash flow margins have exhibited extreme volatility, swinging from a 13.2% peak in 2023Q4 to a -3.3% deficit in 2026Q1, reflecting the high sensitivity of cash generation to fluctuating OEM production schedules and inventory management requirements.
The erratic FCF trajectory underscores the difficulty in maintaining consistent cash flow in a business model heavily reliant on just-in-time component delivery. This instability may indicate that the company's cash generation is highly susceptible to even minor shifts in end-market demand.
According to quarterly data, working capital changes have become a primary driver of cash flow instability, with a massive $106.9 million outflow in 2026Q1 alone, highlighting the company's vulnerability to inventory build-ups and collection delays within the highly cyclical recreational vehicle and marine manufacturing supply chains.
The significant cash absorption from working capital suggests that the company is forced to carry substantial inventory or extend credit to OEMs to maintain its market position. This dynamic appears to be a major drag on liquidity, potentially limiting the company's flexibility during periods of slowing industry demand.
As indicated by recent financial statements, PATK maintains a consistent capital expenditure profile with CapEx-to-revenue ratios hovering near 2% over the last ten quarters, suggesting that the company is prioritizing maintenance and incremental capacity over aggressive, large-scale infrastructure investments in the current cyclical environment.
While the capital intensity appears controlled, the persistent spending despite revenue headwinds suggests a commitment to maintaining its logistical network. Analysts should evaluate whether this level of investment is sufficient to support long-term growth or if it merely sustains the existing, highly cyclical manufacturing footprint.
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 $246.5M 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.