Patria Investments Limited PAX R2K

Financial Services · Asset Management · Cayman Islands

https://www.patria.com

Patria Investments Limited operates as a private market investment firm. It specializes in investments in private equity, secondary direct and indirect and venture capital with focus in middle market, buyout and growth capital investments. It seeks to be sector agnostic with focus on agribusiness, power & energy, healthcare, logistics & transportations, food & beverage, agricultural products, packaged foods and meats, education services, outsourced business services, and digital & tech services. It prefers to invest globally with focus on Latin America, Europe, United States, North America and Brazil. It seeks to invest between $38.48 million and $72.14 million per transaction. The firm seeks a majority or minority stake in its portfolio companies. The company offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and credit funds. The firm seeks to co-invest with other investors. Patria Investments Limited was founded in 1994 and is headquartered in Grand Cayman, Cayman Islands with additional offices across South America, North America, Europe and Asia. Patria Investments Limited operates as a subsidiary of Patria Holdings Limited.

Market & Price

Market Cap

$1.85B

Current Price

$11.59

High / Low (52W)

$17.15 / $10.93

Beta

0.78

Valuation

Stock P/E

21.87

Industry PE

12.01

Forward P/E

7.47

PEG Ratio

Book Value

$3.79

Price to Book

3.06

P/S

4.63

EV/EBITDA

11.40

Dividend Yield

5.28%

Profitability & Returns

ROCE

10.02%

ROE

13.34%

ROA

5.74%

Profit Margin

18.10%

Op Margin

26.36%

EPS (Latest Qtr)

$0.14

EPS (TTM)

$0.53

Balance Sheet & Liquidity

Debt/Equity

0.41

Quick Ratio

0.40

Current Ratio

0.64

Debt

$255.10M

Total Assets

$1.50B

Current Assets

$405.27M

Working Capital

$-9.74M

Ownership

Promoter Holding

5.55%

Chg in Prom Hold

FII / Inst Holding

78.37%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$2.03B

Total Revenue (TTM)

$399.23M

EBITDA

$178.02M

Free Cash Flow

Operating Cash Flow

Shares Outstanding

66.58M

Gross Margin

58.07%

Payout Ratio

113.21%

Growth (CAGR)

Revenue 5Y

13.82%

Profit 5Y

-2.69%

Revenue (YoY)

22.00%

Earnings (YoY)

-85.20%

PROS

Compounding revenue at 13.8% over 5 years.
Attractive dividend yield of 5.28%.

CONS

Earnings shrank at -2.7% CAGR over 5 years.
Trading 32.4% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	PAX Patria Investments Limited R2K	11.59	21.87	$1.85B	5.28%	10.02%	13.34%	13.82%	-2.69%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	-	157.24M	79.57M	82.52M	86.46M	133.18M
Cost of Revenue	-	13.51M	14.20M	14.59M	14.84M	16.29M
Gross Profit	-	143.73M	65.37M	67.93M	71.62M	116.89M
Operating Expenses	-	64.00M	35.96M	37.79M	41.14M	63.62M
Operating Income	-	79.73M	29.42M	30.15M	30.48M	53.27M
EBITDA	-	68.32M	32.81M	29.75M	41.93M	53.20M
Interest Expense	-	3.58M	6.98M	3.99M	5.06M	3.05M
Pretax Income	-	52.60M	14.60M	14.95M	24.56M	38.15M
Tax Provision	-	-2.82M	-1.95M	829.00K	355.00K	2.49M
Net Income	-	55.25M	15.66M	12.85M	22.57M	34.56M
Diluted EPS	0.00	0.37	0.10	0.08	0.14	-

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	258.88M	327.62M	374.20M	381.73M
Cost of Revenue	-	34.82M	38.73M	50.49M	60.21M
Gross Profit	-	224.05M	288.88M	323.72M	321.52M
Operating Expenses	-	93.64M	125.03M	157.81M	178.51M
Operating Income	-	130.41M	163.86M	165.90M	143.01M
EBITDA	-	125.46M	146.36M	133.22M	154.60M
Interest Expense	-	1.81M	1.24M	11.40M	15.99M
Pretax Income	-	102.45M	118.00M	85.99M	92.27M
Tax Provision	-	8.35M	-2.82M	10.31M	1.72M
Net Income	-	92.96M	118.40M	71.88M	85.65M
Diluted EPS	-	0.63	0.80	0.47	0.53

Compounded Sales Growth

5 Years:	13.82%
1 Year:	22.00%

Compounded Profit Growth

5 Years:	-2.69%
1 Year:	-85.20%

Stock Price Performance

1 Year:	-4.72%
6 Months:	-17.57%
3 Months:	-10.38%
1 Month:	-5.70%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	976.24M	1.01B	1.21B	1.50B
Current Assets	-	479.64M	401.59M	372.68M	405.27M
Cash & Equivalents	-	26.52M	16.05M	33.42M	53.60M
Inventory	-	-	-	-	-
Receivables	-	125.41M	127.36M	217.13M	118.58M
Total Liabilities	-	462.78M	490.24M	715.17M	861.69M
Current Liabilities	-	338.00M	397.50M	397.39M	415.01M
Long Term Debt	-	-	-	149.45M	174.87M
Total Debt	-	16.09M	15.84M	250.41M	198.68M
Total Equity	-	552.79M	542.49M	481.08M	611.75M
Shares Outstanding	-	147.19M	148.25M	153.59M	159.47M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-	81.05M	156.72M	145.95M	282.61M
Investing Cash Flow	-	-189.35M	62.17M	25.31M	2.30M
Financing Cash Flow	-	118.55M	-229.63M	-151.65M	-268.20M
Capital Expenditure	-	-6.71M	-15.02M	-8.28M	-29.29M
Free Cash Flow	-	74.34M	141.71M	137.66M	253.32M
Net Change in Cash	-	10.25M	-10.74M	19.61M	16.71M

Ratios (Annual)

Figures in %.

Metric	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	86.5%	88.2%	86.5%	84.2%
Operating Margin %	-	50.4%	50.0%	44.3%	37.5%
Net Margin %	-	35.9%	36.1%	19.2%	22.4%
ROE %	-	16.8%	21.8%	14.9%	14.0%
ROCE %	-	20.4%	26.7%	20.5%	13.2%

Shareholding Pattern

Insiders

5.55%

Institutions

78.37%

Public Float

82.98%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Capital Research Global Investors	12.81%	8.52M	$98.78M
2	FMR, LLC	10.00%	6.65M	$77.09M
3	Endure Capital Management, LLC	9.10%	6.05M	$70.17M
4	Blackrock Inc.	8.81%	5.86M	$67.90M
5	Pertento Partners LLP	7.83%	5.21M	$60.34M
6	Samlyn Capital, LLC	3.08%	2.05M	$23.78M
7	Mizuho Markets Americas LLC	2.25%	1.50M	$17.39M
8	Zeno Equity Partners LLP	2.03%	1.35M	$15.64M
9	State Street Corporation	1.98%	1.31M	$15.23M
10	Adage Capital Partners GP L.L.C.	1.50%	1.00M	$11.59M

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