Patrick Industries Inc. Common Stock (PATK)

FairStock Score: 53/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett-style investor, I start with the business: Patrick Industries is a cyclical supplier to RV, marine, powersports, manufactured housing, and industrial markets. Scale and 10,000 employees matter, but a parts maker tied to discretionary big-ticket purchases rarely has a wide moat. The numbers are mixed. In fiscal Q2 2026, the quarter ended 2026-06-28, revenue was $1.0B, net income $43.4M, and diluted EPS $1.28, versus fiscal Q2 2025, ended 2025-06-29, when revenue was $1.0B, net income $32.4M, and EPS $0.96. That is a strong profit rebound. But full-year fiscal 2025, ended 2025-12-31, showed revenue of $4.0B, net income $135.1M, and EPS $3.90, down from fiscal 2024 net income $138.4M and EPS $4.11 despite higher revenue. FairStock calculations show P/E 15.32, P/B 1.83, ROE 12.95%, ROCE 5.28%, D/E 1.46, and Altman Z 1.64, so leverage is a real risk. Free cash flow of $123.2M gives a 6.0% FCF yield, and the 2.73% dividend is helpful. At the 2026-10-13 close of $64.34, the Graham Number of $57.68 implies a -11.55% margin of safety, so price is not cheap by that yardstick. The Lynch category is CYCLICAL — Recreational Vehicles: earnings follow the economic cycle. I would want a wider discount and a stronger balance sheet before calling this a classic value opportunity.

In plain English: Patrick Industries makes and sells parts and materials used in recreational vehicles, boats, manufactured homes, and other industrial products. In the latest reported quarter, sales were about flat from a year earlier, but profit rose and the company produced solid cash. The stock price looks a bit high compared with a simple value estimate, and the business is tied to a cyclical industry and carries meaningful debt.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-28) · fiscal Q1 2026 10-Q (period ended 2026-03-29) · fiscal Q3 2025 10-Q (period ended 2025-09-28) · fiscal Q2 2025 10-Q (period ended 2025-06-29) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer