PATRICK INDUSTRIES INC

Patrick Industries, Inc. (PATK) operates as a leading component solutions provider serving the recreational vehicle, marine, powersports, manufactured housing, and industrial markets across North America. The company maintains a substantial manufacturing and distribution network comprising approximately 191 manufacturing plants and 50 warehouse and distribution facilities located across 25 states, with a small presence in Mexico, China, and Canada. Patrick's website is www.patrickind.com.

The company operates through two reportable segments: Manufacturing, which accounted for 74% of consolidated net sales in 2025, and Distribution, representing 26% of sales. The Manufacturing segment produces laminated products, solid surface countertops, fabricated aluminum products, electrical systems components, fiberglass bath fixtures, boat towers and structural components, furniture, flooring, and various other specialized components. The Distribution segment supplies pre-finished wall and ceiling panels, drywall products, lighting, electrical and plumbing supplies, lumber, roofing materials, appliances, and other building products.

Patrick serves approximately 4,500 active customers across its five primary end markets. The RV market represents the largest segment at 45% of 2025 revenues, followed by manufactured housing at 17%, industrial markets at 13%, marine at 15%, and powersports at 10%. The company maintains significant customer relationships with major RV manufacturers, including Forest River and Thor Industries, which combined account for approximately 28% of consolidated net sales.

The company employs approximately 10,000 team members, with 80% in hourly production and distribution roles and 20% in salaried positions. Patrick has pursued an active acquisition strategy, completing acquisitions totaling approximately $560 million in aggregate cash consideration over the past three years, complementing its core competencies and expanding its product portfolio and geographic reach.

Patrick's business model emphasizes strategic geographic positioning of facilities near major customers to reduce delivery times and costs, new product development through its Design/Innovation Center called The Studio, and operational efficiency through manufacturing automation and resource reallocation across its facility network. The company returns capital to shareholders through regular quarterly dividends and opportunistic share repurchases.