Short answer
PATRICK INDUSTRIES INC (PATK) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $4.0B (+6.3% year over year) and net income of $135M.
- Top risk flagged: Regulatory/legal risk: Impact of Dodd-Frank Act provisions restricting loans for manufactured homes financing, potentially limiting consumer purchase ability
FY2025 key financial metrics · XBRL
- Revenue
- $4.0B
- +6.3% YoY
- Net income
- $135M
- −2.4% YoY
- Operating margin
- 7.0%
- +0.0 pp YoY
- Gross margin
- 23.1%
- +0.6 pp YoY
- EPS (diluted)
- $3.90
- −5.1% YoY
- ROE
- 11.4%
- −0.9 pp YoY
- Operating cash flow
- $329M
- +0.8% YoY
Source: XBRL data from the PATRICK INDUSTRIES INC (PATK) FY2025 10-K on SEC EDGAR. USD.
PATRICK INDUSTRIES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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