PAX
Patria Investments Limited
PAX's fundamentals are weak: its operating margin fell 13 points to 29% and earnings per share fell 18%, though revenue grew 8.3%. At 20x earnings, it's trading below its usual 23x. Analysts expect earnings to hold roughly steady.
PAX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
PAX's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like PAX.
PAX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6.9x | $9.18 | — |
| Cheap | 17x | $7.80 | -15% |
| Current | 20x | $9.18 | — |
| Fair | 23x | $10.23 | +11% |
| Expensive | 29x | $12.85 | +40% |
Historical ranges are pointers, not guarantees.
PAX's PE is in its fair range at 20x. On analysts' estimates for next year's earnings, today's price would be 6.9x, in its cheap range.
PAX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect PAX's revenue to grow, but its profitability to weaken.
PAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.33 | +196% |
| Q2 2026 | $0.45 | -18% |
| Q1 2026 | $0.47 | 0% |
| Q4 2025 | $0.54 | +10% |
| Q3 2025 | $0.69 | +60% |
| Q2 2025 | $0.55 | +1.9% |
| Q1 2025 | $0.47 | -39% |
| Q4 2024 | $0.49 | -38% |
| Q3 2024 | $0.43 | -46% |
PAX's earnings per share have fallen from their peak: $0.45 over the past year, against $0.95 in mid-2021.
PAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $111.3M | +35% |
| Q1 2026 | $98.2M | +23% |
| Q4 2025 | $134.4M | -15% |
| Q3 2025 | $86.5M | +11% |
| Q2 2025 | $82.5M | +10% |
| Q1 2025 | $79.6M | +25% |
| Q4 2024 | $157.2M | +41% |
| Q3 2024 | $78.1M | +23% |
PAX's revenue is recovering but still below its 2024 peak: $111M last quarter, up 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 19% | -18 points |
| Q1 2026 | 26% | -11 points |
| Q4 2025 | 37% | -14 points |
| Q3 2025 | 35% | -0.5 points |
| Q2 2025 | 37% | -0.9 points |
| Q1 2025 | 37% | -10 points |
| Q4 2024 | 51% | +1.2 points |
| Q3 2024 | 36% | -12 points |
PAX's operating margin was 19% last quarter, down 18 points from the same quarter a year ago, near the bottom of its range since 2019.
PAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $35.5M | -51% |
| Q1 2026 | $28.4M | -71% |
| Q4 2025 | $32.3M | +40% |
| Q3 2025 | $52.1M | -22% |
| Q2 2025 | $72.9M | +879% |
| Q1 2025 | $97.8M | +144% |
| Q4 2024 | $23.1M | -29% |
| Q3 2024 | $67M | +75% |
PAX's free cash flow was $148M over the past year, down 43% from the year before. Free cash flow isn't a meaningful measure for financial services companies like PAX.
PAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +953K shares |
| 1 year | +0.9% | +1.5M shares |
| 3 years | +7.7% | +11.4M shares |
| 5 years | +19% | +25.6M shares |
| Available history | +36% | +42.6M shares |
PAX has 160M diluted shares, up 0.9% from a year ago, despite $69M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $12.7M |
| Q4 2025 | — |
| Q3 2025 | $56.2M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PAX spent $69M buying back its own shares over the past year, after none the year before.
PAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.5x | Healthy |
| Q3 2024 | 1.1x | Healthy |
PAX's net debt is about 2.2 years of its operating earnings (EBITDA), up from a year a year ago. Net leverage isn't a meaningful measure for financial services companies like PAX.
PAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.2 | Neutral |
| Stochastic | 8.1 | Oversold |
PAX's weekly RSI is 35 (neutral) and its Stochastic is 8 (oversold).
PAX PE vs Financial Services Sector
| Metric | PAX | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 57% above |
| PE % | 40 | 62 | 22 pts below |
PAX is trading at 20x earnings, a 57% premium to the Financial Services sector's median of 13x.
PAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.4 | 12% below |
| 20 week MA | $10.8 | 15% below |
| 50 week MA | $12.4 | 26% below |
| 100 week MA | $12.6 | 27% below |
| 200 week MA | $13.2 | 31% below |
PAX is in a downtrend: it's below all five of its weekly moving averages, and 31% below its 200-week average.
PAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $19.9 | $16.5 | -17% |
| 2022 | $16.5 | $13.7 | -17% |
| 2023 | $13.7 | $15.5 | +13% |
| 2024 | $15.5 | $11.6 | -25% |
| 2025 | $11.6 | $16.2 | +39% |
| 2026 YTD | $16.2 | $9.18 | -43% |
PAX has finished lower in three of the last five years. It's down 43% so far in 2026.