Revenue growth has stalled with a 0.6% year-over-year contraction in 2026Q1, while gross margins have compressed to 20.3% from 23.1% in 2024Q3 due to difficulty passing through costs.
| 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 |
|---|
| Sales/Revenue | 3.94B | 3.95B | 3.72B | 3.47B | 4.88B | 4.08B | 2.49B | 2.34B | 2.26B | 1.64B | 1.22B | 920.33M | 735.72M | 594.93M | 437.37M | 307.82M | 278.23M | 212.52M | 325.15M | 435.2M | 347.63M | 323.4M | 301.55M | 274.68M | 308.75M | 293.07M | 361.62M | 457.36M | 453.5M | 410.6M | 403.5M |
| Revenue Growth % | 4.2% | 6.33% | 7.14% | -28.96% | 19.71% | 64% | 6.4% | 3.27% | 38.36% | 33.86% | 32.77% | 25.09% | 23.66% | 36.03% | 42.08% | 10.63% | 30.92% | -34.64% | -25.29% | 25.19% | 7.49% | 7.24% | 9.78% | -11.04% | 5.35% | -18.96% | -20.93% | 0.85% | 10.45% | 1.76% | 11.31% |
| Cost of Goods Sold | 3.06B | 3.04B | 2.88B | 2.69B | 3.82B | 3.28B | 2.03B | 1.91B | 1.85B | 1.36B | 1.02B | 768.05M | 617.21M | 503.91M | 371.62M | 263.51M | 248.59M | 189.64M | 297.91M | 384.74M | 305.57M | 285.26M | 265.67M | 242.5M | 269.56M | 259.06M | 311.48M | 391.11M | 386.4M | 352.6M | 345.6M |
| COGS % of Revenue | - | 76.89% | 77.5% | 77.44% | 78.29% | 80.35% | 81.54% | 81.91% | 81.62% | 82.95% | 83.43% | 83.45% | 83.89% | 84.7% | 84.97% | 85.61% | 89.35% | 89.23% | 91.62% | 88.41% | 87.9% | 88.21% | 88.1% | 88.28% | 87.31% | 88.39% | 86.13% | 85.52% | 85.2% | 85.87% | 85.65% |
| Gross Profit | 887.12M | 912.86M | 835.89M | 782.23M | 1.06B | 801.19M | 459.02M | 422.87M | 415.87M | 278.92M | 202.47M | 152.28M | 118.5M | 91.02M | 65.74M | 44.31M | 29.64M | 22.88M | 27.24M | 50.46M | 42.06M | 38.14M | 35.88M | 32.18M | 39.19M | 34.01M | 50.14M | 66.24M | 67.1M | 58M | 57.9M |
| Gross Margin % | 22.49% | 23.11% | 22.5% | 22.56% | 21.71% | 19.65% | 18.46% | 18.09% | 18.38% | 17.05% | 16.57% | 16.55% | 16.11% | 15.3% | 15.03% | 14.39% | 10.65% | 10.77% | 8.38% | 11.59% | 12.1% | 11.79% | 11.9% | 11.72% | 12.69% | 11.61% | 13.87% | 14.48% | 14.8% | 14.13% | 14.35% |
| Gross Profit Growth % | - | 9.21% | 6.86% | -26.2% | 32.29% | 74.55% | 8.55% | 1.68% | 49.1% | 37.76% | 32.96% | 28.5% | 30.19% | 38.45% | 48.38% | 49.5% | 29.54% | -16.01% | -46.02% | 19.96% | 10.29% | 6.3% | 11.49% | -17.89% | 15.23% | -32.17% | -24.31% | -1.28% | 15.69% | 0.17% | 8.63% |
| Operating Expenses | 611.98M | 636.87M | 577.85M | 522.03M | 563.77M | 449.48M | 285.64M | 268.43M | 237.45M | 157.01M | 111.63M | 82.31M | 67M | 50.51M | 38.94M | 31.08M | 26.1M | 21.53M | 97.27M | 48.04M | 35.91M | 34.3M | 34.21M | 31.36M | 37.88M | 42.17M | 48.62M | 52.68M | 50.5M | 43.1M | 39.1M |
| OpEx % of Revenue | - | 16.12% | 15.55% | 15.05% | 11.55% | 11.02% | 11.49% | 11.49% | 10.49% | 9.6% | 9.14% | 8.94% | 9.11% | 8.49% | 8.9% | 10.1% | 9.38% | 10.13% | 29.92% | 11.04% | 10.33% | 10.61% | 11.34% | 11.42% | 12.27% | 14.39% | 13.44% | 11.52% | 11.14% | 10.5% | 9.69% |
| Selling, General & Admin | 539.17M | 539.56M | 481.57M | 443.34M | 490.54M | 393.15M | 244.78M | 232.52M | 203.24M | 137.64M | 98.26M | 73.52M | 62.52M | 48.14M | 37.42M | 30.25M | 25.53M | 22.38M | 43.39M | 49.22M | 35.91M | 34.3M | 34.21M | 31.36M | 37.88M | 42.17M | 40.38M | 43.77M | 42.9M | 37.3M | 34.6M |
| SG&A % of Revenue | - | 13.66% | 12.96% | 12.78% | 10.05% | 9.64% | 9.84% | 9.95% | 8.98% | 8.42% | 8.04% | 7.99% | 8.5% | 8.09% | 8.56% | 9.83% | 9.18% | 10.53% | 13.35% | 11.31% | 10.33% | 10.61% | 11.34% | 11.42% | 12.27% | 14.39% | 11.17% | 9.57% | 9.46% | 9.08% | 8.58% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 97.31M | 96.28M | 78.69M | 73.23M | 56.33M | 40.87M | 35.91M | 34.21M | 19.37M | 13.37M | 8.79M | 4.48M | 2.37M | 1.52M | 829K | 564K | -848K | 53.88M | -1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 8.24M | 8.9M | 7.6M | 5.8M | 4.5M |
| Operating Income | 275.14M | 275.99M | 258.04M | 260.2M | 496.17M | 351.71M | 173.37M | 154.44M | 178.41M | 121.9M | 90.84M | 69.92M | 51.47M | 40.95M | 27.04M | 13.47M | 6.41M | 1.35M | -70.23M | -2.13M | 6.15M | 3.84M | 1.67M | 589K | 1.05M | -8.58M | 1.52M | 13.57M | 16.6M | 14.9M | 18.8M |
| Operating Margin % | 6.98% | 6.99% | 6.94% | 7.5% | 10.16% | 8.62% | 6.97% | 6.61% | 7.88% | 7.45% | 7.43% | 7.6% | 7% | 6.88% | 6.18% | 4.38% | 2.3% | 0.63% | -21.6% | -0.49% | 1.77% | 1.19% | 0.55% | 0.21% | 0.34% | -2.93% | 0.42% | 2.97% | 3.66% | 3.63% | 4.66% |
| Operating Income Growth % | - | 6.96% | -0.83% | -47.56% | 41.07% | 102.86% | 12.26% | -13.44% | 46.36% | 34.2% | 29.92% | 35.84% | 25.71% | 51.42% | 100.67% | 110.35% | 375.58% | 101.92% | -3200.38% | -134.58% | 60.43% | 129.42% | 183.88% | -43.85% | 112.23% | -662.89% | -88.77% | -18.27% | 11.41% | -20.74% | 6.21% |
| EBITDA | 445.48M | 446.2M | 424.58M | 404.74M | 626.93M | 456.52M | 246.64M | 217.24M | 233.47M | 155.44M | 115.2M | 78.7M | 55.95M | 43.32M | 28.56M | 18.39M | 11.38M | 1.7M | -62.16M | 4.62M | 10.24M | 8.25M | 6.61M | 6.49M | 7.34M | -1.07M | 9.76M | 22.47M | 24.2M | 20.7M | 23.3M |
| EBITDA Margin % | 11.29% | 11.29% | 11.43% | 11.67% | 12.84% | 11.19% | 9.92% | 9.3% | 10.32% | 9.5% | 9.43% | 8.55% | 7.6% | 7.28% | 6.53% | 5.97% | 4.09% | 0.8% | -19.12% | 1.06% | 2.95% | 2.55% | 2.19% | 2.36% | 2.38% | -0.36% | 2.7% | 4.91% | 5.34% | 5.04% | 5.77% |
| EBITDA Growth % | 2.85% | 5.09% | 4.9% | -35.44% | 37.33% | 85.09% | 13.54% | -6.95% | 50.2% | 34.93% | 46.37% | 40.68% | 29.16% | 51.65% | 55.31% | 61.66% | 569.18% | 102.73% | -1445.43% | -54.88% | 24.15% | 24.71% | 1.97% | -11.69% | 788.75% | -110.92% | -56.56% | -7.15% | 16.91% | -11.16% | 9.39% |
| D&A (Non-Cash Add-back) | 170.34M | 170.21M | 166.54M | 144.54M | 130.76M | 104.81M | 73.27M | 62.8M | 55.05M | 33.54M | 24.36M | 8.79M | 4.48M | 2.37M | 1.52M | 4.92M | 4.97M | 353K | 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 |
| EBIT | 250.72M | 251.57M | 258.04M | 260.2M | 496.17M | 351.71M | 173.37M | 154.44M | 178.41M | 121.9M | 90.84M | 69.92M | 51.47M | 40.52M | 25.31M | 12.78M | 6.67M | 530K | -70.23M | -2.13M | 6.15M | 3.84M | 1.71M | 824K | 1.32M | -8.15M | 1.52M | 13.57M | 16.7M | 14.87M | 18.8M |
| Net Interest Income | -73.78M | -74.51M | -79.47M | -68.94M | -60.76M | -57.89M | -43M | -36.62M | -26.44M | -8.79M | -7.18M | -4.32M | -2.39M | -2.17M | -4.04M | -4.47M | -5.52M | -6.44M | -6.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 73.78M | 74.51M | 79.47M | 68.94M | 60.76M | 57.89M | 43M | 36.62M | 26.44M | 8.79M | 7.18M | 4.32M | 2.39M | 2.17M | 4.04M | 4.47M | 5.52M | 6.44M | 6.38M | 6.53M | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -98.2M | -98.93M | -79.47M | -68.94M | -60.76M | -57.89M | -43M | -36.62M | -26.44M | -8.79M | -7.18M | -4.32M | -2.39M | -2.17M | -5.77M | -5.17M | -5.26M | -7.26M | -6.38M | -6.53M | -1.63M | -1.4M | -671.06K | -679.64K | -891.26K | -961.8K | -8.88M | -1.39M | -1.2M | -1.17M | -1.1M |
| Pretax Income | 176.94M | 177.06M | 178.57M | 191.26M | 435.41M | 293.82M | 130.37M | 117.83M | 151.98M | 113.11M | 83.65M | 65.6M | 49.08M | 38.77M | 21.27M | 8.31M | 1.15M | -5.91M | -76.61M | -8.66M | 4.52M | 2.44M | 1M | -90.65K | 157.62K | -9.54M | -7.35M | 12.17M | 15.5M | 13.7M | 17.7M |
| Pretax Margin % | 4.49% | 4.48% | 4.81% | 5.51% | 8.92% | 7.2% | 5.24% | 5.04% | 6.72% | 6.92% | 6.85% | 7.13% | 6.67% | 6.52% | 4.86% | 2.7% | 0.41% | -2.78% | -23.56% | -1.99% | 1.3% | 0.75% | 0.33% | -0.03% | 0.05% | -3.26% | -2.03% | 2.66% | 3.42% | 3.34% | 4.39% |
| Income Tax | 40.64M | 42.01M | 40.17M | 48.36M | 107.21M | 68.91M | 33.31M | 28.26M | 32.15M | 27.39M | 28.07M | 23.38M | 18.4M | 14.73M | -6.82M | -163K | -81K | -469K | -9.95M | -2.81M | 1.89M | 1.02M | 400K | -35.2K | 63.1K | -3.77M | -2.82M | 4.77M | 6.2M | 5.4M | 6.9M |
| Effective Tax Rate % | 22.97% | 23.72% | 22.49% | 25.29% | 24.62% | 23.45% | 25.55% | 23.98% | 21.15% | 24.22% | 33.56% | 35.64% | 37.5% | 38% | -32.08% | -1.96% | -7.07% | 7.93% | 12.99% | 32.51% | 41.87% | 41.64% | 39.93% | 38.83% | 40.03% | 39.51% | 38.36% | 39.18% | 40% | 39.42% | 38.98% |
| 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 |
| Net Margin % | 3.46% | 3.42% | 3.72% | 4.12% | 6.72% | 5.52% | 3.9% | 3.83% | 5.3% | 5.24% | 4.55% | 4.59% | 4.17% | 4.04% | 6.42% | 2.75% | 0.44% | -2.13% | -21.99% | -1.34% | 0.76% | 0.44% | 0.2% | -0.02% | 0.03% | -1.97% | -1.25% | 1.62% | 2.05% | 2.02% | 2.68% |
| Net Income Growth % | -3.71% | -2.42% | -3.15% | -56.46% | 45.92% | 131.73% | 8.37% | -25.26% | 39.8% | 54.23% | 31.64% | 37.64% | 27.6% | -14.43% | 231.7% | 590.86% | 127.12% | 93.68% | -1123.81% | -322.25% | 84.62% | 137.01% | 1183.53% | -158.66% | 101.64% | -27.3% | -161.23% | -20.38% | 12.05% | -23.15% | 6.93% |
| Net Income (Continuing) | 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 | -5.44M | -66.66M | -5.84M | 2.63M | 1.42M | 601K | -55.45K | 94.52K | -5.77M | -4.53M | 7.4M | 9.3M | 8.3M | 10.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 498K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 |
| EPS (Diluted) | 3.78 | 3.90 | 4.11 | 6.50 | 13.50 | 9.63 | 4.20 | 3.85 | 4.93 | 3.48 | 2.43 | 1.81 | 1.28 | 0.99 | 1.17 | 0.37 | 0.05 | -0.22 | -3.97 | -0.46 | 0.24 | 0.13 | 0.06 | -0.00 | 0.01 | -0.57 | -0.40 | 0.57 | 0.70 | 0.62 | 0.80 |
| EPS Growth % | -6.47% | -5.11% | -36.77% | -51.85% | 40.19% | 129.29% | 9.09% | -21.91% | 41.67% | 43.21% | 34.25% | 41.41% | 29.29% | -15.38% | 216.22% | 594.18% | 124.23% | 94.46% | -763.04% | -291.67% | 84.62% | 124.91% | - | - | 101.56% | -42.5% | -170.18% | -18.57% | 12.9% | -22.5% | 5.26% |
| EPS (Basic) | - | 4.16 | 4.25 | 6.65 | 14.97 | 9.87 | 4.27 | 3.88 | 4.99 | 3.54 | 2.47 | 1.84 | 1.28 | 1.00 | 1.18 | 0.39 | 0.06 | -0.22 | -3.97 | -0.46 | 0.24 | 0.13 | 0.06 | -0.00 | 0.01 | -0.57 | -0.40 | 0.58 | 0.70 | 0.62 | 0.80 |
| Diluted Shares Outstanding | 36.05M | 34.64M | 33.7M | 22.02M | 24.3M | 23.36M | 23.09M | 23.28M | 24.32M | 24.64M | 22.9M | 23.25M | 24.06M | 24.27M | 23.93M | 22.85M | 22.19M | 20.7M | 18.02M | 12.72M | 11.16M | 10.68M | 10.4M | 12.48M | 10.63M | 10.15M | 11.46M | 12.91M | 13.33M | 13.44M | 13.5M |
| Basic Shares Outstanding | 32.49M | 32.49M | 32.57M | 22M | 21.93M | 23.36M | 22.73M | 23.06M | 24M | 24.23M | 22.52M | 22.98M | 23.93M | 24.15M | 23.76M | 21.95M | 21.04M | 20.7M | 18.02M | 12.72M | 10.95M | 10.68M | 10.4M | 12.48M | 10.63M | 10.15M | 11.46M | 12.82M | 13.24M | 13.34M | 13.43M |
| Dividend Payout Ratio | - | 40.93% | 36.26% | 29.49% | 10.02% | 12.02% | 24.35% | 6.47% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 769.62% | - | - | 12.41% | 9.68% | 10.84% | 9.26% |
Cyclical OEM Demand Sensitivity
According to the most recent quarterly data, Patrick Industries experienced a revenue contraction of 0.6% year-over-year, signaling a potential deceleration in demand as the company navigates the volatile production schedules inherent to the recreational vehicle and marine manufacturing sectors that drive its primary top-line performance.
The recent dip in revenue suggests that the company is struggling to maintain momentum against a backdrop of shifting OEM production volumes. Investors should monitor whether this contraction represents a temporary inventory adjustment or a more sustained softening in consumer appetite for high-ticket discretionary goods.
As reported in the latest financial statements, the company's gross margin compressed to 20.3% in 2026Q1, a notable decline from the 23.1% level observed in 2024Q3, which highlights the inherent difficulty in passing through fluctuating raw material costs to OEMs during periods of slowing production.
This margin erosion appears to indicate that Patrick Industries lacks the pricing power to fully insulate its profitability from commodity price volatility. The reliance on variable-cost manufacturing suggests that margins will likely remain sensitive to volume fluctuations until the company can achieve better operating leverage.
Based on the provided income statement figures, operating margins have tightened to 6.5% in the most recent quarter, suggesting that the company's fixed cost base is not scaling efficiently as revenue growth stalls and competitive pressures in the component supply chain continue to intensify.
The inability to maintain operating margins above the 8% threshold seen in previous periods implies that the company's decentralized manufacturing footprint may be creating a drag on profitability during down-cycles. Further investigation into the fixed-to-variable cost ratio is warranted to determine if structural inefficiencies are emerging.
Analysis of the income statement reveals that stock-based compensation remains a consistent expense, totaling $6.0 million in 2026Q1, which represents a significant portion of net income and warrants scrutiny regarding the dilutionary impact on shareholders during periods of stagnant earnings growth.
The persistence of these non-cash expenses suggests that reported net income may overstate the actual cash-generative capacity of the business. Investors should be cautious of the gap between GAAP earnings and operational cash flow, particularly as the company continues its aggressive acquisition-led growth strategy.
While management pursues a roll-up strategy to diversify, the recent financial data suggests that the integration of these acquisitions may be masking underlying operational weakness, as evidenced by the 0.6% revenue decline despite the company's ongoing efforts to expand its SKU catalog and market share.
Short-sellers may focus on the potential for 'integration fatigue' and the risk that the company is overpaying for assets at the peak of the cycle. The reliance on inorganic growth may be creating a false sense of stability that could unravel if the core RV and marine markets face a prolonged downturn.
Quick answers to the most common questions about buying PATK stock.
For fiscal year 2025, Patrick Industries, Inc. (PATK) reported total revenue of $3.95B. This represents a 879.1% increase compared to $403.5M in 1996.
Patrick Industries, Inc. (PATK) is profitable, generating $135.1M in net income for the fiscal year ending 2025 with a net profit margin of 3.4%.
Patrick Industries, Inc. (PATK) reported an operating income of $276.0M, resulting in an operating profit margin of 7.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Patrick Industries, Inc. (PATK) generated $912.9M in gross profit for the year, representing a gross profit margin of 23.1%. This demonstrates the company's core pricing power and production efficiency.