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Patrick Industries
(NASDAQ:PATK)
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Rating:57Neutral
Price Target:
$93.00
▼(-13.03% Downside)
Action:Reiterated
Date:07/01/26
The score is driven primarily by resilient (but currently pressured) financial performance: positive profitability and free cash flow are offset by a down-cycle revenue decline and meaningful leverage. Technicals are the main drag, with the stock still below key longer-term moving averages. Valuation is average for a cyclical profile, while constructive guidance and the LCI merger announcement provide moderate upside support but do not fully outweigh trend and cycle risks.
Positive Factors
Diversified end-markets & content gains
Patrick's mix shift toward marine and powersports plus rising content-per-unit in RV and marine reflects durable structural strength. Higher content per unit increases attachment rates, raises revenue per OEM unit, and reduces sensitivity to unit-volume cycles, supporting more stable cash generation over months to years.
Negative Factors
Down-cycle revenue and compressed margins
Material top-line decline and narrower margins reflect cyclicality across RV and housing end markets. Prolonged volume weakness would erode operating leverage, limit reinvestment and pressure free cash flow, constraining the company's ability to sustain growth initiatives and absorb cost inflation over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified end-markets & content gains
Patrick's mix shift toward marine and powersports plus rising content-per-unit in RV and marine reflects durable structural strength. Higher content per unit increases attachment rates, raises revenue per OEM unit, and reduces sensitivity to unit-volume cycles, supporting more stable cash generation over months to years.
Read all positive factors
Patrick Industries Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Highlights each segment’s profit after operating costs, showing which units are truly contributing to the company’s bottom line and where cost structure or scale advantages are improving or dragging performance.
Highlights each segment’s profit after operating costs, showing which units are truly contributing to the company’s bottom line and where cost structure or scale advantages are improving or dragging performance.
Data provided by:
The Fly
The FlyPatrick Industries (PATK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.95B
Dividend Yield1.49%
Average Volume (3M)400.32K
Price to Earnings (P/E)21.7
Beta (1Y)0.95
Revenue Growth4.20%
EPS Growth-3.21%
CountryUS
Employees10,000
SectorConsumer Cyclical
Sector Strength84
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)4.20
Shares Outstanding32,893,223
10 Day Avg. Volume361,375
30 Day Avg. Volume400,321
Financial Highlights & Ratios
PEG Ratio-12.31
Price to Book (P/B)2.97
Price to Sales (P/S)0.89
P/FCF Ratio14.56
Enterprise Value/Market Cap1.48
Enterprise Value/Revenue1.11
Enterprise Value/Gross Profit4.81
Enterprise Value/Ebitda10.41
Forecast
1Y Price Target
$119.43Price Target Upside11.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)4.86
Revenue Forecast (FY)$4.02B
Patrick Industries Business Overview & Revenue Model
Company Description
Patrick Industries, Inc. serves as a primary provider of essential components, construction products, and various materials to key sectors such as the recreational vehicle (RV), marine, manufactured housing, and industrial markets. The company's o...
How the Company Makes Money
Patrick Industries primarily makes money by selling manufactured components, materials, and integrated product solutions to OEM customers across its end markets, with revenue recognized from the shipment/delivery of those products. Its core revenu...
Patrick Industries Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive tone driven by diversified end-market performance (notably strong marine and powersports growth), content-per-unit gains, stable margins, solid liquidity and constructive 2026 guidance for margin expansion and free cash flow. These positives offset notable headwinds including double-digit RV and manufactured housing shipment declines, a near-term cash outflow for strategic inventory build, modest adjusted EBITDA contraction, and commodity/tariff/ASP uncertainties. Management emphasized operational agility, innovation, aftermarket expansion and active M&A execution (including discussions with LCI) as durable offsets to cyclical demand weakness.Positive Updates
Consolidated Revenue and Organic Growth
Net sales of $997 million in Q1 2026, up 1% year-over-year; comprised of 8% organic growth, 2% acquisition growth and a negative 10% industry mix effect. Trailing 12-month net sales ~ $3.9 billion.
Negative Updates
RV and Manufactured Housing Shipment Weakness
RV wholesale unit shipments down ~12% in Q1 (nearly 12,000 fewer units) and manufactured housing wholesale unit shipments estimated down ~11% in Q1; company now expects RV retail down low- to mid-single digits and MH wholesale/starts down low- to mid-single digits for 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue and Organic Growth
Net sales of $997 million in Q1 2026, up 1% year-over-year; comprised of 8% organic growth, 2% acquisition growth and a negative 10% industry mix effect. Trailing 12-month net sales ~ $3.9 billion.
Read all positive updates
Company Guidance
Patrick's 2026 guidance calls for RV retail to be down low‑ to mid‑single digits with RV wholesale of 315,000–330,000 units; marine retail flat to down slightly with marine wholesale up low‑single digits; powersports unit shipments and organic content up low‑single digits (implying a mid‑ to high‑single‑digit revenue increase for that segment); and manufactured housing (MH) wholesale shipments and total housing starts down low‑ to mid‑single digits. On the financial side, management expects adjusted operating margin to improve about 30–50 basis points versus 2025, operating cash flow of $370–$390 million, capital expenditures of $70–$80 million (implying roughly $300 million of free cash flow), and an effective tax rate of 24–25%.Patrick Industries Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
60
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.94B | 3.95B | 3.72B | 3.47B | 4.88B | 4.08B |
| Gross Profit | 911.13M | 912.86M | 835.89M | 782.23M | 1.06B | 801.19M |
| EBITDA | 421.06M | 421.78M | 424.58M | 404.74M | 626.93M | 456.52M |
| Net Income | 136.30M | 135.06M | 138.40M | 142.90M | 328.20M | 224.91M |
Balance Sheet | ||||||
| Total Assets | 3.22B | 3.08B | 3.02B | 2.67B | 2.78B | 2.65B |
| Cash, Cash Equivalents and Short-Term Investments | 37.47M | 26.43M | 33.56M | 11.41M | 22.85M | 122.85M |
| Total Debt | 1.61B | 1.64B | 1.52B | 1.21B | 1.45B | 1.45B |
| Total Liabilities | 2.03B | 1.89B | 1.89B | 1.63B | 1.83B | 1.88B |
| Stockholders Equity | 1.19B | 1.18B | 1.13B | 1.05B | 955.17M | 767.56M |
Cash Flow | ||||||
| Free Cash Flow | 193.65M | 241.91M | 251.16M | 349.69M | 331.55M | 187.33M |
| Operating Cash Flow | 275.33M | 329.41M | 326.84M | 408.67M | 411.74M | 252.13M |
| Investing Cash Flow | -166.34M | -206.49M | -512.85M | -86.55M | -321.47M | -574.73M |
| Financing Cash Flow | -158.08M | -130.06M | 208.16M | -333.56M | -190.27M | 400.69M |
Patrick Industries Technical Analysis
Negative
106.93
Price Trends
91.54
Negative
106.04
Negative
107.41
Negative
Market Momentum
-0.48
Negative
61.71
Neutral
87.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PATK, the sentiment is Negative. The current price of 106.93 is above the 20-day moving average (MA) of 88.14, above the 50-day MA of 91.54, and below the 200-day MA of 107.41, indicating a neutral trend. The MACD of -0.48 indicates Negative momentum. The RSI at 61.71 is Neutral, neither overbought nor oversold. The STOCH value of 87.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PATK.
Patrick Industries Risk Analysis
Patrick Industries disclosed 35 risk factors in its most recent earnings report. Patrick Industries reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Patrick Industries Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $7.40B | 18.10 | 4.97% | ― | 2.85% | -12.89% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $1.60B | 7.20 | 23.12% | 1.84% | -8.33% | ― | |
57 Neutral | $2.95B | 21.71 | 11.64% | 1.49% | 4.20% | -3.21% | |
56 Neutral | $1.40B | 15.71 | 0.83% | 4.16% | 4.68% | ― | |
44 Neutral | $2.11B | -514.50 | -0.15% | ― | -1.11% | -101.88% | |
43 Neutral | $2.56B | 13.29 | 5.85% | 7.40% | -3.60% | 1945.71% |
* Consumer Cyclical Sector Average
PATK
Patrick Industries
89.78
-4.45
-4.73%
MLKN
MillerKnoll
20.46
0.64
3.25%
LEG
Leggett & Platt
11.71
2.26
23.95%
MHK
Mohawk
121.33
11.92
10.89%
WHR
Whirlpool
39.42
-62.18
-61.20%
MBC
MasterBrand Inc
10.29
-1.40
-11.98%
Patrick Industries Corporate Events
Business Operations and StrategyM&A Transactions
Patrick Industries Announces All-Stock Merger with LCI Industries
Positive
Jun 30, 2026
On June 30, 2026, Patrick Industries and LCI Industries agreed to an all-stock merger that will combine the two Elkhart-based component suppliers into a single, Nasdaq-listed company serving outdoor enthusiast, housing, transportation and other ma...
Executive/Board ChangesDividendsShareholder Meetings
Patrick Industries Shareholders Reaffirm Leadership and Dividend Program
Positive
May 18, 2026
Patrick Industries, Inc. held its Annual Meeting of Shareholders on May 14, 2026, with 95.06% of eligible shares represented, and shareholders elected nine directors to serve until the 2027 meeting. Investors also ratified the appointment of Deloi...
Business Operations and StrategyM&A Transactions
Patrick Industries Ends Merger Talks, Reaffirms Independent Growth Strategy
Neutral
May 7, 2026
On May 4, 2026, Patrick Industries announced that it and LCI Industries had ended talks over a potential merger of equals, after failing to agree on certain key terms despite consensus on leadership and strategic direction for a combined entity. T...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Patrick Industries Reports Flat Q1 Results Amid Merger Talks
Neutral
Apr 30, 2026
Patrick Industries reported first-quarter 2026 results on April 30, 2026, with net sales essentially flat at $997 million versus a year earlier, as 14% marine and 28% powersports growth offset softer RV and housing demand. Operating income held at...
Business Operations and StrategyM&A Transactions
Patrick Industries Confirms Merger Talks With LCI Industries
Neutral
Apr 22, 2026
On April 17, 2026, Patrick Industries confirmed that it is in discussions with LCI Industries regarding a potential merger of equals, signaling a possible major consolidation in the RV and outdoor recreation supply chain. The companies cautioned t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.