PAX
Patria Investments Limited
NasdaqGSUSDEQUITY
Financial Services
DELAYED
Neutral
+11/100
Last price
11.20
▲ 0.10 (0.90%)
MARKET · —
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Open
—
Prev close
11.10
Day high
11.31
Day low
11.10
Volume
1.35M
Market cap
$1.81B
P/E (TTM)
25.45
52W range
9.89 – 17.80
Trailing performance
Returnvs SPY
1W
+11.33%
+9.4%
1M
+0.54%
-0.6%
3M
+1.82%
-2.7%
6M
-8.94%
-27.1%
YTD
-29.52%
-43.8%
1Y
-21.68%
-38.1%
3Y
-23.18%
-105.4%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on PAX open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
9.17M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jun 5, 26 | NETO OLIMPIO MATARAZZO Director |
BUY | 100.00K | $1.13M | Indirect |
| Jun 2, 26 | NETO OLIMPIO MATARAZZO Director |
BUY | 30.00K | $349.95K | Indirect |
| May 29, 26 | NETO OLIMPIO MATARAZZO Director |
BUY | 30.00K | $344.40K | Indirect |
| May 27, 26 | NETO OLIMPIO MATARAZZO Director |
BUY | 30.00K | $341.85K | Indirect |
| May 21, 26 | NETO OLIMPIO MATARAZZO Director |
BUY | 45.00K | $502.95K | Indirect |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
NETO OLIMPIO MATARAZZO |
Director | — | Purchase |
Fundamentals
Market cap$1.81B
Enterprise value$2.04B
Revenue (TTM)$428.01M
Gross profit$243.19M
EBITDA$180.75M
Net income$69.81M
EPS (TTM)$0.44
Free cash flow—
Total cash$208.00M
Total debt$366.20M
Book value / share$3.49
Shares outstanding68.45M
Float60.80M
Short % of float9.57%
Dividend yield5.80%
Beta (5Y)0.78
Valuation & profitability ratios
Trailing P/E25.45
Forward P/E7.75
PEG ratio—
Price / sales—
Price / book3.21
EV / revenue4.77
EV / EBITDA11.29
Gross margin56.82%
Operating margin22.55%
Profit margin16.31%
Return on equity12.88%
Return on assets5.63%
Debt / equity57.34
Current ratio1.04
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $381.73M | $374.20M | $327.62M | $258.88M | +2.0% |
| Operating revenue | $381.73M | $374.20M | $327.62M | $264.06M | +2.0% |
| Cost of revenue | $60.21M | $50.49M | $38.73M | $34.82M | +19.3% |
| Gross profit | $321.52M | $323.72M | $288.88M | $224.05M | -0.7% |
| Selling, general & admin | $131.19M | $120.89M | $97.13M | $71.75M | +8.5% |
| Total operating expense | $178.51M | $157.81M | $125.03M | $93.64M | +13.1% |
| Operating income | $143.01M | $165.90M | $163.86M | $130.41M | -13.8% |
| Net interest income | -$18.16M | -$13.19M | -$2.42M | -$2.60M | -37.7% |
| Pre-tax income | $92.27M | $85.99M | $118.00M | $102.45M | +7.3% |
| Tax provision | $1.72M | $10.31M | -$2.82M | $8.35M | -83.3% |
| Net income | $85.65M | $71.88M | $118.40M | $92.96M | +19.2% |
| Net income to common | $85.65M | $71.88M | $118.40M | $92.96M | +19.2% |
| Basic EPS | 0.54 | 0.47 | 0.80 | 0.63 | +14.9% |
| Diluted EPS | 0.53 | 0.47 | 0.80 | 0.63 | +12.8% |
| EBIT | $108.25M | $97.39M | $119.24M | $104.26M | +11.1% |
| EBITDA | $154.60M | $133.22M | $146.36M | $125.46M | +16.0% |
| Basic shares | 159.64M | 153.29M | 148.21M | 147.22M | +4.1% |
| Diluted shares | 160.76M | 153.92M | 148.68M | 147.23M | +4.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $53.60M | $33.42M | $16.05M | $26.52M | — | +60.4% |
| Cash & short-term investments | $88.71M | $38.37M | $33.20M | $72.06M | — | +131.2% |
| Accounts receivable | $118.58M | $217.13M | $127.36M | $125.41M | — | -45.4% |
| Total current assets | $405.27M | $372.68M | $401.59M | $479.64M | — | +8.7% |
| Property, plant & equipment | $44.92M | $34.87M | $30.20M | $26.41M | — | +28.8% |
| Goodwill & intangibles | $824.15M | $700.87M | $487.01M | $411.52M | — | +17.6% |
| Total assets | $1.50B | $1.21B | $1.01B | $976.24M | — | +24.0% |
| Total current liabilities | $415.01M | $397.39M | $397.50M | $338.00M | — | +4.4% |
| Current debt | — | $78.52M | — | — | — | — |
| Long-term debt | $174.87M | $149.45M | — | — | — | +17.0% |
| Total debt | $198.68M | $250.41M | $15.84M | $16.09M | — | -20.7% |
| Total liabilities | $861.69M | $715.17M | $490.24M | $462.78M | — | +20.5% |
| Retained earnings | — | $0 | $50.83M | $77.58M | $87.95M | — |
| Shareholder equity | $611.75M | $481.08M | $542.49M | $552.79M | — | +27.2% |
| Working capital | -$9.74M | -$24.71M | $4.09M | $141.64M | — | +60.6% |
| Net tangible assets | -$212.40M | -$219.79M | $55.48M | $141.27M | — | +3.4% |
| Shares issued | 159.47M | 153.59M | 148.25M | 147.19M | — | +3.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $90.55M | $75.69M | $120.81M | $94.10M | +19.6% |
| Depreciation & amortisation | $46.35M | $35.82M | $27.12M | $21.20M | +29.4% |
| Stock-based compensation | $36.47M | $19.08M | $1.47M | $731.00K | +91.1% |
| Change in working capital | $112.08M | -$10.87M | $17.97M | -$23.33M | +1,131.6% |
| Operating cash flow | $282.61M | $145.95M | $156.72M | $81.05M | +93.6% |
| Capital expenditure | -$29.29M | -$8.28M | -$15.02M | -$6.71M | -253.6% |
| Investing cash flow | $2.30M | $25.31M | $62.17M | -$189.35M | -90.9% |
| Share buybacks | -$56.23M | -$141.30M | -$65.16M | $0 | +60.2% |
| Dividends paid | -$95.14M | -$132.38M | -$145.15M | -$103.33M | +28.1% |
| Financing cash flow | -$268.20M | -$151.65M | -$229.63M | $118.55M | -76.9% |
| Free cash flow | $253.32M | $137.66M | $141.71M | $74.34M | +84.0% |
| End cash position | $53.60M | $33.42M | $16.05M | $26.52M | +60.4% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $97.07M | $133.18M | $86.46M | $82.52M | $79.57M | -27.1% |
| Operating revenue | $103.31M | $133.18M | $86.46M | $82.52M | $83.22M | -22.4% |
| Cost of revenue | $18.96M | $16.29M | $14.84M | $14.59M | $14.20M | +16.4% |
| Gross profit | $78.11M | $116.89M | $71.62M | $67.93M | $65.37M | -33.2% |
| Selling, general & admin | $35.00M | $51.16M | $28.73M | $26.80M | $24.49M | -31.6% |
| Total operating expense | $46.37M | $63.63M | $41.14M | $37.79M | $35.96M | -27.1% |
| Operating income | $31.73M | $53.27M | $30.48M | $30.15M | $29.42M | -40.4% |
| Net interest income | -$5.87M | -$4.31M | -$1.55M | -$4.39M | -$8.21M | -36.0% |
| Pre-tax income | $9.23M | $38.15M | $24.56M | $14.95M | $14.60M | -75.8% |
| Tax provision | $4.63M | $2.49M | $355.00K | $829.00K | -$1.95M | +85.8% |
| Net income | $2.17M | $34.56M | $22.57M | $12.85M | $15.66M | -93.7% |
| Net income to common | $2.17M | $34.56M | $22.57M | $12.85M | $15.66M | -93.7% |
| Basic EPS | 0.01 | — | 0.14 | 0.08 | 0.10 | — |
| Diluted EPS | 0.01 | — | 0.14 | 0.08 | 0.10 | — |
| EBIT | $14.25M | $41.20M | $29.62M | $18.94M | $21.58M | -65.4% |
| EBITDA | $25.37M | $53.20M | $41.93M | $29.75M | $32.81M | -52.3% |
| Basic shares | 160.54M | — | 160.67M | 159.69M | 158.17M | — |
| Diluted shares | 162.18M | — | 161.96M | 160.68M | 159.99M | — |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $50.88M | $53.60M | $30.34M | $28.54M | $36.07M | -5.1% |
| Cash & short-term investments | $86.85M | $88.71M | $52.36M | $109.73M | $50.64M | -2.1% |
| Accounts receivable | $216.80M | $118.58M | $89.14M | $72.36M | $159.36M | +82.8% |
| Total current assets | $496.15M | $405.27M | $245.29M | $312.18M | $397.24M | +22.4% |
| Property, plant & equipment | $46.91M | $44.92M | $43.32M | $41.03M | $37.59M | +4.4% |
| Goodwill & intangibles | $1.01B | $824.15M | $829.37M | $795.09M | $777.15M | +22.1% |
| Total assets | $1.78B | $1.50B | $1.33B | $1.32B | $1.33B | +19.0% |
| Total current liabilities | $806.26M | $415.01M | $356.59M | $401.94M | $410.81M | +94.3% |
| Current debt | $255.12M | — | $41.37M | $85.05M | $42.00M | — |
| Long-term debt | — | $174.87M | $104.94M | $76.00M | $150.26M | — |
| Total debt | $278.32M | $198.68M | $171.24M | $186.71M | $214.91M | +40.1% |
| Total liabilities | $1.16B | $861.69M | $722.43M | $729.20M | $777.82M | +34.1% |
| Retained earnings | — | — | $0 | $0 | $0 | — |
| Shareholder equity | $556.58M | $611.75M | $586.41M | $575.09M | $545.52M | -9.0% |
| Working capital | -$310.12M | -$9.74M | -$111.30M | -$89.77M | -$13.58M | -3,082.3% |
| Net tangible assets | -$449.67M | -$212.40M | -$242.96M | -$220.00M | -$231.62M | -111.7% |
| Shares issued | 161.39M | 159.47M | 157.97M | 159.47M | 158.08M | +1.2% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | $4.60M | $35.66M | $24.21M | $14.12M | $16.56M | -87.1% |
| Depreciation & amortisation | $11.13M | $12.00M | $12.30M | $10.81M | $11.23M | -7.3% |
| Stock-based compensation | $3.46M | $25.77M | $3.26M | $3.86M | $3.58M | -86.6% |
| Change in working capital | $10.58M | -$21.60M | $25.15M | $45.23M | $63.31M | +149.0% |
| Operating cash flow | $31.44M | $39.77M | $65.90M | $76.87M | $100.07M | -20.9% |
| Capital expenditure | -$4.18M | -$9.24M | -$13.82M | -$3.97M | -$2.26M | +54.8% |
| Investing cash flow | -$61.99M | -$18.58M | $62.32M | -$32.01M | -$9.43M | -233.7% |
| Share buybacks | -$12.68M | $0 | -$56.23M | $0 | $0 | — |
| Dividends paid | -$24.08M | -$23.92M | -$23.92M | -$23.71M | -$23.59M | -0.7% |
| Financing cash flow | $26.99M | $1.26M | -$126.09M | -$53.25M | -$90.11M | +2,048.6% |
| Free cash flow | $27.26M | $30.52M | $52.08M | $72.91M | $97.81M | -10.7% |
| End cash position | $50.88M | $53.60M | $30.34M | $28.54M | $36.07M | -5.1% |
Options analytics
Put / call volume
0.27
Call-heavy session
Put / call open interest
0.05
Positioning, not flow
Max pain
17.50
+56.3% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
238
Contracts, this expiry
Put volume
64
Contracts, this expiry
Heaviest call OI
17.50
21 contracts
Heaviest put OI
17.50
1 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.28 | 0.32 | +12.6% |
| Mar 2026 | 0.29 | 0.27 | -5.3% |
| Dec 2025 | 0.45 | 0.50 | +10.8% |
| Sep 2025 | 0.26 | 0.30 | +16.7% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.29 | 3 | $103.74M | +22.6% |
| Next quarter | 0.46 | 3 | $142.38M | +41.0% |
| Current year | 1.34 | 5 | $434.26M | +26.2% |
| Next year | 1.45 | 5 | $478.13M | +10.1% |
Analyst targets & ownership
Mean target$15.00
High target$20.00
Low target$9.00
Implied upside33.93%
Analyst count6
ConsensusBUY
Strong buy / Buy1 / 2
Hold2
Sell / Strong sell0 / 1
Held by insiders5.68%
Held by institutions63.33%
Institutions holding198
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
10.36
+8.16% from price
SMA 20
10.37
+7.98% from price
SMA 50
10.93
+2.43% from price
SMA 100
11.06
+1.24% from price
SMA 200
12.43
-9.87% from price
EMA 12
10.51
+6.60% from price
EMA 26
10.60
+5.69% from price
EMA 50
10.81
+3.63% from price
RSI (14)
63.1
Neutral
MACD (12,26,9)
-0.09
Hist 0.13
ATR (14)
0.30
2.65% of price
Realised vol 30D
34.6%
Annualised
Bollinger upper
11.07
20, 2σ
Bollinger lower
9.68
20, 2σ
50 / 200 cross
Death
10.93 vs 12.43
Trend bias
Below 200
-9.87%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.20
More volatile than market
Correlation to SPY
0.50
Loosely linked
Realised vol 30D
34.6%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-43.1%
Peak to trough
Max drawdown 5Y
-49.2%
Peak to trough
ATR 14
0.30
2.65% of price
Beta (reported)
0.78
5Y monthly, from filing
Short interest
Shares short
5.52M
Prior 6.19M
Change vs prior
-10.9%
Shorts covering
% of float
9.57%
Normal
% of shares out
3.42%
Against total outstanding
Days to cover
4.9
Liquid
Float
60.80M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 10, 26 | JP Morgan | MAINTAINED | Neutral | Neutral |
| Apr 8, 26 | JP Morgan | MAINTAINED | Neutral | Neutral |
| Jan 28, 26 | Goldman Sachs | MAINTAINED | Buy | Buy |
| Oct 22, 24 | Goldman Sachs | MAINTAINED | Buy | Buy |
| Jun 14, 23 | JP Morgan | MAINTAINED | Neutral | Neutral |
| Apr 18, 23 | Keefe, Bruyette & Woods | MAINTAINED | — | Outperform |
| Apr 5, 23 | B of A Securities | MAINTAINED | — | Neutral |
| Feb 15, 23 | Keefe, Bruyette & Woods | MAINTAINED | — | Outperform |
| Feb 15, 23 | Goldman Sachs | MAINTAINED | — | Buy |
| Dec 14, 21 | Goldman Sachs | MAINTAINED | — | Buy |
| May 21, 21 | Credit Suisse | MAINTAINED | — | Outperform |
| May 21, 21 | Itau BBA | INITIATED | — | Outperform |
Dividends & splits
Forward rate$0.65 / yr
Forward yield5.80%
5-year avg yield5.43%
Payout ratio134.90%
Ex-dividend dateAug 10, 2026
Next pay dateSep 14, 2026
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
6-K · 2026-09-29
Corporate Changes & Voting Matters
6-K · 2026-07-31
Corporate Changes & Voting Matters
6-K · 2026-07-28
Corporate Changes & Voting Matters
6-K · 2026-06-15
Corporate Changes & Voting Matters
6-K · 2026-05-07
Periodic Financial Reports
20-F · 2026-04-30
Offering Registrations
S-8 · 2026-03-02
Corporate Changes & Voting Matters
6-K · 2026-02-03
Headlines
3 Credit Stocks Retail Investors Are Watching As AI Financing Ramps Up
Simply Wall St. · 3d ago
Patria sells Puerta de Oro solar energy park to ISAGEN
Energy Global · 15d ago
Ashmore Colombia to sell 360MWp solar project to ISAGEN
Power Technology · 15d ago
Why Patria Investments (PAX) Is Getting Fresh Attention
Simply Wall St. · 22d ago
Sector Update: Financial
MT Newswires · 28d ago
Patria Investments Shares Fall After BofA Downgrade
MT Newswires · 28d ago
Uber initiated, Thermo Fisher upgraded: Wall Street's top analyst calls
The Fly · 28d ago
BofA Securities Downgrades Patria Investments to Underperform From Neutral, $10 Price Target
MT Newswires · 28d ago
PRIVATE STRATEGY · BY QUALIFICATION
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