Patrick Industries

PATK

Furnishings, Fixtures & Appliances · Consumer Cyclical

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 28, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

Patrick Industries makes building products and materials used inside recreational vehicles (RVs), manufactured homes, and marine boats. Its products include wall panels, cabinet doors, countertops, flooring, and other interior components. The company sells mostly to manufacturers — like RV and boat builders — rather than directly to everyday consumers.

Patrick Industries earns money by selling these components in bulk to manufacturers, so its revenue rises and falls with how many RVs, boats, and homes those customers are building. The company operates primarily in the United States and generated roughly $3.7 billion in revenue during fiscal 2024. Its competitive position comes from being deeply embedded in its customers' supply chains, making it costly and disruptive to switch suppliers. The biggest risk Patrick faces is that RV and marine demand is highly sensitive to interest rates and consumer confidence — when borrowing gets expensive, people buy fewer big-ticket recreational products, which directly squeezes Patrick's sales volume.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+36.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

4.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$29M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Patrick Industries's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

23.8%

Thin — 23.8% gross margin

Profit after running costs

Operating Margin

7.4%

Modest — 7.4% operating margin

Return on the money invested

ROCE

10.4%

Below par — 10.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+3.2%

Slow sales growth (+3.2% YoY)

Profit growth

EPS YoY

+17.8%

Earnings growing fast (+17.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

132%

Turns 132% of profit into real cash

Spare cash per sale

FCF Margin

2.4%

Thin free cash flow (2.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.25

Elevated debt (1.25)

Covers its interest

Interest Cover

3.59x

Tight — interest eats into profit (3.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.3x

no trend

Fair value — P/E 18.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.2

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

2.14%

no trend

Moderate income — 2.14% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-7.2%

no trend

Dividend cut (-7.2% YoY) — warning sign

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