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what it is
Patrick makes the inside parts for RVs, boats, manufactured homes, and powersports vehicles that buyers notice after the shell is built.
how it gets paid
Last year Patrick Inds made $4.0B in revenue. Recreational Vehicle was the main engine at $1.68B, or 42% of sales.
why it's growing
Revenue grew 6.3% last year. Revenue was $4.0B for the year, up 6.3%, with gross margin at 23.1%.
what just happened
Patrick reported EPS of $0.82 versus a $0.72 estimate, a 13.89% beat.
At a glance
B+ balance sheet — decent shape, but not bulletproof
50/100 earnings predictability — expect surprises
31.0x trailing p/e — you're paying up for this one
1.6% dividend yield — cash in your pocket every quarter
11.0% return on capital — nothing to write home about
xvary composite: 65/100 — average
What they do
Patrick makes the inside parts for RVs, boats, manufactured homes, and powersports vehicles that buyers notice after the shell is built.
You do not buy Patrick for a flashy product. You buy it because its parts show up everywhere inside the vehicle, from panels to countertops to cabinets, across four end markets that produced $4.0 billion in annual revenue. Content per unit (more Patrick parts inside each RV or boat) → more dollars per vehicle sold → so what: Patrick can still grow dollars even when industry unit sales look flat.
How they make money
$4.0B
annual revenue · their business grew +6.3% last year
Recreational Vehicle
$1.68B
flat
Manufactured Housing
$1.40B
+6.3%
Marine
$0.56B
up
Powersports
$0.36B
flat
The products that matter
supplies materials into RV production
Recreational Vehicle
$1.68B · 42% of sales
it's the biggest segment at $1.68B, and that 42% share means RV demand still sets the tone for the whole company.
largest segment
components for factory-built homes
Manufactured Housing
$1.4B · 35% of sales
this $1.4B business is 35% of revenue, which makes housing the second leg of the stool rather than a side business.
35% of sales
parts and materials for boats
Marine
$0.56B · 14% of sales
marine brings in $0.56B, or 14% of sales, and recent acquisitions adding $39M in annual revenue helped keep that line steadier than it otherwise looked.
acquisition support
Key numbers
1.0%
2026 sales growth
Sales growth is projected to slow from a 16.0% past rate to 1.0% ahead. Translation: the business is shifting from expansion to crawl, so your valuation needs to come down too.
31.0x
trailing p/e
P/E (price-to-earnings) → how many dollars you pay for $1 of profit → so what: 31.0x is expensive for a company with 1.0% projected sales growth.
$1.3B
long-term debt
Debt equal to 29% of capital is fine in a stable market. In cyclical markets, it turns a slowdown into a stress test.
13.0%
operating margin
Operating margin → profit left after running the business → so what: 13.0% is solid for a component supplier, but not high enough to justify fantasy pricing.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $1.3B (29% of capital)
- net profit margin 6.2% — keeps 6 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in PATK 3 years ago → it's now worth $28,400.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Patrick reported EPS of $0.82 versus a $0.72 estimate, a 13.89% beat.
Revenue was $4.0B for the year, up 6.3%, with gross margin at 23.1%. The company is still leaning on content per unit in RV and marine while broader sales growth cools.
$1.0B
revenue
$0.82
eps
23.1%
gross margin
the number that mattered
The 23.1% gross margin matters most because it shows Patrick still has pricing and mix discipline even as revenue growth slows.
-
we look for patrick industries’ fourth-quarter revenues to decline on a contiguous and comparable basis.
-
the final period of the year is generally the company’s weakest.
-
revenues might well be lower if it weren’t for what we expect will be strength in content per unit in the rv and marine segments. (content is mainly accessories and luxury upgrades.) a couple of minor acquisitions in the marine operation (tallying $39 million in annual sales) also likely buoyed the top line, but sales of new boats and vehicles probably declined.
-
we don’t think sales will rise much in 2026.most of the people who buy patrick’s rvs, powersport equipment, and marine vessels are wealthy retired babyboomers, whose assets are mainly tied up in the stock and bond markets.
-
should these markets falter, we think this segment of the population will rein in their spending.
source: company earnings report, 2026
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What could go wrong
the #1 risk is RV, marine, and manufactured housing demand rolling over.
med
end-market demand slump
Patrick sells into discretionary purchases and interest-rate-sensitive categories. RVs are 42% of sales, manufactured housing is 35%, and marine is 14%.
If those channels weaken at the same time, the revenue slowdown from 30.5% to 2.1% can turn into outright contraction.
med
input cost pressure
The company uses materials like lumber, vinyl, resins, and other manufactured inputs. A 4.4% net margin does not leave much buffer if costs move faster than pricing.
Thin margins mean even modest cost inflation can matter more here than it would at a higher-margin business.
med
acquisition-aided revenue looking cleaner than demand
Recent marine deals added $39M in annual sales. That helps the top line, but it can also mask softer organic unit demand underneath.
If acquisitions stop helping while end demand stays weak, investors may have to reprice the recovery narrative.
At least 91% of the $4.0B revenue base sits in RV, manufactured housing, and marine. That's the diversification math that matters.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
watch whether management can show more than a beat — you want evidence that demand is improving, not just that the quarter cleared a low bar.
metric
RV shipment data
RV is 42% of sales. If industry shipments weaken again, Patrick usually feels it fast.
trend
content per unit
Higher accessory and upgrade content helped hold revenue up. If that tailwind fades, the underlying unit softness gets harder to hide.
risk
input costs and customer orders
With a 4.4% net margin, you do not need a dramatic cost shock or order pullback for earnings to feel it.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — in human-speak, analysts still expect above-average price performance over the next year.
risk profile
average
stability score 3 — this sits near the middle, which fits a cyclical supplier with a decent balance sheet and thin margins.
chart momentum
average
technical score 3 — the chart is not waving a warning flag or an all-clear.
earnings predictability
50 / 100
predictability sits in the middle. Translation: quarters can move around more than long-term holders would prefer.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 152 buyers vs. 148 sellers in 3q2025. total institutional holdings: 36.0M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$88
$167
$118
current price
$128
target midpoint · +9% from current · 3-5yr high: $170 (+45% · 11% ann'l return)
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