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PATRIA INVESTMENTS LTD-A (PAX) Stock Fundamental Analysis

NASDAQ:PAX - Nasdaq - KYG694511059 - Common Stock - Currency: USD

11.74  +0.28 (+2.44%)

After market: 11.74 0 (0%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to PAX. PAX was compared to 231 industry peers in the Capital Markets industry. PAX has only an average score on both its financial health and profitability. PAX has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

PAX had positive earnings in the past year.
In the past year PAX had a positive cash flow from operations.
PAX had positive earnings in 4 of the past 5 years.
Of the past 5 years PAX 4 years had a positive operating cash flow.
PAX Yearly Net Income VS EBIT VS OCF VS FCFPAX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 50M 100M 150M

1.2 Ratios

PAX's Return On Assets of 4.72% is fine compared to the rest of the industry. PAX outperforms 65.37% of its industry peers.
Looking at the Return On Equity, with a value of 13.37%, PAX is in the better half of the industry, outperforming 67.97% of the companies in the same industry.
PAX's Return On Invested Capital of 10.64% is amongst the best of the industry. PAX outperforms 86.15% of its industry peers.
PAX had an Average Return On Invested Capital over the past 3 years of 15.86%. This is significantly above the industry average of 7.13%.
The 3 year average ROIC (15.86%) for PAX is well above the current ROIC(10.64%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 4.72%
ROE 13.37%
ROIC 10.64%
ROA(3y)12.44%
ROA(5y)29.26%
ROE(3y)20.12%
ROE(5y)48.2%
ROIC(3y)15.86%
ROIC(5y)37.02%
PAX Yearly ROA, ROE, ROICPAX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 20 40 60 80 100

1.3 Margins

The Profit Margin of PAX (19.31%) is comparable to the rest of the industry.
PAX's Profit Margin has declined in the last couple of years.
With a decent Operating Margin value of 35.33%, PAX is doing good in the industry, outperforming 63.20% of the companies in the same industry.
PAX's Operating Margin has declined in the last couple of years.
PAX has a Gross Margin of 51.93%. This is in the better half of the industry: PAX outperforms 61.04% of its industry peers.
PAX's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 35.33%
PM (TTM) 19.31%
GM 51.93%
OM growth 3Y-11.54%
OM growth 5Y-1.69%
PM growth 3Y-12.74%
PM growth 5Y-2.75%
GM growth 3Y-8.49%
GM growth 5Y-2.22%
PAX Yearly Profit, Operating, Gross MarginsPAX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 20 40 60

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4

2. Health

2.1 Basic Checks

PAX has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
PAX Yearly Shares OutstandingPAX Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 50M 100M
PAX Yearly Total Debt VS Total AssetsPAX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

2.2 Solvency

PAX has an Altman-Z score of 1.71. This is a bad value and indicates that PAX is not financially healthy and even has some risk of bankruptcy.
PAX's Altman-Z score of 1.71 is fine compared to the rest of the industry. PAX outperforms 66.67% of its industry peers.
PAX has a debt to FCF ratio of 1.23. This is a very positive value and a sign of high solvency as it would only need 1.23 years to pay back of all of its debts.
PAX has a Debt to FCF ratio of 1.23. This is amongst the best in the industry. PAX outperforms 85.28% of its industry peers.
PAX has a Debt/Equity ratio of 0.34. This is a healthy value indicating a solid balance between debt and equity.
PAX has a better Debt to Equity ratio (0.34) than 73.16% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.34
Debt/FCF 1.23
Altman-Z 1.71
ROIC/WACCN/A
WACCN/A
PAX Yearly LT Debt VS Equity VS FCFPAX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M 500M

2.3 Liquidity

A Current Ratio of 0.91 indicates that PAX may have some problems paying its short term obligations.
PAX has a Current ratio (0.91) which is in line with its industry peers.
A Quick Ratio of 0.91 indicates that PAX may have some problems paying its short term obligations.
The Quick ratio of PAX (0.91) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.91
Quick Ratio 0.91
PAX Yearly Current Assets VS Current LiabilitesPAX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M

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4

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 4.13% over the past year.
Measured over the past 5 years, PAX shows a small growth in Earnings Per Share. The EPS has been growing by 6.45% on average per year.
EPS 1Y (TTM)4.13%
EPS 3Y6.45%
EPS 5YN/A
EPS Q2Q%9.52%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%6.47%

3.2 Future

PAX is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 9.91% yearly.
PAX is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 16.47% yearly.
EPS Next Y6.16%
EPS Next 2Y4.08%
EPS Next 3Y9.91%
EPS Next 5YN/A
Revenue Next Year26.72%
Revenue Next 2Y15.05%
Revenue Next 3Y16.47%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
PAX Yearly Revenue VS EstimatesPAX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M 400M
PAX Yearly EPS VS EstimatesPAX Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5

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6

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 9.32, the valuation of PAX can be described as very reasonable.
74.89% of the companies in the same industry are more expensive than PAX, based on the Price/Earnings ratio.
Compared to an average S&P500 Price/Earnings ratio of 24.21, PAX is valued rather cheaply.
With a Price/Forward Earnings ratio of 8.74, the valuation of PAX can be described as very reasonable.
PAX's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. PAX is cheaper than 77.92% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of PAX to the average of the S&P500 Index (20.44), we can say PAX is valued rather cheaply.
Industry RankSector Rank
PE 9.32
Fwd PE 8.74
PAX Price Earnings VS Forward Price EarningsPAX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, PAX is valued cheaply inside the industry as 85.71% of the companies are valued more expensively.
71.43% of the companies in the same industry are more expensive than PAX, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 12.08
EV/EBITDA 12.02
PAX Per share dataPAX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 -1 2 3

4.3 Compensation for Growth

PAX's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The decent profitability rating of PAX may justify a higher PE ratio.
PEG (NY)1.51
PEG (5Y)N/A
EPS Next 2Y4.08%
EPS Next 3Y9.91%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.24%, PAX is a good candidate for dividend investing.
PAX's Dividend Yield is comparable with the industry average which is at 8.48.
Compared to an average S&P500 Dividend Yield of 2.42, PAX pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.24%

5.2 History

PAX has been paying a dividend for over 5 years, so it has already some track record.
PAX has decreased its dividend recently.
Dividend Growth(5Y)N/A
Div Incr Years1
Div Non Decr Years1
PAX Yearly Dividends per sharePAX Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

PAX pays out 218.38% of its income as dividend. This is not a sustainable payout ratio.
DP218.38%
EPS Next 2Y4.08%
EPS Next 3Y9.91%
PAX Yearly Income VS Free CF VS DividendPAX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2018 2019 2020 2021 2022 2023 50M 100M
PAX Dividend Payout.PAX Dividend Payout, showing the Payout Ratio.PAX Dividend Payout.PayoutRetained Earnings

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PATRIA INVESTMENTS LTD-A

NASDAQ:PAX (5/9/2025, 8:15:09 PM)

After market: 11.74 0 (0%)

11.74

+0.28 (+2.44%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)05-02 2025-05-02/bmo
Earnings (Next)07-30 2025-07-30/bmo
Inst Owners84.07%
Inst Owner Change-0.08%
Ins Owners1.42%
Ins Owner ChangeN/A
Market Cap1.80B
Analysts74
Price Target15.2 (29.47%)
Short Float %2.93%
Short Ratio2.96
Dividend
Industry RankSector Rank
Dividend Yield 5.24%
Yearly Dividend0.98
Dividend Growth(5Y)N/A
DP218.38%
Div Incr Years1
Div Non Decr Years1
Ex-Date05-14 2025-05-14 (0.15)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-4.44%
Min EPS beat(2)-6.41%
Max EPS beat(2)-2.47%
EPS beat(4)1
Avg EPS beat(4)-3.64%
Min EPS beat(4)-31.45%
Max EPS beat(4)25.77%
EPS beat(8)4
Avg EPS beat(8)-2.58%
EPS beat(12)5
Avg EPS beat(12)0.27%
EPS beat(16)8
Avg EPS beat(16)21.23%
Revenue beat(2)2
Avg Revenue beat(2)4.65%
Min Revenue beat(2)1.54%
Max Revenue beat(2)7.77%
Revenue beat(4)4
Avg Revenue beat(4)11.86%
Min Revenue beat(4)1.54%
Max Revenue beat(4)33.11%
Revenue beat(8)6
Avg Revenue beat(8)10.94%
Revenue beat(12)8
Avg Revenue beat(12)8.18%
Revenue beat(16)11
Avg Revenue beat(16)24.19%
PT rev (1m)-1.35%
PT rev (3m)-3.74%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-6.31%
EPS NY rev (1m)0%
EPS NY rev (3m)-1.46%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-8.42%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 9.32
Fwd PE 8.74
P/S 5.47
P/FCF 12.08
P/OCF 11.29
P/B 3.79
P/tB N/A
EV/EBITDA 12.02
EPS(TTM)1.26
EY10.73%
EPS(NY)1.34
Fwd EY11.44%
FCF(TTM)0.97
FCFY8.28%
OCF(TTM)1.04
OCFY8.85%
SpS2.15
BVpS3.1
TBVpS-1.79
PEG (NY)1.51
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 4.72%
ROE 13.37%
ROCE 13.46%
ROIC 10.64%
ROICexc 12.05%
ROICexgc 757.53%
OM 35.33%
PM (TTM) 19.31%
GM 51.93%
FCFM 45.29%
ROA(3y)12.44%
ROA(5y)29.26%
ROE(3y)20.12%
ROE(5y)48.2%
ROIC(3y)15.86%
ROIC(5y)37.02%
ROICexc(3y)25.42%
ROICexc(5y)56.65%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)20.08%
ROCE(5y)46.86%
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3Y-41.78%
ROICexc growth 5Y-15.65%
OM growth 3Y-11.54%
OM growth 5Y-1.69%
PM growth 3Y-12.74%
PM growth 5Y-2.75%
GM growth 3Y-8.49%
GM growth 5Y-2.22%
F-Score3
Asset Turnover0.24
Health
Industry RankSector Rank
Debt/Equity 0.34
Debt/FCF 1.23
Debt/EBITDA 1.11
Cap/Depr 33.59%
Cap/Sales 3.15%
Interest Coverage 90.72
Cash Conversion 108.33%
Profit Quality 234.54%
Current Ratio 0.91
Quick Ratio 0.91
Altman-Z 1.71
F-Score3
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)26%
Cap/Depr(5y)17.84%
Cap/Sales(3y)1.81%
Cap/Sales(5y)1.24%
Profit Quality(3y)97.62%
Profit Quality(5y)90.42%
High Growth Momentum
Growth
EPS 1Y (TTM)4.13%
EPS 3Y6.45%
EPS 5YN/A
EPS Q2Q%9.52%
EPS Next Y6.16%
EPS Next 2Y4.08%
EPS Next 3Y9.91%
EPS Next 5YN/A
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%6.47%
Revenue Next Year26.72%
Revenue Next 2Y15.05%
Revenue Next 3Y16.47%
Revenue Next 5YN/A
EBIT growth 1Y-3.86%
EBIT growth 3Y25.62%
EBIT growth 5Y23.42%
EBIT Next Year-35.43%
EBIT Next 3Y6.7%
EBIT Next 5YN/A
FCF growth 1Y101.59%
FCF growth 3Y42.28%
FCF growth 5Y31.52%
OCF growth 1Y93.37%
OCF growth 3Y43.81%
OCF growth 5Y31.73%