Patria Investments Limited (PAX) Key Metrics
PAX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.92B
- Enterprise value
- $1.84B
- P/E (TTM)
- 27.2 10-yr median 22.1
- Forward P/E
- 8.1
- PEG ratio
- —
- Price / sales
- 4.5 10-yr median 7.0
- Price / book
- 3.0 10-yr median 3.9
- EV / EBITDA
- 12.5 10-yr median 15.6
- Dividend yield
- 2.41% $0.65 a year
- Beta
- 0.78
PAX key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPAX valuation Price multiples at each fiscal year-end price.
PAX returns How much profit the business earns on the capital it uses.
PAX per-share figures Results divided by the shares outstanding at year-end.
PAX financial health Debt, liquidity and how easily interest is covered.
PAX efficiency & capital use Working capital cycle and where the cash goes.
PAX valuation history
PAX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PAX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PAX cash returned to shareholders
PAX price vs earnings per share
PAX key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $2.51B | $1.79B | $2.31B | $2.05B | $2.20B | — | — | — |
| Enterprise value | $2.62B | $2.00B | $2.29B | $1.99B | $2.04B | — | — | — |
| P/E ratio | 29.3 | 24.9 | 19.5 | 22.1 | 18.0 | — | — | — |
| Price / sales | 6.5 | 4.8 | 7.0 | 7.9 | 9.4 | — | — | — |
| Price / book | 4.1 | 3.7 | 4.3 | 3.7 | 3.9 | — | — | — |
| Price / free cash flow | 9.7 | 13.0 | 16.3 | 27.6 | 20.8 | — | — | — |
| Price / operating cash flow | 9.3 | 12.2 | 14.7 | 25.3 | 20.5 | — | — | — |
| EV / sales | 6.8 | 5.3 | 7.0 | 7.7 | 8.7 | — | — | — |
| EV / EBITDA | 14.7 | 15.0 | 15.6 | 15.9 | 15.6 | — | — | — |
| EV / free cash flow | 10.1 | 14.5 | 16.2 | 26.8 | 19.3 | — | — | — |
| Earnings yield | 3.4% | 4.0% | 5.1% | 4.5% | 5.6% | — | — | — |
| Free cash flow yield | 10.3% | 7.7% | 6.1% | 3.6% | 4.8% | — | — | — |
| Dividend yield | 3.8% | 7.4% | 6.3% | 5.0% | 5.4% | — | — | — |
| Shareholder yield (dividends + buybacks) | 6.0% | 15.3% | 9.1% | 5.0% | 5.5% | — | — | — |
| Share price at fiscal year-end | $15.89 | $11.63 | $15.51 | $13.93 | $16.20 | — | — | — |
| Per share | ||||||||
| Revenue per share | $2.43 | $2.44 | $2.20 | $1.76 | $1.73 | $0.86 | $0.92 | $0.90 |
| Earnings per share | $0.54 | $0.47 | $0.80 | $0.63 | $0.90 | $0.47 | $0.44 | $0.37 |
| Operating cash flow per share | $1.70 | $0.95 | $1.05 | $0.55 | $0.79 | $0.39 | $0.33 | $0.34 |
| Free cash flow per share | $1.64 | $0.90 | $0.95 | $0.50 | $0.78 | $0.39 | $0.33 | $0.33 |
| Cash per share | $0.56 | $0.25 | $0.22 | $0.49 | $1.23 | $0.18 | $0.28 | $0.36 |
| Book value per share | $3.87 | $3.13 | $3.65 | $3.75 | $4.15 | $0.43 | $0.61 | $0.61 |
| Tangible book value per share | −$1.34 | −$1.43 | $0.37 | $0.96 | $1.51 | $0.26 | $0.42 | $0.34 |
| Dividends per share | $0.60 | $0.86 | $0.98 | $0.70 | $0.88 | $0.48 | $0.35 | $0.32 |
| Capex per share | $0.07 | $0.05 | $0.10 | $0.05 | $0.01 | $0.00 | $0.00 | $0.01 |
| Debt per share | $1.26 | $1.63 | $0.11 | $0.11 | $0.06 | $0.01 | $0.02 | $0.00 |
| Shares outstanding | 158.0M | 153.6M | 148.7M | 147.2M | 136.0M | 133.7M | 133.7M | 117.0M |
| Change in shares outstanding | +2.9% | +3.3% | +1.0% | +8.3% | +1.7% | 0.0% | +14.2% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | 15.7% | 14.0% | 21.6% | 16.6% | 39.4% | 89.9% | 76.6% | 61.0% |
| Return on invested capital (ROIC) | 18.2% | 24.0% | 32.1% | 26.6% | 62.2% | 156.0% | 159.6% | 150.0% |
| Return on assets (ROA) | 6.3% | 6.5% | 11.9% | 10.7% | 28.2% | 56.0% | 49.2% | 35.5% |
| Return on tangible assets | 12.8% | 14.2% | 22.6% | 16.5% | 30.4% | 73.3% | 65.5% | 47.8% |
| Free cash flow margin | 67.3% | 36.8% | 43.3% | 28.7% | 44.9% | 45.2% | 35.8% | 36.0% |
| Income quality (OCF / net income) | 3.14 | 2.03 | 1.32 | 0.87 | 0.88 | 0.85 | 0.76 | 0.90 |
| Financial health | ||||||||
| Total debt | $198.7M | $250.4M | $15.8M | $16.1M | $7.9M | $1.6M | $3.1M | $186,000 |
| Cash & short-term investments | $88.7M | $38.4M | $33.2M | $72.1M | $167.1M | $24.0M | $37.1M | $42.1M |
| Net debt | $110.0M | $212.0M | −$17.4M | −$56.0M | −$159.3M | −$22.4M | −$34.1M | −$41.9M |
| Debt / equity | 0.32 | 0.52 | 0.03 | 0.03 | 0.01 | 0.03 | 0.04 | 0.00 |
| Debt / assets | 0.13 | 0.21 | 0.02 | 0.02 | 0.01 | 0.01 | 0.03 | 0.00 |
| Net debt / EBITDA | 0.62 | 1.59 | −0.12 | −0.45 | −1.21 | −0.30 | −0.46 | −0.78 |
| Current ratio | 0.98 | 0.94 | 1.01 | 1.42 | 2.26 | 1.22 | 2.98 | 2.67 |
| Quick ratio | 0.98 | 0.94 | 0.95 | 1.38 | 2.21 | 1.13 | 2.58 | 2.32 |
| Interest coverage | 8.2 | 14.6 | 131.8 | 72.2 | 134.3 | 77.3 | 70.6 | 225.9 |
| Working capital | −$9.7M | −$24.7M | $4.1M | $141.6M | $196.1M | $9.6M | $37.8M | $36.9M |
| Invested capital | $721.7M | $693.1M | $525.1M | $496.8M | $405.0M | $34.9M | $47.1M | $29.7M |
| Tangible asset value | −$190.7M | −$209.9M | $34.3M | $101.9M | $205.4M | $36.7M | $63.3M | $46.1M |
| Net current asset value | −$456.4M | −$342.5M | −$88.6M | $16.9M | $155.3M | $5.5M | $30.7M | $13.8M |
| Graham number | $6.87 | $5.74 | $8.09 | $7.30 | $9.17 | $2.12 | $2.45 | $2.27 |
| Graham net-net per share | −$4.23 | −$3.30 | −$2.31 | −$1.94 | $0.42 | −$0.03 | $0.18 | $0.06 |
| Capital allocation | ||||||||
| Dividends paid | $95.1M | $132.4M | $145.1M | $103.3M | $119.8M | $64.5M | $46.9M | $38.0M |
| Share buybacks (net) | $56.2M | $141.3M | $65.2M | $0 | $1.0M | — | — | — |
| Dividend payout ratio | 111.1% | 184.2% | 122.6% | 111.2% | 97.8% | 103.7% | 80.1% | 87.0% |
| Dividends + buybacks / free cash flow | 58.6% | 198.8% | 148.4% | 139.0% | 114.3% | 123.9% | 106.0% | 99.8% |
| Capex / revenue | 2.8% | 2.2% | 4.6% | 2.6% | 0.8% | 0.6% | 0.2% | 1.4% |
| Capex / operating cash flow | 3.9% | 5.7% | 9.6% | 8.3% | 1.7% | 1.3% | 0.5% | 3.6% |
| Capex / depreciation | 0.23 | 0.23 | 0.55 | 0.32 | 0.21 | 0.09 | 0.03 | 0.20 |
| Stock-based compensation / revenue | 9.5% | 5.1% | 0.4% | 0.3% | 0.3% | −1.8% | −2.6% | −1.9% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 11.4% | 32.3% | 29.6% | 27.7% | 31.7% | 25.5% | 10.4% | 15.6% |
| Efficiency | ||||||||
| Days sales outstanding | 173.9 | 176.4 | 148.6 | 171.3 | 105.0 | 57.4 | 30.5 | 31.8 |
| Days of inventory on hand | — | — | 171.4 | 97.8 | 133.3 | 203.6 | 65.3 | 67.8 |
| Days payables outstanding | 1,257.9 | 168.4 | 38.0 | 54.9 | 128.0 | 60.6 | 8.1 | 12.5 |
| Cash conversion cycle (days) | -1,083.9 | 7.9 | 282.1 | 214.2 | 110.3 | 200.4 | 87.7 | 87.1 |
| Receivables turnover | 2.10 | 2.07 | 2.46 | 2.13 | 3.48 | 6.36 | 11.95 | 11.47 |
| Payables turnover | 0.29 | 2.17 | 9.61 | 6.65 | 2.85 | 6.02 | 45.15 | 29.14 |
| Inventory turnover | — | — | 2.13 | 3.73 | 2.74 | 1.79 | 5.59 | 5.38 |
| Asset turnover | 0.28 | 0.34 | 0.33 | 0.30 | 0.54 | 1.04 | 1.04 | 0.86 |
| Average receivables | $182.9M | $180.8M | $133.4M | $121.5M | $67.7M | $18.1M | $10.3M | $9.2M |
| Average payables | $50.3M | $23.3M | $4.0M | $5.2M | $5.1M | $1.8M | $956,500 | $1.4M |
| Average inventory | — | — | $18.2M | $9.3M | $5.3M | $5.9M | $7.7M | $7.7M |
| Intangibles / total assets | 55.1% | 58.1% | 48.1% | 42.2% | 47.1% | 20.9% | 22.2% | 25.7% |
Computed from PAX's annual financial statements (latest annual report filed April 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PAX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Patria Investments traded at 29.3 times earnings, against a 8-year median of 22.1. Based on the latest twelve months, the trailing P/E is 27.2 and the forward P/E is 8.1. Patria Investments earned a return on equity of 15.7% and a return on invested capital of 18.2% in fiscal 2025. It ended the year with $198.7 million of debt and $88.7 million in cash and short-term investments, net debt of $110.0 million. It returned $151.4 million to shareholders: $95.1 million in dividends and $56.2 million in share buybacks, 59% of free cash flow. The share count rose 35.0% from 117.0M to 158.0M over 7 years.
See the PAX income statement, the PAX chart for price history, or the PAX stock overview for the latest quote and news.
PAX key metrics FAQ
What is Patria Investments's P/E ratio?
Patria Investments's trailing P/E ratio is 27.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.1. At the end of fiscal 2025 it was 29.3, compared with a 8-year median of 22.1.
What is Patria Investments's EV/EBITDA?
Patria Investments's enterprise value was 14.7 times EBITDA at the end of fiscal 2025 (enterprise value $2.6 billion, EBITDA $177.6 million); the current EV/EBITDA is 12.5.
What is Patria Investments's return on equity?
Patria Investments's return on equity (ROE) was 15.7% in fiscal 2025: net income of $85.6 million on average shareholders' equity of $546.4 million.
What is Patria Investments's ROIC?
Patria Investments's return on invested capital was 18.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Patria Investments have?
Patria Investments had total debt of $198.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.32 and $110.0 million of net debt (0.62 times EBITDA).
What is Patria Investments's dividend yield?
Patria Investments's forward dividend yield is 2.41%. Patria Investments paid $95.1 million in dividends in fiscal 2025 ($0.60 per share), a payout ratio of 111.1%.
Does Patria Investments buy back its shares?
Yes. Patria Investments spent $56.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +2.9% over the year, to 158.0M..
What is Patria Investments's free cash flow yield?
Patria Investments generated $258.3 million of free cash flow in fiscal 2025, a free cash flow yield of 10.3% on its market value at year-end ($2.5 billion).
What is Patria Investments's current ratio?
Patria Investments's current ratio was 0.98 at the end of fiscal 2025: current assets were 0.98 times current liabilities.