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Auto parts · Consumer Cyclical · Fiscal year ends Dec 31
Patrick Industries reported revenue of $4B in the fiscal year ended Dec 2025, up 6.3% from the year before. Operating income was $276M, an operating margin of 7.0%, and net income was $135M. Operating cash flow of $329M less capital expenditure of $83M left free cash flow of $246M. Net debt was $1.3B.
Ranks among the 17 auto parts companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,078 | 4,882 | 3,468 | 3,716 | 3,951 |
| Cost of revenue | 3,277 | 3,822 | 2,686 | 2,880 | 3,038 |
| Gross profit | 801 | 1,060 | 782 | 836 | 913 |
| Selling, general & admin | 254 | 328 | 299 | 326 | 362 |
| Operating income | 352 | 496 | 260 | 258 | 276 |
| Pre-tax income | 294 | 435 | 191 | 179 | 177 |
| Income tax | 68.9 | 107 | 48.4 | 40.2 | 42.0 |
| Net income | 225 | 328 | 143 | 138 | 135 |
| Diluted EPS | 9.63 | 8.99 | 4.33 | 4.11 | 3.90 |
| Diluted shares | 23.4 | 36.7 | 33.0 | 33.7 | 34.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 123 | 22.8 | 11.4 | 33.6 | 26.4 |
| Receivables | 172 | 173 | 164 | 178 | 185 |
| Inventory | 614 | 668 | 510 | 552 | 595 |
| Current assets | 974 | 910 | 735 | 823 | 873 |
| Net PP&E | 319 | 351 | 354 | 385 | 409 |
| Goodwill | 551 | 629 | 637 | 797 | 840 |
| Total assets | 2,651 | 2,782 | 2,562 | 3,021 | 3,076 |
| Payables | 204 | 143 | 141 | 188 | 192 |
| Current liabilities | 433 | 367 | 308 | 354 | 348 |
| Short-term debt | 7.5 | 7.5 | 7.5 | 6.3 | 6.3 |
| Long-term debt | 1,279 | 1,276 | 1,018 | 1,312 | 1,283 |
| Total liabilities | 1,883 | 1,827 | 1,517 | 1,893 | 1,892 |
| Shareholders' equity | 768 | 955 | 1,045 | 1,128 | 1,184 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 252 | 412 | 409 | 327 | 329 |
| Capital expenditure | 64.8 | 79.9 | 59.0 | 75.7 | 82.9 |
| Free cash flow | 187 | 332 | 350 | 251 | 246 |
| Depreciation & amortisation | 105 | 131 | 145 | 167 | 170 |
| Stock-based compensation | 22.9 | 21.8 | 19.4 | 16.8 | 19.1 |
| Acquisitions | 508 | 249 | 25.9 | 412 | 122 |
| Share buybacks | 48.9 | 77.1 | 18.8 | 4.7 | 32.0 |
| Dividends paid | 27.0 | 32.9 | 42.1 | 50.2 | 55.3 |
| Dividend per share | 1.17 | 1.44 | 1.90 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.7% | −29.0% | 7.1% | 6.3% |
| Operating income growth (YoY) | – | 41.1% | −47.6% | −0.8% | 7.0% |
| EPS growth (YoY) | – | −6.6% | −51.8% | −5.1% | −5.1% |
| Gross margin | 19.6% | 21.7% | 22.6% | 22.5% | 23.1% |
| Operating margin | 8.6% | 10.2% | 7.5% | 6.9% | 7.0% |
| Net margin | 5.5% | 6.7% | 4.1% | 3.7% | 3.4% |
| Return on equityBlank when equity is negative | 29.3% | 34.4% | 13.7% | 12.3% | 11.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.9% | 20.5% | 11.5% | 9.7% | 10.1% |
| Free cash flow margin | 4.6% | 6.8% | 10.1% | 6.8% | 6.2% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.25x | 2.86x | 2.36x | 2.44x |
| Receivable days | 15 | 13 | 17 | 18 | 17 |
| Inventory days | 68 | 64 | 69 | 70 | 72 |
| Payable days | 23 | 14 | 19 | 24 | 23 |
| Debt ÷ equity | 1.68x | 1.34x | 0.98x | 1.17x | 1.09x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,164 | 1,261 | 1,014 | 1,284 | 1,263 |
| Current ratio | 2.25x | 2.48x | 2.38x | 2.33x | 2.51x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.