Patria Investments Ltd (PAX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+117.8%

$20.48

vs $9.40 price

Levered DCF

$16.53

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.25

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.43×	24.74×	19.39×	22.11×	18×	42.34×	45.23×	53.78×
P/B	4.1×	3.71×	4.24×	3.71×	3.9×	46.4×	32.77×	32.51×
P/S	6.54×	4.77×	7.02×	7.92×	9.35×	23.12×	21.54×	22.03×
EV / EBITDA	14.95×	15.04×	15.7×	16.26×	16.72×	36×	36.1×	43.19×
Gross margin	96.2%	86.5%	88.2%	86.5%	93.8%	90.8%	65.0%	60.8%
Operating margin	34.2%	44.3%	50.0%	50.4%	58.3%	58.4%	52.5%	44.0%
Net margin	22.3%	19.2%	36.1%	35.9%	52.0%	54.1%	47.4%	41.3%
Current ratio	0.98×	0.94×	1.01×	1.42×	2.26×	1.22×	2.98×	2.67×
Debt / equity	0.32×	0.52×	0.03×	0.03×	0.01×	0.03×	0.04×	0×
Interest coverage	0×	14.55×	131.82×	72.17×	134.27×	77.34×	0×	225.91×
Dividend yield	3.8%	7.4%	6.3%	5.0%	5.4%	2.3%	1.7%	1.6%
Payout ratio	111.1%	184.2%	122.6%	111.2%	97.8%	97.9%	79.3%	87.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	14.9%	21.8%	16.8%	21.7%	108.5%	72.1%	61.0%
Return on invested capital	11.9%	16.4%	26.6%	18.7%	22.6%	100.0%	63.2%	44.2%
Return on assets	5.7%	6.0%	11.7%	9.5%	16.1%	58.0%	51.0%	35.5%
Free cash flow yield	10.3%	7.7%	6.2%	3.6%	4.8%	2.0%	1.7%	1.6%
Earnings yield	3.4%	4.0%	5.2%	4.5%	5.6%	2.3%	2.2%	1.9%
Enterprise value	$2.7B	$2B	$2.3B	$2B	$2.2B	$2.6B	$2.7B	$2.3B
Net debt / EBITDA	0.82×	1.63×	-0×	-0.08×	-0.06×	-0.17×	-0.01×	-0.04×
Cash conversion cycle (days)	-1,339	-81	105	152	-8	-26	30	19