Patrick Industries (PATK)
Market Price (6/26/2026): $92.7 | Market Cap: $3.0 BilSector: Consumer Discretionary | Industry: Automotive Parts & Equipment
Patrick Industries (PATK)
Market Price (6/26/2026): $92.7Market Cap: $3.0 BilSector: Consumer DiscretionaryIndustry: Automotive Parts & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 6.3% Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Outdoor & Recreational Economy, and Future of Housing. Themes include RV & Marine Components, and Modular & Prefabricated Housing. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -0.6% Key risksPATK key risks include [1] a high concentration of sales with two key customers and [2] a significant debt build-up resulting in an elevated leverage ratio. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 6.3% |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Outdoor & Recreational Economy, and Future of Housing. Themes include RV & Marine Components, and Modular & Prefabricated Housing. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -0.6% |
| Key risksPATK key risks include [1] a high concentration of sales with two key customers and [2] a significant debt build-up resulting in an elevated leverage ratio. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/24/2026
Patrick Industries (PATK) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Weakness in the Recreational Vehicle (RV) and Housing Markets.
Patrick Industries' fiscal Q1 2026 (ended March 29, 2026) net sales of $997 million were negatively impacted by lower wholesale industry unit shipments in its RV and Housing markets, despite growth in Marine and Powersports segments. This trend continued with RV retail registrations declining approximately 20% in March and 17% in April 2026, driven by macroeconomic factors such as higher financing costs and elevated fuel prices. These conditions have led to moderating OEM production expectations through the second and third fiscal quarters of 2026.
2. Termination of Merger Discussions with LCI Industries.
On April 17, 2026, Patrick Industries confirmed it was in discussions with LCI Industries regarding a potential merger of equals. However, on May 4, 2026, both companies announced the termination of these discussions, stating they could not agree on mutually acceptable terms. The failure to proceed with this significant strategic transaction likely contributed to investor uncertainty and downward pressure on the stock.
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Patrick Industries (PATK) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Weakness in the Recreational Vehicle (RV) and Housing Markets.
Patrick Industries' fiscal Q1 2026 (ended March 29, 2026) net sales of $997 million were negatively impacted by lower wholesale industry unit shipments in its RV and Housing markets, despite growth in Marine and Powersports segments. This trend continued with RV retail registrations declining approximately 20% in March and 17% in April 2026, driven by macroeconomic factors such as higher financing costs and elevated fuel prices. These conditions have led to moderating OEM production expectations through the second and third fiscal quarters of 2026.
2. Termination of Merger Discussions with LCI Industries.
On April 17, 2026, Patrick Industries confirmed it was in discussions with LCI Industries regarding a potential merger of equals. However, on May 4, 2026, both companies announced the termination of these discussions, stating they could not agree on mutually acceptable terms. The failure to proceed with this significant strategic transaction likely contributed to investor uncertainty and downward pressure on the stock.
Show more
Updated on 6/24/2026
Patrick Industries (PATK) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Weakness in the Recreational Vehicle (RV) and Housing Markets.
Patrick Industries' fiscal Q1 2026 (ended March 29, 2026) net sales of $997 million were negatively impacted by lower wholesale industry unit shipments in its RV and Housing markets, despite growth in Marine and Powersports segments. This trend continued with RV retail registrations declining approximately 20% in March and 17% in April 2026, driven by macroeconomic factors such as higher financing costs and elevated fuel prices. These conditions have led to moderating OEM production expectations through the second and third fiscal quarters of 2026.
2. Termination of Merger Discussions with LCI Industries.
On April 17, 2026, Patrick Industries confirmed it was in discussions with LCI Industries regarding a potential merger of equals. However, on May 4, 2026, both companies announced the termination of these discussions, stating they could not agree on mutually acceptable terms. The failure to proceed with this significant strategic transaction likely contributed to investor uncertainty and downward pressure on the stock.
3. Analyst Downgrades and Price Target Reductions.
Following the fiscal Q1 2026 earnings report and revised market outlook, several investment analysts adjusted their ratings and price targets for PATK. KeyBanc, for instance, lowered its price target to $125 from $140, and Baird reduced its target to $110 from $120. Additionally, Zacks Research downgraded Patrick Industries from a "hold" to a "strong sell" rating on May 5, 2026, and Benchmark reduced its earnings estimates for fiscal years 2026 and 2027.
4. Fiscal Q1 2026 Revenue Miss and Declining Free Cash Flow.
While Patrick Industries reported diluted earnings per share of $1.10 for fiscal Q1 2026, surpassing the consensus forecast of $1.07, its net sales of $997 million fell short of analyst estimates of $1.01 billion and represented a 0.6% decline year-over-year. Concurrently, the company's free cash flow on a trailing twelve-month basis through fiscal Q1 2026 decreased to $194 million, down from $251 million in the prior year period, indicating less cash generated from operations.
Show less
Patrick Industries (PATK) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Weakness in the Recreational Vehicle (RV) and Housing Markets.
Patrick Industries' fiscal Q1 2026 (ended March 29, 2026) net sales of $997 million were negatively impacted by lower wholesale industry unit shipments in its RV and Housing markets, despite growth in Marine and Powersports segments. This trend continued with RV retail registrations declining approximately 20% in March and 17% in April 2026, driven by macroeconomic factors such as higher financing costs and elevated fuel prices. These conditions have led to moderating OEM production expectations through the second and third fiscal quarters of 2026.
2. Termination of Merger Discussions with LCI Industries.
On April 17, 2026, Patrick Industries confirmed it was in discussions with LCI Industries regarding a potential merger of equals. However, on May 4, 2026, both companies announced the termination of these discussions, stating they could not agree on mutually acceptable terms. The failure to proceed with this significant strategic transaction likely contributed to investor uncertainty and downward pressure on the stock.
3. Analyst Downgrades and Price Target Reductions.
Following the fiscal Q1 2026 earnings report and revised market outlook, several investment analysts adjusted their ratings and price targets for PATK. KeyBanc, for instance, lowered its price target to $125 from $140, and Baird reduced its target to $110 from $120. Additionally, Zacks Research downgraded Patrick Industries from a "hold" to a "strong sell" rating on May 5, 2026, and Benchmark reduced its earnings estimates for fiscal years 2026 and 2027.
4. Fiscal Q1 2026 Revenue Miss and Declining Free Cash Flow.
While Patrick Industries reported diluted earnings per share of $1.10 for fiscal Q1 2026, surpassing the consensus forecast of $1.07, its net sales of $997 million fell short of analyst estimates of $1.01 billion and represented a 0.6% decline year-over-year. Concurrently, the company's free cash flow on a trailing twelve-month basis through fiscal Q1 2026 decreased to $194 million, down from $251 million in the prior year period, indicating less cash generated from operations.
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Stock Movement Drivers
Fundamental Drivers
The -24.7% change in PATK stock from 2/28/2026 to 6/25/2026 was primarily driven by a -25.2% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 123.15 | 92.68 | -24.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,951 | 3,945 | -0.2% |
| Net Income Margin (%) | 3.4% | 3.5% | 1.1% |
| P/E Multiple | 29.5 | 22.1 | -25.2% |
| Shares Outstanding (Mil) | 32 | 32 | -0.3% |
| Cumulative Contribution | -24.7% |
Market Drivers
2/28/2026 to 6/25/2026| Return | Correlation | |
|---|---|---|
| PATK | -24.7% | |
| Market (SPY) | 7.3% | 41.2% |
| Sector (XLY) | -2.8% | 38.7% |
Fundamental Drivers
The -13.2% change in PATK stock from 11/30/2025 to 6/25/2026 was primarily driven by a -23.0% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 106.82 | 92.68 | -13.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,873 | 3,945 | 1.9% |
| Net Income Margin (%) | 3.1% | 3.5% | 11.0% |
| P/E Multiple | 28.7 | 22.1 | -23.0% |
| Shares Outstanding (Mil) | 32 | 32 | -0.3% |
| Cumulative Contribution | -13.2% |
Market Drivers
11/30/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| PATK | -13.2% | |
| Market (SPY) | 8.1% | 35.6% |
| Sector (XLY) | -3.7% | 33.7% |
Fundamental Drivers
The 9.7% change in PATK stock from 5/31/2025 to 6/25/2026 was primarily driven by a 13.3% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.46 | 92.68 | 9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,786 | 3,945 | 4.2% |
| Net Income Margin (%) | 3.7% | 3.5% | -7.6% |
| P/E Multiple | 19.5 | 22.1 | 13.3% |
| Shares Outstanding (Mil) | 33 | 32 | 0.5% |
| Cumulative Contribution | 9.7% |
Market Drivers
5/31/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| PATK | 9.7% | |
| Market (SPY) | 26.0% | 32.5% |
| Sector (XLY) | 6.9% | 34.2% |
Fundamental Drivers
The 125.6% change in PATK stock from 5/31/2023 to 6/25/2026 was primarily driven by a 308.1% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.08 | 92.68 | 125.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,440 | 3,945 | -11.2% |
| Net Income Margin (%) | 5.5% | 3.5% | -37.6% |
| P/E Multiple | 5.4 | 22.1 | 308.1% |
| Shares Outstanding (Mil) | 32 | 32 | -0.3% |
| Cumulative Contribution | 125.6% |
Market Drivers
5/31/2023 to 6/25/2026| Return | Correlation | |
|---|---|---|
| PATK | 125.6% | |
| Market (SPY) | 82.6% | 47.9% |
| Sector (XLY) | 53.2% | 49.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PATK Return | 20% | -23% | 70% | 26% | 33% | -16% | 120% |
| Peers Return | 68% | -28% | 52% | 1% | 9% | -8% | 85% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| PATK Win Rate | 67% | 50% | 58% | 58% | 67% | 17% | |
| Peers Win Rate | 67% | 32% | 55% | 47% | 52% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PATK Max Drawdown | -27% | -46% | -17% | -22% | -24% | -42% | |
| Peers Max Drawdown | -23% | -39% | -24% | -22% | -33% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LCII, UFPI, SKY, CVCO, THO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/25/2026 (YTD)
How Low Can It Go
| Event | PATK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.7% | -18.8% |
| % Gain to Breakeven | 27.8% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.6% | -9.5% |
| % Gain to Breakeven | 15.8% | 10.5% |
| Time to Breakeven | 39 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.8% | -6.7% |
| % Gain to Breakeven | 17.4% | 7.1% |
| Time to Breakeven | 62 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.9% | -24.5% |
| % Gain to Breakeven | 84.8% | 32.4% |
| Time to Breakeven | 236 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.6% | -33.7% |
| % Gain to Breakeven | 218.1% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -52.1% | -19.2% |
| % Gain to Breakeven | 108.8% | 23.8% |
| Time to Breakeven | 415 days | 105 days |
In The Past
Patrick Industries's stock fell -21.7% during the 2025 US Tariff Shock. Such a loss loss requires a 27.8% gain to breakeven.
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Asset Allocation
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| Event | PATK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.7% | -18.8% |
| % Gain to Breakeven | 27.8% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.9% | -24.5% |
| % Gain to Breakeven | 84.8% | 32.4% |
| Time to Breakeven | 236 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.6% | -33.7% |
| % Gain to Breakeven | 218.1% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -52.1% | -19.2% |
| % Gain to Breakeven | 108.8% | 23.8% |
| Time to Breakeven | 415 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.7% | -12.2% |
| % Gain to Breakeven | 34.6% | 13.9% |
| Time to Breakeven | 9 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.7% | -17.9% |
| % Gain to Breakeven | 27.6% | 21.8% |
| Time to Breakeven | 7 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -48.9% | -15.4% |
| % Gain to Breakeven | 95.7% | 18.2% |
| Time to Breakeven | 504 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -97.3% | -53.4% |
| % Gain to Breakeven | 3601.7% | 114.4% |
| Time to Breakeven | 1090 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -33.5% | -8.6% |
| % Gain to Breakeven | 50.4% | 9.5% |
| Time to Breakeven | 1840 days | 47 days |
In The Past
Patrick Industries's stock fell -21.7% during the 2025 US Tariff Shock. Such a loss loss requires a 27.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Patrick Industries (PATK)
Patrick Industries (PATK) is a diversified manufacturer and distributor of essential components, building products, and materials. The company primarily serves four key markets: recreational vehicles (RVs), marine vessels, manufactured housing, and various industrial applications. Operating across the United States, China, and Canada, Patrick Industries provides a broad range of products necessary for the construction and outfitting of these goods, acting as a crucial supplier to their manufacturing customers.
Through its Manufacturing segment, Patrick Industries produces a wide array of specialized items. This includes various furniture components like cabinets, countertops made from solid surface, granite, or quartz, and shelving, along with interior passage doors, wall panels, and polymer-based flooring products. The company also manufactures specific components such as fiberglass bath fixtures, RV painting, aluminum products, fiberglass and plastic components, wiring harnesses, and marine helm systems. Additionally, it supplies decorative vinyl and paper laminated panels, treated plywood, and audio systems including amplifiers and speakers, directly supporting the assembly lines of its customers.
Complementing its manufacturing operations, Patrick Industries' Distribution segment provides a vast selection of pre-finished and raw materials, as well as finished goods. This includes items such as pre-finished wall and ceiling panels, drywall, lumber, electrical and plumbing products, appliances, marine accessories, and diverse flooring options like laminate and ceramic. Beyond product distribution, the company also offers transportation and logistics services, further integrating its role within the supply chains of the RV, marine, manufactured housing, and industrial sectors.
AI Analysis | Feedback
Here are 1-2 brief analogies for Patrick Industries:
- Imagine a super-sized B2B version of a home improvement store like Home Depot or Lowe's, but exclusively for manufacturers of RVs, boats, and modular homes.
- It's like Magna International, but for the recreational vehicle, marine, and manufactured housing industries.
AI Analysis | Feedback
Patrick Industries (PATK) major products and services include:
- Interior Building & Furniture Components: Manufactures a wide array of products including furniture, cabinetry, countertops, shelving, wall panels, doors, and flooring for various markets.
- RV & Marine Components: Produces specialized items like fiberglass and plastic components, helm systems, boat accessories, RV painting services, dash panels, and fuel tanks.
- Audio Systems: Manufactures audio equipment such as amplifiers, tower speakers, soundbars, and subwoofers.
- Laminated & Wood Products: Produces decorative laminated panels, profile mouldings, and treated or laminated plywood.
- Distribution of Building Materials & Appliances: Distributes pre-finished panels, drywall, lumber, flooring, roofing, lighting, along with electronic components, audio systems, and appliances.
- Marine Accessories Distribution: Distributes various accessories specifically designed for the marine industry.
- Transportation & Logistics Services: Provides essential transportation and logistics support for its products and partners.
AI Analysis | Feedback
Patrick Industries, Inc. (PATK) primarily sells its products and services to other companies (B2B) rather than directly to individual consumers. The company manufactures and distributes components, building products, and materials that serve as inputs for manufacturers and builders in various sectors.
Based on the provided company description, Patrick Industries' major customers are other companies operating within the following markets:
- Manufacturers in the Recreational Vehicle (RV) market.
- Manufacturers in the Marine market (e.g., boat builders).
- Manufacturers and builders in the Manufactured Housing market.
- Companies in various Industrial markets.
The provided background information does not list the specific names of these customer companies, nor does it indicate that any single customer accounts for a significant portion of its revenue.
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Andy L. Nemeth, Chairman and Chief Executive Officer
Mr. Nemeth was appointed as Chairman of the Board in May 2024 and has served as Chief Executive Officer of Patrick Industries since January 2020. He previously held the role of President of the company from January 2016 to July 2021. Before that, he was Executive Vice President of Finance and Chief Financial Officer from May 2004 to December 2015, and Secretary-Treasurer from 2002 to 2015. Mr. Nemeth joined Patrick Industries in 1996 and has over 33 years of experience in the recreational vehicle, marine, manufactured housing, and industrial markets in various financial and managerial capacities. He began his career at Coopers & Lybrand (now PwC), specializing in auditing and financial reporting for public manufacturing clients. During his tenure, he has led transformational acquisitions and implemented a strategic diversification plan.
Matthew S. Filer, Executive Vice President — Finance, Chief Financial Officer, and Treasurer
Mr. Filer was appointed Executive Vice President - Finance, Chief Financial Officer and Treasurer of Patrick Industries in February 2026. Prior to this appointment, he served as Senior Vice President of Finance from November 2022 to January 2026, and as Chief Accounting Officer from May 2024 to January 2026. He also held the position of Interim Executive Vice President - Finance, Chief Financial Officer and Treasurer from May 2023 to March 2024. Before joining Patrick Industries, Mr. Filer was with Caterpillar Inc.
Jeffrey M. Rodino, President
Mr. Rodino was named President of Patrick Industries in October 2025. His previous roles include President—RV from January 2024 to September 2025 and President of the Company from July 2021 to January 2024. He also served as Chief Sales Officer from September 2016 to July 2021 and Executive Vice President of Sales from December 2011 to July 2021. Additionally, Mr. Rodino was Chief Operating Officer from March 2013 to September 2016 and Vice President of Sales for the Midwest from August 2009 to December 2011. He brings over 31 years of experience serving the recreational vehicle, marine, manufactured housing, and industrial markets.
Hugo E. Gonzalez, President — Powersports and Housing and Executive Vice President — Operations and Chief Operating Officer
Mr. Gonzalez was appointed Executive Vice President - Operations in January 2024 and was elected Chief Operating Officer in May 2024. Prior to these roles, he served as Senior Vice President of RV Operations for the company from July 2021 to January 2024. He also held the positions of Group Vice President of Operations from February 2020 to June 2021 and Business Unit Director from February 2017 to January 2020.
Joel D. Duthie, Executive Vice President, Chief Legal Officer and Secretary
Mr. Duthie joined Patrick Industries as General Counsel in November 2020 and was appointed Executive Vice President, Chief Legal Officer and Secretary in May 2021. Before joining Patrick, Mr. Duthie was a partner with Barnes & Thornburg LLP, where he practiced law from 2000 to 2002 and from 2007 to 2020. His legal practice focused on mergers and acquisitions, supply chain management, and commercial contract counseling. From 2002 to 2006, Mr. Duthie served as an assistant general counsel for a privately-held manufacturer of flow control products.
AI Analysis | Feedback
The key risks to Patrick Industries' business include its significant exposure to cyclical industries, a substantial debt load, and vulnerability to fluctuations in raw material, energy, and transportation costs, as well as tariffs.
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Exposure to Cyclical End Markets: Patrick Industries is highly dependent on the recreational vehicle (RV), marine, and manufactured housing markets, which are inherently cyclical and sensitive to economic conditions and consumer discretionary spending. The RV segment alone accounted for 44% of net sales in Q3 2025. Both the RV and marine markets are currently experiencing "demand normalization" and "consumer softness" following a post-pandemic boom, leading to anticipated declines in wholesale shipments and reduced demand for the company's components and materials. The broader housing market, which influences manufactured housing, is also facing challenges due to high-interest rates and affordability issues, further impacting the company's performance.
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High Debt Load and Interest Rate Sensitivity: The company carries a significant debt burden, approximately $1.3 billion as of the third quarter of 2025, resulting in a net leverage ratio of 2.8x. This considerable debt exposes Patrick Industries to the risk of rising interest rates, which would increase its cost of capital and could constrain its financial flexibility, particularly during an economic downturn.
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Raw Material, Energy, Transportation Costs, and Trade Restrictions: As a manufacturer and distributor, Patrick Industries is susceptible to volatility in the costs of raw materials (such as lumber, aluminum, and plastics), energy, and transportation. Supply chain disruptions, including issues with suppliers or material shortages, could further escalate costs or delay order fulfillment. Additionally, the company faces risks associated with importing products, and the imposition of new duties, tariffs, or trade restrictions could adversely affect its cost structure, profitability, and overall financial condition.
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Patrick Industries, Inc. operates in several key addressable markets, primarily serving the recreational vehicle (RV), marine, and manufactured housing industries. The estimated market sizes for these sectors are as follows:
- Recreational Vehicle (RV) Market: The global recreational vehicle market was valued at approximately USD 56.7 billion in 2024, with projections to reach USD 76.7 billion in 2025. Within this, the U.S. recreational vehicle market is projected to be valued at USD 16.6 billion in 2025.
- Manufactured Housing Market: The global manufactured housing market presents varying estimates, with one source indicating a size of approximately USD 24.42 billion in 2024 and another suggesting it was estimated at USD 221.3 billion in 2024. Another estimate puts the global market at USD 39.81 billion in 2025. For the United States, the manufactured homes market is expected to grow from USD 13.74 billion in 2025 to USD 14.6 billion in 2026.
- Marine Market (Marine Vessels): The global marine vessels market was valued at approximately USD 112.3 billion in 2024, with another estimate at USD 108.74 billion in the same year. This market is projected to reach USD 170.7 billion in 2025. The U.S. marine vessels market was worth over USD 12.7 billion in 2024.
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Patrick Industries (PATK) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and market positioning:
- Strategic Acquisitions and Diversification: Patrick Industries is actively pursuing growth through strategic acquisitions that expand its market presence and product offerings. Recent examples include acquisitions in the powersports market (e.g., Sportech, RecPro) and enhancements to its marine solutions platform and composite offerings (e.g., Elkhart Composites, Quality Engineered Services, Egis Group). These acquisitions allow the company to diversify its revenue streams and reduce reliance on traditional markets, while also expanding its capabilities across various component solutions.
- Increased Content per Unit and Product Innovation: The company consistently focuses on increasing the "content per unit" it supplies to its OEM customers in the recreational vehicle (RV), marine, and manufactured housing markets. This growth driver is supported by continuous product development and innovation efforts, including investments in next-generation solutions and advanced composites. Patrick Industries' Advanced Product Group is instrumental in introducing new innovations and concepts to gain market traction.
- Expansion of Aftermarket Business: Patrick Industries is formalizing and expanding its aftermarket business, leveraging platforms such as RecPro to capitalize on demand for replacement and upgrade components. This strategy aims to enhance margin quality, deepen customer relationships, and provide a more resilient revenue stream that can offset some of the cyclicality experienced in OEM markets. The company has explicitly focused on increasing the number of its SKUs available through its aftermarket channels.
- Market Share Gains in Core Segments: Despite potential fluctuations in overall industry shipments, Patrick Industries has demonstrated a consistent ability to gain market share in its core RV, marine, and manufactured housing segments. This indicates effective execution of strategies to capture a larger portion of existing markets through strong customer relationships, comprehensive product portfolios, and efficient service, thereby contributing to overall revenue growth.
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Share Repurchases
- Patrick Industries repurchased approximately 377,600 shares for a total of $32 million in 2025.
- As of the end of the third quarter of 2025, the company had $168 million remaining under its share buyback authorization.
- The company's multi-year share buyback program was completed by the fourth quarter of 2025.
Share Issuance
- In May 2025, shareholders adopted a proposal to amend the Articles of Incorporation to increase the number of authorized shares of common stock from 40,000,000 to 60,000,000.
- The dilutive impact of convertible notes and related warrants on adjusted diluted EPS was an estimated $0.26 per share in 2025 and $0.10 per share in 2024.
Outbound Investments
- In 2025, business acquisitions totaled $122 million, primarily related to the acquisitions of Elkhart Composites, Medallion Instrumentation Systems, Lillipad Marine, Quality Engineered Services (QES), and Egis Group, LLC (Egis).
- In December 2025, Patrick Industries completed the acquisitions of QES and Egis, expanding its presence in the marine market by acquiring manufacturers of wire harnesses, electrical systems, and engineered electrical components.
- Full-year 2024 sales growth was partly driven by strategic acquisitions, including Sportech and RecPro, which strengthened the company's position in the Powersports market and the Outdoor Enthusiast aftermarket.
Capital Expenditures
- Purchases of property, plant, and equipment for 2025 totaled $83 million, allocated towards targeted automation projects and investments in innovative digital capabilities.
- Capital expenditures for the full year 2024 amounted to $76 million.
- For 2026, estimated capital expenditures are projected to be between $70 million and $80 million, focusing on automation and innovation initiatives.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 92.38 |
| Mkt Cap | 4.4 |
| Rev LTM | 4,056 |
| Op Inc LTM | 263 |
| FCF LTM | 217 |
| FCF 3Y Avg | 295 |
| CFO LTM | 290 |
| CFO 3Y Avg | 362 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | -2.6% |
| Rev Chg Q | 1.8% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | 5.2% |
| Op Inc Chg 3Y Avg | -8.8% |
| Op Mgn LTM | 7.0% |
| Op Mgn 3Y Avg | 7.1% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 7.9% |
| CFO/Rev 3Y Avg | 10.0% |
| FCF/Rev LTM | 4.8% |
| FCF/Rev 3Y Avg | 7.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufacturing | 2,959 | 2,757 | 2,653 | 3,681 | 3,002 |
| Distribution | 1,014 | 980 | 889 | 1,288 | 1,155 |
| Elimination of intersegment sales | -23 | -21 | -75 | -87 | -79 |
| Total | 3,951 | 3,716 | 3,468 | 4,882 | 4,078 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufacturing | 358 | 341 | 321 | 532 | 380 |
| Distribution | 103 | 105 | 90 | 137 | 106 |
| Elimination of inter-segment profits | 9 | -2 | |||
| Selling, general and administrative | -97 | -93 | |||
| Amortization of intangible assets | -97 | -96 | -79 | -73 | -56 |
| Other expense | 3 | ||||
| Unallocated corporate expenses | -72 | -99 | -78 | ||
| Total | 276 | 258 | 260 | 496 | 352 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufacturing | 2,476 | 2,403 | 2,072 | 2,303 | 2,031 |
| Distribution | 493 | 525 | 427 | 408 | 465 |
| Corporate assets unallocated to segments | 80 | 60 | 53 | 49 | 32 |
| Cash and cash equivalents | 26 | 34 | 11 | 23 | 123 |
| Total | 3,076 | 3,021 | 2,562 | 2,782 | 2,651 |
Price Behavior
Price Behavior
| Market Price | $92.68 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 03/27/1990 | |
| Distance from 52W High | -35.9% | |
| 50 Days | 200 Days | |
| DMA Price | $91.88 | $107.19 |
| DMA Trend | down | down |
| Distance from DMA | 0.9% | -13.5% |
| 3M | 1YR | |
| Volatility | 48.3% | 35.3% |
| Downside Capture | 134.35 | 80.63 |
| Upside Capture | 20.92 | 67.05 |
| Correlation (SPY) | 38.5% | 32.1% |
PATK Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.02 | 2.08 | 1.49 | 1.16 | 0.96 | 1.10 |
| Up Beta | 6.27 | 3.15 | 2.72 | 1.98 | 1.74 | 1.27 |
| Down Beta | 2.78 | 1.89 | 0.94 | 1.02 | 0.64 | 0.80 |
| Up Capture | 98% | -7% | 18% | 48% | 60% | 160% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 12 | 19 | 50 | 110 | 372 |
| Down Capture | 345% | 374% | 194% | 118% | 91% | 103% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 13 | 29 | 44 | 74 | 138 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PATK | |
|---|---|---|---|---|
| PATK | 2.8% | 35.2% | 0.14 | - |
| Sector ETF (XLY) | 5.8% | 18.6% | 0.17 | 35.8% |
| Equity (SPY) | 22.1% | 12.4% | 1.33 | 32.1% |
| Gold (GLD) | 20.8% | 27.7% | 0.67 | 16.2% |
| Commodities (DBC) | 23.3% | 18.5% | 0.99 | -22.5% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.55 | 43.1% |
| Bitcoin (BTCUSD) | -42.9% | 42.5% | -1.20 | 5.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PATK | |
|---|---|---|---|---|
| PATK | 15.7% | 37.4% | 0.48 | - |
| Sector ETF (XLY) | 6.4% | 23.9% | 0.23 | 53.3% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 51.9% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | 5.1% |
| Commodities (DBC) | 7.9% | 19.5% | 0.30 | 5.8% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 47.3% |
| Bitcoin (BTCUSD) | 9.8% | 54.1% | 0.38 | 20.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PATK | |
|---|---|---|---|---|
| PATK | 16.1% | 46.1% | 0.50 | - |
| Sector ETF (XLY) | 12.4% | 22.1% | 0.51 | 55.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 55.8% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 5.2% |
| Commodities (DBC) | 5.9% | 18.0% | 0.25 | 16.7% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 50.4% |
| Bitcoin (BTCUSD) | 56.4% | 66.5% | 0.97 | 16.6% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | 4.4% | 8.2% | -13.7% |
| 10/30/2025 | 2.0% | 7.7% | 8.5% |
| 7/31/2025 | -3.8% | 1.4% | 11.6% |
| 5/1/2025 | 6.0% | 5.5% | 12.1% |
| 2/6/2025 | -2.7% | -4.6% | -9.2% |
| 10/31/2024 | -6.0% | -2.9% | 0.7% |
| 8/1/2024 | -1.8% | -7.7% | 0.8% |
| 5/2/2024 | 6.0% | 10.1% | 10.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 17 | 15 |
| # Negative | 8 | 6 | 8 |
| Median Positive | 3.6% | 4.5% | 8.9% |
| Median Negative | -3.3% | -3.9% | -8.5% |
| Max Positive | 6.1% | 15.1% | 20.4% |
| Max Negative | -6.0% | -7.7% | -15.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | 4.4% | 8.2% | -13.7% |
| 10/30/2025 | 2.0% | 7.7% | 8.5% |
| 7/31/2025 | -3.8% | 1.4% | 11.6% |
| 5/1/2025 | 6.0% | 5.5% | 12.1% |
| 2/6/2025 | -2.7% | -4.6% | -9.2% |
| 10/31/2024 | -6.0% | -2.9% | 0.7% |
| 8/1/2024 | -1.8% | -7.7% | 0.8% |
| 5/2/2024 | 6.0% | 10.1% | 10.1% |
| 2/8/2024 | 1.9% | 5.8% | 8.9% |
| 10/26/2023 | 1.1% | 7.7% | 19.0% |
| 7/27/2023 | 1.0% | 1.4% | -4.5% |
| 4/27/2023 | 6.1% | 3.3% | 7.4% |
| 2/9/2023 | 0.4% | 2.1% | -4.9% |
| 10/27/2022 | 5.4% | -1.0% | 20.4% |
| 7/28/2022 | 3.3% | 0.2% | 2.8% |
| 4/28/2022 | 5.0% | 15.1% | -3.4% |
| 2/10/2022 | -2.1% | 1.3% | -7.8% |
| 10/28/2021 | 3.6% | 2.1% | 2.9% |
| 7/29/2021 | 4.2% | 4.5% | 6.5% |
| 4/29/2021 | -4.9% | -3.1% | -10.8% |
| 2/11/2021 | -0.1% | 1.5% | 13.6% |
| 10/29/2020 | 1.3% | 6.2% | 13.9% |
| 7/30/2020 | -5.3% | -5.7% | -15.6% |
| SUMMARY STATS | |||
| # Positive | 15 | 17 | 15 |
| # Negative | 8 | 6 | 8 |
| Median Positive | 3.6% | 4.5% | 8.9% |
| Median Negative | -3.3% | -3.9% | -8.5% |
| Max Positive | 6.1% | 15.1% | 20.4% |
| Max Negative | -6.0% | -7.7% | -15.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
Insider Activity
Updated 6/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petkovich, Jacob R | President - Marine | Direct | Buy | 6242026 | 95.57 | 1,300 | 124,247 | 4,424,144 | Form |
| 2 | Welch, M Scott | See footnote | Buy | 6112026 | 83.85 | 100 | 8,385 | 284,419 | Form | |
| 3 | Welch, M Scott | See footnote | Buy | 5212026 | 89.44 | 100 | 8,944 | 294,436 | Form | |
| 4 | Augsburger, Blake | Direct | Buy | 5062026 | 85.19 | 400 | 34,076 | 181,029 | Form | |
| 5 | Nemeth, Andy L | Chief Executive Officer | Direct | Buy | 5062026 | 88.00 | 10,000 | 880,000 | 25,321,560 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petkovich, Jacob R | President - Marine | Direct | Buy | 6242026 | 95.57 | 1,300 | 124,247 | 4,424,144 | Form |
| 2 | Welch, M Scott | See footnote | Buy | 6112026 | 83.85 | 100 | 8,385 | 284,419 | Form | |
| 3 | Welch, M Scott | See footnote | Buy | 5212026 | 89.44 | 100 | 8,944 | 294,436 | Form | |
| 4 | Augsburger, Blake | Direct | Buy | 5062026 | 85.19 | 400 | 34,076 | 181,029 | Form | |
| 5 | Nemeth, Andy L | Chief Executive Officer | Direct | Buy | 5062026 | 88.00 | 10,000 | 880,000 | 25,321,560 | Form |
| 6 | Welch, M Scott | Spouse | Buy | 5062026 | 88.22 | 10,000 | 882,250 | 13,763,100 | Form | |
| 7 | Welch, M Scott | See footnote | Buy | 5062026 | 88.41 | 50 | 4,420 | 282,205 | Form | |
| 8 | Filer, Matthew S | Direct | Buy | 5062026 | 85.50 | 1,000 | 85,500 | 1,847,997 | Form | |
| 9 | Roeder, Charles R | President - RV | Direct | Buy | 5062026 | 87.83 | 5,750 | 505,018 | 3,701,742 | Form |
| 10 | Welch, M Scott | Spouse | Buy | 3122026 | 113.68 | 10,000 | 1,136,821 | 16,597,587 | Form | |
| 11 | Welch, M Scott | See footnote | Buy | 3102026 | 116.40 | 50 | 5,820 | 365,729 | Form | |
| 12 | Welch, M Scott | See footnote | Buy | 2272026 | 122.75 | 60 | 7,365 | 379,543 | Form | |
| 13 | Duthie, Joel D | Chief Legal Officer/Secretary | Direct | Sell | 2182026 | 141.03 | 2,660 | 375,140 | 4,656,529 | Form |
| 14 | Amundson, Stacey L | EVP & CHRO | Direct | Sell | 2132026 | 145.61 | 3,903 | 568,335 | 1,866,636 | Form |
| 15 | Filer, Matthew S | Direct | Buy | 2092026 | 139.91 | 1,000 | 139,915 | 2,884,208 | Form | |
| 16 | Forbes, John A | Direct | Sell | 2092026 | 140.75 | 2,704 | 380,589 | 6,935,054 | Form | |
| 17 | Nemeth, Andy L | Chief Executive Officer | Direct | Sell | 12182025 | 115.00 | 25,000 | 2,875,000 | 34,688,715 | Form |
| 18 | Kitson, Michael A | Direct | Sell | 8192025 | 112.67 | 4,572 | 515,127 | 1,335,140 | Form | |
| 19 | Rodino, Jeff | President-RV | Direct | Sell | 8152025 | 110.32 | 22,389 | 2,470,044 | 22,781,023 | Form |
| 20 | Ellis, Kip B | President-Powersports/ Housing | Direct | Sell | 8152025 | 110.01 | 21,452 | 2,359,834 | 13,792,355 | Form |
| 21 | Nemeth, Andy L | Chief Executive Officer | Direct | Sell | 8142025 | 110.68 | 25,000 | 2,766,927 | 36,373,026 | Form |
| 22 | Forbes, John A | Direct | Sell | 6162025 | 91.62 | 2,875 | 263,408 | 4,818,393 | Form | |
| 23 | Cleveland, Todd M | Direct | Buy | 6042025 | 82.75 | 1,000 | 82,750 | 11,029,416 | Form | |
| 24 | Cleveland, Todd M | Direct | Buy | 6042025 | 82.55 | 2,000 | 165,100 | 10,920,209 | Form | |
| 25 | Welch, M Scott | See footnote | Buy | 6042025 | 82.59 | 71 | 5,864 | 250,413 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Automotive Parts & Equipment Resources |
| AftermarketNews |
| Tire Review |
| Motor Age |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/25/2026