Patrick Industries (PATK): what its 10-K says it depends on

Customers

Forest River, Inc.

earns from · 28%named as a risk

The Company’s sales to the various businesses of Forest River and Thor, on a combined basis, accounted for 28%, 29% and 29% of our consolidated net sales, for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

Also named by THO

Thor Industries, Inc.

earns from · 28%named as a risk

Two customers in the RV market accounted for a combined 28% of our consolidated net sales in 2025.Risk factors (Item 1A)

Other companies

SOFR

exposed to its price · approximately $1.9 millionnamed as a risk

A 100 basis point increase in the underlying SOFR rates would result in additional annual interest cost of approximately $1.9 million, assuming average borrowings during 2025, including the Revolver due 2029 and Term Loan due 2029, subject to variable rates were equal to the amount of such borrowings outstanding as of December 31, 2025, or $192.2 million, excluding deferred financing costs related to the Revolver due 2029 and Term Loan due 2029.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Recreational vehicle (RV) industry

concentrated in · approximately 45%named as a risk

In 2025 and 2024, the Company's net sales to the RV industry were approximately 45% and 44%, respectively, of consolidated net sales.Risk factors (Item 1A)

Manufactured housing industry

earns from · 17%named as a risk

Reductions in the availability of financing for manufactured homes and increases in the costs of this financing have limited, and could continue to limit, the ability of consumers and wholesale customers to purchase manufactured homes, resulting in reduced production of manufactured homes by our customers, and therefore reduced demand for our products.Risk factors (Item 1A)

Marine industry

earns from · 15%named as a risk

The powerboat sector, which is our primary marine market, continued to experience a down cycle in 2024, particularly in our ski/wake and pontoon categories, where we maintain a significant market presence.Business (Item 1)

1.75% Convertible Senior Notes due 2028

named as a risk

If one or more holders elect to convert their 1.75% Convertible Notes, we would be required to settle our conversion obligation equal to the aggregate principal amount of such converted notes through the payment of cash, which could adversely affect our liquidity.Risk factors (Item 1A)

Places

China

depends onnamed as a risk

Evolving trade policies could continue to make sourcing products from foreign countries difficult and costly, as the Company sources a significant amount of its products from outside of the United States including from China, Mexico, Canada, Indonesia, Malaysia and Vietnam which may be subject to additional tariffs imposed by the current U.S. administration.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Mexico

depends onnamed as a risk

We purchase a material portion of our raw materials and other supplies from suppliers located in Indonesia, China, Vietnam, Malaysia, Mexico and Canada.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Canada

depends onnamed as a risk

We purchase a material portion of our raw materials and other supplies from suppliers located in Indonesia, China, Vietnam, Malaysia, Mexico and Canada.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Vietnam

depends onnamed as a risk

We purchase a material portion of our raw materials and other supplies from suppliers located in Indonesia, China, Vietnam, Malaysia, Mexico and Canada.Risk factors (Item 1A)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more

Malaysia

depends onnamed as a risk

We purchase a material portion of our raw materials and other supplies from suppliers located in Indonesia, China, Vietnam, Malaysia, Mexico and Canada.Risk factors (Item 1A)

Also named by A, ANET, AVGO, CGNX, DELL, FSLR, LITE, MSI and 6 more

Indonesia

depends onnamed as a risk

We purchase a material portion of our raw materials and other supplies from suppliers located in Indonesia, China, Vietnam, Malaysia, Mexico and Canada.Risk factors (Item 1A)

Also named by CGNX, DECK, FCX, HRL, LULU, NKE

Midwest United States

concentrated in

The Company may explore strategic acquisition opportunities that are not directly linked to the five primary markets it serves in order to further leverage its core competencies in manufacturing and distribution, diversify its end market exposure and presence, and expand its footprint outside of its core Midwest markets.Business (Item 1)