PATRICK INDUSTRIES INC

Listed Company

PATKCIK 0000076605NasdaqLarge AcceleratedMotor Vehicle Parts & AccessoriesIndianaFY ends Dec 31

Period

FY 2025

Revenue

$3.95B

Net Income

$135.06M

Total Assets

$3.08B

Equity

$1.18B

Shares Out

33.23M

Op. Cash Flow

$329.41M

Business

PATRICK INDUSTRIES INC is a component solutions provider that manufactures and distributes products for the recreational vehicle, marine, powersports, manufactured housing and various industrial markets. It offers laminated panels, cabinetry, countertops, furniture, electrical and plumbing components, flooring, lighting, fiberglass and polymer parts, marine accessories, adhesives, and related products and services. The company operates through two reportable segments—Manufacturing and Distribution—delivering manufactured components and stocked distribution products. Patrick serves customers primarily through a nationwide network of manufacturing plants and warehouse/distribution facilities across the United States with limited operations in Mexico, China and Canada.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	3,951	3,716	3,468	4,882	4,078
Cost of goods sold	3,038	2,880	2,686	3,822	3,277
Gross profit	913	836	782	1,060	801
Warehouse and delivery	178	156	144	163	140
Selling, general and administrative	362	326	299	328	254
Amortization of intangible assets	97	96	79	73	56
Total operating expenses	637	578	522	564	449
Operating Income	276	258	260	496	352
Interest expense, net	75	79	69	61	58
Other expenses	24	0	0	—	—
Income before income taxes	177	179	191	435	294
Income taxes	42	40	48	107	69
Net income	135	138	143	328	225
Basic earnings per common share (in dollars per share)	4.16	4.25	4.43	9.88	9.87
Diluted earnings per common share (in dollars per share)	3.9	4.11	4.33	8.99	9.63
Weighted average shares outstanding - Basic (in shares)	32	33	32	33	23
Weighted average shares outstanding - Diluted (in shares)	35	34	33	37	23

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	26	34	11	23	123
Trade and other receivables, net	185	178	164	173	172
Inventories	595	552	510	668	614
Prepaid expenses and other	66	59	49	46	64
Total current assets	873	823	735	910	974
Property, plant and equipment, net	409	385	354	351	319
Operating lease right-of-use-assets	199	201	178	164	158
Goodwill	840	797	637	629	551
Intangible assets, net	743	803	651	720	640
Other non-current assets	13	13	8	9	7
Total assets	3,076	3,021	2,562	2,782	2,651
Current maturities of long-term debt	6	6	8	8	8
Current operating lease liabilities	55	54	49	44	40
Accounts payable	192	188	141	143	204
Accrued liabilities	94	106	112	173	181
Other current liabilities	424,000	0	—	—	—
Total current liabilities	348	354	308	367	433
Long-term debt, less current maturities, net	1,283	1,312	1,018	1,276	1,279
Long-term operating lease liabilities	149	151	132	122	120
Deferred tax liabilities, net	97	61	47	48	36
Other long-term liabilities	15	15	11	13	15
Total liabilities	1,892	1,893	1,517	1,827	1,883
Commitments and contingencies	—	—	—	—	—
Preferred stock, no par value; authorized 1,000,000 shares; none issued or outstanding	0	0	0	0	0
Common stock, no par value, 60,000,000 shares authorized 33,224,772 and 33,567,048 issued and outstanding as of December 31, 2025 and 2024, respectively	208	202	203	197	196
Accumulated other comprehensive loss	−876,000	−926,000	−999,000	−695,000	−2
Retained earnings	977	927	843	759	514
Total shareholders' equity	1,184	1,128	1,045	955	768
Total liabilities and shareholders' equity	3,076	3,021	2,562	2,782	2,651

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	170	167	145	131	105
Amortization of deferred debt financing costs	3	3	3	4	8
Stock-based compensation expense	19	17	19	22	23
Deferred income taxes	36	−6	−591,000	−9	−4
Loss (gain) on sale of property, plant and equipment	2	−237,000	585,000	−6	583,000
Loss on extinguishment of debt	0	3	0	0	—
Other	−3	376,000	−325,000	3	5
Trade and other receivables, net	2	11	9	26	−14
Inventories	−25	−2	162	−12	−232
Prepaid expenses and other assets	−9	−8	−4	20	−13
Accounts payable, accrued liabilities and other	−976,000	4	−68	−95	150
Net cash provided by operating activities	329	327	409	412	252
Purchases of property, plant, and equipment	−83	−76	−59	−80	−65
Proceeds from sale of property, plant, and equipment	3	2	1	8	197,000
Business acquisitions, net of cash acquired	−122	−412	−26	−249	−508
Purchase of intangible assets and other investing activities	−5	−28	−3	−305,000	−2
Net cash used in investing activities	−206	−513	−87	−321	−575
Term debt borrowings	0	125	0	0	59
Term debt repayments	−6	−131	−8	−8	−7
Borrowing on revolver	744	1,320	488	839	833
Repayments on revolver	−769	−1,220	−569	−894	−973
Repayment of convertible notes	0	0	−173	0	0
Proceeds from senior notes offering	0	500	0	0	350
Repayment of senior notes	0	−300	0	0	—
Cash dividends paid to shareholders	−55	−50	−42	−33	−27
Stock repurchases under buyback program	−32	−5	−19	−77	−49
Taxes paid for share-based payment arrangements	−11	−17	−12	−10	−18
Payment of deferred financing costs	0	−9	0	−2	−16
Payment of contingent consideration from business acquisitions	−48,000	−5	−1	−6	−2
Proceeds from exercise of common stock options	0	0	1	200,000	5
Other financing activities	−584,000	123,000	−150,000	0	0
Net cash (used in) provided by financing activities	−130	208	−334	−190	401
Net (decrease) increase in cash and cash equivalents	−7	22	−11	−100	78

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro