Patrick Industries Inc (PATK)

Gross profit margin

Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Gross profit US$ in thousands 782,233 1,059,940 801,194 459,017 422,871
Revenue US$ in thousands 3,466,390 4,885,580 4,070,100 2,470,640 2,330,060
Gross profit margin 22.57% 21.70% 19.68% 18.58% 18.15%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $782,233K ÷ $3,466,390K
= 22.57%

Looking at the trend in Patrick Industries, Inc.'s gross profit margin over the past five years, we can see a general improvement year over year. The gross profit margin has increased steadily from 18.09% in 2019 to 22.56% in 2023. This indicates that the company has been able to effectively control its cost of goods sold and/or increase the selling price of its products, resulting in a higher percentage of revenue retained as gross profit.

The consistent improvement in the gross profit margin reflects positively on the company's operational efficiency and pricing strategy, suggesting that Patrick Industries, Inc. has been able to enhance its profitability over the years. This trend may be attributed to various factors such as cost-cutting measures, economies of scale, efficient inventory management, or product mix optimization.

Overall, the increasing trend in the gross profit margin of Patrick Industries, Inc. is a positive indicator of the company's financial performance and ability to generate profits from its core business operations.


Peer comparison

Dec 31, 2023