Patria Investments Limited Class A Common Shares (PAX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.28	$0.32	+14.3%	—	—	—
Q1 26	$0.28	$0.27	-3.6%	—	$97.1M	—
Q4 25	$0.45	$0.5	+11.1%	—	$133.2M	—
Q2 25	$0.28	$0.24	-14.3%	—	$82.5M	—
Q1 25	$0.25	$0.23	-8.0%	—	$79.6M	—
Q4 24	$0.35	$0.58	+65.7%	—	$157.2M	—
Q3 24	$0.24	$0.23	-4.2%	—	$78.1M	—
Q2 24	$0.22	$0.22	0.0%	—	$75M	—
Q1 24	$0.3	$0.21	-30.0%	—	$63.9M	—
Q4 23	$0.37	$0.47	+27.0%	—	$111.7M	—
Q3 23	$0.32	$0.13	-59.4%	—	$63.5M	—
Q2 23	$0.31	$0.3	-3.2%	—	$77.2M	—
Q1 23	$0.3	$0.27	-10.0%	—	$73.8M	—
Q4 22	$0.33	$0.36	+9.1%	—	$91.3M	—
Q3 22	$0.2	$0.08	-60.0%	—	$57M	—
Q2 22	$0.19	$0.12	-36.8%	—	$55.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.54	—	—	$381.7M	—
FY24	—	$0.48	—	—	$374.2M	—
FY23	—	$0.8	—	—	$327.6M	—
FY22	—	$0.63	—	—	$258.9M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$105.7M	$123.5M	$115M	$235.5M	$258.9M	$327.6M	$374.2M	$381.7M
YoY change	—	+16.9%	-6.86%	+104.8%	+9.92%	+26.6%	+14.2%	+2.01%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	105.7M	123.5M	115M	235.5M	258.9M	327.6M	374.2M	381.7M
Cost of revenue	41.4M	43.2M	10.6M	14.6M	34.8M	38.7M	50.5M	60.2M
Gross profit	64.3M	80.3M	104.4M	220.9M	224.1M	288.9M	323.7M	321.5M
Gross margin	60.8%	65%	90.8%	93.8%	86.5%	88.2%	86.5%	84.2%
Research & development	—	—	—	—	—	—	—	—
Selling, general & administrative	16.4M	12.9M	29.3M	74.6M	72.3M	99.4M	120.9M	131.2M
Operating expenses	16.4M	12.9M	29.3M	74.6M	72.3M	99.4M	120.9M	131.2M
Operating income	46.5M	64.8M	67.2M	137.2M	129.9M	161.6M	165.9M	143M
Operating margin	44%	52.5%	58.4%	58.3%	50.2%	49.3%	44.3%	37.5%
Non-operating income, net	221K	1M	-1.3M	-14.3M	-24.8M	-41.2M	-66.7M	-32.6M
Pretax income	46.5M	64.5M	65M	121.6M	102.5M	118M	86M	92.3M
Income tax	2M	3.5M	3.1M	381K	8.3M	-2.8M	10.3M	1.7M
Net income	44.5M	60.9M	61.8M	121.2M	94.1M	120.8M	75.7M	90.5M
Net margin	42.1%	49.3%	53.8%	51.5%	36.4%	36.9%	20.2%	23.7%
EBITDA	53.7M	72.7M	74.9M	136.2M	132.3M	169M	192.2M	184.5M
EPS	0.37	0.5	0.53	0.9	0.63	0.8	0.48	0.54
Diluted EPS	0.37	0.5	0.53	0.9	0.63	0.8	0.48	0.53

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	77.2M	63.5M	111.7M	63.9M	75M	78.1M	157.2M	79.6M	82.5M	86.5M	133.2M	97.1M
Cost of revenue	18.6M	10.2M	8.7M	10.4M	12.1M	14.2M	13.5M	14.2M	14.6M	14.8M	16.3M	19M
Gross profit	58.6M	53.4M	103.1M	53.5M	62.9M	63.9M	143.7M	65.4M	67.9M	71.6M	116.9M	78.1M
Gross margin	75.9%	84%	92.2%	83.7%	83.9%	81.9%	91.4%	82.2%	82.3%	82.8%	87.8%	80.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.5M	15.5M	40.3M	15.5M	26.9M	26.8M	51.6M	24.5M	26.8M	28.7M	51.2M	35M
Operating expenses	14.5M	15.5M	40.3M	15.5M	26.9M	26.8M	51.6M	24.5M	26.8M	28.7M	51.2M	35M
Operating income	38.6M	30.5M	55.3M	30.5M	28.1M	27.9M	79.7M	29.4M	30.1M	30.5M	53.3M	31.7M
Operating margin	50%	48%	49.5%	47.8%	37.4%	35.7%	50.7%	37%	36.5%	35.2%	40%	32.7%
Non-operating income, net	-11.1M	-11.3M	-4.1M	-9.6M	-21.3M	-13.6M	-22.2M	-6.6M	-10.8M	-4.4M	-10.8M	-16.6M
Pretax income	28.3M	18.3M	50.7M	20.1M	3.2M	10.2M	52.6M	14.6M	14.9M	24.6M	38.1M	9.2M
Income tax	-7.7M	-553K	2.3M	4.2M	629K	8.3M	-2.8M	-2M	829K	355K	2.5M	4.6M
Net income	36M	18.8M	48.4M	15.9M	2.5M	1.9M	55.4M	16.6M	14.1M	24.2M	35.7M	4.6M
Net margin	46.6%	29.7%	43.3%	24.8%	3.38%	2.41%	35.2%	20.8%	17.1%	28%	26.8%	4.74%
EBITDA	52.1M	36.6M	40.8M	36.4M	30M	35.7M	89.8M	39.6M	39.4M	45.8M	62.7M	42.1M
EPS	0.24	0.13	—	0.1	0	0	0.37	0.1	0.08	0.14	—	0.01
Diluted EPS	0.24	0.13	—	0.1	0	0	0.37	0.1	0.08	0.14	—	0.01

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	2.1B	2.3B	1.8B	2.5B	1.6B
Enterprise value	—	—	—	—	2B	2.3B	2B	2.6B	1.9B
Shares outstanding	117M	117M	117M	136M	147.2M	148.2M	153.6M	159.6M	159.6M

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	21.8	19	23.6	28	22.8
P/S	—	—	—	—	7.92	7.02	4.77	6.65	3.86
P/B	—	—	—	—	3.99	4.41	3.64	4	2.93
EV/EBITDA	—	—	—	—	15.1	13.5	10.4	14.3	10.4
EV/Sales	—	—	—	—	7.71	6.96	5.34	6.93	4.41
Earnings yield	—	—	—	—	4.59%	5.26%	4.24%	3.57%	4.39%
FCF yield	—	—	—	—	3.47%	6.16%	7.71%	9.99%	5.28%
PEG	—	—	—	—	—	—	—	—	-0.26

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	60.8%	65%	90.8%	93.8%	86.5%	88.2%	86.5%	84.2%	80.5%
Operating margin	44%	52.5%	58.4%	58.3%	50.2%	49.3%	44.3%	37.5%	22.6%
Net margin	42.1%	49.3%	53.8%	51.5%	36.4%	36.9%	20.2%	23.7%	16.3%
ROE	57.3%	68.7%	104.7%	21.5%	18.3%	23.2%	15.4%	14.3%	12.9%
ROA	36.2%	53.1%	57.7%	15.9%	9.64%	11.9%	6.28%	6.06%	5.63%
ROIC	125.4%	112.1%	174.4%	33.8%	26.1%	32.1%	20.8%	18.9%	16.2%
Return on tangible assets	74.3%	95.3%	99%	278.6%	61.4%	321.7%	-38.7%	-59.1%	-33.7%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.67	2.98	1.22	2.26	1.42	1.01	0.94	0.98	1.03
Quick ratio	2.67	2.98	1.22	2.26	1.42	1.01	0.94	0.98	0.62
Debt / equity	0	0.03	0.03	0.01	0.03	0.03	0.51	0.31	0.57
Debt / assets	0	0.03	0.01	0.01	0.02	0.02	0.21	0.13	0.16
Net debt / EBITDA	-0.78	-0.47	-0.3	-1.17	-0.42	-0.1	1.1	0.6	1.01
Interest coverage	226.5	71.2	75.8	120	57.7	95.9	8.54	6.77	6.08
Effective tax rate	4.29%	5.45%	4.83%	0.31%	8.15%	0%	12%	1.86%	9.55%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.9	1.06	0.98	1.73	1.76	2.21	2.44	2.39	2.65
EPS (basic)	0.37	0.5	0.53	0.9	0.63	0.8	0.48	0.54	0.54
EPS (diluted)	0.37	0.5	0.53	0.9	0.63	0.8	0.48	0.53	0.45
Book value per share	0.66	0.76	0.5	4.15	3.49	3.52	3.2	3.97	3.49
FCF per share	0.33	0.38	0.44	0.78	0.48	0.96	0.9	1.59	1.13
Cash per share	0.36	0.32	0.2	1.23	0.49	0.22	0.25	0.56	1.29
Capex per share	0.01	0	0	0.01	0.04	0.04	0.02	—	—

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.95%	0.12%	0.14%	0.66%	2.1%	1.79%	0.96%	—	—
Capex / operating cash flow	2.45%	0.33%	0.33%	2.28%	6.36%	4.86%	3.67%	—	—
Payout ratio	85.5%	76.9%	104.3%	98.8%	109.8%	120.1%	174.9%	105.1%	134.7%
Dividend yield	—	—	—	—	5.04%	6.31%	7.41%	3.75%	6.46%

Yield

6.46%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.1625

ex-dividend Aug 10, 2026

Payout ratio

135%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$0.1625
May 18, 2026	$0.1625
Feb 20, 2026	$0.15
Nov 14, 2025	$0.15
Aug 15, 2025	$0.15
May 14, 2025	$0.15
Feb 25, 2025	$0.15
Nov 18, 2024	$0.15

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	42.1M	37.1M	24M	167.1M	72.1M	33.2M	38.4M	88.7M
Receivables	8.7M	11M	24M	97.1M	125.4M	127.4M	217.1M	118.6M
Inventory	—	—	—	—	—	—	—	—
Total current assets	59.1M	56.8M	53.7M	352.3M	479.6M	401.6M	372.7M	405.3M
Property, plant & equipment	-263K	-2.2M	-970K	-3.6M	-3M	-6.8M	-6.2M	-4.9M
Goodwill & intangibles	63.1M	50.9M	44.7M	717.8M	823M	974M	1.4B	1.6B
Total assets	122.9M	114.9M	107.2M	761.3M	976.2M	1B	1.2B	1.5B
Accounts payable	1.4M	492K	3M	7.2M	3.3M	4.8M	41.8M	58.8M
Short-term debt	—	1.2M	780K	951K	2.2M	3M	82.2M	4.3M
Total current liabilities	22.2M	19M	44M	156.2M	338M	397.5M	397.4M	415M
Long-term debt	0	1.9M	802K	6.9M	13.9M	12.8M	168.2M	194.4M
Total liabilities	45.3M	26.1M	48.1M	197M	462.8M	490.2M	715.2M	861.7M
Shareholders' equity	77.6M	88.7M	59.1M	564.3M	513.5M	521.3M	490.9M	633.4M
Total debt	0	3.1M	1.6M	7.9M	16.1M	15.8M	250.4M	198.7M
Net debt	-2.3M	-1M	-12.5M	-7.4M	-10.4M	-214K	217M	145.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	47.3M	39.1M	33.2M	33.9M	46.7M	48M	38.4M	50.6M	109.7M	52.4M	88.7M	86.9M
Receivables	108.5M	114.8M	127.4M	124.2M	118.2M	123.2M	217.1M	159.4M	72.4M	89.1M	118.6M	216.8M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	377.8M	372.4M	401.6M	401M	333.8M	437.9M	372.7M	397.2M	312.2M	245.3M	405.3M	496.1M
Property, plant & equipment	-5.2M	-6M	-6.8M	-6.6M	20.7M	19.6M	-6.2M	29.1M	31.4M	-6.3M	-4.9M	-4.1M
Goodwill & intangibles	902M	876.8M	974M	947.1M	1.4B	1.5B	1.4B	1.6B	1.6B	1.7B	1.6B	2B
Total assets	949.4M	929.6M	1B	1.1B	1.2B	1.3B	1.2B	1.3B	1.3B	1.3B	1.5B	1.8B
Accounts payable	4.1M	7.1M	4.8M	6.8M	12.2M	26.2M	41.8M	66.3M	34.6M	48.9M	58.8M	159.6M
Short-term debt	2.9M	2.9M	3M	13.6M	31.7M	19.5M	82.2M	45.9M	90.8M	46M	4.3M	260.9M
Total current liabilities	281.2M	316M	397.5M	405.4M	378.1M	481.7M	397.4M	410.8M	401.9M	356.6M	415M	806.3M
Long-term debt	14.1M	12.7M	12.8M	87.6M	162.7M	163.6M	168.2M	169M	95.9M	125.3M	194.4M	17.4M
Total liabilities	442.2M	456.3M	490.2M	555.6M	697.4M	861.9M	715.2M	777.8M	729.2M	722.4M	861.7M	1.2B
Shareholders' equity	507.2M	473.4M	521.3M	498.3M	484.7M	483.6M	490.9M	556.2M	588.8M	603.1M	633.4M	623.8M
Total debt	17M	15.6M	15.8M	101.2M	194.3M	183.1M	250.4M	214.9M	186.7M	171.2M	198.7M	278.3M
Net debt	-5.4M	-1.9M	-214K	74.2M	165.4M	144.8M	217M	178.8M	158.2M	140.9M	145.1M	227.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	44.5M	60.9M	61.8M	121.2M	94.1M	120.8M	75.7M	90.5M
Depreciation & amortization	7.2M	8.3M	7.7M	8.8M	21.2M	27.1M	35.8M	46.3M
Stock-based compensation	—	0	0	764K	731K	1.5M	19.1M	36.5M
Change in working capital	-7.8M	-25.1M	-23.6M	-63.4M	-24.3M	-8.9M	-62.2M	19.3M
Operating cash flow	40.9M	44M	48.9M	68.1M	85.5M	120.8M	98.2M	282.6M
Capital expenditure	-1M	-147K	-163K	-1.6M	-5.4M	-5.9M	-3.6M	—
Investing cash flow	8.2M	11.3M	24M	-283.9M	-188.1M	71.3M	30M	31.6M
Dividends paid	-38M	-46.9M	-64.5M	-119.8M	-103.3M	-145.1M	-132.4M	-95.1M
Share repurchases	—	—	—	0	0	-65.2M	-141.3M	-56.2M
Financing cash flow	-48M	-52.9M	-65.4M	178.9M	120.4M	-254.6M	-150.3M	-252.7M
Net change in cash	1.1M	2.4M	7.6M	-36.9M	17.8M	-62.5M	-22.1M	61.5M
Free cash flow	38.1M	44.3M	52M	105.7M	71.2M	141.7M	137.7M	253.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	36M	18.8M	48.4M	15.9M	2.5M	1.9M	55.4M	16.6M	14.1M	24.2M	35.7M	4.6M
Depreciation & amortization	6.7M	7.2M	7.2M	7.2M	7.7M	8.8M	12.1M	11.2M	10.8M	12.3M	12M	11.1M
Stock-based compensation	486K	228K	491K	447K	5.7M	6.5M	6.4M	3.6M	3.9M	3.3M	25.8M	3.5M
Change in working capital	-6.5M	12.5M	-19M	27.3M	-17.9M	20.6M	-92.2M	90.5M	42M	10.8M	-124M	-51.9M
Operating cash flow	32M	42M	24.5M	47.6M	5.4M	47.1M	-3.1M	124.6M	76.9M	65.9M	39.8M	31.4M
Capital expenditure	-456K	-695K	-4.9M	-1M	945K	-1.6M	-2M	-2.2M	—	—	—	—
Investing cash flow	47.3M	-55.1M	-6.6M	-52M	-63.9M	-3.1M	-2.3M	-9.3M	-28.2M	20.4M	-9.3M	-57.8M
Dividends paid	-33.3M	-37.1M	-29.4M	-59.9M	-26.6M	-22.9M	-23M	-23.6M	-23.7M	-23.9M	-23.9M	-24.1M
Share repurchases	—	0	0	—	—	0	0	—	0	-56.2M	0	-12.7M
Financing cash flow	-32.7M	-51.3M	-57.3M	107.4M	150M	-59.3M	-31.1M	-85.9M	-47.9M	-124.2M	5.3M	27.6M
Net change in cash	46.6M	-64.4M	-39.5M	103M	91.6M	-15.3M	-36.5M	29.3M	743K	-37.8M	35.8M	1.2M
Free cash flow	42.2M	38.2M	32.6M	40.1M	7.4M	67M	23.1M	97.8M	72.9M	52.1M	30.5M	27.3M

Patria Investments Limited Class A Common Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement