Patria Investments (NASDAQ: PAX)

$11.50-1.12%today

Brazilian ADR trading on the NASDAQ, priced in US dollars.

Market Cap: $1.86B
P/E (TTM): 25.6x
P/B: 3.3x
EPS (TTM): $0.45
Dividend Yield: 5.65%
52-Week Range: $10.55 – $17.80
Volume: 1.06M
Previous Close: $11.63

TTM = trailing twelve months — the most recent 12 months (a rolling window), used for P/E, EPS and dividends. On the tables and charts below, the in-progress current year appears as a “Last 12M” column labelled with the quarter range it covers.

Performance

Today

-1.12%

1 Week

+2.68%

1 Month

+4.45%

YTD

-27.63%

1 Year

-16.42%

5 Years

-26.28%

About Patria Investments

US Ticker: PAX
B3 Ticker: —
Exchange: NASDAQ
Currency: USD
Sector: Financial Services
Industry: Asset Management
Headquarters: Grand Cayman, Cayman Islands
Employees: 548
CEO: Mr. Alexandre Teixeira de Assumpcao Saigh
Founded: 1994

Patria Investments Limited operates as a private market investment firm.

It specializes in investments in private equity, secondary direct and indirect and venture capital with focus in middle market, buyout and growth capital investments.

It seeks to be sector agnostic with focus on agribusiness, power & energy, healthcare, logistics & transportations, food & beverage, agricultural products, packaged foods and meats, education services, outsourced business services, and digital & tech services.

It prefers to invest globally with focus on Latin America, Europe, United States, North America and Brazil.

It seeks to invest between $38.48 million and $72.14 million per transaction.

The firm seeks a majority or minority stake in its portfolio companies.

The company offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and credit funds.

The firm seeks to co-invest with other investors.

Patria Investments Limited was founded in 1994 and is headquartered in Grand Cayman, Cayman Islands with additional offices across South America, North America, Europe and Asia.

Patria Investments Limited operates as a subsidiary of Patria Holdings Limited.

www.patria.com

Analyst Ratings

Consensus of 7 Wall Street analysts · sourced from Yahoo Finance

2.3Buy

On a 1–5 scale: 1 = Strong Buy, 3 = Hold, 5 = Sell. Lower is more bullish.

12-Month Price Target

Low

$12.00

Average

$15.57

High

$20.00

The average target is +35.40% above the current price of $11.50.

Financial Results

Revenue, EBITDA and net profit (in USD) with net margin (net profit ÷ revenue).

Financial Health

Margins, leverage and cash-flow quality derived from Patria Investments's income statement, balance sheet and cash flow (absolute figures in USD).

ProfitabilityLeverageGrowth

Overall: Financially Strong

Net Margin: 14.8%
ROE: 10.2%
Rev Growth (YoY): +8.72%
Net Debt / EBITDA: 1.41×
Current Ratio: 1.66×
Interest Coverage: 3.47×
Free Cash Flow: 139.3M
Payout Ratio: 155.9%

Income — Margins & Efficiency

Metric	Last 12MQ3'25 – Q2'26	Δ	2025	Δ	2024	Δ	2023	Δ	2022	Δ	2021	Δ	2020	Δ	2019	Δ	2018
Revenue	$417,261,000	+8.7%	$383,800,000	+2.6%	$374,204,000	+14.2%	$327,617,000	+26.6%	$258,877,000	+9.9%	$235,515,000	+104.8%	$115,017,000	-6.9%	$123,485,000	+16.9%	$105,670,000
Gross profit	$350,318,000	-5.1%	$369,200,000	+14.1%	$323,716,000	+12.1%	$288,883,000	+28.9%	$224,054,000	+1.4%	$220,879,000	+111.6%	$104,386,000	+30.0%	$80,300,000	+25.0%	$64,258,000
Operating income	$130,976,000	-0.2%	$131,300,000	-20.9%	$165,901,000	+1.2%	$163,857,000	+25.6%	$130,410,000	-5.0%	$137,224,000	+104.2%	$67,208,000	+3.7%	$64,825,000	+39.3%	$46,538,000
EBITDA	$161,026,000	+22.6%	$131,300,000	-1.4%	$133,219,000	-9.0%	$146,359,000	+16.7%	$125,464,000	-4.5%	$131,350,000	+78.6%	$73,532,000	-0.2%	$73,645,000	+36.7%	$53,857,000
Net profit	$61,600,000	-28.0%	$85,600,000	+19.1%	$71,875,000	-39.3%	$118,400,000	+27.4%	$92,957,000	-24.1%	$122,476,000	+96.9%	$62,209,000	+6.3%	$58,539,000	+34.1%	$43,669,000
Gross margin	84.0%	-12.2 p.p.	96.2%	+9.7 p.p.	86.5%	-1.7 p.p.	88.2%	+1.6 p.p.	86.5%	-7.2 p.p.	93.8%	+3.0 p.p.	90.8%	+25.7 p.p.	65.0%	+4.2 p.p.	60.8%
Operating margin	31.4%	-2.8 p.p.	34.2%	-10.1 p.p.	44.3%	-5.7 p.p.	50.0%	-0.4 p.p.	50.4%	-7.9 p.p.	58.3%	-0.2 p.p.	58.4%	+5.9 p.p.	52.5%	+8.5 p.p.	44.0%
EBITDA margin	38.6%	+4.4 p.p.	34.2%	-1.4 p.p.	35.6%	-9.1 p.p.	44.7%	-3.8 p.p.	48.5%	-7.3 p.p.	55.8%	-8.2 p.p.	63.9%	+4.3 p.p.	59.6%	+8.7 p.p.	51.0%
Net margin	14.8%	-7.5 p.p.	22.3%	+3.1 p.p.	19.2%	-16.9 p.p.	36.1%	+0.2 p.p.	35.9%	-16.1 p.p.	52.0%	-2.1 p.p.	54.1%	+6.7 p.p.	47.4%	+6.1 p.p.	41.3%
Revenue growth (YoY)	8.7%	+6.2 p.p.	2.6%	-11.7 p.p.	14.2%	-12.3 p.p.	26.6%	+16.6 p.p.	9.9%	-94.8 p.p.	104.8%	+111.6 p.p.	-6.9%	-23.7 p.p.	16.9%	—	—
Effective tax rate	14.9%	+13.0 p.p.	1.8%	-10.1 p.p.	12.0%	+14.4 p.p.	-2.4%	-10.5 p.p.	8.1%	+7.8 p.p.	0.3%	-4.5 p.p.	4.8%	-0.6 p.p.	5.5%	+1.2 p.p.	4.3%
Interest coverage	3.47×	-57.0%	8.08×	-5.4%	8.54×	-91.1%	95.93×	+66.3%	57.70×	-51.9%	119.95×	+58.3%	75.77×	+6.4%	71.21×	-68.6%	226.51×

Newest column (“Last 12M”) = trailing 12 months, the last 4 reported quarters — shown with the quarter range it spans; earlier columns are full fiscal years.

Balance Sheet — Health & Leverage

Metric	Last 12MQ3'25 – Q2'26	Δ	2025	Δ	2024	Δ	2023	Δ	2022	Δ	2021	Δ	2020	Δ	2019	Δ	2018
Net debt	$227,425,000	+56.8%	$145,083,000	-33.1%	$216,991,000	+101497.7%	-$214,000	+97.9%	-$10,425,000	-40.9%	-$7,400,000	+40.7%	-$12,470,000	-1119.0%	-$1,023,000	+52.6%	-$2,160,000
Net Debt / Equity	0.38×	+59.0%	0.24×	-47.4%	0.45×	+114441.4%	-0.00×	+97.9%	-0.02×	-43.8%	-0.01×	+94.0%	-0.22×	-1626.0%	-0.01×	+58.2%	-0.03×
Net Debt / EBITDA	1.41×	+27.8%	1.10×	-32.2%	1.63×	+111499.0%	-0.00×	+98.2%	-0.08×	-47.5%	-0.06×	+66.8%	-0.17×	-1120.8%	-0.01×	+65.4%	-0.04×
Debt / Equity	0.46×	+42.1%	0.32×	-37.6%	0.52×	+1683.1%	0.03×	+0.3%	0.03×	+108.9%	0.01×	-49.5%	0.03×	-27.7%	0.04×	+1369.3%	0.00×
Current ratio	1.66×	+70.2%	0.98×	+4.1%	0.94×	-7.2%	1.01×	-28.8%	1.42×	-37.1%	2.26×	+85.1%	1.22×	-59.2%	2.98×	+11.9%	2.67×
Return on equity (ROE)	10.2%	-3.8 p.p.	14.0%	-0.9 p.p.	14.9%	-6.9 p.p.	21.8%	+5.0 p.p.	16.8%	-4.9 p.p.	21.7%	-86.8 p.p.	108.5%	+36.4 p.p.	72.1%	+11.2 p.p.	61.0%
Return on assets (ROA)	3.5%	-2.3 p.p.	5.7%	-0.2 p.p.	6.0%	-5.7 p.p.	11.7%	+2.2 p.p.	9.5%	-6.6 p.p.	16.1%	-41.9 p.p.	58.0%	+7.1 p.p.	51.0%	+15.4 p.p.	35.5%
Book value / share	$3.80	-1.8%	$3.87	+23.6%	$3.13	-14.2%	$3.65	-2.8%	$3.75	-9.5%	$4.15	+867.6%	$0.43	-29.4%	$0.61	-0.8%	$0.61

Newest column (“Last 12M”) = trailing 12 months, the last 4 reported quarters — shown with the quarter range it spans; earlier columns are full fiscal years.

Net Debt & Leverage

Free Cash Flow

Margins

Dividend Payout Ratio

Capex ÷ Revenue

Cash Conversion (operating cash flow ÷ net income)

Ratios computed from company financial statements. Net Debt = total debt − cash & equivalents; FCF = operating cash flow − capital expenditure; absolute values in USD.

Valuation & Dividends

P/E Ratio History

Dividend History

This year (YTD) $0.48/share · yield 4.14%

Dividends and yield from Yahoo Finance (per ADR share, in US dollars). The current-year figures are calendar year-to-date (dividends actually paid this year), not the trailing 12 months.

Frequently Asked Questions

Why hold Patria Investments PAX ADR instead of local B3 shares?

Buying directly on Brazil’s B3 exchange means opening a local brokerage account, converting currency and dealing with Brazilian tax paperwork. ADRs remove that friction: they settle in dollars, follow US market hours, and report in formats foreign investors already understand.

The trade-off is that an ADR’s price reflects two moving parts: (1) the underlying share price, quoted in reais on the B3, and (2) the USD/BRL exchange rate. Because of that second part, a rising company can still deliver a flat, or even negative, dollar return if the real weakens against the dollar. The same applies to ETFs: funds such as EWZ, EWZS and FLBR bundle dozens of these companies into a single ticker for instant diversification, but their dollar value still moves with the real.

Where is Patria Investments listed?

Patria Investments trades on a single exchange: NASDAQ in the United States (PAX, US dollars). That is the line quoted on this page.

What is Patria Investments' primary listing?

Patria Investments' primary listing is on NASDAQ in the United States, where it trades as PAX in US dollars — the line quoted on this page. It has no directly listed share on Brazil’s B3.

How can I buy Patria Investments stock in the United States?

Patria Investments is listed on the NASDAQ under PAX, priced in US dollars. Any US brokerage offering NASDAQ-listed securities can trade it, with no foreign-account paperwork and no currency conversion.

As of Fri, Aug 14, 17:00 BRT · Market closed

Financial data last updated: August 16, 2026

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