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Patria Investments Ltd

PAX Clue Score64
Cayman Islands Fiscal year ends December CIK 0001825570
$11.67 +3.64% Close, 9 Oct 2026
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Price $11.67 −28.14% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 22 Jan 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue105.7Operating income46.5Net income43.7Fiscal year 2019Revenue123.2 +16.6%Operating income64.6Net income58.5 +34.1%Fiscal year 2020Revenue115.0 −6.7%Operating income65.2Net income62.2 +6.3%EPS, diluted0.53Fiscal year 2021Revenue235.5 +104.8%Operating income121.9Net income122.5 +96.9%EPS, diluted0.90 +69.4%Fiscal year 2022Revenue258.9 +9.9%Net income93.0 −24.1%EPS, diluted0.63 −29.9%Fiscal year 2023Revenue327.6 +26.6%Net income118.4 +27.4%EPS, diluted0.80 +26.1%Fiscal year 2024Revenue374.2 +14.2%Net income71.9 −39.3%EPS, diluted0.47 −41.4%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Revenue 105.7 123.2 115.0 235.5 258.9 327.6 374.2
Growth +16.6% −6.7% +104.8% +9.9% +26.6% +14.2%
Operating income 46.5 64.6 65.2 121.9 n/a n/a n/a
Net income 43.7 58.5 62.2 122.5 93.0 118.4 71.9
Growth +34.1% +6.3% +96.9% −24.1% +27.4% −39.3%
EPS, diluted n/a n/a 0.53 0.90 0.63 0.80 0.47
Growth +69.4% −29.9% +26.1% −41.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin61.0%Operating margin44.0%Net margin41.3%Free cash flow margin36.4%Fiscal year 2019Gross margin65.1%Operating margin52.4%Net margin47.5%Free cash flow margin36.0%Fiscal year 2020Gross margin71.2%Operating margin56.7%Net margin54.1%Free cash flow margin45.7%Fiscal year 2021Gross margin63.2%Operating margin51.7%Net margin52.0%Free cash flow margin45.0%Fiscal year 2022Net margin35.9%Free cash flow margin29.2%Fiscal year 2023Net margin36.1%Free cash flow margin46.0%Fiscal year 2024Net margin19.2%Free cash flow margin38.0%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Gross margin 61.0% 65.1% 71.2% 63.2% n/a n/a n/a
Operating margin 44.0% 52.4% 56.7% 51.7% n/a n/a n/a
Net margin 41.3% 47.5% 54.1% 52.0% 35.9% 36.1% 19.2%
Free cash flow margin 36.4% 36.0% 45.7% 45.0% 29.2% 46.0% 38.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow39.5Capital expenditure−1.0Free cash flow38.5Dividends paid−38.0Fiscal year 2019Operating cash flow44.5Capital expenditure−0.1Free cash flow44.3 +15.1%Dividends paid−46.9Fiscal year 2020Operating cash flow52.7Capital expenditure−0.2Free cash flow52.5 +18.5%Dividends paid−64.5Fiscal year 2021Operating cash flow107.6Capital expenditure−1.6Free cash flow106.0 +101.8%Dividends paid−119.8Fiscal year 2022Operating cash flow81.1Capital expenditure−5.4Free cash flow75.6 −28.7%Dividends paid−103.3Fiscal year 2023Operating cash flow156.7Capital expenditure−5.9Free cash flow150.9 +99.5%Fiscal year 2024Operating cash flow145.9Capital expenditure−3.6Free cash flow142.3 −5.6%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Operating cash flow 39.5 44.5 52.7 107.6 81.1 156.7 145.9
Capital expenditure −1.0 −0.1 −0.2 −1.6 −5.4 −5.9 −3.6
Free cash flow 38.5 44.3 52.5 106.0 75.6 150.9 142.3
Growth +15.1% +18.5% +101.8% −28.7% +99.5% −5.6%
Dividends paid −38.0 −46.9 −64.5 −119.8 −103.3 n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2018Cash2.3Shareholders’ equity78.3Fiscal year 2019Cash4.1Shareholders’ equity81.2Fiscal year 2020Cash14.1Shareholders’ equity57.3Fiscal year 2021Cash15.3Shareholders’ equity564.3Fiscal year 2022Cash26.5Shareholders’ equity552.8Fiscal year 2023Cash16.1Shareholders’ equity542.5Fiscal year 2024Cash33.4Shareholders’ equity481.1
FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Cash 2.3 4.1 14.1 15.3 26.5 16.1 33.4
Shareholders’ equity 78.3 81.2 57.3 564.3 552.8 542.5 481.1

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2024 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024
Margins
61.0% 65.1% 71.2% 63.2% n/a n/a n/a
44.0% 52.4% 56.7% 51.7% n/a n/a n/a
44.0% 52.3% 56.5% 51.6% 39.6% 36.0% 23.0%
41.3% 47.5% 54.1% 52.0% 35.9% 36.1% 19.2%
36.4% 36.0% 45.7% 45.0% 29.2% 46.0% 38.0%
Spending
1.0% 0.1% 0.1% 0.7% 2.1% 1.8% 1.0%
4.3% 5.5% 4.8% 0.3% 8.1% −2.4% 12.0%
Returns
55.7% 72.1% 108.5% 21.7% 16.8% 21.8% 14.9%
n/a 51.0% 58.0% 16.1% 9.5% 11.7% 6.0%
Balance and payout
n/a n/a 44.9% 25.9% 47.4% 48.5% 59.3%
87.0% 80.1% 103.7% 97.8% 111.2% n/a n/a
98.7% 105.8% 122.7% 113.0% 136.7% n/a n/a