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Patrick Industries, Inc. manufactures and distributes component products and materials for the recreational vehicle, marine, powersports, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. The company operates through Manufacturing and Distribution segments. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinetry; polymer-based and other flooring products; and dash panels. This segment also provides wrapped vinyl, paper, and hardwood profile mouldings; interior passage doors; air handling products; slide-out trim and fascia; treated, untreated, and laminated plywood; fiberglass and plastic helm systems and components; boat towers, tops, trailers, and frames; adhesives and sealants; thermoformed shower surrounds; specialty bath, and closet building products; wiring and wire harnesses; aluminum and plastic fuel tanks; CNC molds, composite parts, and marine hardware and accessories; slotwall panels and components; and other products. The company's Distribution segment distributes pre-finished wall and ceiling panels, drywall and finishing products, electronic and audio system components, appliances, and marine accessories; wiring, electrical, and plumbing products; fiber reinforced polyester products; and cement siding, raw and processed lumber, interior passage, roofing, laminate, and ceramic flooring products, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other products. This segment also offers transportation and logistics services. Patrick Industries, Inc. was incorporated in 1959 and is based in Elkhart, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.0B | $422M | $135M | $242M | 11.4% | 6.3% | -2.4% |
| 2024 | $3.7B | $425M | $138M | $223M | 12.3% | 7.1% | -3.1% |
| 2023 | $3.5B | $405M | $143M | $347M | 13.7% | -29.0% | -56.5% |
| 2022 | $4.9B | $627M | $328M | $332M | 34.4% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,881.87 | 3,468.04 | 3,715.68 | 3,950.77 |
| Operating Revenue | - | 4,881.87 | 3,468.04 | 3,715.68 | 3,950.77 |
| Cost Of Revenue | - | 3,821.93 | 2,685.81 | 2,879.79 | 3,037.91 |
| Gross Profit | - | 1,059.94 | 782.23 | 835.89 | 912.86 |
| Operating Expense | - | 563.77 | 522.03 | 577.85 | 636.87 |
| Selling General And Administration | - | 490.54 | 443.34 | 481.58 | 539.56 |
| Total Expenses | - | 4,385.70 | 3,207.84 | 3,457.64 | 3,674.78 |
| Operating Income | - | 496.17 | 260.20 | 258.04 | 275.99 |
| Total Operating Income As Reported | - | 496.17 | 260.20 | 258.04 | 275.99 |
| EBITDA | - | 626.93 | 404.74 | 424.58 | 421.78 |
| Normalized EBITDA | - | 626.93 | 404.74 | 424.58 | 421.78 |
| EBIT | - | 496.17 | 260.20 | 258.04 | 251.57 |
| Interest Expense | - | 60.76 | 68.94 | 79.47 | 74.51 |
| Net Interest Income | - | -60.76 | -68.94 | -79.47 | -74.51 |
| Other Non Operating Income Expenses | - | - | - | - | -24.42 |
| Other Income Expense | - | - | - | - | -24.42 |
| Interest Expense Non Operating | - | 60.76 | 68.94 | 79.47 | 74.51 |
| Net Non Operating Interest Income Expense | - | -60.76 | -68.94 | -79.47 | -74.51 |
| Pretax Income | - | 435.41 | 191.26 | 178.57 | 177.06 |
| Tax Provision | - | 107.21 | 48.36 | 40.17 | 42.01 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 328.20 | 142.90 | 138.40 | 135.06 |
| Net Income From Continuing And Discontinued Operation | - | 328.20 | 142.90 | 138.40 | 135.06 |
| Net Income From Continuing Operation Net Minority Interest | - | 328.20 | 142.90 | 138.40 | 135.06 |
| Net Income | - | 328.20 | 142.90 | 138.40 | 135.06 |
| Net Income Common Stockholders | - | 328.20 | 142.90 | 138.40 | 135.06 |
| Net Income Including Noncontrolling Interests | - | 328.20 | 142.90 | 138.40 | 135.06 |
| Normalized Income | - | 328.20 | 142.90 | 138.40 | 135.06 |
| Diluted NI Availto Com Stockholders | - | 330.12 | 143.06 | 138.40 | 135.06 |
| Basic Average Shares | - | 33.21 | 32.28 | 32.57 | 32.49 |
| Diluted Average Shares | - | 36.71 | 33.04 | 33.70 | 34.64 |
| Reconciled Depreciation | - | 130.76 | 144.54 | 166.54 | 170.21 |
| Reconciled Cost Of Revenue | - | 3,764.41 | 2,619.96 | 2,809.52 | 2,965.02 |
| Depreciation Amortization Depletion Income Statement | - | 73.23 | 78.69 | 96.28 | 97.31 |
| Depreciation And Amortization In Income Statement | - | 73.23 | 78.69 | 96.28 | 97.31 |
| General And Administrative Expense | - | 327.51 | 299.42 | 325.75 | 361.59 |
| Other Gand A | - | 327.51 | 299.42 | 325.75 | 361.59 |
| Other Operating Expenses | 139.61 | 163.03 | 143.92 | - | - |
| Selling And Marketing Expense | - | 163.03 | 143.92 | 155.82 | 177.97 |
| Average Dilution Earnings | 0 | 1.93 | 0.16 | 0 | - |
| Amortization | - | 73.23 | 78.69 | 96.28 | 97.31 |
| Amortization Of Intangibles Income Statement | - | 73.23 | 78.69 | 96.28 | 97.31 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Patrick Industries, Inc.this co. | PATK | $2.8B | 20.96↑ premium | 2.39 | 11.4% | 10.19 |
| The Cheesecake Factory Incorporated | CAKE | $3.2B | 21.37 | 7.27 | 34.0% | 18.01 |
| PHINIA Inc. | PHIN | $3.0B | 23.42 | 1.92 | 8.2% | 8.50 |
| Green Brick Partners, Inc. | GRBK | $3.0B | 9.55 | 1.65 | 17.3% | 7.63 |
| Marriott Vacations Worldwide Corporation | VAC |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.0B |
| - |
| 1.50 |
| -15.5% |
| 434.60 |
| American Eagle Outfitters, Inc. | AEO | $2.8B | 14.54 | 1.65 | 11.3% | 7.73 |
| Callaway Golf Company | CALY | $2.7B | -6.59 | 1.30 | -19.8% | 17.81 |
| Sonic Automotive, Inc. | SAH | $2.7B | 22.45 | 2.49 | 11.1% | 13.11 |
| PENN Entertainment, Inc. | PENN | $2.6B | -3.12 | 1.43 | -46.0% | 412.90 |
| Peer Median | - | 14.54 | 1.65 | 9.7% | 15.46 | |