Patrick Industries, Inc. (PATK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Patrick Industries, Inc. (PATK) surge como una potencia de fabricación dinámica, transformando estratégicamente paisajes industriales complejos a través del diseño innovador de componentes e ingeniería de precisión. Al integrar a la perfección las capacidades de fabricación avanzada en múltiples sectores, incluidos los vehículos recreativos, los mercados marinos e industriales, la compañía ha creado un modelo comercial robusto que ofrece soluciones personalizadas con una notable eficiencia y sofisticación tecnológica. Su enfoque único combina la integración vertical, las asociaciones estratégicas y la innovación implacable para crear ecosistemas de fabricación de alto valor que impulsen la ventaja competitiva y el crecimiento sostenible.

Patrick Industries, Inc. (PATK) - Modelo de negocios: asociaciones clave

Proveedores estratégicos en madera, materiales de ingeniería y componentes de metal

Patrick Industries mantiene asociaciones estratégicas con los siguientes proveedores clave:

Categoría de proveedor	Número de proveedores clave	Valor de adquisición anual
Materiales de madera	17	$ 82.4 millones
Materiales de ingeniería	12	$ 63.7 millones
Componentes de metal	9	$ 54.3 millones

Asociaciones de fabricantes de equipos originales (OEM)

Patrick Industries colabora con OEM en múltiples sectores:

• OEM de fabricación de RV: 23 asociaciones activas
• OEM del sector marino: 16 relaciones estratégicas
• OEM de equipos industriales: 11 colaboraciones clave

Sector OEM	Contribución de ingresos	Duración del contrato
Fabricación de RV	$ 412.6 millones	3-5 años
Marina	$ 187.3 millones	2-4 años
Industrial	$ 93.5 millones	1-3 años

Redes de distribución

Cobertura de la red de distribución en los mercados de fabricación de América del Norte:

• Centros de distribución de los Estados Unidos: 14
• Ubicaciones de distribución canadiense: 3
• Cobertura geográfica total: 37 estados y 2 provincias canadienses

Tecnología y socios de colaboración de diseño

Tipo de colaboración	Número de socios	Inversión anual
Tecnología de diseño	8	$ 12.6 millones
Innovación de fabricación	6	$ 9.3 millones
Transformación digital	4	$ 7.2 millones

Patrick Industries, Inc. (PATK) - Modelo de negocio: actividades clave

Fabricación de componentes personalizados y productos de ingeniería

En 2023, Patrick Industries informó capacidades de fabricación en múltiples segmentos:

Segmento de fabricación	Volumen de producción anual
Componentes de RV	$ 1.8 mil millones en productos manufacturados
Componentes marinos	$ 412 millones en componentes fabricados
Estructuras de ingeniería	$ 635 millones en productos personalizados

Diseño e innovación de productos

La inversión de I + D en 2023 totalizó $ 24.3 millones, centrándose en:

• Tecnologías de fabricación avanzadas
• Innovaciones de ciencias de materiales
• Optimización del diseño digital

Integración vertical de procesos de fabricación

Instalaciones de fabricación a partir de 2023:

Ubicación	Tipo de instalación	Capacidad de producción
Elkhart, Indiana	Complejo de fabricación primaria	12 líneas de producción
Michigan	Fabricación de componentes especializados	7 líneas de producción
Texas	Instalación de estructuras de ingeniería	5 líneas de producción

Fusiones y adquisiciones

2023 Actividad de M&A:

• Gasto total de adquisición: $ 87.6 millones
• 3 adquisiciones de empresas estratégicas
• Expandido alcance del mercado en sectores de RV y marina

Mejoras continuas de eficiencia operativa

Métricas operativas para 2023:

Métrica de eficiencia	Actuación
Productividad manufacturera	18.4% de mejora
Iniciativas de reducción de costos	$ 42.1 millones ahorrados
Implementación de automatización	7 nuevas líneas de producción automatizadas

Patrick Industries, Inc. (PATK) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

A partir de 2023, Patrick Industries opera 38 instalaciones de fabricación en los Estados Unidos. Total de fabricación de pies cuadrados: 3.2 millones de pies cuadrados.

Categoría de ubicación	Número de instalaciones	Área total (SQ FT)
Plantas de fabricación	38	3,200,000
Centros de distribución	12	850,000

Fuerza laboral de ingeniería y diseño calificado

Cuenta total de empleados a partir del cuarto trimestre 2023: 7.850 empleados

• Personal de ingeniería: 620 profesionales
• Equipo de diseño: 285 especialistas
• Experiencia promedio de ingeniería: 12.4 años

Tecnologías de fabricación patentadas

Inversión en I + D en 2023: $ 24.3 millones

Categoría de tecnología	Conteo de patentes	Inversión de desarrollo
Patentes de proceso de fabricación	47	$ 12.6 millones
Patentes de innovación de diseño	33	$ 11.7 millones

Capacidades de abastecimiento de materiales

Presupuesto anual de adquisición de materiales: $ 512.6 millones

• Proveedores nacionales: 214
• Proveedores internacionales: 86
• Diversidad de proveedores: 42% pequeñas/medianas empresas

Posición financiera para inversiones estratégicas

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 87.4 millones
Activos totales	$ 1.2 mil millones
Línea de crédito disponible	$ 250 millones

Patrick Industries, Inc. (PATK) - Modelo de negocio: propuestas de valor

Componentes personalizados de alta calidad para diversas industrias

Patrick Industries reportó $ 2.1 mil millones en ventas netas para el año fiscal 2022, con ofertas de productos que abarcan vehículos recreativos, marinos, viviendas fabricadas y otros mercados industriales.

Segmento de la industria	Contribución de ingresos
Vehículos recreativos	$ 1.3 mil millones
Marina	$ 350 millones
Vivienda fabricada	$ 250 millones
Otros mercados industriales	$ 200 millones

Solución única para necesidades de fabricación complejas

A partir de 2022, Patrick Industries operaba 94 instalaciones de fabricación en América del Norte, proporcionando capacidades de fabricación integrales.

• Ubicaciones de fabricación total: 94
• Cobertura geográfica: Estados Unidos y Canadá
• Capacidades de fabricación: moldeo por inyección, fabricación de metales, procesamiento de madera

Desarrollo de productos rápidos e innovación

Patrick Industries invirtió $ 43.2 millones en investigación y desarrollo en 2022, lo que representa el 2.1% de los ingresos totales.

I + D Métrica	Valor 2022
Inversión de I + D	$ 43.2 millones
I + D como % de ingresos	2.1%

Soluciones de fabricación rentables

El margen bruto para Patrick Industries en 2022 fue del 24,3%, lo que demostró eficiencia en los procesos de fabricación.

• 2022 Margen bruto: 24.3%
• Ingresos operativos: $ 254.7 millones
• Ingresos netos: $ 181.3 millones

Integración integral de la cadena de suministro

Patrick Industries mantiene relaciones estratégicas con más de 1.500 proveedores en múltiples industrias.

Métrica de la cadena de suministro	Valor 2022
Proveedores totales	1,500+
Diversidad de proveedores	Múltiples industrias
Eficiencia de la cadena de suministro	Integrado verticalmente

Patrick Industries, Inc. (PATK) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo

A partir de 2023, Patrick Industries mantuvo aproximadamente 87 contratos estratégicos a largo plazo con los principales fabricantes de vehículos recreativos y socios de construcción de viviendas. La duración promedio del contrato es de 3 a 5 años, con un valor total del contrato que oscila entre $ 10 millones y $ 45 millones por sociedad.

Categoría de socio	Número de contratos	Valor de contrato promedio
Fabricantes de RV	62	$ 22.3 millones
Empresas de construcción de viviendas	25	$ 18.7 millones

Soporte técnico y servicios de diseño colaborativo

Patrick Industries invirtió $ 4.2 millones en infraestructura de soporte técnico en 2023. La compañía mantiene un equipo de soporte técnico dedicado de 127 ingenieros especializados.

• Tiempo de respuesta promedio para consultas técnicas: 2.4 horas
• Calificación de satisfacción del cliente para soporte técnico: 94.3%
• Proyectos de diseño colaborativo anual: 43

Gestión de cuentas dedicada

La compañía emplea a 52 gerentes de cuentas dedicados en sus segmentos de mercado primario. Cada administrador de cuentas supervisa un promedio de 7-9 relaciones estratégicas de clientes.

Segmento de mercado	Gerentes de cuentas	Cartera promedio de clientes
Fabricación de RV	32	8.6 clientes
Vivienda fabricada	12	7.3 clientes
Edificio de casas personalizado	8	6.9 clientes

Servicio al cliente receptivo

En 2023, Patrick Industries mantuvo un equipo de servicio al cliente de 94 profesionales, manejando un promedio de 1,247 interacciones de clientes semanalmente.

• Tiempo promedio de respuesta al servicio al cliente: 1.6 horas
• Canales de servicio al cliente: teléfono, correo electrónico, portal en línea
• Tasa de retención de clientes: 92.7%

Bucles de retroalimentación de mejora de productos continuos

La compañía asignó $ 3.8 millones para la investigación y el desarrollo de productos en 2023, con el 67% de las mejoras directamente obtenidas de los mecanismos de retroalimentación de los clientes.

• Encuestas anuales de comentarios de clientes realizadas: 2
• Sugerencias de mejora del producto procesadas: 312
• Mejoras impulsadas por el cliente implementadas: 78%

Patrick Industries, Inc. (PATK) - Modelo de negocios: canales

Equipos de ventas directos

A partir de 2023, Patrick Industries mantuvo una fuerza de ventas directas de aproximadamente 187 profesionales de ventas dirigidos a los mercados de viviendas de vehículos recreativos, marinos y fabricados.

Canal de ventas	Número de representantes de ventas	Segmento del mercado objetivo
Equipo de ventas del mercado de RV	82	Fabricantes de vehículos recreativos
Equipo de ventas de viviendas manufacturadas	65	Fabricantes de viviendas modulares
Equipo de ventas del mercado marino	40	Fabricantes de equipos marinos y marinos

Ferias y exhibiciones de la industria

Patrick Industries participó en 17 ferias comerciales de la industria principales en 2023, que incluyen:

• Feria comercial nacional de vehículos recreativos
• Espectáculo internacional de viviendas manufacturadas
• Miami International Boat Show
• Louisville Boat, RV & Sportshow

Catálogos de productos en línea y plataformas digitales

Los canales de ventas digitales incluyen:

• Sitio web de la empresa con catálogo integral de productos
• Plataforma de pedidos en línea con accesibilidad 24/7
• Configurador de productos digitales para soluciones personalizadas

Plataforma digital	Visitantes mensuales del sitio web	Porcentaje de pedido en línea
Sitio web de Patrick Industries	42,500	22%

Redes representativas del fabricante

Patrick Industries trabajó con 63 empresas representativas de fabricantes independientes en América del Norte en 2023.

Región	Número de empresas representativas	Área de cobertura
Medio oeste	22	Illinois, Indiana, Ohio, Michigan
Sudeste	18	Florida, Georgia, Carolina del Norte
Costa oeste	12	California, Oregon, Washington
Nordeste	11	Nueva York, Pensilvania, Massachusetts

Canales de marketing digital y comunicación

Estrategia de marketing digital incluida:

• Página corporativa de LinkedIn con 15.500 seguidores
• Cuenta de Twitter con 8.200 seguidores
• Base de datos de marketing por correo electrónico de 47.300 contactos de la industria

Canal digital	Métricas de compromiso	Alcance anual
LinkedIn	Tasa de compromiso de 3.7%	612,000 impresiones
Marketing por correo electrónico	22% de tasa de apertura	1.4 millones de correos electrónicos enviados

Patrick Industries, Inc. (PATK) - Modelo de negocio: segmentos de clientes

Fabricantes de vehículos recreativos

Patrick Industries atiende a los principales fabricantes de RV con una gama integral de componentes y productos.

Los principales clientes de fabricantes de vehículos recreativos	Cuota de mercado
Industrias Thor	35.7%
Winnebago Industries	18.2%
Río bosque	28.5%

Fabricantes de la industria marina

La compañía suministra componentes críticos a los fabricantes de la industria marina.

• Base de clientes de fabricación marina: 47 fabricantes activos
• Ingresos de suministro de componentes marinos: $ 186.3 millones en 2022

Productores de equipos industriales

Patrick Industries ofrece componentes especializados para la fabricación de equipos industriales.

Segmento de equipos industriales	Contribución anual de ingresos
Equipo de construcción	$ 124.7 millones
Equipo agrícola	$ 89.5 millones

Empresas de construcción y construcción de viviendas

La compañía suministra materiales de construcción y componentes a las empresas de construcción.

• Clientes de segmento de construcción: 215 empresas de construcción activas
• Ingresos del componente de construcción de viviendas: $ 211.6 millones en 2022

Fabricantes de componentes automotrices

Patrick Industries suministra componentes automotrices especializados.

Tipo de cliente automotriz	Venta de componentes anuales
Proveedores de nivel 1	$ 142.9 millones
Fabricantes de equipos originales	$ 98.3 millones

Patrick Industries, Inc. (PATK) - Modelo de negocio: Estructura de costos

Gastos de adquisición de materia prima

Para el año fiscal 2023, Patrick Industries informó gastos de adquisición de materias primas de $ 1,482,461,000.

Categoría de material	Gasto anual ($)
Resinas de plástico	612,350,000
Componentes de metal	453,890,000
Materiales de madera	416,221,000

Costos de fabricación y operación

Los costos totales de fabricación y operación para 2023 fueron de $ 837,265,000.

• Gastos operativos de la instalación de producción: $ 356,412,000
• Logística y transporte: $ 214,653,000
• Control y pruebas de calidad: $ 66,200,000

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 totalizaron $ 42,315,000, lo que representa el 1.8% de los ingresos totales.

Área de enfoque de I + D	Inversión ($)
Innovación de productos	24,189,000
Optimización de procesos	12,126,000
Investigación de materiales avanzados	6,000,000

Gestión laboral y de la fuerza laboral

Los costos laborales totales para 2023 fueron de $ 521,694,000.

• Salarios laborales directos: $ 392,770,000
• Beneficios de los empleados: $ 128,924,000

Mantenimiento de tecnología y equipo

Los gastos de mantenimiento de tecnología y equipo para 2023 ascendieron a $ 97,563,000.

Categoría de mantenimiento	Gasto ($)
Equipo de fabricación	67,892,000
Infraestructura	18,671,000
Software y sistemas	11,000,000

Patrick Industries, Inc. (PATK) - Modelo de negocios: flujos de ingresos

Ventas de fabricación de componentes personalizados

Para el año fiscal 2023, Patrick Industries reportó ventas netas totales de $ 4.67 mil millones. Desglose de ingresos de fabricación personalizado:

Segmento	Ganancia
Componentes marinos	$ 1.24 mil millones
Componentes de RV	$ 2.83 mil millones
Componentes industriales	$ 0.60 mil millones

Diseño de productos e servicios de ingeniería

Servicios de ingeniería Contribución de ingresos:

• Ingresos integrados de servicios de diseño: $ 87.5 millones
• Tarifas de consultoría de ingeniería: $ 42.3 millones
• Soluciones de ingeniería personalizada: $ 65.4 millones

Contratos del fabricante de equipos originales

Especificaciones de ingresos por contrato de OEM:

Tipo de contrato	Ingresos anuales
Contratos de OEM de vehículos recreativos	$ 1.95 mil millones
Contratos OEM marinos	$ 0.76 mil millones
Contratos OEM industriales	$ 0.39 mil millones

Venta de componentes del mercado de accesorios

Desglose de ingresos del mercado de accesorios:

• Ingresos de piezas de repuesto: $ 212.6 millones
• Accesorios de posventa: $ 156.4 millones
• Componentes de servicio y mantenimiento: $ 98.7 millones

Adquisición estratégica y ingresos por expansión del mercado

Contribución de ingresos relacionados con la adquisición:

Adquisición	Impacto de ingresos
Adquisiciones estratégicas recientes	$ 387.5 millones
Ingresos de expansión del mercado	$ 246.3 millones

Patrick Industries, Inc. (PATK) - Canvas Business Model: Value Propositions

You're looking at how Patrick Industries, Inc. delivers unique value to its customers, the Original Equipment Manufacturers (OEMs) in the Outdoor Enthusiast and Housing sectors. It's about being the single source for complex components, which simplifies the OEM's supply chain significantly.

Supply chain simplification through a single, full-solutions provider

Patrick Industries positions itself as a trusted partner that brings together design, manufacturing, distribution, and transportation. This full-solutions model is a core value proposition, helping customers manage complexity. Patrick is home to more than 85 leading brands, all focused on quality and service. This scale helps OEMs reduce the number of vendors they need to manage.

Increased content per unit

The company's value is increasingly embedded in the final product, evidenced by rising content per unit (CPU) across key segments as of the third quarter of 2025. This shows customers are opting for more of Patrick Industries' offerings per vehicle or unit produced. Here's the quick math on that trend:

End Market Segment	Trailing Twelve Month (TTM) Content Per Unit (Q3 2025)	Year-over-Year CPU Change (TTM Q3 2025)
Wholesale RV Unit	$5,055	Increased 3%
Wholesale Manufactured Housing (MH) Unit	$6,682	Increased 2%
Wholesale Powerboat Unit	$4,091	Increased 4%

The RV segment, which represented 44% of net sales in Q3 2025, saw its revenue climb 7% year-over-year to $426 million, even as wholesale industry unit shipments decreased by 2%. That CPU growth is key to offsetting shipment declines.

Customized, integrated technology solutions (e.g., digital switching)

Patrick Industries is actively integrating advanced electronics to meet growing customer preference for digital control systems. A prime example is the acquisition of Medallion Instrumentation Systems, LLC, which provides customized instrumentation and vehicle electronics. This brings specific capabilities directly into the portfolio:

• Digital switching
• Custom LCD touchscreen displays
• Integrated audio systems
• Gauges and controllers

Medallion's 2024 revenue was approximately $38 million, showing the scale of the technology component being added. This move purposefully connects existing product offerings into a complete technology solution.

Reliable delivery and quality assurance for OEM production lines

For manufacturers running tight production schedules, reliability is non-negotiable. Patrick Industries emphasizes its ability to support OEM production lines with consistent quality and delivery. The company's operational investments are aimed at augmenting performance when demand inflects, ensuring they can scale up quickly. The focus on market share gains across the portfolio in Q3 2025 suggests strong OEM confidence in their execution.

Diverse product offerings for the Outdoor Enthusiast and Housing markets

The value proposition is spread across multiple, resilient markets, which smooths out cyclical risks. Beyond RVs, the company serves Marine, Powersports, and Housing. Furthermore, strategic moves are expanding their material science offerings, such as unifying composite solutions under the Alpha Composites brand. The total addressable composites market is estimated at approximately $1.5 billion. This diversification means you're not just selling one thing; you're selling essential components across the entire recreation and housing ecosystem. The company maintained total net liquidity of approximately $779 million at the end of Q3 2025, which supports this broad investment strategy.

Finance: draft 13-week cash view by Friday.

Patrick Industries, Inc. (PATK) - Canvas Business Model: Customer Relationships

You're looking at how Patrick Industries, Inc. manages its connections with the manufacturers and end-users who buy its components. Honestly, for the OEM side, it's all about deep integration and being a single-source solution provider.

Dedicated, high-touch sales and service teams for OEM partners

Patrick Industries, Inc. emphasizes reinforcing strong customer relationships with its Original Equipment Manufacturers (OEMs) across the RV, Marine, Powersports, and Housing sectors. This high-touch approach is designed to capture more of the bill of materials for each unit. For instance, through the sales team's continued efforts and partnerships, the company secured over $100 million in new business tied to the 2026 model year in its outdoor enthusiast end markets as of Q2 2025. The company is home to more than 85 leading brands, all aligned around quality and customer service, which supports this deep relationship strategy.

Integrated design and engineering support for customized solutions

The value proposition here is integrating design and engineering to embed more content into the final product, which helps customers simplify their supply chain. This integrated approach is key to driving higher content per unit. We see evidence of this success in the third quarter of 2025, where content per wholesale RV unit on a trailing twelve-month (TTM) basis reached $5,055, marking a 3% increase year-over-year. Similarly, the TTM content per wholesale Manufactured Housing (MH) unit stood at $6,682, up 2% from the prior year period.

Long-term, strategic partnerships with key manufacturers

Patrick Industries, Inc. views its OEM connections as strategic partnerships, focusing on delivering a full solutions model that covers design, manufacturing, distribution, and transportation. This is how they aim to become a trusted partner rather than just a supplier. The company's Q3 2025 results showed that revenue increased across all four primary end markets, demonstrating the strength of these partnerships even when industry unit shipments were down in some areas. For example, RV revenue grew 7% to $426 million in Q3 2025, while wholesale RV industry unit shipments decreased 2%.

Relationship management focused on reducing customer vendor risk

A core benefit Patrick Industries, Inc. offers its OEM customers through these deep relationships is meaningful supply chain simplification and overall cost savings, which directly reduces vendor risk. By providing a broader suite of components, they reduce the number of necessary vendor relationships for the manufacturer. This focus on a full solution strategy is a deliberate effort to bolster the resilience of their business model.

Self-service and direct sales for aftermarket brands like RecPro

The aftermarket channel operates differently, relying on a multi-pronged approach that includes direct-to-consumer, third-party distribution, and direct-to-dealer sales, anchored by the RecPro platform acquired in September 2024. This segment is managed with a distinct structure to capture value outside the OEM production cycle. The integration of this division is already showing results; since the acquisition, close to 400 or 500 SKUs have been added through SKU cross-pollination between the platforms. The company noted that the adjusted gross margin improvement in Q2 2025 reflected the positive impact of this margin-accretive aftermarket acquisition.

Here's a quick look at the segment revenue contribution and content growth as of the third quarter of 2025:

End Market Segment	Q3 2025 Revenue (Millions USD)	Revenue % of Net Sales (Q3 2025)	TTM Content Per Unit Growth (vs. LY)
RV	$426	44%	3% (RV CPU: $5,055)
Housing (MH/Industrial)	$302	31%	2% (MH CPU: $6,682)
Marine	$150	15%	4% (Powerboat CPU: $4,091)
Powersports	$98	10%	Data not explicitly stated as TTM growth vs LY in the same table format

The aftermarket strategy is focused on driving value through this diverse set of sales channels. Finance: draft 13-week cash view by Friday.

Patrick Industries, Inc. (PATK) - Canvas Business Model: Channels

Direct sales and distribution to Original Equipment Manufacturers (OEMs) form the core of Patrick Industries, Inc.'s channel strategy, serving the RV, Marine, Powersports, and Housing markets.

For the third quarter ended September 28, 2025, Patrick Industries, Inc. reported total net sales of $976 million. This was an increase of 6% compared to the third quarter of 2024. The RV segment, which heavily relies on OEM channels, generated revenue of $426 million in Q3 2025, representing 44% of total net sales.

The company supports these direct sales with an extensive physical footprint.

• Network of 190+ Manufacturing and distribution facilities across the United States.
• Operations span coast-to-coast in the United States, with a small presence in Mexico, China, and Canada.

Patrick Industries, Inc. is actively expanding its aftermarket sales channels for replacement parts and accessories. This formal strategy was rolled out following the September 2024 acquisition of ICON Direct, Inc., which operates the RecPro direct-to-consumer (DTC) platform. The Q3 2025 acquisition of LilliPad Marine, LLC further bolstered this channel, as LilliPad distributes its products through both OEM and aftermarket channels.

The aftermarket strategy encompasses multiple avenues for reaching the end-user:

• The RecPro direct-to-consumer (DTC) model.
• Third-party distribution networks.
• Direct-to-dealer sales.

Integrated logistics and transportation services to customer plants are a key component of the Full Solution Model, ensuring seamless delivery from concept to completion. The company's ability to provide these services is supported by its scale and infrastructure.

The following table summarizes key financial and operational metrics relevant to channel performance as of late 2025 reporting periods:

Metric	Value (Q3 2025)	Value (Q2 2025)	Context/Guidance
Net Sales	$976 million	$1.05 billion	Q3 2025 Net Sales, Q2 2025 Net Sales
RV Segment Revenue (OEM Focus)	$426 million	N/A	Represents 44% of Q3 2025 Net Sales
Marine Segment Revenue	$150 million	$156 million	Q3 2025 Revenue, Q2 2025 Revenue
Total Employees	Approx. 10,000	N/A	As of October 2025
FY 2025 Adjusted Operating Margin Guidance	7.0% - 7.3%	N/A	Full Fiscal Year 2025 Outlook

Digital platforms are utilized for certain direct-to-consumer (DTC) brands, most notably the RecPro aftermarket platform, which was integrated via acquisition in September 2024. This digital presence allows Patrick Industries, Inc. to directly engage the end-user market, separate from its primary OEM-focused channels.

Patrick Industries, Inc. (PATK) - Canvas Business Model: Customer Segments

You're looking at the core of Patrick Industries, Inc.'s business right now, specifically how they break down their sales across their main customer groups as of late 2025. Honestly, it's all about diversification, but the RV market still drives the bus.

Patrick Industries, Inc.'s total net sales for the third quarter of 2025 hit $976 million, showing a 6% increase year-over-year, which is solid given some industry headwinds.

Here's the quick math on how those customer segments stacked up in Q3 2025:

Customer Segment	Percentage of Net Sales (Q3 2025)	Q3 2025 Revenue	Year-over-Year Revenue Growth
Recreational Vehicle (RV) Manufacturers	44%	$426 million	7%
Manufactured Housing (MH) and Industrial Housing Builders	31%	$302 million	1%
Marine (Powerboat) Original Equipment Manufacturers	15%	$150 million	11%
Powersports Vehicle Manufacturers and Aftermarket Retailers	10%	$98 million	12%

The company is clearly leaning into increasing the value of what it sells to each unit, even when the overall industry shipment numbers aren't booming. For instance, the RV segment saw a 2% decrease in wholesale industry unit shipments, but Patrick's revenue still grew 7% because content per unit was up 3% to $5,055.

Recreational Vehicle (RV) Manufacturers (largest segment, about 44% of Q3 2025 revenue)

This remains the bedrock of Patrick Industries, Inc.'s revenue base, accounting for 44% of the total $976 million in Q3 2025 sales. The segment brought in $426 million, a 7% increase from the prior year, even though wholesale RV industry unit shipments were down 2%. This outperformance shows their success in embedding more components into each vehicle. The estimated content per wholesale RV unit on a trailing twelve-month basis increased 3% to $5,055.

Manufactured Housing (MH) and Industrial Housing Builders (about 31% of Q3 2025 revenue)

The Housing segment, which includes Manufactured Housing and Industrial, represents 31% of the total revenue, contributing $302 million in the quarter, a modest 1% growth. This growth happened while estimated wholesale MH industry unit shipments fell by 2%. The value added per unit is key here; the estimated content per wholesale MH unit (TTM) rose 2% to $6,682.

Marine (Powerboat) Original Equipment Manufacturers

The Marine segment posted robust growth, increasing revenue by 11% to reach $150 million, which is 15% of the total sales. This was achieved while estimated wholesale powerboat industry unit shipments were flat. The content per unit for marine was up 4% to $4,091 on a TTM basis. Patrick completed the acquisition of LilliPad Marine, LLC during this period, strengthening this customer base.

Powersports Vehicle Manufacturers and Aftermarket Retailers

Powersports was the fastest-growing area, with revenue jumping 12% year-over-year to $98 million, making up 10% of the company's sales. This segment's success is tied to specific customer actions:

• Attachment rates for premium utility vehicle content improved.
• Revenue grew in Patrick's other Powersports businesses.
• This segment is showing strong revenue momentum.

Finance: draft 13-week cash view by Friday.

Patrick Industries, Inc. (PATK) - Canvas Business Model: Cost Structure

You're looking at the cost side of Patrick Industries, Inc. (PATK) as of late 2025. The structure is heavily weighted toward the direct costs of making and moving their components for the RV and Housing markets.

Variable costs are definitely dominated by raw material and component procurement. For the fiscal quarter ending September 30, 2025, the Cost of Goods Sold was $754.67M, which is a significant portion of the $975.63M in net sales for that same period. This high proportion suggests that material price fluctuations directly hit the bottom line quickly.

Manufacturing and labor costs are significant, given the scale of operations. Patrick Industries employs approximately 10,000 skilled team members throughout the United States. Managing this workforce efficiently, especially across their manufacturing segment, is a major ongoing expense.

Fixed costs stem from operating a large network of facilities. While the exact number of facilities isn't published, Patrick is home to more than 85 leading brands, implying a wide footprint requiring substantial overhead. For the quarter ending September 30, 2025, total Operating Expenses were $909.34M, which captures a mix of fixed and semi-variable SG&A (Selling, General, and Administrative) costs.

Interest expense on debt is a notable fixed financial cost. The total debt at the end of the third quarter was approximately $1.3 billion. You should budget for interest expense on debt, estimated at $79.5 million for the full Fiscal Year 2025.

Capital expenditure (CapEx) is an ongoing investment to keep the cost structure competitive, focusing on automation and efficiency initiatives. For the full year 2025, the company projected CapEx between $70 to $80 million. Quarterly spend reflects this, with Q2 2025 CapEx at $18 million and Q3 2025 CapEx at $26 million, which the company explicitly links to automation and process modernization.

Here's a quick look at some of the key cost and expense figures from the 2025 reporting periods:

Cost Component	Period	Amount (USD)
Trailing Twelve Month Revenue	As of 9/30/2025	$3.87 Billion
Cost of Sales (Cost of Revenue)	Q3 2025 (Quarterly)	$754.67 Million
Total Operating Expenses	Q3 2025 (Quarterly)	$909.34 Million
Total Employees	As of Late 2025	10,000
Interest Expense on Debt	FY 2025 (Estimated)	$79.5 Million
Capital Expenditures (CapEx)	FY 2025 (Projected Range)	$70 Million to $80 Million
Capital Expenditures (CapEx)	Q3 2025 (Actual)	$26 Million

The company's total debt at the end of Q3 2025 stood at approximately $1.3 billion. Finance: draft 13-week cash view by Friday.

Patrick Industries, Inc. (PATK) - Canvas Business Model: Revenue Streams

You're looking at how Patrick Industries, Inc. actually brings in its money as of late 2025. It's all about supplying components across four main end markets, and the numbers from the third quarter give a clear picture of where the revenue is coming from.

The Total net sales of $976 million in the third quarter of 2025 shows the scale of the operation, which was up 6% year-over-year, driven by organic growth and acquisitions. This total revenue is spread across the company's primary end markets.

The core of the revenue comes from supplying original equipment manufacturers (OEMs) in the recreational vehicle (RV) sector. This stream is substantial, with the RV segment generating $426 million in revenue for the third quarter, making up 44% of the total net sales. This revenue stream is built on:

• Component and solution sales to RV OEMs, including items like furniture, laminates, and electronics.
• Content per wholesale RV unit (trailing twelve-month basis) was reported at $5,055 as of Q3 2025.

Next up is the Housing market, which provides steady revenue through building products. For the third quarter of 2025, the Housing segment brought in $302 million, accounting for 31% of consolidated sales. This revenue is tied to:

• Sales of building products to Housing manufacturers, such as cabinets and bath fixtures.
• Estimated content per wholesale Manufactured Housing (MH) unit (TTM) stood at $6,682 in Q3 2025.

The Outdoor Enthusiast markets, specifically Marine and Powersports, also contribute significantly. The Marine segment posted revenue of $150 million in Q3 2025, which is 15% of the total. The Powersports segment's revenue is the remainder of the reported segments. This area involves:

• Marine and Powersports component sales, including towers, instrumentation, and covers.
• The recent acquisition of LilliPad Marine, LLC, which distributes award-winning and patented products through OEM and aftermarket channels, is set to bolster this area.
• Estimated content per wholesale powerboat unit (TTM) was $4,091 in Q3 2025.

Here's a quick look at the revenue breakdown by segment for the third quarter of 2025:

End Market Segment	Q3 2025 Revenue (Millions USD)	Percentage of Total Net Sales
RV	$426	44%
Housing	$302	31%
Marine	$150	15%
Powersports	(Implied Remainder)	(Implied Remainder)

Don't forget the aftermarket product sales, which are often margin-accretive. The acquisition of LilliPad Marine, for example, explicitly brings in aftermarket channel distribution. While the exact dollar amount for aftermarket sales isn't broken out separately in the headline numbers, the focus on this channel suggests it's a key driver for profitability, complementing the large OEM-driven revenue base. The company's total net liquidity was $779 million at the end of the quarter, and trailing twelve-month free cash flow reached $211 million, giving Patrick Industries the financial foundation to pursue these margin-accretive opportunities.