PATRICK INDUSTRIES INC — Form 8-K
Filed July 30, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 78/100
What the filing says
Patrick Industries (NASDAQ: PATK), a $2.9B market-cap component solutions provider, signed a definitive all-stock merger agreement with LCI Industries on June 30, 2026 (announced in this Q2 2026 earnings release dated July 30, 2026). The transaction is all-stock; no counterparty payment amounts or exchange ratio disclosed in this filing. Q2 2026 standalone results show net sales of $1.04B (flat vs. prior year), operating income of $77M (down from $87M), and diluted EPS of $1.28 (up 33% on a reported basis, but down 14% on adjusted basis from $1.50). RV segment revenue declined 15% due to 16% drop in wholesale unit shipments; Marine and Powersports grew 22% and 28% respectively. Free cash flow on trailing twelve-month basis was $128M vs. $262M prior year, reflecting elevated working capital investment in composites. Company returned $106M to shareholders in Q2 (dividends + buybacks). Total debt approximately $1.4B; net leverage 3.0x.
Why this rating
Transformational all-stock merger with peer—material for company strategy and governance. However, deal terms (exchange ratio, synergies, etc.) not disclosed here; significance tempered by that opacity and pending regulatory approval risk.
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