Patrick Industries, Inc.

PATK · NASDAQ

Company research

Patrick Industries, Inc. (NASDAQ: PATK) is a leading component solutions provider founded in 1959 and headquartered in Elkhart, Indiana, serving the recreational vehicle (RV), marine, powersports, manufactured housing, and various industrial markets across the United States, Mexico, China, and Canada. The company operates through two primary segments — Manufacturing and Distribution — offering a comprehensive range of interior and exterior products including cabinetry, countertops, flooring, wall panels, fiberglass components, audio systems, and decorative trim, alongside building materials and logistics services. With approximately 191 manufacturing plants and 50 warehouse and distribution facilities spanning 25 states, Patrick Industries supports a vast network of OEMs and aftermarket customers under more than 85 brands. Under the leadership of CEO Andy L. Nemeth, the company employs approximately 10,000 team members and reported net sales of $3.7 billion in 2024, reflecting its scale and diversified market presence.

Research reports

Sure Dividend · August 13, 2025Patrick Industries, Inc. (PATK) Research Report

This August 13, 2025 report finds PATK significantly overvalued at nearly 26x EPS versus a 12x target multiple, leading to projected annual total returns of about -4.8% through 2030 despite expected 8% EPS growth and matching dividend growth. It assigns a Hold rating, highlighting the highly cyclical, demand-weakened RV and housing end markets, limited income yield, and the risk that valuation multiple compression will more than offset operational and dividend progress.