NASDAQ : PAX
Patria Investments Limited — Financial statements
Financials · Asset Management · Cayman Islands
Last price 9.18 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.49B
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Financial statements
Patria Investments Limited (PAX) reported revenue of 428.00M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 428.00M | 381.73M | 374.20M | 327.62M | 258.88M | 235.51M |
| Cost of Revenue | 178.20M | 148.88M | 140.01M | 124.75M | 103.86M | 79.84M |
| Gross Profit | 249.80M | 232.85M | 234.19M | 202.87M | 155.01M | 155.67M |
| Selling, General & Admin | 57.93M | 49.96M | 45.58M | 38.38M | 30.46M | 13.99M |
| Amortization of Goodwill & Intangibles | 42.87M | 39.71M | 30.73M | 22.37M | 17.38M | 6.97M |
| Other Operating Expenses | 1.12M | 972.00K | 1.10M | 775.00K | 685.00K | 342.00K |
| Operating Expenses | 101.92M | 90.64M | 77.41M | 61.53M | 48.53M | 21.31M |
| Operating Income | 147.88M | 142.21M | 156.78M | 141.34M | 106.48M | 134.37M |
| Interest Expense | -16.64M | -15.99M | -11.40M | -1.24M | -1.81M | -1.02M |
| Interest & Investment Income | 5.49M | 3.29M | 2.20M | 2.12M | 2.35M | |
| Earnings From Equity Investments | -2.35M | |||||
| Currency Exchange Gain (Loss) | -6.58M | -4.50M | 2.58M | 217.00K | -1.35M | 601.00K |
| Other Non Operating Income (Expenses) | 16.19M | 13.22M | 4.32M | -18.21M | -13.35M | -4.14M |
| EBT Excluding Unusual Items | 146.34M | 138.23M | 154.48M | 124.22M | 89.97M | 129.81M |
| Merger & Restructuring Charges | -46.06M | -32.68M | -26.81M | -13.97M | -6.36M | -8.55M |
| Gain (Loss) on Sale of Investments | 1.21M | -2.94M | -16.40M | -887.00K | 7.24M | 581.00K |
| Other Unusual Items | -12.66M | -10.35M | -25.28M | 8.63M | 11.59M | -264.00K |
| Pretax Income | 88.82M | 92.27M | 85.99M | 118.00M | 102.45M | 121.57M |
| Income Tax Expense | 9.74M | 1.72M | 10.31M | -2.82M | 8.35M | 381.00K |
| Earnings From Continuing Operations | 79.08M | 90.55M | 75.69M | 120.81M | 94.10M | 121.19M |
| Minority Interest in Earnings | -9.08M | -4.89M | -3.81M | -2.42M | -1.15M | 1.28M |
| Net Income | 70.00M | 85.65M | 71.88M | 118.40M | 92.96M | 122.48M |
| Net Income to Common | 70.00M | 85.65M | 71.88M | 118.40M | 92.96M | 122.48M |
| Shares Outstanding (Basic) | 160.31M | 159.64M | 153.29M | 148.21M | 147.22M | 135.98M |
| Shares Outstanding (Diluted) | 161.87M | 160.76M | 153.92M | 148.68M | 147.23M | 135.98M |
| EPS (Basic) | 0.44 | 0.54 | 0.47 | 0.80 | 0.63 | 0.90 |
| EPS (Diluted) | 0.43 | 0.53 | 0.47 | 0.80 | 0.63 | 0.90 |
| Free Cash Flow | 170.91M | 272.05M | 142.34M | 150.85M | 75.61M | 106.01M |
| Free Cash Flow Per Share | 1.06 | 1.69 | 0.93 | 1.01 | 0.51 | 0.78 |
| Dividend Per Share | 0.61 | 0.60 | 0.87 | 0.98 | 0.70 | 0.62 |
| Gross Margin | 58.36% | 61.00% | 62.58% | 61.92% | 59.88% | 66.10% |
| Operating Margin | 34.55% | 37.25% | 41.90% | 43.14% | 41.13% | 57.05% |
| Profit Margin | 16.36% | 22.44% | 19.21% | 36.14% | 35.91% | 52.00% |
| Free Cash Flow Margin | 39.93% | 71.27% | 38.04% | 46.05% | 29.21% | 45.01% |
| EBITDA | 191.28M | 182.35M | 187.83M | 164.64M | 124.87M | 141.76M |
| EBITDA Margin | 44.69% | 47.77% | 50.20% | 50.26% | 48.24% | 60.19% |
| D&A For EBITDA | 43.40M | 40.14M | 31.05M | 23.30M | 18.39M | 7.39M |
| EBIT | 147.88M | 142.21M | 156.78M | 141.34M | 106.48M | 134.37M |
| EBIT Margin | 34.55% | 37.25% | 41.90% | 43.14% | 41.13% | 57.05% |
| Effective Tax Rate | 10.97% | 1.86% | 11.98% | 8.15% | 0.31% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 58.87M | 53.60M | 33.42M | 16.05M | 26.52M | 15.26M |
| Short-Term Investments | 54.59M | 35.11M | 4.96M | 17.15M | 45.54M | 151.87M |
| Trading Asset Securities | 94.46M | 133.28M | 17.65M | |||
| Cash & Short-Term Investments | 207.92M | 221.99M | 56.02M | 33.20M | 72.06M | 167.13M |
| Accounts Receivable | 305.23M | 127.14M | 222.55M | 130.57M | 126.55M | 107.59M |
| Other Receivables | 3.48M | 11.59M | 4.51M | 4.01M | 5.67M | 3.15M |
| Receivables | 308.71M | 138.73M | 227.06M | 134.58M | 132.23M | 110.75M |
| Prepaid Expenses | 8.39M | 3.87M | 7.16M | 6.08M | 3.81M | 2.79M |
| Other Current Assets | 48.74M | 40.68M | 82.44M | 227.72M | 271.54M | 71.65M |
| Total Current Assets | 573.76M | 405.27M | 372.68M | 401.59M | 479.64M | 352.32M |
| Property, Plant & Equipment | 46.65M | 42.37M | 32.62M | 28.18M | 24.63M | 13.41M |
| Long-Term Investments | 89.80M | 90.78M | 57.55M | 58.65M | 43.23M | 18.28M |
| Goodwill | 487.07M | 440.13M | 355.96M | 311.17M | 276.82M | 242.89M |
| Other Intangible Assets | 576.22M | 384.02M | 344.91M | 175.84M | 134.70M | 116.02M |
| Long-Term Accounts Receivable | 18.82M | 95.39M | 16.40M | 14.90M | 6.25M | 11.00M |
| Long-Term Deferred Tax Assets | 19.03M | 20.75M | 15.82M | 15.47M | 1.75M | 3.45M |
| Long-Term Deferred Charges | 7.51M | 6.64M | 3.55M | 1.24M | ||
| Other Long-Term Assets | 10.06M | 9.76M | 6.61M | 4.54M | 9.22M | 3.96M |
| Total Assets | 1.83B | 1.50B | 1.21B | 1.01B | 976.24M | 761.32M |
| Accounts Payable | 167.53M | 58.84M | 41.79M | 4.81M | 3.26M | 7.22M |
| Accrued Expenses | 77.16M | 81.13M | 71.92M | 40.15M | 37.88M | 51.12M |
| Current Portion of Long-Term Debt | 72.83M | 78.52M | ||||
| Current Portion of Leases | 8.56M | 4.33M | 3.72M | 3.01M | 2.24M | 951.00K |
| Current Income Taxes Payable | 7.02M | 8.38M | 3.64M | 1.87M | 445.00K | 2.11M |
| Other Current Liabilities | 220.10M | 262.32M | 197.80M | 347.65M | 294.18M | 94.82M |
| Total Current Liabilities | 553.76M | 415.01M | 397.39M | 397.50M | 338.00M | 156.23M |
| Long-Term Debt | 345.10M | 243.24M | 149.45M | |||
| Long-Term Leases | 18.73M | 19.48M | 18.72M | 12.82M | 13.85M | 6.91M |
| Long-Term Deferred Tax Liabilities | 56.18M | 52.36M | 1.77M | |||
| Other Long-Term Liabilities | 216.09M | 131.59M | 147.84M | 79.92M | 110.93M | 33.90M |
| Total Liabilities | 1.19B | 861.69M | 715.17M | 490.24M | 462.78M | 197.04M |
| Common Stock | 16.00K | 16.00K | 15.00K | 15.00K | 15.00K | 15.00K |
| Additional Paid-In Capital | 608.26M | 589.40M | 527.24M | 500.69M | 485.18M | 485.18M |
| Retained Earnings | 50.83M | 77.58M | 87.95M | |||
| Comprehensive Income & Other | -32.01M | 22.33M | -46.18M | -9.05M | -9.98M | -8.86M |
| Total Common Equity | 563.59M | 611.75M | 481.08M | 542.49M | 552.79M | 564.28M |
| Minority Interest | 75.46M | 21.67M | 9.85M | -21.15M | -39.33M | |
| Shareholders' Equity | 639.05M | 633.42M | 490.93M | 521.34M | 513.46M | 564.28M |
| Total Liabilities & Equity | 1.83B | 1.50B | 1.21B | 1.01B | 976.24M | 761.32M |
| Total Debt | 445.21M | 267.06M | 250.41M | 15.84M | 16.09M | 7.86M |
| Net Cash (Debt) | -237.29M | -45.06M | -194.39M | 17.37M | 55.97M | 159.27M |
| Net Cash Per Share | -1.47 | -0.28 | -1.26 | 0.12 | 0.38 | 1.17 |
| Filing Date Shares Outstanding | 162.53M | 161.39M | 158.08M | 148.25M | 147.19M | 147.19M |
| Total Common Shares Outstanding | 162.53M | 157.97M | 153.59M | 148.25M | 147.19M | 147.19M |
| Working Capital | 20.00M | -9.74M | -24.71M | 4.09M | 141.64M | 196.10M |
| Book Value Per Share | 3.47 | 3.87 | 3.13 | 3.66 | 3.76 | 3.83 |
| Tangible Book Value | -499.69M | -212.40M | -219.79M | 55.48M | 141.27M | 205.38M |
| Tangible Book Value Per Share | -3.07 | -1.34 | -1.43 | 0.37 | 0.96 | 1.40 |
| Buildings | 16.71M | 16.02M | 11.78M | 11.28M | 11.26M | 7.46M |
| Machinery | 12.01M | 10.13M | 8.64M | 7.85M | 7.09M | 5.00M |
| Construction In Progress | 10.18M | 8.43M | 1.58M | 5.38M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 70.00M | 85.65M | 71.88M | 118.40M | 92.96M | 122.48M |
| Depreciation & Amortization | 48.32M | 44.43M | 34.30M | 26.32M | 20.79M | 8.59M |
| Other Amortization | 2.11M | 1.91M | 1.52M | 793.00K | 410.00K | 164.00K |
| Loss (Gain) From Sale of Investments | -4.20M | -50.00K | 8.02M | -4.75M | -5.32M | -226.00K |
| Loss (Gain) on Equity Investments | 2.35M | |||||
| Stock-Based Compensation | 40.65M | 36.47M | 19.08M | 1.47M | 731.00K | 764.00K |
| Other Operating Activities | 28.87M | 21.39M | 57.79M | 28.60M | -1.65M | 398.00K |
| Change in Accounts Receivable | -147.94M | 30.84M | -90.16M | -12.60M | -23.07M | -62.74M |
| Change in Income Taxes | -12.85M | -12.14M | -11.70M | -5.84M | -11.66M | -1.61M |
| Change in Other Net Operating Assets | 153.81M | 74.11M | 55.21M | 4.33M | 5.51M | 39.75M |
| Operating Cash Flow | 178.78M | 282.61M | 145.95M | 156.72M | 81.05M | 107.56M |
| Capital Expenditures | -7.87M | -10.56M | -3.60M | -5.87M | -5.44M | -1.55M |
| Cash Acquisitions | -68.29M | -1.08M | -112.16M | -6.63M | -34.73M | -122.77M |
| Sale (Purchase) of Intangibles | -17.61M | -18.73M | -4.68M | -9.15M | -1.27M | -292.00K |
| Investment in Securities | -14.28M | -23.01M | 6.44M | 20.75M | 89.00M | -159.62M |
| Other Investing Activities | 56.09M | 55.69M | 139.32M | 63.06M | -236.90M | |
| Investing Cash Flow | -51.95M | 2.30M | 25.31M | 62.17M | -189.35M | -284.23M |
| Long-Term Debt Issued | 261.30M | 261.00M | 25.00M | |||
| Long-Term Debt Repaid | -316.99M | -38.23M | -27.16M | -1.65M | -832.00K | |
| Lease Payments | -5.59M | -4.22M | -3.23M | -2.16M | -1.65M | -832.00K |
| Net Debt Issued (Repaid) | 182.26M | -55.69M | 222.77M | -2.16M | -1.65M | -832.00K |
| Issuance of Common Stock | 230.00M | 302.72M | ||||
| Repurchase of Common Stock | -68.91M | -56.23M | -141.30M | -65.16M | ||
| Common Dividends Paid | -98.47M | -95.14M | -132.38M | -145.15M | -103.33M | -119.79M |
| Other Financing Activities | -110.51M | -61.14M | -100.74M | -17.16M | -6.47M | -4.21M |
| Financing Cash Flow | -95.64M | -268.20M | -151.65M | -229.63M | 118.55M | 177.89M |
| Foreign Exchange Rate Adjustments | -856.00K | 3.47M | -2.24M | 267.00K | 1.00M | -12.00K |
| Net Cash Flow | 30.33M | 20.18M | 17.37M | -10.47M | 11.26M | 1.21M |
| Free Cash Flow | 170.91M | 272.05M | 142.34M | 150.85M | 75.61M | 106.01M |
| Free Cash Flow Margin | 39.93% | 71.27% | 38.04% | 46.05% | 29.21% | 45.01% |
| Free Cash Flow Per Share | 1.06 | 1.69 | 0.93 | 1.01 | 0.51 | 0.78 |
| Levered Free Cash Flow | 200.05M | 361.32M | 109.88M | 199.03M | 38.75M | 46.77M |
| Unlevered Free Cash Flow | 210.45M | 371.32M | 117.01M | 199.81M | 39.88M | 47.40M |
| Free Cash Flow After Leases | 165.32M | 267.83M | 139.11M | 148.70M | 73.96M | 105.18M |
| Cash Interest Paid | 12.78M | 15.51M | 7.88M | 1.24M | 1.81M | 1.01M |
| Cash Income Tax Paid | 12.71M | 12.86M | 13.64M | 3.25M | 621.00K | 221.00K |
| Change in Working Capital | -6.98M | 92.81M | -46.65M | -14.11M | -29.22M | -24.61M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.49B | 2.53B | 1.78B | 2.29B | 2.05B | 2.21B |
| Enterprise Value | 1.73B | 2.67B | 1.91B | 2.23B | 1.72B | 1.91B |
| Last Close Price | 9.18 | 15.28 | 10.68 | 13.35 | 11.23 | 12.47 |
| PE Ratio | 21.37 | 29.58 | 24.82 | 19.37 | 22.06 | 18.01 |
| Forward PE | 6.72 | 10.94 | 8.59 | 10.27 | 10.67 | 17.70 |
| PS Ratio | 3.49 | 6.64 | 4.77 | 7.00 | 7.92 | 9.37 |
| PB Ratio | 2.65 | 4.00 | 3.63 | 4.40 | 3.99 | 3.91 |
| P/TBV Ratio | 41.34 | 14.51 | 10.74 | |||
| P/FCF Ratio | 8.73 | 9.31 | 12.53 | 15.20 | 27.12 | 20.80 |
| P/OCF Ratio | 8.35 | 8.97 | 12.22 | 14.63 | 25.30 | 20.50 |
| PEG Ratio | 1.41 | 0.78 | 1.25 | 0.55 | 0.61 | 0.35 |
| EV/Sales Ratio | 4.04 | 6.99 | 5.10 | 6.80 | 6.66 | 8.12 |
| EV/EBITDA Ratio | 9.04 | 14.64 | 10.17 | 13.54 | 13.81 | 13.49 |
| EV/EBIT Ratio | 11.69 | 18.77 | 12.18 | 15.77 | 16.19 | 14.23 |
| EV/FCF Ratio | 10.12 | 9.81 | 13.42 | 14.78 | 22.80 | 18.04 |
| Debt / Equity Ratio | 0.70 | 0.42 | 0.51 | 0.03 | 0.03 | 0.01 |
| Debt / EBITDA Ratio | 2.27 | 1.43 | 1.31 | 0.09 | 0.13 | 0.06 |
| Debt / FCF Ratio | 2.60 | 0.98 | 1.76 | 0.10 | 0.21 | 0.07 |
| Net Debt / Equity Ratio | 0.37 | 0.07 | 0.40 | -0.03 | -0.11 | -0.28 |
| Net Debt / EBITDA Ratio | 1.24 | 0.25 | 1.03 | -0.10 | -0.45 | -1.12 |
| Net Debt / FCF Ratio | 1.39 | 0.17 | 1.37 | -0.12 | -0.74 | -1.50 |
| Asset Turnover | 0.27 | 0.28 | 0.34 | 0.33 | 0.30 | 0.54 |
| Quick Ratio | 0.93 | 0.87 | 0.71 | 0.42 | 0.60 | 1.78 |
| Current Ratio | 1.04 | 0.98 | 0.94 | 1.01 | 1.42 | 2.25 |
| Return on Equity (ROE) | 12.88% | 16.11% | 14.95% | 23.35% | 17.46% | 38.88% |
| Return on Assets (ROA) | 5.87% | 6.58% | 8.84% | 8.89% | 7.66% | 19.34% |
| Return on Invested Capital (ROIC) | 16.14% | 20.47% | 23.21% | 29.40% | 22.68% | 60.65% |
| Return on Capital Employed (ROCE) | 11.60% | 13.20% | 19.40% | 23.00% | 16.70% | 22.20% |
| Earnings Yield | 4.68% | 3.38% | 4.03% | 5.16% | 4.53% | 5.55% |
| FCF Yield | 11.46% | 10.74% | 7.98% | 6.58% | 3.69% | 4.81% |
| Dividend Yield | 7.08% | 3.74% | 7.49% | 6.33% | 5.04% | 4.17% |
| Payout Ratio | 151.28% | 111.08% | 184.19% | 122.59% | 111.16% | 97.80% |
| Buyback Yield / Dilution | -2.49% | -4.44% | -3.53% | -0.99% | -8.27% | -16.23% |
| Total Shareholder Return | 4.59% | -0.70% | 3.96% | 5.35% | -3.23% | -12.06% |