Patrick Industries IncPATK

Patrick Industries Inc. is a $3.22 billion US manufacturer of component solutions for outdoor recreation, housing, and transportation markets, but the latest 10-Q for the quarter ended 29 March 2026 shows a company that can still sell a lot yet struggles to turn revenue into operating cash. The group booked $997.2 million in sales, posted $39.5 million of net income, and generated a negative operating cash flow of $14 million while piling $29.2 million onto inventories. The cash and equivalents line stood at just $37.5 million against liabilities of $2.03 billion, leaving the balance sheet thinner than a fibreglass RV panel. The business is profitable on paper, but its working capital cycle is closer to a cash-burning start-up than a mature industrial.

Patrick designs and makes components from composite panels to digital electronics for RVs, boats, and homes, and the company describes itself as a “premier component solutions provider” in its 425 leadership toolkit. Yet the operating income of $64.7 million on nearly a billion in sales is neither premium nor scalable, and the weighted average diluted share count of 36 million produced EPS of $1.10. The product portfolio is real-composite panels, electronics, and aftermarket systems-but the margin math is not. The glossy 2024 annual report hails “strategic momentum,” yet momentum is largely acquisition-led: Medallion for digital electronics and Elkhart Composites for composite panels. The acquisitions expand the addressable market, but they do not magically improve cash conversion.

For the quarter to 29 March 2026, Patrick reported revenue of $997.2 million, net income of $39.5 million, operating income of $64.7 million, assets of $3.22 billion, liabilities of $2.03 billion, stockholders’ equity of $1.19 billion, cash and equivalents of $37.5 million, operating cash flow of negative $14 million, capex of $18.9 million, inventories of $626.1 million, an increase in inventories of $29.2 million, diluted EPS of $1.10, and a diluted weighted average share count of 36.0 million (10-Q, period ending 2026-03-29, https://www.sec.gov/Archives/edgar/data/76605/000007660526000060/patk0630268-k.htm). The company’s SEC submissions JSON and company facts JSON confirm the same periodicity and metrics (SEC EDGAR, https://data.sec.gov/submissions/CIK0000076605.json; https://data.sec.gov/api/xbrl/companyfacts/CIK0000076605.json).

The group’s public narrative leans on “innovation, operational excellence, customer partnership, and high-quality products,” but the filings reveal a company that is still building rather than harvesting. The 8-K filed on 30 June 2026 signals a proposed all-stock merger with Lippert Components to create a “premier component solutions provider,” yet the mechanics of that merger-dilution, integration costs, and working capital swings-are not quantified in the same disclosure. The Medallion acquisition press release touts digital controls, lighting, integrated audio, sensors, and touchscreen displays, but does not provide a purchase price or post-close margin uplift. Similarly, the Elkhart Composites acquisition press release celebrates composite panel leadership without disclosing revenue synergies or capex overlaps. The 2024 sustainability report and annual report images on the corporate site provide glossy context but no line-item proof of margin expansion or cash-flow acceleration (Patrick Industries news rail, https://patrickind.com/news/).

If you are looking for a chart route, use the SEC filings index to anchor the timeline and then overlay the quarterly 10-Q numbers; the SEC route will show the filing cadence, but the evidence does not supply chart levels or trading patterns (SEC EDGAR filing index, https://www.sec.gov/edgar/browse/?CIK=76605). The operating reality is that Patrick’s free cash flow is negative in the latest quarter, inventories are expanding, and the balance sheet’s cash buffer is thin, so any chart narrative would have to explain why a cash-generative story keeps missing its own targets. The evidence does not supply forward guidance or a cash-flow bridge, so the tension sits between the acquisition-led growth story and the absence of tangible cash-flow conversion. Patrick’s 425 leadership documents and team communiqués are heavy on tone, light on numbers, which leaves investors to parse the gap between the slide deck and the 10-Q line items themselves.