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Makes and distributes components — cabinetry, furniture, surfaces — for RV, marine and manufactured housing manufacturers.
Makes and distributes components — cabinetry, furniture, surfaces — for RV, marine and manufactured housing manufacturers.
Sells components to a small number of large builders, so RV makers Thor and Forest River matter greatly. It grows by buying small component makers and distributors and adding them to supply relationships, so content per vehicle or boat, not just unit volume, drives sales. Based in Elkhart, Indiana.
Moat: narrow (scale, distribution, switching costs). Broad product range and OEM-integrated supply relationships across recreational/housing manufacturers.
Headquarters: Elkhart, Indiana, US · Founded: 1959 · Employees: 10,000
Size Patrick Industries (PATK) is a United States Consumer Discretionary company (Home Furnishings) with a market value of $2.53B, the 1649th largest of 3,117 United States companies the cockpit tracks. Shares closed at $78.79 on 6 Nov 2026.
Performance Over six months the shares fell 17.2%, against -11.4% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median +0.4%); the operating margin is 6.3% (peer median 6.4%).
Valuation It trades at 16.8× forward earnings against a peer median of 16.8× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points below its cost of capital (8.7% WACC).
Credit Patrick Industries has 2 bonds outstanding ($609M), rated BB- by the agencies and trading like BB at a weighted spread of 137 bp.
Short interest Short interest is 17.6% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.94B | $3.95B | $3.72B | $3.47B | $4.88B |
| Revenue growth | — | +6% | +7% | -29% | — |
| Gross profit | $822M | $816M | $740M | $704M | $987M |
| EBITDA | $420M | $446M | $430M | $405M | $627M |
| Net income | $133M | $135M | $138M | $143M | $328M |
| Free cash flow | $203M | $246M | $251M | $350M | $332M |
| Capital expenditure | $74.0M | $82.9M | $75.7M | $59.0M | $79.9M |
| Total debt | $1.61B | $1.49B | $1.52B | $1.21B | $1.45B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Patrick Industries PATK | $2.53B | -17% | +2% | 6% | 16.8× | 9.3% |
| LCI Industries LCII | $2.38B | -18% | +4% | 7% | 11.3× | 2.0% |
| Malibu Boats MBUU | $398M | -33% | +13% | 1% | 8.6× | 19.6% |
| UFP Industries UFPI | $4.41B | -5% | -1% | 5% | 17.7× | 9.9% |
| Dometic DOM.ST | $755M | -29% | -6% | -13% | 11.4× | 3.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PATK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.1% | -0.1% | 2nd highest of 21 |
| 6-month return | -17.2% | -11.4% | 8th lowest of 21 |
| Distance from 52-week high | -46.9% | -31.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +1.7% | +0.4% | 9th highest of 21 |
| Operating margin | 6.3% | 6.4% | 11th highest of 21 |
| Forward P/E | 16.8× | 16.8× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 9.3% | -1.6% | 4th most demanding of 15 |
| Growth delivered (Del g) | +9.7% | +5.2% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | -0.4 pp | -9.1 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | -1.5 pp | -1.7 pp | 11th highest of 21 |
| EV / EBITDA | 9.8× | 9.0× | 3rd most expensive of 10 |
| Net debt / EBITDA | 3.8× | 1.0× | 4th most indebted of 12 |
| Bond spread | 137 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Patrick Industries PATK | United States | $2.53B | -17% | +2% | 6% | 16.8× | 9.3% | +9.7% |
| Gansu Golden Solar 300093.SZ | China | $2.42B | -9% | -9% | -152% | n/a | n/a | n/a |
| Asahi India Glass ASAHIINDIA.NS | India | $2.79B | +22% | +20% | 16% | 58.8× | n/a | n/a |
| Oppein Home 603833.SS | China | $2.88B | -32% | -27% | 5% | 16.8× | 6.1% | +3.2% |
| Zhuzhou Kibing 601636.SS | China | $2.22B | -21% | -4% | -8% | n/a | n/a | n/a |
| LIXIL 5938.T | Japan | $3.07B | +4% | +2% | 2% | 38.8× | 17.3% | +1.9% |
| Nien Made Enterprise 8464.TW | Taiwan | $3.08B | +1% | +4% | 35% | 13.3× | -8.3% | +4.2% |
| Higold 001221.SZ | China | $2.05B | -40% | +17% | 21% | 17.4× | -3.4% | +33.2% |
| Arhaus ARHS | United States | $2.01B | +118% | +5% | 7% | 26.2× | 28.4% | +22.1% |
| MotoMotion China 301061.SZ | China | $1.96B | -4% | -2% | 26% | 18.5× | -5.1% | +20.7% |
| A-Zenith Home Furnishings 603389.SS | China | $1.91B | -17% | +275% | -5% | n/a | n/a | n/a |
| WG Tech (JiangXi) 603773.SS | China | $1.87B | -20% | +2% | -8% | 222.4× | n/a | n/a |
| Jason Furniture (Hangzhou) 603816.SS | China | $3.57B | -10% | +1% | 9% | 13.3× | -2.2% | +9.7% |
| Forbo FORN.SW | Switzerland | $1.51B | +23% | -1% | 8% | 16.7× | 0.2% | -0.6% |
| Hyundai G.f 005440.KS | South Korea | $1.44B | -21% | -1% | 4% | 4.8× | -1.0% | +20.1% |
| MasterBrand MBC | United States | $1.37B | -12% | 0% | -1% | n/a | 19.4% | +2.1% |
| Okamura 7994.T | Japan | $1.35B | -14% | +3% | 7% | 9.5× | -6.7% | +6.1% |
| Ziel Home Furnishing Technology 301376.SZ | China | $1.32B | +32% | +21% | 6% | 18.2× | -7.0% | +17.0% |
| La-Z-Boy LZB | United States | $1.27B | -11% | 0% | 7% | 12.7× | 4.2% | +4.2% |
| Man Wah 1999.HK | Hong Kong | $1.20B | -45% | -3% | 14% | 7.9× | -6.5% | 0.0% |
| CSG 000012.SZ | China | $1.17B | -13% | -12% | -5% | n/a | n/a | n/a |
Patrick Industries has 2 bonds outstanding with $609M face value. The agencies rate it BB-; its bonds trade like BB. Weighted yield 5.88%, a spread of 137 bp over government bonds.