| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 64 | 23.6x | 17.8x | Around median | |
Growth | 55 | 9.5% | 7.1% | Around median | |
Quality | 67 | — | — | Top tier | |
Safety | 44 | — | — | Around median | |
Capital Return | 10 | — | 2.12% | Bottom tier | |
Momentum | 15 | -16.3% | 2.9% | Bottom tier | |
Sentiment | 77 | 3 | 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.
Patria Investments operates a diversified alternative investment platform focused on Latin America, spanning credit, infrastructure, real estate, public equities, private equity, and GPMS global private markets solutions. The revenue model relies primarily on management fees linked to fee-earning assets, alongside performance, incentive, and structuring fees; about 70% of fee-earning assets are calculated based on the market value of traded securities, while about 30% consists of capital drawdown funds whose fees are generally charged on invested cost. In fiscal year 2023, revenue was $374.2 million, net income was $75.7 million, and earnings per share were $0.46696.
In Q2 of fiscal year 2026, fee revenue was $105.8 million, up 30% year over year and 14% quarter over quarter, including $1.5 million in catch-up fees related to the final close of SOF V. Fee-related earnings were $57.1 million, growing 24% year over year and 13% quarter over quarter, while the margin was 54% compared with 54.6% in the previous quarter. Distributable earnings reached $50.7 million, or $0.32 per share, up 31% year over year and 19% quarter over quarter on a per-share basis, with no contribution from performance earnings during the quarter.
Fee-earning assets reached $48.9 billion in Q2 of fiscal year 2026, up 32% year over year and 7% quarter over quarter, driven by organic inflows, investment performance, and the closing of three acquisitions. The asset base has a long duration, with about 90% held in vehicles with limited or no redemption rights, while permanent assets represent approximately $11 billion, or 22% of the total. Pending assets that have not yet begun generating fees totaled $4 billion, up nearly 20% quarter over quarter, giving the company a visible path to fee growth as capital is deployed.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus rates PAX as a buy, with a consensus target of $18 and no difference between the highest and lowest estimates, compared with a 52-week range of $10.55 to $17.80. The target is slightly above the top of the annual range, but the absence of any difference among analyst estimates makes the consensus less representative of the range of scenarios, particularly given the reduced fiscal year 2026 margin outlook and weakness in some older private equity funds. Conversely, the positive valuation is supported by 32% year-over-year growth in fee-earning assets, the continued fiscal year 2026 fee-related earnings target of between $225 million and $245 million, and the 8.3% increase in distributions.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Patria raised about $4.5 billion during the first half of fiscal year 2026, compared with an annual target of $7 billion and a record of $7.7 billion in fiscal year 2025. This included a $1 billion commitment from an existing sovereign wealth fund, in addition to $1.6 billion raised in credit fiscal year to date. Fee-earning assets increased to $48.9 billion, up 32% year over year, driven by organic inflows, investment performance, and three acquisitions.
Management maintained its fiscal year 2026 fee-related earnings target of between $225 million and $245 million, or between $1.42 and $1.54 per share. These earnings totaled $57.1 million in Q2 and $108 million fiscal year to date. However, it expects the fiscal year 2026 margin to come in slightly below the 58% to 60% range before returning to target that range in fiscal year 2027 and beyond.
SOF V closed at $676 million, exceeding its original target of $500 million by about 35%. More than half of the commitments came from North America and about 40% from Europe, while returning investors accounted for approximately 36%. The acquisition of WP Global Partners closed on April 1, 2026, after which its team was integrated into the New York office to support the U.S. lower middle market private equity solutions platform.
The company reduced the valuations of funds IV and V in Q2 of fiscal year 2026 because of weak performance, longer exit periods in a high-interest-rate environment in Brazil, and shocks specific to certain sectors. Together, the two funds represent less than $2 billion in assets under management and less than $1.3 billion in fee-earning assets. Fund IV has not generated management fees for two years, and funds IV and V have not accrued performance fees since Q4 of fiscal year 2025, so the valuation reductions did not change fee-related earnings guidance.
About 90% of fee-earning assets are held in vehicles with limited or no redemption rights, while permanent assets total about $11 billion and represent approximately 22% of the total. Pending assets also exceeded $4 billion in Q2 of fiscal year 2026, providing a potential future fee base as they are deployed. In August 2026, the company increased its quarterly distribution by 8.3%, with coverage of 196%, after distributable earnings grew 31% year over year.
The company completed a $350 million notes issuance in Q2 of fiscal year 2026 and used part of the proceeds to repay its credit facility while retaining liquidity for acquisitions, share repurchases, and growth. It repurchased 1.5 million shares through a total return swap facility at a cost of $18.3 million and is also working to increase another facility to 2.8 million shares at a cost of approximately $31 million. It also recorded a gross accounting obligation related to the potential purchase of the remaining 49% minority stake in Solis, while management maintains that expected cash and the undrawn credit facility are sufficient to cover obligations, distributions, and investment.
