Patria Investments Limited(PAX)Earnings, Financials & Key Ratios

PAX•NASDAQ•Banking & Credit

$12.92

$2.06B mkt cap·23.9× P/E·Price updated May 6, 2026

SectorFinancial Services IndustryAsset Management Sub-IndustryAlternative asset managers

AboutPatria Investments Limited operates as a private market investment firm focused on investing in Latin America. The company offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and credit funds. Patria Investments Limited was founded in 1994 and is headquartered in Grand Cayman, the Cayman Islands.Show more

Net Interest Income-$39M-242.0%
Total Revenue$384M+2.6%
Net Income$86M+19.1%
Return on Equity15.15%+6.7%
Net Interest Margin-2.62%-176.9%
Efficiency Ratio61.99%+47.0%
ROA6.35%-2.0%
Equity / Assets42.9%+5.4%
Book Value per Share4.05+26.5%
Tangible BV/Share-1.17+14.2%
Debt/Equity0.27-46.3%

Technical→

PAX Key Insights

Patria Investments Limited (PAX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Well capitalized: 42.9% equity/assets
✓Good 3Y average ROE of 17.4%
✓Diversified revenue: 110.2% from non-interest income

✗Weaknesses

✗Weak NIM of -2.6%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

PAX Price & Volume

Patria Investments Limited (PAX) stock price & volume — 10-year historical chart

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PAX Growth Metrics

Patria Investments Limited (PAX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years27.25%

3 Years14.03%

TTM-

Profit CAGR

10 Years-

5 Years6.59%

3 Years-2.71%

TTM19.06%

EPS CAGR

10 Years-

5 Years2.82%

3 Years-5.01%

TTM10.82%

Return on Capital

10 Years40.25%

5 Years25.06%

3 Years21.09%

Last Year13.78%

PAX Recent Earnings

Patria Investments Limited (PAX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 6/12 qtrs (50%)●Beat Revenue 5/12 qtrs (42%)

Q1 2026Latest

Feb 3, 2026

EPS

$0.50

Est $0.47

+6.4%

Revenue

$131M

Est $117M

+12.1%

Q4 2025

Nov 4, 2025

EPS

$0.30

Est $0.26

+15.4%

Revenue

$87M

Est $117M

-26.3%

Q3 2025

Aug 1, 2025

EPS

$0.24

Est $0.30

-20.0%

Revenue

$83M

Est $84M

-1.8%

Q2 2025

May 2, 2025

EPS

$0.23

Est $0.25

-8.0%

Revenue

$80M

Est $99M

-19.3%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 3, 2026	$0.50vs $0.47+6.4%	$131Mvs $117M+12.1%
Q4 2025	Nov 4, 2025	$0.30vs $0.26+15.4%	$87Mvs $117M-26.3%
Q3 2025	Aug 1, 2025	$0.24vs $0.30-20.0%	$83Mvs $84M-1.8%
Q2 2025	May 2, 2025	$0.23vs $0.25-8.0%	$80Mvs $99M-19.3%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
BXBlackstone Inc.Direct Competitor	97.7B	124.69	32.14	21.58%		14.35%	0.61
KKRKKR & Co. Inc.Direct Competitor	89.86B	100.79	43.07	-10.99%		3.19%	0.67
APOApollo Global Management, Inc.Direct Competitor	74.68B	129.53	17.84	16.03%		12.07%	0.31
CGThe Carlyle Group Inc.Direct Competitor	18.35B	50.80	23.30	19.8%		11.98%	1.97
EQTEQT CorporationDirect Competitor	35.81B	57.36	17.33	73.74%	33.4%	12.41%	0.29
BAMBrookfield Asset Management Ltd.Product Competitor	81.63B	48.64	38.00	-2.02%		24.4%	0.07
ARESAres Management CorporationProduct Competitor	40.68B	123.86	63.19	66.55%		6.25%	1.71
BNBrookfield CorporationProduct Competitor	104.26B	46.45	9999	-9.71%		0.79%	1.59

Compare PAX vs Peers

Patria Investments Limited (PAX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

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Most directly comparable listed peer for PAX.

Scale Benchmark

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Peer Set

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PAX Income Statement

Patria Investments Limited (PAX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Net Interest Income	-303K	936K	-865K	-1.02M	-1.81M	-1.24M	-11.4M	-39M
NII Growth %	-	408.91%	-192.41%	-18.15%	-76.81%	31.21%	-817.3%	-242.05%
Net Interest Margin %	-0.25%	0.81%	-0.81%	-0.13%	-0.19%	-0.12%	-0.95%	-2.62%
Interest Income	26K	936K	4K	0	0	0	0	-39M
Interest Expense	206K	0	869K	1.02M	1.81M	1.24M	11.4M	0
Loan Loss Provision	41.21M	43.19M	9.76M	13.61M	33.02M	37.49M	39.09M	14.6M
Non-Interest Income	105.64M	122.55M	115.01M	235.51M	258.88M	327.62M	374.2M	422.8M
Non-Interest Income %	99.98%	99.24%	100%	100%	100%	100%	100%	110.16%
Total Revenue	105.67M▲ 0%	123.48M▲ 16.9%	115.02M▼ 6.9%	235.51M▲ 104.8%	258.88M▲ 9.9%	327.62M▲ 26.6%	374.2M▲ 14.2%	383.8M▲ 2.6%
Revenue Growth %	-	16.86%	-6.86%	104.77%	9.92%	26.55%	14.22%	2.56%
Non-Interest Expense	17.72M	15.47M	37.18M	83.66M	93.64M	125.03M	157.81M	237.9M
Efficiency Ratio	16.77%	12.53%	32.32%	35.52%	36.17%	38.16%	42.17%	61.99%
Operating Income	46.54M▲ 0%	64.83M▲ 39.3%	67.21M▲ 3.7%	137.22M▲ 104.2%	130.41M▼ 5.0%	163.86M▲ 25.6%	165.9M▲ 1.2%	131.3M▼ 20.9%
Operating Margin %	44.04%	52.5%	58.43%	58.27%	50.38%	50.01%	44.33%	34.21%
Operating Income Growth %	-	39.29%	3.68%	104.18%	-4.97%	25.65%	1.25%	-20.86%
Pretax Income	46.46M▲ 0%	64.45M▲ 38.7%	64.98M▲ 0.8%	121.57M▲ 87.1%	102.45M▼ 15.7%	118M▲ 15.2%	85.99M▼ 27.1%	92.2M▲ 7.2%
Pretax Margin %	43.96%	52.19%	56.49%	51.62%	39.58%	36.02%	22.98%	24.02%
Income Tax	1.99M	3.51M	3.14M	381K	8.35M	-2.82M	10.31M	1.7M
Effective Tax Rate %	4.29%	5.45%	4.83%	0.31%	8.15%	-2.39%	11.98%	1.84%
Net Income	43.67M▲ 0%	58.54M▲ 34.1%	62.21M▲ 6.3%	122.48M▲ 96.9%	92.96M▼ 24.1%	118.4M▲ 27.4%	71.88M▼ 39.3%	85.6M▲ 19.1%
Net Margin %	41.33%	47.41%	54.09%	52%	35.91%	36.14%	19.21%	22.3%
Net Income Growth %	-	34.05%	6.27%	96.88%	-24.1%	27.37%	-39.29%	19.1%
Net Income (Continuing)	44.46M	60.94M	61.84M	121.19M	94.1M	120.81M	75.69M	90.5M
EPS (Diluted)	0.37▲ 0%	0.44▲ 18.9%	0.47▲ 6.8%	0.90▲ 91.5%	0.63▼ 30.0%	0.80▲ 27.0%	0.47▼ 41.3%	0.54▲ 14.9%
EPS Growth %	-	18.92%	6.82%	91.49%	-30%	26.98%	-41.25%	14.89%
EPS (Basic)	0.37	0.44	0.47	0.90	0.63	0.80	0.47	0.54
Diluted Shares Outstanding	117M	133.65M	133.65M	135.98M	147.23M	148.68M	153.59M	157.97M

PAX Balance Sheet

Patria Investments Limited (PAX) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash & Short Term Investments	42.11M	37.15M	23.98M	167.13M	72.06M	33.2M	38.37M	90.1M
Cash & Due from Banks	2.35M	4.12M	14.05M	15.26M	26.52M	16.05M	33.42M	55M
Short Term Investments	39.77M	33.03M	9.93M	151.87M	45.54M	17.15M	4.96M	35.1M
Total Investments	61.56M	36.7M	11.91M	170.14M	88.78M	75.8M	54.98M	79.6M
Investments Growth %	-	-40.39%	-67.53%	1327.98%	-47.82%	-14.62%	-27.46%	44.77%
Long-Term Investments	21.8M	3.67M	1.99M	18.28M	43.23M	58.65M	50.03M	44.5M
Accounts Receivables	8.66M	11.01M	24.02M	97.12M	125.41M	127.36M	217.13M	116.5M
Goodwill & Intangibles	31.55M	25.46M	22.36M	358.91M	411.52M	487.01M	700.87M	824.2M
Goodwill	0	0	0	242.89M	276.82M	311.17M	355.96M	0
Intangible Assets	31.55M	25.46M	22.36M	116.02M	134.7M	175.84M	344.91M	824.2M
PP&E (Net)	3.51M	6.6M	3.96M	16.45M	26.41M	30.2M	34.87M	42.4M
Other Assets	1.07M	16.31M	22.89M	11.92M	13.69M	18.66M	31.84M	174.9M
Total Current Assets	59.08M	56.82M	53.67M	352.32M	479.64M	401.59M	372.68M	403.6M
Total Non-Current Assets	63.86M	58.03M	53.53M	409M	496.6M	609.99M	833.43M	1.09B
Total Assets	122.94M▲ 0%	114.86M▼ 6.6%	107.2M▼ 6.7%	761.32M▲ 610.2%	976.24M▲ 28.2%	1.01B▲ 3.6%	1.21B▲ 19.2%	1.49B▲ 23.5%
Asset Growth %	-	-6.58%	-6.66%	610.17%	28.23%	3.62%	19.23%	23.5%
Return on Assets (ROA)	35.52%	49.23%	56.03%	28.2%	10.7%	11.91%	6.48%	6.35%
Accounts Payable	1.42M	492K	3.04M	7.22M	3.26M	4.81M	41.79M	0
Total Debt	0	3.1M	1.58M	7.86M	16.09M	15.84M	250.41M	174.9M
Net Debt	-2.35M	-1.02M	-12.47M	-7.4M	-10.43M	-214K	216.99M	119.9M
Long-Term Debt	0	0	0	0	0	0	149.45M	174.9M
Short-Term Debt	0	0	0	0	0	0	78.52M	0
Other Liabilities	23.1M	4.78M	3.1M	33.9M	110.93M	79.92M	147.84M	282.7M
Total Current Liabilities	22.16M	19.04M	44.04M	156.23M	338M	397.5M	397.39M	393M
Total Non-Current Liabilities	23.16M	7.07M	4.09M	40.81M	124.78M	92.74M	317.79M	457.6M
Total Liabilities	45.32M	26.11M	48.13M	197.04M	462.78M	490.24M	715.17M	850.6M
Total Equity	77.62M▲ 0%	88.75M▲ 14.3%	59.07M▼ 33.4%	564.28M▲ 855.2%	513.46M▼ 9.0%	521.34M▲ 1.5%	490.93M▼ 5.8%	639M▲ 30.2%
Equity Growth %	-	14.33%	-33.44%	855.23%	-9.01%	1.54%	-5.83%	30.16%
Equity / Assets (Capital Ratio)	63.14%	77.27%	55.1%	74.12%	52.6%	51.54%	40.7%	42.9%
Return on Equity (ROE)	56.26%	70.37%	84.17%	39.3%	17.25%	22.88%	14.2%	15.15%
Book Value per Share	0.66	0.66	0.44	4.15	3.49	3.51	3.20	4.05
Tangible BV per Share	0.39	0.47	0.27	1.51	0.69	0.23	-1.37	-1.17
Common Stock	1K	1K	1K	15K	15K	15K	15K	0
Additional Paid-in Capital	1.56M	1.56M	1.56M	485.18M	485.18M	500.69M	527.24M	589.4M
Retained Earnings	72.91M	85.48M	62M	87.95M	77.58M	50.83M	0	0
Accumulated OCI	-2.85M	-5.88M	-6.24M	-8.86M	-9.98M	-9.05M	-46.18M	28.8M
Treasury Stock	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0

PAX Cash Flow Statement

Patria Investments Limited (PAX) cash flow — operating, investing & free cash flow history

Line item	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	39.52M	44.47M	52.7M	107.56M	81.05M	156.72M	145.95M	0
Operating CF Growth %	-	12.52%	18.5%	104.12%	-24.65%	93.37%	-6.88%	-100%
Net Income	44.46M	58.54M	62.21M	121.19M	94.1M	120.81M	75.69M	85.6M
Depreciation & Amortization	7.2M	8.28M	7.69M	8.76M	21.2M	27.12M	35.82M	0
Deferred Taxes	1.99M	3.51M	0	381K	8.35M	-2.82M	10.31M	0
Other Non-Cash Items	-6.99M	-4.43M	1.14M	-345K	-20M	-7.83M	15.91M	-85.6M
Working Capital Changes	-7.14M	-21.43M	-18.34M	-23.19M	-23.33M	17.97M	-10.87M	0
Cash from Investing	7.81M	11.25M	23.51M	-284.23M	-189.35M	62.17M	25.31M	0
Purchase of Investments	0	-13.03M	0	-159.62M	-256.76M	-9.79M	-3.83M	0
Sale/Maturity of Investments	9.22M	24.43M	24.17M	159.62M	108.86M	31.08M	10.68M	0
Net Investment Activity	9.22M	11.4M	24.17M	0	-147.9M	21.28M	6.84M	0
Acquisitions	0	-68K	0	-122.77M	-34.73M	-7.16M	-112.57M	0
Other Investing	-408K	143K	0	-159.62M	0	53.91M	134.65M	0
Cash from Financing	-48.01M	-53.77M	-66.24M	177.89M	118.55M	-229.63M	-151.65M	0
Dividends Paid	-38.01M	-46.4M	-60.93M	-119.79M	-103.33M	-145.15M	-132.38M	0
Share Repurchases	0	0	0	0	0	-65.16M	-141.3M	0
Stock Issued	0	0	0	302.72M	230M	0	0	0
Net Stock Activity	0	0	0	302.72M	230M	-65.16M	-141.3M	0
Debt Issuance (Net)	0	-987K	-893K	-832K	-1000K	-1000K	1000K	0
Other Financing	-10M	-6.39M	-4.42M	-4.21M	-6.47M	-15.91M	-90.6M	0
Net Change in Cash	-978K▲ 0%	1.77M▲ 281.4%	9.93M▲ 459.9%	1.21M▼ 87.8%	11.26M▲ 828.6%	-10.47M▼ 193.0%	17.37M▲ 265.9%	21.58M▲ 24.3%
Exchange Rate Effect	-293K	-175K	-35K	-12K	1M	267K	-2.24M	21.58M
Cash at Beginning	3.32M	2.35M	4.12M	14.05M	15.26M	26.52M	16.05M	33.42M
Cash at End	2.35M	4.12M	14.05M	15.26M	26.52M	16.05M	33.42M	55M
Interest Paid	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0
Free Cash Flow	38.09M▲ 0%	44.25M▲ 16.2%	52.03M▲ 17.6%	105.72M▲ 103.2%	74.34M▼ 29.7%	141.71M▲ 90.6%	137.66M▼ 2.9%	0▼ 100.0%
FCF Growth %	-	16.18%	17.59%	103.17%	-29.68%	90.62%	-2.85%	-100%

PAX Banking Ratios

Patria Investments Limited (PAX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	56.26%	70.37%	84.17%	39.3%	17.25%	22.88%	14.2%	15.15%
Return on Assets (ROA)	35.52%	49.23%	56.03%	28.2%	10.7%	11.91%	6.48%	6.35%
Net Interest Margin	-0.25%	0.81%	-0.81%	-0.13%	-0.19%	-0.12%	-0.95%	-2.62%
Efficiency Ratio	16.77%	12.53%	32.32%	35.52%	36.17%	38.16%	42.17%	61.99%
Equity / Assets	63.14%	77.27%	55.1%	74.12%	52.6%	51.54%	40.7%	42.9%
Book Value / Share	0.66	0.66	0.44	4.15	3.49	3.51	3.2	4.05
NII Growth	-	408.91%	-192.41%	-18.15%	-76.81%	31.21%	-817.3%	-242.05%
Dividend Payout	87.04%	79.26%	97.94%	97.81%	111.16%	122.59%	184.19%	-

PAX Frequently Asked Questions

Patria Investments Limited (PAX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Patria Investments Limited (PAX) grew revenue by 2.6% over the past year. Growth has been modest.

Yes, Patria Investments Limited (PAX) is profitable, generating $85.5M in net income for fiscal year 2025 (22.3% net margin).

Dividend & Returns

Patria Investments Limited (PAX) has a return on equity (ROE) of 15.2%. This is reasonable for most industries.

Industry Metrics

Patria Investments Limited (PAX) has a net interest margin (NIM) of -2.6%. NIM has been under pressure due to interest rate environment.

Patria Investments Limited (PAX) has an efficiency ratio of 62.0%. This is reasonable for a bank.

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Patria Investments Limited (PAX) financial analysis — history, returns, DCA and operating performance tools

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Financial Ratios

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Patria Investments Limited(PAX)Earnings, Financials & Key Ratios

PAX Key Insights

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✗Weaknesses

PAX Price & Volume

PAX Growth Metrics

Revenue CAGR

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Return on Capital

PAX Recent Earnings

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