Patrick Industries is a global leader in manufacturing high-performance industrial lift trucks and providing comprehensive equipment rental solutions for demanding industrial environments.
Patrick Industries offers a defensive play in the industrial sector with stable aftermarket revenue streams that cushion against equipment sales cycles. The company's ability to generate consistent operating cash flow allows for continued investment in product innovation and global network expansion without excessive reliance on external financing.
The sharp contraction in net income over the last three years alongside massive revolver repayments suggests potential liquidity stress or aggressive debt management that could constrain future growth. High levels of goodwill ($840.1M) and accumulated retained earnings deficits indicate past acquisition integration challenges or historical profitability issues that warrant caution.
Patrick Industries Inc operates as a leading manufacturer of industrial trucks and lift products serving global markets in construction, manufacturing, and logistics. The company specializes in rough terrain forklifts, electric drive trucks, and battery systems designed to enhance operational efficiency across diverse sectors. Key revenue streams include the sale of equipment, aftermarket parts, and rental services supporting heavy-duty industrial applications worldwide.
Despite a notable decline in net income from $328.2M in 2022 to $135.1M in 2025, the company has stabilized its revenue growth trajectory, reaching $3.95B in 2025 after a dip in 2023 and 2024. Operating cash flow remains robust at $329.4M, indicating strong operational efficiency despite significant capital expenditures of $82.9M and substantial revolver repayments exceeding $769M.
The industrial lift truck industry is highly competitive yet resilient, driven by e-commerce expansion, automation trends, and infrastructure development globally. Market leaders compete on product specialization, service speed, and total cost of ownership solutions rather than just price alone.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $4.88B | $3.47B | $3.72B | $3.95B |
| Cost of Revenue | $3.82B | $2.69B | $2.88B | $3.04B |
| Gross Profit | $1.06B | $782.2M | $835.9M | $912.9M |
| Operating Expenses | $563.8M | $522.0M | $577.9M | $636.9M |
| Operating Income | $496.2M | $260.2M | $258.0M | $276.0M |
| G&A | $327.5M | $299.4M | $325.8M | $361.6M |
| Stock-Based Comp | $21.8M | $19.4M | $16.8M | $19.1M |
| D&A | $130.8M | $144.5M | $166.5M | $170.2M |
| Depreciation | $57.5M | $65.8M | $70.2M | $72.9M |
| Amortization | $73.2M | $78.7M | $96.3M | $97.3M |
| Other OpEx | $236.3M | $222.6M | $252.1M | $275.3M |
| Non-Operating Income | $-60.8M | $-68.9M | $-79.5M | $-98.9M |
| Pre-Tax Income | $435.4M | $191.3M | $178.6M | $177.1M |
| Income Tax | $107.2M | $48.4M | $40.2M | $42.0M |
| Continuing Ops | $328.2M | $142.9M | $138.4M | $135.1M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $328.2M | $142.9M | $138.4M | $135.1M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $328.2M | $142.9M | $138.4M | $135.1M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $909.9M | $734.6M | $822.6M | $873.1M |
| Cash & Equivalents | $22.8M | $11.4M | $33.6M | $26.4M |
| Accounts Receivable | $172.9M | $163.8M | $178.2M | $185.4M |
| Inventory | $667.8M | $510.1M | $551.6M | $595.3M |
| Prepaid Expenses | $46.3M | $49.3M | $59.2M | $66.0M |
| Other Current Assets | $0 | $0 | $0 | $0 |
| Long-Term Assets | $1.87B | $1.83B | $2.20B | $2.20B |
| PP&E (Net) | $350.6M | $353.6M | $384.9M | $408.5M |
| Intangibles | $720.2M | $651.2M | $802.9M | $742.6M |
| Goodwill | $629.3M | $637.4M | $797.2M | $840.1M |
| Operating Leases | $163.7M | $177.7M | $200.7M | $199.1M |
| Other LT Assets | $8.8M | $7.9M | $12.6M | $12.8M |
| Total Assets | $2.78B | $2.56B | $3.02B | $3.08B |
| Current Liabilities | $367.2M | $308.5M | $353.6M | $348.5M |
| Accounts Payable | $142.9M | $140.5M | $187.9M | $192.4M |
| Current Debt | $7.5M | $7.5M | $6.2M | $6.2M |
| Current Leases | $44.2M | $48.8M | $53.7M | $55.0M |
| Taxes Payable | $28.9M | $2.4M | $6.3M | $18.0K |
| Other Current Liab | $-28.9M | $-2.4M | $-6.3M | $406.0K |
| Long-Term Liabilities | $1.46B | $1.21B | $1.54B | $1.54B |
| Long-Term Debt | $1.28B | $1.02B | $1.31B | $1.28B |
| LT Operating Leases | $122.5M | $132.4M | $151.0M | $148.9M |
| Other LT Liab | $61.4M | $57.8M | $76.3M | $111.7M |
| Total Liabilities | $1.83B | $1.52B | $1.89B | $1.89B |
| Shareholders' Equity | $955.2M | $1.05B | $1.13B | $1.18B |
| Paid-In Capital | $0 | — | — | — |
| Retained Earnings | $758.9M | $843.1M | $926.9M | $977.0M |
| AOCI | $-695.0K | $-999.0K | $-926.0K | $-876.0K |
| Total L&E | $2.78B | $2.56B | $3.02B | $3.08B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $328.2M | $142.9M | $138.4M | $135.1M |
| Non-Cash Adjustments | $203.5M | $500.6M | $179.1M | $199.0M |
| Working Capital Changes | $-119.9M | $-234.9M | $9.4M | $-4.6M |
| Cash from Operations | $411.7M | $408.7M | $326.8M | $329.4M |
| Capital Expenditures | $79.9M | $59.0M | $75.7M | $82.9M |
| Cash from Investing | $-321.5M | $-86.5M | $-512.8M | $-206.5M |
| Share Buybacks | $77.1M | $18.8M | $4.7M | $32.0M |
| Dividends Paid | $32.9M | $42.1M | $50.2M | $55.3M |
| Cash from Financing | $-190.3M | $-333.6M | $208.2M | $-130.1M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-100.0M | $-11.4M | $22.2M | $-7.1M |
| Beginning Cash | $122.8M | $22.8M | $11.4M | $33.6M |
| Ending Cash | $22.8M | $11.4M | $33.6M | $26.4M |
The company's financials reflect three primary segments: Rough Terrain Forklifts serving construction and mining sectors; Electric Drive Trucks for indoor warehousing and distribution centers; and Aftermarket Services including parts, rentals, and maintenance contracts that provide recurring revenue streams.
Significant exposure to cyclical fluctuations in construction and mining sectors could impact demand for rough terrain equipment. Rising raw material costs and supply chain disruptions pose ongoing threats to gross margins given the $3.04B cost of revenue structure. Heavy reliance on international markets introduces currency exchange volatility and geopolitical trade restriction risks.
Patrick Industries leverages a robust global distribution network with over 100 locations to ensure rapid product availability and customer support. Their extensive in-house engineering capabilities allow for rapid customization of equipment to meet specific client needs in specialized industries like forestry or agriculture. The company benefits from strong brand recognition and high switching costs due to the critical nature of uptime for its customers.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.