PATK Stock: Insider Activity, Filings & Research
Patrick Industries, Inc. (PATK) — Drillr’s hub for PATK insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, PATK insiders filed 9 open-market buys and 1 sale (SEC Form 4).
PATK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 21, 2026 | WELCH M SCOTTdirector | Buy | 100 | $89.44 |
| May 18, 2026 | Brown Natalie Adirector | Grant | 1,594 | — |
| May 18, 2026 | WELCH M SCOTTdirector | Grant | 1,594 | — |
| May 18, 2026 | Forbes John Adirector | Grant | 1,594 | — |
| May 18, 2026 | Cleveland Todd Mdirector | Grant | 1,594 | — |
| May 18, 2026 | Cerulli Joseph Mdirector | Grant | 1,594 | — |
| May 18, 2026 | Kitson Michael Adirector | Grant | 1,594 | — |
| May 18, 2026 | Suggs Denis Gdirector | Grant | 1,594 | — |
| May 18, 2026 | Augsburger Blakedirector | Grant | 1,594 | — |
| May 6, 2026 | Filer Matthew Sother: EVP Finance, CFO & Treasurer | Buy | 1,000 | $85.50 |
| May 6, 2026 | NEMETH ANDY Ldirector, officer: Chief Executive Officer | Buy | 10,000 | $88.00 |
| May 6, 2026 | Roeder Charles Rofficer: President - RV | Buy | 5,750 | $87.83 |
| May 6, 2026 | WELCH M SCOTTdirector | Buy | 50 | $88.41 |
| May 6, 2026 | Augsburger Blakedirector | Buy | 400 | $85.19 |
| May 6, 2026 | WELCH M SCOTTdirector | Buy | 10,000 | $88.22 |
Source: PATK SEC Form 4 filings, latest May 21, 2026. For informational purposes only — not investment advice.
Patrick Industries, Inc. company profile
Overview
Patrick Industries, Inc. (NASDAQ:PATK) is a diversified manufacturer and distributor of components and building products serving the recreational vehicle, marine, manufactured housing, and industrial markets. Founded in 1959 and headquartered in Elkhart, Indiana, the company has grown through strategic acquisitions and organic expansion to become a leading supplier in the outdoor lifestyle industries. Patrick Industries went public in 1980 and has evolved from a small regional supplier into a comprehensive provider of interior and exterior components across multiple leisure and housing sectors.
Business
Patrick Industries operates as a vertically integrated manufacturer and distributor serving four primary market segments within the outdoor lifestyle and housing industries. The company's business is organized into two main operational segments: Manufacturing and Distribution. The Manufacturing segment produces a wide array of components including furniture, cabinetry, countertops, fiberglass bath fixtures, decorative panels, flooring products, and various other interior and exterior components. This segment also manufactures specialized products like audio equipment (amplifiers, speakers, soundbars), aluminum products, boat covers and marine hardware, wiring harnesses, and fuel tanks. Manufacturing operations focus on custom-engineered solutions tailored to original equipment manufacturer (OEM) specifications. The Distribution segment acts as a supply chain intermediary, distributing pre-finished panels, electronics, appliances, plumbing and electrical products, lumber, flooring materials, and various other building products. This segment also provides transportation and logistics services to support the supply chain. Patrick Industries serves four key end markets: Recreational Vehicles (RV) representing approximately 42-48% of revenue, Housing (including manufactured housing and residential construction) accounting for 29-35% of revenue, Marine comprising 14-16% of revenue, and Powersports making up 8-10% of revenue. The RV market includes travel trailers, motorhomes, and fifth wheels. The Marine segment serves powerboat manufacturers with interior components and accessories. The Housing segment supplies both manufactured housing producers and residential construction markets. The newer Powersports segment focuses on utility side-by-side vehicles and related recreational equipment.
Revenue model
Patrick Industries generates revenue through direct product sales to original equipment manufacturers (OEMs) and aftermarket distributors. The company's primary customers are manufacturers of recreational vehicles, boats, manufactured homes, and powersports vehicles who integrate Patrick's components into their finished products. Revenue is also generated through distribution services where Patrick acts as an intermediary supplier of building materials and components. The business model benefits from content per unit growth, where Patrick increases the dollar value of components supplied to each vehicle or structure produced by its OEM customers. This is achieved through expanded product offerings, value-added services, and strategic partnerships that make Patrick a more comprehensive supplier. The company targets 2-3% annual organic growth in content per unit across its markets. Patrick's profitability is influenced by several key factors. Market cyclicality significantly impacts demand, as RV, marine, and housing markets are sensitive to consumer confidence, interest rates, and economic conditions. Raw material costs for lumber, aluminum, and other inputs directly affect margins, though the company employs strategic pricing and sourcing to mitigate volatility. Manufacturing efficiency through automation and operational optimization helps maintain margins during market downturns. The company's diversification strategy across multiple end markets provides some stability when individual sectors experience weakness. Inventory management is critical, as Patrick must balance carrying sufficient stock to meet customer demand while avoiding excess inventory during market downturns. Acquisition integration capabilities allow the company to expand market share and achieve synergies, though integration risks can temporarily impact margins.
Competitive moat
Patrick Industries operates in a moderately competitive landscape with several defensive characteristics but limited sustainable competitive advantages. The company's primary moat stems from its customer relationships and switching costs. As an integrated supplier of multiple components to OEM manufacturers, Patrick becomes embedded in customers' supply chains and product designs, creating switching costs and barriers to displacement. The company's ability to provide comprehensive solutions across multiple product categories makes it valuable to customers seeking to simplify their supplier base. The company benefits from operational scale and manufacturing expertise in specialized markets like RV and marine components, where industry knowledge and production capabilities create some barriers to entry. Patrick's geographic proximity to major RV manufacturing centers in Indiana provides logistical advantages and responsiveness that competitors may struggle to replicate. However, the company's moat is relatively narrow. The manufacturing processes for most of Patrick's products are not highly proprietary, and competitors can potentially replicate capabilities over time. The cyclical nature of the end markets limits pricing power during downturns. Customer concentration in specific OEM relationships creates vulnerability if major customers change suppliers or experience their own difficulties. The company faces competition from both specialized component manufacturers and larger diversified industrial companies with greater resources. Private label and offshore manufacturing present ongoing competitive threats, particularly in more commoditized product categories. While Patrick's diversification across multiple markets provides some stability, it also means the company lacks dominant market positions that would provide stronger competitive protection.
Risks & safety
Patrick Industries demonstrates a moderate margin of safety with manageable financial risks but some cyclical vulnerabilities. • Liquidity and Debt: Current ratio of 2.41 indicates strong short-term liquidity. Debt-to-equity ratio of 1.43 is elevated but manageable for a cyclical business. The company maintains approximately $755 million in pro forma liquidity following recent debt refinancing. • Cash Generation: Free cash flow of $20 million in Q1 2025 was impacted by seasonal working capital needs, but full-year 2024 generated $251 million in free cash flow, demonstrating strong cash conversion ability. • Valuation Metrics: Trading at 18.1x P/E ratio and 10.0x EV/EBITDA, representing reasonable valuations for a cyclical manufacturer. Price-to-book ratio of 2.42 reflects asset intensity but is not excessive. • Cyclical Risks: Revenue and earnings are highly sensitive to RV, marine, and housing market cycles. Recent quarters show the impact of market downturns on profitability. • Working Capital Management: The company has demonstrated discipline in inventory management during market downturns, though working capital needs can strain cash flow during recovery periods.
Recent development
Over the past few years, Patrick Industries has pursued a strategic diversification and vertical integration strategy to reduce dependence on the cyclical RV market. The company established an Advanced Product Group focused on innovation and next-generation product development across all market segments. Key acquisitions include Sportech to enter the powersports market, RecPro to expand aftermarket capabilities, and Elkhart Composites to strengthen the composites portfolio. The company has invested heavily in automation and manufacturing efficiency, implementing robotic solutions and IT infrastructure improvements to maintain competitiveness and operational flexibility. Patrick has also focused on supply chain diversification, particularly working to reduce exposure to China-sourced products by more than half in response to potential tariff impacts. Organizationally, Patrick has restructured leadership with dedicated presidents for each major market segment (RV, Marine, Powersports/Housing) to better focus on segment-specific opportunities and challenges. The company has maintained strict inventory discipline and cost structure flexibility to navigate market downturns while positioning for recovery. Recent debt refinancing has improved the company's financial flexibility and liquidity position, supporting both operational needs and potential acquisition opportunities.
PATK company profile · for informational purposes only — not investment advice.
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