PATRICK INDUSTRIES INC (PATK) FY2025 10-K Annual Report
PATRICK INDUSTRIES INC (PATK) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
PATRICK INDUSTRIES INC FY2025 10-K Analysis
Business Overview
- • Core business model: Component solutions provider for RV, marine, powersports, manufactured housing, and industrial markets via manufacturing and distribution segments
- • New emphasis on strategic acquisitions totaling $560M over last 3 years to expand product lines and adjacent markets
- • Strategic shift toward balancing dealer inventory levels and supporting OEM production discipline to stabilize RV market long-term
- • Manufacturing and distribution segments contributed 74% and 26% of net sales respectively in 2025
- • Returned $87M to shareholders in 2025 through dividends and share repurchases
Management Discussion & Analysis
- • Revenue $3.95B in 2025, up 6% YoY (+$235.1M), driven by RV (+$150.9M, 9%), marine (+$35.7M, 6%), powersports (+$31.9M, 9%), industrial (+$17.2M, 4%), MH slightly down (-$0.6M, <1%)
- • Gross margin 23.1% in 2025 vs 22.5% in 2024; operating margin 7.0% vs 6.9%; manufacturing segment margin 12.1% vs 12.4%; distribution segment margin 10.2% vs 10.7%
- • Best segment: manufacturing sales $2.96B, up 7% YoY, operating income $358.0M, up 5%; worst: distribution operating income down 2% to $103.0M despite 3% sales growth
- • Operating cash flow $329.4M, up 1%; investing cash outflow $206.5M, down from $512.8M due to fewer acquisitions; financing cash outflow $130.1M vs inflow $208.2M (2024); cash $26.4M, credit availability $791.5M
- • Management expects liquidity sufficient for working capital and capex next 12 months; key risks include commodity costs, supply constraints, inventory management, legal expenses ($24.4M in 2025)
Risk Factors
- • Regulatory/legal risk: Impact of Dodd-Frank Act provisions restricting loans for manufactured homes financing, potentially limiting consumer purchase ability
- • Geopolitical/macroeconomic threat: Exposure to tariffs and retaliatory trade measures affecting imports from China, Vietnam, Mexico, Canada, increasing supply chain costs
- • Operational/supply chain vulnerability: Reliance on foreign suppliers in Indonesia, China, Vietnam, Malaysia; disruptions or bankruptcies could materially impair product delivery
- • Competitive/market disruption: Competitors with greater financial resources and innovative products may erode Patrick's market share and margins
- • Financial/structural risk: Customer concentration with two RV customers accounting for 28% of consolidated net sales in 2025 poses material revenue risk if lost
PATRICK INDUSTRIES INC FY2025 Key Financial MetricsXBRL
Revenue
$4.0B
▲ +6.3% YoY
Net Income
$135M
▼ -2.4% YoY
Gross Margin
23.1%
▲ +61bp YoY
Operating Margin
7.0%
▲ +4bp YoY
Net Margin
3.4%
▼ -31bp YoY
ROE
11.4%
▼ -86bp YoY
Total Assets
$3.1B
▲ +1.8% YoY
EPS (Diluted)
$3.90
▼ -5.1% YoY
Operating Cash Flow
$329M
▲ +0.8% YoY
Source: XBRL data from PATRICK INDUSTRIES INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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