TacticScaleWhat Patrick Industries Does & How It Makes Money (PATK)
Updated October 2026 · reflects Patrick Industries's latest reported financials
Maker and distributor of components for RVs, boats and manufactured homes. It earns revenue by selling self-manufactured components (Manufacturing segment) and reselling third-party building and interior products such as panels, drywall, appliances, electronics and flooring (Distribution segment) to RV, marine, powersports, manufactured housing and industrial manufacturers, plus transportation and logistics services.
How Patrick Industries makes money
It earns revenue by selling self-manufactured components (Manufacturing segment) and reselling third-party building and interior products such as panels, drywall, appliances, electronics and flooring (Distribution segment) to RV, marine, powersports, manufactured housing and industrial manufacturers, plus transportation and logistics services.
What Patrick Industries does
Patrick Industries, founded in 1959 and based in Elkhart, Indiana, supplies components and materials to builders of recreational vehicles, boats, powersports vehicles and manufactured homes, plus industrial customers. It operates in the United States, Mexico, China and Canada. The company has two segments. Manufacturing makes a wide range of products, including laminated panels, cabinetry, countertops, fiberglass and plastic parts, flooring, mouldings, doors, wire harnesses, audio equipment, and marine items like helm systems, boat towers and fuel tanks. Distribution resells wall and ceiling panels, drywall, electrical and plumbing products, appliances, electronics, flooring, lighting and other materials, and also provides transportation and logistics services. Because its customers build discretionary leisure products and housing, demand depends on those end markets.
Products & services
- Laminated panels, cabinetry and countertops
- Fiberglass and plastic components and helm systems
- Boat towers, tops, trailers and aluminum fuel tanks
- Wiring harnesses and audio systems (amplifiers, speakers, soundbars)
- Distributed wall panels, drywall, flooring and appliances
- Transportation and logistics services
What is Patrick Industries worth?
On an owner-earnings DCF, Patrick Industries's most-likely value is about $78 versus a recent price near $63 (22% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$46) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 9.1× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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