Patrick Industries, Inc.
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Range $85 – $150
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About the company
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 operational footprint covers the United States, China, and Canada, executed through its distinct Manufacturing and Distribution divisions.
- CEO
- Andy L. Nemeth
- IPO
- 1980
- Employees
- 10,000
- HQ
- Elkhart, IN, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.80B
- P/E
- 18.60
- Fwd P/E
- 19.84
- PEG
- 1.04
- P/S
- 0.71
- P/B
- 2.41
- EV/EBITDA
- 10.12
- Div Yield
- 2.13%
- Gross Margin
- 23.06%
- Op Margin
- 6.74%
- Net Margin
- 3.74%
- ROE
- 12.61%
- ROIC
- 7.06%
Latest fiscal year · YoY change
- Revenue
- $3.95B+6.3%
- Gross Profit
- $912.86M+9.2%
- Op Income
- $275.99M
- Net Income
- $135.06M-2.4%
- EPS
- $4.16-2.1%
- OCF Growth
- +0.8%
- FCF Growth
- -3.7%
- 52W High
- $148.50
- 52W Low
- $81.29
- 50D MA
- $86.47
- 200D MA
- $104.82
- Beta
- 1.10
- RSI (14)
- 47
- Avg Volume
- 617.90K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Patrick delivered a resilient quarter with near-flat revenue, stable gross margin, and strong growth in Marine and Powersports offsetting continued RV weakness, while management outlined a lower-margin but partnership-driven second half.· July 30, 2026
- Net sales were $1.04 billion, down less than 1% year over year, with 7% organic growth and 1% acquisition growth offset by a 9% industry decline.
- Adjusted EPS was $1.29, including about $0.07 of dilution from convertible notes and warrants; adjusted EBITDA was $126 million with a 12.1% margin.
- Gross margin held at 23.8% versus 23.9% last year despite the RV downturn.
- Marine revenue rose 22% to $191 million and Powersports revenue rose 28% to $123 million, helping offset RV revenue of $407 million, down 15%.
- Full-year 2026 guidance now calls for adjusted operating margin flat year over year, with a possible additional 20 bps headwind from affordability-focused programs; operating cash flow is guided to $320 million-$350 million and capex to $70 million-$80 million.
Second-quarter 2026 net sales were $1.04 billion, down less than 1% year over year. Adjusted EPS was $1.29, with about $0.07 of dilution from convertible notes and related warrants; reported diluted EPS was $1.28 versus $0.96 a year ago. Gross margin was 23.8% versus 23.9% in the prior-year quarter, while adjusted operating margin was 7.5% versus 8.3%, and adjusted EBITDA was $126 million versus $135 million last year. By end market, RV revenue was $407 million, down 15%; Marine revenue was $191 million, up 22%; Powersports revenue was $123 million, up 28%; and Housing revenue was $320 million, up 2%. For 2026, management now expects RV wholesale shipments of 285,000 to 300,000 units, Marine retail shipments flat to down slightly and wholesale shipments up low single digits, Powersports full-year unit shipments and organic content up low single digits, and MH wholesale unit shipments and total new housing starts down low to mid-single digits. The company raised its 2026 operating cash flow outlook to $320 million-$350 million, with capex of $70 million-$80 million and implied free cash flow of about $250 million; adjusted operating margin is expected to be flat versus 2025, with an additional possible 20 bps decline tied to customer affordability programs.
Andy Nemeth framed the quarter as evidence that Patrick’s diversified model is working, emphasizing that the company is “not defined by one cycle or end market.” He highlighted strategic investments in value engineering, advanced manufacturing, composites, electrical solutions, aftermarket, and AI-enabled tools, and said the company is using its scale to help OEMs address affordability and speed to market. His tone was constructive and opportunistic, especially around the second half, customer partnerships, and the pending LCI merger, for which he reiterated an expected $150 million of annual run-rate cost synergies.
Matt Filer emphasized that gross margin was held at 23.8% despite RV pressure, and that adjusted EBITDA was $126 million with a 12.1% margin. He said cash from operations for the first six months was $69 million versus $189 million last year due to working capital investment and elevated inventory, and noted liquidity of about $691 million, including $661 million of unused revolver capacity. He said net leverage was 3.0x at quarter-end, that the company returned about $106 million to shareholders in the quarter through $15 million of dividends and $91 million of repurchases, and that the stock buyback pace was constrained after the LCI merger agreement was signed.
Analysts focused on July RV demand, production into the model-year changeover, affordability initiatives, Marine content gains, Powersports growth, and inventory trends. Management said RV production is tracking down from first-half levels and that OEMs are balancing production with retail demand, while also using the second half to demonstrate affordability-focused partnerships that could lower margin by up to 20 bps but help drive volume and share. They also said Marine growth is being driven by solutions content such as towers, windshields, electrical, digital systems and SeaDek, while Powersports strength is coming from higher cabin-closure adoption and broader customer participation.
The bull case from the call is that Patrick is continuing to grow through a weak RV backdrop because Marine, Powersports and Housing are offsetting the cycle. Management pointed to organic growth, resilient dealer inventories, customer partnerships, and new product and technology initiatives such as digital printing and AI tools as evidence of ongoing share gains and content expansion.
The main risks are continued weakness in RV retail and wholesale demand, softer consumer discretionary spending, and the possibility that second-half affordability programs pressure margin by another 20 bps. Management also flagged elevated inventory, slower composite turns, and some commodity and plywood duty-related cost pressure, even though they believe they have offsets and are not passing those costs through yet.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 95.8%
- Shares Outstanding
- 32.90M
- Float Shares
- 31.51M
of shares held by institutions
345 13F filers
Buy/sell ratio 16.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for PATK, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 5.00M | ▲ 238.80K |
| Fmr LLC | 4.31M | ▲ 731.55K |
| Vanguard Group Inc | 2.47M | ▲ 16.96K |
| Wellington Management Group Llp | 1.62M | ▼ 130.52K |
| Dimensional Fund Advisors LP | 1.49M | ▲ 42.21K |
| Vanguard Capital Management LLC | 1.43M | ▼ 4.68K |
| Capital Research Global Investors | 1.40M | ▲ 41.24K |
| Capital World Investors | 1.32M | ▲ 35.55K |
| State Street Corp | 1.29M | ▲ 34.61K |
| Geode Capital Management, LLC | 863.60K | ▲ 46.70K |
| Bank Of New York Mellon Corp | 725.53K | ▲ 81.24K |
| Copeland Capital Management, LLC | 647.75K | ▲ 84.25K |
Held by 337 ETFs
Biggest fund positions in PATK by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 6, 26 | Petkovich Jacob R | buy | 1,300 |
| Jun 10, 26 | WELCH M SCOTT | buy | 100 |
| May 28, 26 | Rodino Jeffrey M | other | 500 |
| May 19, 26 | WELCH M SCOTT | buy | 100 |
| May 14, 26 | Suggs Denis G | other | 1,594 |
| May 14, 26 | WELCH M SCOTT | other | 1,594 |
| May 14, 26 | Kitson Michael A | other | 1,594 |
| May 14, 26 | Cleveland Todd M | other | 1,594 |
| May 14, 26 | Forbes John A | other | 1,594 |
| May 14, 26 | Cerulli Joseph M | other | 1,594 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our PATK coverage
Recent articles, reports, and earnings notes.
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