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Patria Investments

PAX on Nasdaq. Investment advice. Market value $1.7bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2024.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

The latest annual report is over 15 months old, so we don't rank it.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2024
Not reported

We don't have this figure for this company.

Price to book
annual report to December 2024
Not reported

We don't have this figure for this company.

Earnings yield
annual report to December 2024
Not reported

We don't have this figure for this company.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$11.20 a share, 13% above its 1-year low

Over the past year the price has ranged from $9.89 to $17.80.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
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20202021202220232024
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
n/an/an/an/an/a

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown

Dates

Next results (estimated)
n/a
Last annual report (10-K)
30 April 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 149 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • Patria Holdings Limited
    Insider or founder
    at least 56.0%
    (filed with 3 related holders)
    Since 19 February 2026
    What they said

    Each Reporting Person acquired the securities described in this Schedule 13D for investment purposes and intends to review its investments in the Issuer on a continuing basis. Any actions a Reporting Person might undertake may be made at any time and from time to time without…

    Read the filing
  • FMR LLC
    Passive investor
    at least 10.0%+1.3 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • Ryan Simes
    Passive investor
    at least 9.3%+2.2 pts
    (filed with 3 related holders)
    Since 31 March 2026
  • Pertento Partners LLP
    Passive investor
    at least 8.0%+1.4 pts
    (filed with 3 related holders)
    Since 31 March 2026
  • BlackRock, Inc.
    Passive investor
    7.6%−1.1 pts
    Since 31 March 2025
  • Sold down below 5%
    Since 31 December 2024
  • Sold down below 5%
    Since 31 August 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $3m of shares on the open market. 1 sold $165,775.

  • D'Ippolito Marco Nicola
    CEO of Global Private Markets
    Sold
    Date
    6 August 2026
    Shares
    7,004
    Price
    $11.29
    Value
    $79,075
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    5 June 2026
    Shares
    50,000
    Price
    $11.46
    Value
    $573,000
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    3 June 2026
    Shares
    50,000
    Price
    $11.13
    Value
    $556,250
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    2 June 2026
    Shares
    15,000
    Price
    $11.74
    Value
    $176,100
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    1 June 2026
    Shares
    15,000
    Price
    $11.59
    Value
    $173,850
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    29 May 2026
    Shares
    15,000
    Price
    $11.46
    Value
    $171,900
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    28 May 2026
    Shares
    15,000
    Price
    $11.50
    Value
    $172,500
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    27 May 2026
    Shares
    15,000
    Price
    $11.48
    Value
    $172,200
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    26 May 2026
    Shares
    15,000
    Price
    $11.31
    Value
    $169,650
  • Neto Olimpio Matarazzo
    Director
    Bought
    Date
    21 May 2026
    Shares
    15,000
    Price
    $11.14
    Value
    $167,100

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Patria Investments doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.