| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 79 | 17.4x | 17.8x | Top tier | |
Growth | 22 | 3.2% | 7.1% | Bottom tier | |
Quality | 50 | 8.2% | 4.5% | Around median | |
Safety | 48 | 3.7x | 2.6x | Around median | |
Capital Return | 62 | 2.44% | 2.12% | Around median | |
Momentum | 6 | -22.7% | 2.9% | Bottom tier | |
Sentiment | 84 | 7 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Patrick Industries operates as a supplier of value-added solutions and components to the recreational vehicle, marine, powersports, and housing markets, generating revenue from a portfolio that includes electrical and digital solutions, towers and windshields, SeaDek flooring, and fuel tanks for boats, cab enclosures for powersports vehicles, and laminated panels, composite materials, and surface-printing solutions. In fiscal Q2 2026, sales were distributed across recreational vehicles at 39%, housing at 31%, marine at 18%, and powersports at 12%, illustrating that the company no longer depends on a single market cycle, although recreational vehicles remain its largest individual business.
Revenue in fiscal Q2 2026 was approximately $1.04 billion, down less than 1% year over year, while gross profit was $247.6 million at a gross margin of 23.8%, compared with 23.9% in the corresponding period. Net income was $43.4 million, or $1.28 per diluted share, up approximately 34% from $32 million, but adjusted net income declined to $44 million from $51 million, and adjusted earnings per share were $1.29 versus $1.50.
Marine revenue growth of 22% to $191 million, powersports growth of 28% to $123 million, and housing growth of 2% to $320 million offset a large portion of the 15% decline in recreational vehicle revenue to $407 million. Management estimated that organic revenue growth added 7% and acquisition growth added 1%, while end-market contraction subtracted 9%; on a last-twelve-month basis, revenue was $3.9 billion, gross profit was $911.1 million, and net income was $136.3 million.
The average analyst price target is $112.29 with a “Buy” consensus, but the wide range between $85 and $150 reflects significant variation in assessments of the effects of weakness in the recreational vehicle market and the proposed merger with LCI Industries. The average target is approximately 24% below the 52-week range high of $148.5, while the highest target of $150 nearly matches that high, and the lowest target of $85 is slightly above the range low of $81.29. The valuation picture therefore combines an opportunity based on diversification and targeted annual merger synergies of $150 million with clear risks from margin pressure, financial leverage, and failure to obtain the approvals required for the transaction.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Patrick Industries' revenue was approximately $1.04 billion in fiscal Q2 2026, down less than 1% year over year, and net income was $43.4 million. Marine growth of 22%, powersports growth of 28%, and housing growth of 2% offset most of the impact of a 15% decline in recreational vehicle revenue. Gross margin remained approximately stable at 23.8%, but adjusted operating margin declined to 7.5% from 8.3%.
Patrick Industries signed an all-stock merger agreement with LCI Industries, also known as Lippert, and they are targeting completion of the transaction in the first half of 2027. Management expects the combined entity to generate annual run-rate net synergies of approximately $150 million while expanding capabilities and the product portfolio offered to customers. The transaction remains subject to shareholder and regulatory approvals, and the companies remain independent until closing.
Recreational vehicle revenue declined 15% to $407 million in fiscal Q2 2026, alongside a 16% decline in industry wholesale shipments, equivalent to approximately 15,300 fewer units. The company estimated retail sales of approximately 99,200 units and wholesale shipments of approximately 77,600 units, implying seasonal dealer inventory reductions of approximately 21,600 units. Despite market weakness, Patrick Industries' content per unit over the last twelve months rose 7% to $5,303.
Automated analysis for informational purposes only — not investment advice.
Marine revenue was $191 million in fiscal Q2 2026, supported by tower, glass, electrical and digital system solutions, SeaDek flooring, and fuel tanks. Powersports revenue was $123 million, with continued demand for cab enclosures offered by Sportech and utility-oriented units. Housing also generated revenue of $320 million, and laminated panel sales to big-box retailers helped offset weak manufactured housing shipments.
Operating cash flow declined to $69 million in the first six months of fiscal 2026 from $189 million, due to elevated inventory and investment in composite materials and imported luan wood. Net leverage was 3.0 times at the end of fiscal Q2 2026, while available liquidity was approximately $691 million and there were no significant debt maturities before 2028. Management expects fiscal 2026 operating cash flow of between $320 million and $350 million and free cash flow of approximately $250 million, while targeting leverage reduction over the next two quarters.
In fiscal Q2 2026, the company launched advanced digital-printing technology through a multimillion-dollar investment at the North American Forest Products complex. The technology prints graphics and textures directly onto multiple surfaces, including composite materials, instead of relying on traditional vinyl or laminated paper. It aims to improve design flexibility, manufacturing efficiency, and quality while offering cost-competitive and premium finishes and the ability to produce individual panels for servicing products later.
