At a glance
Patrick Industries Inc is worth $2.25B, about 18 times its fiscal 2025 earnings. Revenue grew 6.3% to $3.95B in fiscal 2025, with 3.4% kept as profit; over 5 years it has grown 9.7% a year. It pays a 2.69% dividend yield, raised every year for at least 7 years, and returned $389.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −32.0% over the past year with dividends reinvested and +7.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 68.9% in the 2020 crash (S&P 500: 33.7%) and 45.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 9 months after the lows.
The business in plain English
Patrick Industries makes and distributes components that go into recreational vehicles (RVs), boats, powersports vehicles and manufactured homes. It was incorporated in Indiana in 1959 and is based in Elkhart. Its main customers are original equipment manufacturers (OEMs), the companies that build those products. It also sells to buyers in housing, hospitality, institutional and commercial markets. Products range from laminated wall panels, countertops, cabinets and furniture to wire harnesses, fiberglass caps, boat towers, fuel tanks and audio systems.
Patrick reports two segments. Manufacturing produced about 74% of 2025 net sales of $3.95 billion. Distribution produced about 26%. It supplies items such as drywall, lighting, plumbing, flooring, appliances, and RV windows and awnings. By end market, RVs were 45% of sales, manufactured housing 17%, marine 15%, industrial 13% and powersports 10%. Gross margin is the share of sales left after the direct cost of products. It was 23.1% in 2025.
As of December 31, 2025, Patrick ran about 191 manufacturing plants and 50 warehouse and distribution sites in 25 states. It also had a small presence in Mexico, China and Canada. Sites sit close to customers' factories to cut delivery time and cost. The company has grown partly through acquisitions, spending about $560 million in cash on them over the three years through 2025.
Price history
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PATK -32.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Recreational Vehicle | $1.78B | 45% |
| Manufactured Housing | $681.5M | 17.2% |
| Marine | $606.4M | 15.3% |
| Industrial | $502.7M | 12.7% |
| Powersports | $384.1M | 9.7% |
By business segment
| Manufacturing | $2.94B | 74.5% |
| Distribution | $1.01B | 25.5% |
Latest results
- In Q2 FY2026 (ended Jun 28, 2026), revenue was $1.04B, down 0.6% from a year earlier, and net income was $43.4M (+33.9%).
- For fiscal 2025, revenue was $3.95B (+6.3% year over year; +9.7% a year from FY2020 to FY2025) with a 3.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.7% good |
|---|---|
| Operating margin | 7% watch |
| Free cash flow margin | 6.2% watch |
| Return on equity (FY2025) | 11.4% watch |
| Return on assets (FY2025) | 4.4% watch |
| Net cash (cash minus debt) | $-1.39B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.49B | $97.1M | $128.1M |
| FY2021 | $4.08B | $224.9M | $187.3M |
| FY2022 | $4.88B | $328.2M | $331.9M |
| FY2023 | $3.47B | $142.9M | $349.7M |
| FY2024 | $3.72B | $138.4M | $251.2M |
| FY2025 | $3.95B | $135.1M | $246.5M |
Valuation snapshot
| Market value | $2.25B |
|---|---|
| P/E ratio | 17.9 |
| Dividend yield | 2.69% |
Rank among 1514 US companies
Market value at each year end
Patrick Industries’s market value went from $1.17B at the end of 2016 to $2.25B on Oct 28, 2026, up 92%; since the end of 2025 it is down 38%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.25B | -37.8% |
| 2025 | $3.61B | +29.3% |
| 2024 | $2.79B | +25.7% |
| 2023 | $2.22B | +61.7% |
| 2022 | $1.37B | -28.0% |
| 2021 | $1.91B | +19.5% |
| 2020 | $1.60B | +28.2% |
| 2019 | $1.25B | +75.3% |
| 2018 | $710.8M | -59.4% |
| 2017 | $1.75B | +49.8% |
| 2016 | $1.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PATK price data to Oct 28, 2026 | -34.6% | -32.0% | +15.9% | +7.9% | +12.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -34.6% |
| 2025 | +32.7% |
| 2024 | +27.4% |
| 2023 | +69.6% |
| 2022 | -23.1% |
| 2021 | +19.7% |
| 2020 | +32.8% |
| 2019 | +77.9% |
| 2018 | -57.4% |
| 2017 | +36.5% |
| 2016 | +75.4% |
| 2015 | +48.4% |
| 2014 | +52.0% |
| 2013 | +85.9% |
| 2012 | +279.5% |
| 2011 | +116.4% |
| 2010 | -22.0% |
| 2009 | +279.7% |
| 2008 | -93.6% |
| 2007 | -20.3% |
| 2006 | +18.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 97.2% over that stretch · deepest drop along the way 97.4%, back to its old high 37 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 67.3% over that stretch · deepest drop along the way 68.9%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 43.2% over that stretch · deepest drop along the way 45.8%, back to its old high 8.5 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 13 open-market purchases ($3.8M) and 4 sales ($2.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 12, 2026 | Hugo E Gonzalez Pres Powersports & Housing/COO | sell | $1.5M |
| Mar 12, 2026 | M Scott Welch Director | buy | $1.1M |
| May 5, 2026 | M Scott Welch Director | buy | $882K |
| May 5, 2026 | Andy L Nemeth Chief Executive Officer, Director | buy | $880K |
| Feb 12, 2026 | Stacey L Amundson EVP & CHRO | sell | $568K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.5% | Mar 31, 2025 |
| FMR LLC | 13.2% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Sep 30, 2026 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.9% | Jun 30, 2026 |
ETFs with the most weight in PATK
| MGMT Ballast Small/Mid Cap ETF | 2.19% |
| TSME Thrivent Small-Mid Cap Equity ETF | 1.81% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.86% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.8% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.74% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.7% |
| SVAL iShares US Small Cap Value Factor ETF | 0.65% |
What could go wrong
- Two customers make up 28% of sales. Two customers in the RV market accounted for a combined 28% of net sales in 2025. Patrick has no long-term contracts with customers, so losing or shrinking either account could hit results hard.
- Heavy dependence on the RV industry. RVs made up about 45% of 2025 sales. RVs are optional big-ticket purchases tied to the economy, consumer confidence and dealer stocking, so falling RV shipments directly reduce Patrick's revenue.
- Boom-and-bust markets tied to rates, credit. Demand for boats, powersports and manufactured homes also swings with interest rates, jobs and the loans buyers and dealers rely on. Marine stayed weak in 2025, with powerboat retail units down about 8%.
- Significant debt and lender conditions. Total debt was about $1.42 billion against $29 million of cash and investments as of June 28, 2026. Breaking loan covenants (conditions lenders set) could make debt due immediately and limit access to new capital.
- Acquisitions bring integration and write-down risk. Patrick spent about $560 million on acquisitions over the three years through 2025. Poorly integrated deals or weaker results at acquired units could force goodwill impairments (write-downs of the premium paid).
- Tariffs, inflation and material costs. Patrick imports some products and depends on raw materials, energy and freight. New tariffs or trade limits, inflation or shortages could squeeze profits. It kept about 7 cents of operating profit per dollar of 2025 sales.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Patrick has raised its quarterly dividend for seven straight years. Adjusted for the 1.5-for-1 stock split in February 2025, dividends per share rose from about $0.69 in 2020 to about $1.60 in 2025, roughly 18% a year. The 2025 dividend used about 41% of earnings and 22% of free cash flow (cash left after capital spending). The yield was 2.69% as of October 28, 2026. From 2021 through 2025, buybacks totaled $181 million and dividends $207 million. The share count fell about 9.5% from October 2021 to July 2026.
The stock falls hard in downturns. It lost about 97% in the 2008 financial crisis and did not regain its peak until April 2012. It fell about 69% in the 2020 COVID crash and was back at its peak by June 2020. It fell 46% in the 2022 bear market and recovered by June 2023. It was down about 35% for 2026 through October 28. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Patrick Industries make money?
Patrick Industries makes and distributes components for RVs, boats, powersports vehicles and manufactured homes. It sells them mainly to the manufacturers that build those products. Its Manufacturing segment makes items such as countertops, cabinets, wire harnesses, fiberglass parts and boat towers. It produced about 74% of 2025 net sales of $3.95 billion. Its Distribution segment supplies products such as drywall, lighting, plumbing and appliances, and produced about 26%. Patrick also sells into housing, hospitality and commercial markets.
Does Patrick Industries raise its dividend every year?
It has for seven straight years. Adjusted for the 1.5-for-1 stock split in February 2025, dividends per share rose from about $0.69 in 2020 to about $1.60 in 2025. The 2025 dividend used about 41% of earnings. The yield was 2.69% as of October 28, 2026. A record of increases is not a guarantee. The board decides each payment, and the dividend could be cut in a severe downturn.
How much does Patrick Industries depend on the RV industry?
Heavily. RVs made up about 45% of Patrick's net sales in 2025, up from 44% in 2024. Two customers in the RV market accounted for a combined 28% of 2025 sales. Patrick has no long-term contracts with its customers. The RV industry is concentrated. Company estimates show Thor Industries, Forest River and Winnebago held about 86% of towable and 85% of motorized retail market share in 2025.
How much debt does Patrick Industries have?
As of June 28, 2026, Patrick had about $1.42 billion of total debt and about $29 million of cash and investments. Shareholders' equity was about $1.13 billion. Its borrowings include 1.75% convertible notes due 2028, a type of bond that holders can convert into stock under certain conditions. The company must also meet lender covenants, and breaking them could make debt due immediately. That matters most in downturns, when sales to RV and boat makers tend to fall.
How has Patrick Industries stock performed over the long term?
It has been volatile but has risen over the long run. As of October 28, 2026, the share price had gained about 12.4% a year over 10 years and 7.9% a year over five years. In the year to that date, though, it fell about 32%, and it was down about 35% for 2026. Big drops are not new: the stock lost about 97% in the 2008 financial crisis. These figures count share price changes only.