Patria Investments Ltd (PAX) stock analysis
Close on Nov 13, 2026Market cap $1.46BP/E 17.3Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Weak7 of 30 checks passed
Patria Investments passes 7 of the 30 checks behind our score; 17 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 3/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 15.7% over the last twelve months and averaged 21.5% over five years.
Low debt
Debt is 28.6% of shareholders' equity, under the 40% we consider low.
Earnings grew over 5 years
Net income grew 6.6% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 13.8% a year over the last three fiscal years.
What to watch
EPS growing under 10% a year
Diluted EPS grew -5.7% a year over the last three fiscal years.
Growing slower than the industry
Revenue grew 2.0% over the last twelve months; the Services Allied with the Exchange of Securities median is 8.7%.
Return on equity below the industry
Patria Investments's return on equity of 15.7% is below the Services Allied with the Exchange of Securities median of 15.7%.
Net margin below its 5-year average
Net margin was 22.4% over the last twelve months, against a 5-year average of 33.1%.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 13.8% a year over the last three fiscal years.
EPS growing under 10% a year
Diluted EPS grew -5.7% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 19.2% over the last twelve months, against a 5-year average of 6.6% a year.
Growing slower than the industry
Revenue grew 2.0% over the last twelve months; the Services Allied with the Exchange of Securities median is 8.7%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance3/6
Return on equity over 15%
Return on equity was 15.7% over the last twelve months and averaged 21.5% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
Patria Investments's return on equity of 15.7% is below the Services Allied with the Exchange of Securities median of 15.7%.
Earnings grew over 5 years
Net income grew 6.6% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 22.4% over the last twelve months, against a 5-year average of 33.1%.
Net margin above the industry
Patria Investments's net margin of 22.4% is above the Services Allied with the Exchange of Securities median of 15.7%.
Financial health2/6
Low debt
Debt is 28.6% of shareholders' equity, under the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 162% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets don't cover short-term debts
Current assets are 0.98 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Patria Investments has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Patria Investments. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $15.85M
- Value traded per 1% price move
- $7.85M
Downside
Medium risk
- Typical loss in a bad month
- 20.6%
- Volatility (annualized)
- 36%
- Sharpe ratio, 1 year
- -1.22
- Beta to the S&P 500 (5Y)
- 0.83
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.0% | +13.8% | +27.1% | – | |
| Net income | +19.2% | -2.7% | +6.6% | – | |
| EPS, diluted | +12.8% | -5.7% | -0.1% | – | |
| Free cash flow | +91.1% | +53.2% | +38.9% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 89.9% | 15.7% | |
| Return on assets | – | 56.0% | 6.3% | |
| Current ratio | – | 1.22 | 0.98 | |
| Debt to equity | – | – | 0.29 | |
| Interest coverage | – | 58.2× | – | |
| Capex to revenue | – | 0.1% | 2.8% | |
| Diluted shares | – | 117M | 161M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Patria Investments generated $773.89M from operations and spent $250.14M on capital expenditure, dividends and share buybacks. 11% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 22.4% | 0.28× | 2.47× | 15.7% |
| FY2024 | 19.2% | 0.34× | 2.17× | 14.0% |
| FY2023 | 36.1% | 0.33× | 1.81× | 21.6% |
| FY2022 | 35.9% | 0.30× | 1.56× | 16.6% |
| FY2021 | 52.0% | 0.54× | 1.40× | 39.4% |
| FY2020 | 54.1% | 1.04× | 1.60× | 89.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$85.65M
- Cash generatingOperating cash flow above zero$282.61M
- Return on assets improvedROA up on the prior year7.1% → 7.1%
- Earnings backed by cashOperating cash flow above net income$282.61M vs $85.65M
- Less leverageLong-term debt to assets fell12.4% → 11.7%
- Better liquidityCurrent ratio rose0.94 → 0.98
- No dilutionShare count did not rise154M → 161M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.37 → 0.32
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