PATRICK INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PATRICK INDUSTRIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,222	1,636	2,263	2,337	2,487	4,078	4,882	3,468	3,716	3,951
Cost of revenue	1,019	1,357	1,847	1,914	2,028	3,277	3,822	2,686	2,880	3,038
Gross profit	202	279	416	423	459	801	1,060	782	836	913
Selling, general and administrative	62.2	90.7	128	134	146	254	328	299	326	362
Operating expenses	112	157	237	268	286	449	564	522	578	637
Operating income	90.8	122	178	154	173	352	496	260	258	276
Pre-tax income	83.7	113	152	118	130	294	435	191	179	177
Income tax	28.1	27.4	32.1	28.3	33.3	68.9	107	48.4	40.2	42
Net income	55.6	85.7	120	89.6	97.1	225	328	143	138	135
EBITDA	115	155	233	217	247	457	627	405	425	446
EPS, basic	1.65	2.36	3.33	2.59	2.85	6.58	9.88	4.43	4.25	4.16
EPS, diluted	1.62	2.32	3.29	2.57	2.80	6.42	8.99	4.33	4.11	3.90
Shares, basic (weighted)	33.8	36.4	36	34.6	34.1	34.2	33.2	32.3	32.6	32.5
Shares, diluted (weighted)	34.4	37	36.5	34.9	34.6	35	36.7	33	33.7	34.6
Dividend per share		0.00	0.00	0.17	0.69	0.78	1.44	1.90

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.45	2.77	6.9	139	44.8	123	22.8	11.4	33.6	26.4
Receivables	38.5	77.8	82.5	87.5	133	172	173	164	178	185
Inventory	120	175	273	254	313	614	668	510	552	595
Other current assets	7.85	18.1	22.9	36	38	64.5	46.3	49.3	59.2	66
Total current assets	173	274	385	517	528	974	910	735	823	873
Property, plant and equipment	85.5	118	177	181	251	319	351	354	385	409
Lease right-of-use assets			0	93.5	118	158	164	178	201	199
Goodwill	110	208	282	319	396	551	629	637	797	840
Intangible assets	165	263	383	357	456	640	720	651	803	743
Other non-current assets	0.54	0.51	0.52	0.42	3.99	7.15	8.83	7.93	12.6	12.8
Total assets	535	867	1,231	1,471	1,753	2,651	2,782	2,562	3,021	3,076
Accounts payable	46.8	84.1	89.8	96.2	106	204	143	141	188	192
Accrued liabilities	23.6	36.6	59.2	58	83.2	181	173	112	106	94.4
Short-term debt	15.8	15.8	8.75	5	7.5	7.5	7.5	7.5	6.25	6.25
Total current liabilities	86.1	136	158	187	227	433	367	308	354	348
Long-term debt	257	338	622	670	811	1,279	1,276	1,018	1,312	1,283
Lease liabilities			0	66.5	88.2	120	122	132	151	149
Other non-current liabilities	1.61	7.78	20.3	22.5	28	14.8	13.1	11.1	14.9	14.8
Total liabilities	350	496	822	974	1,194	1,883	1,827	1,517	1,893	1,892
Total debt	273	354	661	705	840	1,361	1,298	1,038	1,332	1,301
Paid-in capital	8.24	8.24	25.1	25	24.4	59.7	0
Retained earnings	113	199	225	306	360	514	759	843	927	977
Treasury stock					0
Other comprehensive income	0.03	0.07	-2.68	-5.7	-6.05	-2.23	-0.7	-1	-0.93	-0.88
Shareholders' equity	185	371	409	497	559	768	955	1,045	1,128	1,184
Total equity	185	371	409	497	559	768	955	1,045	1,128	1,184
Total liabilities and equity	535	867	1,231	1,471	1,753	2,651	2,782	2,562	3,021	3,076
Shares outstanding	34.5	38	35.3	35.3	35.1	35.2	22.2	33.2	33.6	33.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	55.6	85.7	120	89.6	97.1	225	328	143	138	135
Depreciation and amortization	24.4	33.5	55.1	62.8	73.3	105	131	145	167	170
Stock-based compensation	6.47	10.4	14	15.4	16	22.9	21.8	19.4	16.8	19.1
Deferred income tax	-0.56	-6.48	0.76	5.59	8.09	-3.94	-9.35	-0.59	-6.48	35.5
Change in inventory	-12.5	-35.3	0.09	19.7	-34.6	-232	-11.9	162	-1.86	-25
Change in payables	12.8	30.3	-21.1	1.08	20.8	150	-95	-68.3	4.27	-0.98
Cash from operations	97.1	99.9	200	192	160	252	412	409	327	329
Capital expenditures	-15.4	-22.5	-34.5	-27.7	-32.1	-64.8	-79.9	-59	-75.7	-82.9
Acquisitions	-139	-252	-343	-56	-306	-508	-249	-25.9	-412	-122
Cash from investing	-154	-273	-371	-79.2	-338	-575	-321	-86.5	-513	-206
Debt issued	29	0	37	7.5
Debt repaid	-13.2	-15.8	-7.69	-6.25	-5	-6.88	-7.5	-7.5	-131	-6.25
Stock issued	0	93.3	0	0	0.64	4.95	0.2	1.41	0.02	0
Share buybacks	-5.21	0	-108	-3.82	-23.1	-48.9	-77.1	-18.8	-4.66	-32
Dividends paid			0	-5.8	-23.6	-27	-32.9	-42.1	-50.2	-55.3
Cash from financing	63.2	170	175	19.3	83.1	401	-190	-334	208	-130
Net change in cash	6.36	-3.68	4.13	132	-94.6	78.1	-100	-11.4	22.2	-7.13
Free cash flow	81.7	77.4	166	165	128	187	332	350	251	246
Interest paid	7.1	8.6	18.4	22.1	36.1	45	56.9	66.3	75.9	71.4
Income taxes paid	29.2	38.6	28.2	36.1	7.9	46.2	117	84.3	38.1	23.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $68.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.1%	Gross profit / revenue.
Operating margin	6.7%	Operating income / revenue.
EBITDA margin	11.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.9%	Pre-tax income / revenue.
Net margin	3.7%	Net income / revenue.
FCF margin	3.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.3%	Cash from operations / revenue.
Effective tax rate	23.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.6%	Net income / average total assets.
Return on invested capital (ROIC)	8.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	4.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-17.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-10.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-25.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-5.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-24.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-7.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-1.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.67x	Current assets / current liabilities.
Quick ratio	0.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.2%	Total debt / total assets.
Liabilities / assets	64.8%	Total liabilities / total assets.
Net debt	$1.39B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.19x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$639.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	47.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$408.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.23x	Revenue / average total assets.
Fixed asset turnover	9.60x	Revenue / average property, plant and equipment.
Inventory turnover	4.64x	Cost of revenue / average inventory.
Days inventory	79 days	365 x average inventory / cost of revenue.
Receivables turnover	14.2x	Revenue / average receivables.
Days sales outstanding	26 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	77 days	Days inventory + days sales outstanding - days payables.
FCF conversion	86.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$115.94	Revenue / diluted weighted shares.
FCF per share	$3.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.15	Cash from operations / diluted weighted shares.
Book value per share	$35.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$12.70	Tangible book value / shares outstanding.
Cash per share	$0.91	(Cash + short-term investments) / shares outstanding.
Payout ratio	40.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	46.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	83.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.20B	Share price x shares outstanding.
Enterprise value	$3.59B	Market cap + total debt - cash - short-term investments.
P/E	14.9x	Market cap / net income. Only when net income is positive.
P/S	0.56x	Market cap / revenue.
P/B	1.94x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.5x	Market cap / cash from operations, when positive.
EV/Sales	0.91x	Enterprise value / revenue.
EV/EBIT	13.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.23x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.8%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	2.7%	Dividends paid over the period / market cap.
Shareholder yield	7.5%	(Dividends paid + share buybacks) / market cap.

What was PATRICK INDUSTRIES INC's revenue in fiscal 2025?

PATRICK INDUSTRIES INC reported revenue of $3.95B for fiscal 2025, 6.3% higher than the year before.

Was PATRICK INDUSTRIES INC profitable in fiscal 2025?

Yes. Net income was $135.1M, a net margin of 3.4%.

How much free cash flow did PATRICK INDUSTRIES INC generate in fiscal 2025?

Cash from operations of $329.4M minus capital expenditures of $82.9M left free cash flow of $246.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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