Patria Investments Ltd
PAX Nasdaq Investment Advice Financials FY2018–FY2025
Last close · Oct 23, 2026
$11.74
1.3%
Revenue
Total sales reported in the income statement.
$382M
2.0%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$85.7M
19.2%
Free cash flow
Cash from operations minus capital spending.
$272M
91.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.9B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
22.2x
On $0.53 EPS (TTM)
What Patria Investments Ltd does
No business description yet.
- Legal name
- Patria Investments Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 30, 2026
- Accession · CIK
- 0002070979-26-000201
0001825570
Revenue and margins
Patria Investments Ltd had $382M of revenue in fiscal 2025, up 2.0% on the year before.
FY18
Revenue $106M
FY19
Revenue $123M
FY20
Revenue $115M
FY21
Revenue $236M
FY22
Revenue $259M
FY23
Revenue $328M
FY24
Revenue $374M
FY25
Revenue $382M
FY18
Gross 61.0%
Operating 44.0%
Net 41.3%
FCF 36.4%
FY19
Gross 65.1%
Operating 52.4%
Net 47.5%
FCF 36.0%
FY20
Gross 71.2%
Operating 56.7%
Net 54.1%
FCF 45.7%
FY21
Gross 63.2%
Operating 51.7%
Net 52.0%
FCF 45.0%
FY22
Gross —
Operating —
Net 35.9%
FCF 29.2%
FY23
Gross —
Operating —
Net 36.1%
FCF 46.0%
FY24
Gross —
Operating —
Net 19.2%
FCF 38.0%
FY25
Gross —
Operating —
Net 22.4%
FCF 71.3%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew 179.3% a year. Loss periods are shown in red.
FY18
Net income $43.7M
FY19
Net income $58.5M
FY20
Net income $62.2M
FY21
Net income $122M
FY22
Net income $93.0M
FY23
Net income $118M
FY24
Net income $71.9M
FY25
Net income $85.7M
FY18
Diluted EPS $0.00
FY19
Diluted EPS $0.00
FY20
Diluted EPS $0.53
FY21
Diluted EPS $0.90
FY22
Diluted EPS $0.63
FY23
Diluted EPS $0.80
FY24
Diluted EPS $0.47
FY25
Diluted EPS $0.53
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 55.7%
Return on assets —
FY19
Return on capital —
Return on equity 73.4%
Return on assets 51.0%
FY20
Return on capital —
Return on equity 89.9%
Return on assets 56.0%
FY21
Return on capital —
Return on equity 39.4%
Return on assets 28.2%
FY22
Return on capital —
Return on equity 16.6%
Return on assets 10.7%
FY23
Return on capital —
Return on equity 21.6%
Return on assets 11.9%
FY24
Return on capital —
Return on equity 14.0%
Return on assets 6.5%
FY25
Return on capital —
Return on equity 15.7%
Return on assets 6.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $272M in fiscal 2025, 71.3% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $38.5M
FY19
Free cash flow $44.3M
FY20
Free cash flow $52.5M
FY21
Free cash flow $106M
FY22
Free cash flow $75.6M
FY23
Free cash flow $151M
FY24
Free cash flow $142M
FY25
Free cash flow $272M
FY18
Cash from operations $39.5M
Capital spending $1.0M
FY19
Cash from operations $44.5M
Capital spending $0.1M
FY20
Cash from operations $52.7M
Capital spending $0.2M
FY21
Cash from operations $108M
Capital spending $1.6M
FY22
Cash from operations $81.1M
Capital spending $5.4M
FY23
Cash from operations $157M
Capital spending $5.9M
FY24
Cash from operations $146M
Capital spending $3.6M
FY25
Cash from operations $283M
Capital spending $10.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
Patria Investments Ltd returned $95.1M to shareholders in fiscal 2025, 35% of free cash flow. The diluted share count rose 4.4%.
FY18
Dividends $38.0M
Buybacks —
FY19
Dividends $46.9M
Buybacks —
FY20
Dividends $64.5M
Buybacks —
FY21
Dividends $120M
Buybacks —
FY22
Dividends $103M
Buybacks —
FY23
Dividends $145M
Buybacks —
FY24
Dividends $132M
Buybacks —
FY25
Dividends $95.1M
Buybacks —
Dividends
Buybacks
FY18
Diluted shares 0.12B
FY19
Diluted shares 0.12B
FY20
Diluted shares 0.12B
FY21
Diluted shares 0.14B
FY22
Diluted shares 0.15B
FY23
Diluted shares 0.15B
FY24
Diluted shares 0.15B
FY25
Diluted shares 0.16B
Balance sheet
Cash, debt and the ratios that show how comfortably Patria Investments Ltd can carry it.
FY18
Cash $2.3M
Debt —
FY19
Cash $4.1M
Debt —
FY20
Cash $14.1M
Debt —
FY21
Cash $15.3M
Debt —
FY22
Cash $26.5M
Debt —
FY23
Cash $16.1M
Debt $0.0M
FY24
Cash $33.4M
Debt $228M
FY25
Cash $53.6M
Debt $175M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $15.3M | $26.5M | $16.1M | $33.4M | $53.6M |
| Debt incl. finance leases | — | — | $0.0M | $228M | $175M |
| Debt / equity | — | — | 0.0x | 0.5x | 0.3x |
| Interest coverage | 82.6x | — | — | — | — |
| Current ratio | 2.3x | 1.4x | 1.0x | 0.9x | 1.0x |
| Quick ratio | 2.3x | 1.4x | 1.0x | 0.9x | 1.0x |
| Total assets | $761M | $976M | $1.0B | $1.2B | $1.5B |
| Total liabilities | $197M | $463M | $490M | $715M | $862M |
| Shareholders' equity | $564M | $553M | $542M | $481M | $612M |
| Net debt (− = net cash) | — | — | −$16.1M | $195M | $121M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | ✕ | ✓ |
| Current ratio rose | — | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 6 / 8 | 3 / 8 | 2 / 7 | 5 / 7 | 3 / 8 | 5 / 8 |
| Accruals ratio | — | 12.3% | 8.6% | 3.4% | 1.4% | −3.9% | −6.7% | −14.6% |
| Altman Z'' | — | 10.89 | 7.81 | 6.15 | — | — | — | — |
8 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $106M | $123M | $115M | $236M | $259M | $328M | $374M | $382M |
| Gross profit | $64.4M | $80.3M | $81.8M | $149M | — | — | — | — |
| Operating income | $46.5M | $64.6M | $65.2M | $122M | — | — | — | — |
| Interest expense | $0.2M | $0.1M | $0.1M | $1.5M | $4.8M | $10.7M | $38.5M | $39.7M |
| Pretax income | $46.5M | $64.5M | $65.0M | $122M | $102M | $118M | $86.0M | $92.3M |
| Income tax | $2.0M | $3.5M | $3.1M | $0.4M | $8.3M | −$2.8M | $10.3M | $1.7M |
| Net income | $43.7M | $58.5M | $62.2M | $122M | $93.0M | $118M | $71.9M | $85.7M |
| Net income to common | $43.7M | $58.5M | $62.2M | $122M | $93.0M | $118M | $71.9M | $85.7M |
| Diluted EPS | $0.00 | $0.00 | $0.53 | $0.90 | $0.63 | $0.80 | $0.47 | $0.53 |
| Diluted shares | 0.12B | 0.12B | 0.12B | 0.14B | 0.15B | 0.15B | 0.15B | 0.16B |
| Cash flow | ||||||||
| Cash from operations | $39.5M | $44.5M | $52.7M | $108M | $81.1M | $157M | $146M | $283M |
| Capital expenditure | $1.0M | $0.1M | $0.2M | $1.6M | $5.4M | $5.9M | $3.6M | $10.6M |
| Free cash flow | $38.5M | $44.3M | $52.5M | $106M | $75.6M | $151M | $142M | $272M |
| Stock-based compensation | — | — | $0.0M | $0.8M | $0.7M | $1.5M | $19.1M | $36.5M |
| Acquisitions | — | — | — | $123M | $18.3M | $6.6M | $112M | $1.1M |
| Dividends paid | $38.0M | $46.9M | $64.5M | $120M | $103M | $145M | $132M | $95.1M |
| Dividends and buybacks | $38.0M | $46.9M | $64.5M | $120M | $103M | $145M | $132M | $95.1M |
| Balance sheet | ||||||||
| Cash and short-term investments | $2.3M | $4.1M | $14.1M | $15.3M | $26.5M | $16.1M | $33.4M | $53.6M |
| Total debt | — | — | — | — | — | $0.0M | $228M | $175M |
| Loans, net | — | — | $0.0M | $78.2M | $23.6M | $17.1M | $18.7M | $25.9M |
| Deposits | — | — | $0.0M | $67.7M | — | — | — | — |
| Current assets | — | $56.8M | $53.7M | $352M | $480M | $402M | $373M | $405M |
| Current liabilities | — | $19.0M | $44.0M | $156M | $338M | $397M | $397M | $415M |
| Property and equipment, net | $3.4M | $6.5M | $3.8M | $13.4M | $24.6M | $28.2M | $32.6M | $42.4M |
| Intangible assets | $31.6M | $25.5M | $22.4M | $359M | $412M | $487M | $701M | $824M |
| Total assets | — | $115M | $107M | $761M | $976M | $1.0B | $1.2B | $1.5B |
| Total liabilities | — | $33.7M | $48.1M | $197M | $463M | $490M | $715M | $862M |
| Shareholders' equity | $78.3M | $81.2M | $57.3M | $564M | $553M | $542M | $481M | $612M |
| Margins | ||||||||
| Gross margin | 61.0% | 65.1% | 71.2% | 63.2% | — | — | — | — |
| Operating margin | 44.0% | 52.4% | 56.7% | 51.7% | — | — | — | — |
| Net margin | 41.3% | 47.5% | 54.1% | 52.0% | 35.9% | 36.1% | 19.2% | 22.4% |
| FCF margin | 36.4% | 36.0% | 45.7% | 45.0% | 29.2% | 46.0% | 38.0% | 71.3% |
| Returns | ||||||||
| Return on capital employed | — | 67.4% | 103.2% | 20.1% | — | — | — | — |
| Return on equity | 55.7% | 73.4% | 89.9% | 39.4% | 16.6% | 21.6% | 14.0% | 15.7% |
| Return on assets | — | 51.0% | 56.0% | 28.2% | 10.7% | 11.9% | 6.5% | 6.3% |
| Return on tangible equity | 93.3% | 105.1% | 178.0% | 59.6% | 65.8% | 213.4% | — | — |
| Growth | ||||||||
| Revenue growth | — | 16.6% | −6.7% | 104.8% | 9.9% | 26.6% | 14.2% | 2.0% |
| Net income growth | — | 34.1% | 6.3% | 96.9% | −24.1% | 27.4% | −39.3% | 19.2% |
| EPS growth | — | 25.0% | 106,240.0% | 69.4% | −29.9% | 26.7% | −41.3% | 12.8% |
| FCF growth | — | 15.1% | 18.5% | 101.8% | −28.7% | 99.5% | −5.6% | 91.1% |
| Share count change | — | 0.0% | 0.0% | 16.2% | 8.3% | 1.0% | 3.5% | 4.4% |
| Financial health | ||||||||
| Debt / equity | — | — | — | — | — | 0.0x | 0.5x | 0.3x |
| Interest coverage | 225.7x | 680.2x | 1,163.7x | 82.6x | — | — | — | — |
| Current ratio | — | 3.0x | 1.2x | 2.3x | 1.4x | 1.0x | 0.9x | 1.0x |
| Quick ratio | — | 3.0x | 1.2x | 2.3x | 1.4x | 1.0x | 0.9x | 1.0x |
| Loans / deposits | — | — | — | 115.5% | — | — | — | — |
| Capital allocation | ||||||||
| Capex / revenue | 1.0% | 0.1% | 0.1% | 0.7% | 2.1% | 1.8% | 1.0% | 2.8% |
| Stock comp / revenue | — | — | 0.0% | 0.3% | 0.3% | 0.4% | 5.1% | 9.6% |
| Payouts / FCF | 98.7% | 105.8% | 122.7% | 113.0% | 136.7% | 96.2% | 93.0% | 35.0% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 6.0 | 3.0 | 2.0 | 5.0 | 3.0 | 5.0 |
| Altman Z'' | — | 10.9 | 7.8 | 6.1 | — | — | — | — |
| Accruals ratio | — | 12.3% | 8.6% | 3.4% | 1.4% | −3.9% | −6.7% | −14.6% |
Source: SEC EDGAR XBRL filings (CIK 0001825570). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.