PATK · CIK 76605
What Patrick Industries, Inc. told the SEC could break it.
Patrick's risks run through its supply chain and input costs. Its manufactured components rely on commodity-based raw materials — lumber and plywood, aluminum, resins and foams — whose prices have been volatile and continued to fluctuate in 2025, pressuring margins to the extent it can't pass increases through promptly. It also has a structural foreign-sourcing concentration, buying a material portion of its raw materials from suppliers in Indonesia, China, Vietnam, Malaysia, Mexico and Canada, which adds currency, country-economic and supply-continuity risk. And those same sourcing countries are squarely in the path of trade policy: U.S. tariffs on goods like plywood from them, plus retaliatory tariffs, could raise its supply-chain costs and dampen demand from its RV, marine and manufactured-housing OEM customers.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- Volatile raw-material & commodity-based component costs (lumber/plywood, aluminum, resins)medium
Patrick's manufactured components rely on commodity-based raw materials (lumber/plywood, aluminum, resins, foams and related inputs) whose prices have historically been volatile and continued to fluctuate in 2025. Its cost of goods sold percentage moves with these raw-material and commodity-based component costs; while it has generally been able to pass cost increases through to customers during volatile periods, sustained spikes pressure margins to the extent pass-through lags.
“In addition, prices of certain raw materials have historically been volatile and continued to fluctuate in 2025.”
SEC filing →As of 2026
Geographic concentration
- Material portion of raw materials sourced from Indonesia, China, Vietnam, Malaysia, Mexico & Canadamedium
Beyond tariff policy, Patrick has a structural foreign-sourcing concentration: it purchases a material portion of its raw materials and other supplies from suppliers located in Indonesia, China, Vietnam, Malaysia, Mexico and Canada. This exposes its input supply to foreign-currency fluctuations, the economic strength of those countries, difficulties enforcing contractual obligations, and broader supply-continuity risk if any of those sourcing regions is disrupted.
“We purchase a material portion of our raw materials and other supplies from suppliers located in Indonesia, China, Vietnam, Malaysia, Mexico and Canada.”
SEC filing →As of 2026
Regulatory & policy
- Tariffs & retaliatory tariffs on plywood/goods from China, Vietnam, Indonesia, Malaysia, Mexico, Canadalow
Patrick Industries sources a significant portion of its products and components from outside the U.S. — China, Vietnam, Indonesia, Malaysia, Mexico and Canada — and the U.S. has imposed tariffs and export controls on goods such as plywood from these countries, drawing retaliatory tariffs from China and others. Further or broader U.S. tariffs (or foreign retaliation) could raise its supply-chain costs in ways it may not be able to offset, and could also dampen demand from its RV/marine/MH OEM customers.
“The United States has imposed tariffs and export controls on certain goods and products imported from China, Vietnam, Indonesia, Malaysia, Mexico, Canada and certain other countries, such as plywood, which has resulted in retaliatory tariffs by China and other countries and additional tariffs may be imposed by the current U.S. administration on products imported from China, Vietnam, Indonesia, Malaysia, Mexico and Canada.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Forest River, Inc. (Berkshire Hathaway)
“Its revenues from the RV market include sales to two major manufacturers of RVs that each account for over 10% of the Company's net sales, Forest River and Thor.”
Cited →“Its revenues from the RV market include sales to two major manufacturers of RVs that each account for over 10% of the Company's net sales, Forest River and Thor.”
Cited →
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