Patria Investments

PAX

Asset Management · Financial Services

Price

$11.01

-0.09 (-0.81%)

Market Cap

$1.76B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+16.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 136.0M (2021) → 158.0M (2025)

Patria Investments Limited operates as a private market investment firm focused on investing in Latin America. 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. Patria Investments Limited was founded in 1994 and is headquartered in Grand Cayman, the Cayman Islands.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-83.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

6.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$51M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Patria Investments is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

79.6%

Premium pricing power — 79.6% gross margin

Operating Margin

26.1%

Excellent — 26.1% operating margin

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+3.0%

Slow sales growth (3.0% YoY)

EPS YoY

-1.1%

Earnings shrinking (-1.1% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

386%

Turns 386% of profit into real cash

FCF Margin

66.8%

Converts sales into free cash efficiently (66.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

5.33x

Adequate interest coverage (5.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

23.6x

Growth-priced — P/E 23.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+15.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.6 → 8.1)

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Dividends

Dividend Yield

5.52%

Healthy income — 5.52% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+2.1%

Dividend flat

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