Patria Investments Limited — Earnings Quality Grade F
PAX · Financial Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 70 days (142 → 212)
AR growth 70.5% exceeds revenue growth 14.2%
Revenue grew 14.2% but CFFO declined -6.9%
Expense Quality
No material inventory
CapEx growth -44.8% vs revenue 14.2%. Normal
SG&A/Gross Profit = 37.3%. Normal
Gross margin 86.5%, change -1.7pp. Stable
Cash Flow Quality
CFFO/NI = 2.03. Profits backed by cash
FCF $0.1B, FCF/NI = 1.92
Accruals ratio = -6.1%. Low accruals
Cash $0.0B covers only 15% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.7B = 146% of equity. Over 50%
Debt/EBITDA = 1.9x. Healthy
Other assets grew 174.4% vs revenue 14.2%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 44% YoY
Manipulation Score
M-Score = -2.19 (grey zone)
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
Patria Investments Limited is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25