Detailed financial statements for Pattern Group Inc. Series A Common Stock (PTRN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Pattern Group Inc. operates as an e-commerce accelerator that combines proprietary technology and on-demand expertise to support consumer brands operating across e-commerce marketplaces in the United States and internationally. The company acquires inventory from brand partners to sell to consumers in various industries, including health and wellness; beauty and personal care; home and lifestyle; pet; sports and outdoors; and consumer electronics.
Analysis Summary
Trailing-twelve-month margins: gross margin 43.4%, operating margin 1.4%, net margin -4.6%.
At the current price of $19.64, PTRN has negative trailing earnings (P/E not meaningful) and an ROE of -23.14%. Market capitalisation stands at $3.0B.
Balance sheet quality for PTRN: current ratio of 2.3, net cash position of $258.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $78.9M represents 486% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $990.5M | $1.37B | $1.80B | $2.50B |
| Cost of Revenue | $561.6M | $765.2M | $1.01B | $1.43B |
| Gross Profit | $428.9M | $601.2M | $781.3M | $1.07B |
| Research & Development | $10.8M | $14.6M | $18.0M | $46.3M |
| Selling, General & Admin | $414.0M | $533.8M | $676.2M | $1.00B |
| Operating Expenses | $424.8M | $548.4M | $694.2M | $1.05B |
| Operating Income | $4.1M | $52.8M | $87.2M | $25.4M |
| EBITDA | $8.4M | $68.5M | $106.1M | $16.0M |
| Interest Expense | $502000 | $33000 | $98000 | 0 |
| Pre-tax Income | -$1.7M | $56.3M | $91.2M | -$794000 |
| Income Tax | $1.3M | $15.1M | $23.4M | -$17.0M |
| Net Income | -$3.0M | $41.3M | $67.9M | $16.2M |
| EPS | $-0.12 | $0.12 | $-1.23 | $-0.89 |
| EPS (Diluted) | $-0.12 | $0.12 | $-1.23 | $-0.89 |
| Shares Outstanding (Diluted) | $171.1M | $171.1M | $171.1M | $176.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $639.7M | $723.1M | $773.7M | $876.8M |
| Gross Profit | $279.3M | $310.0M | $334.8M | $384.4M |
| Operating Income | -$60.2M | $26.0M | $39.6M | $35.5M |
| EBITDA | -$87.0M | $32.1M | $47.0M | $41.4M |
| Net Income | -$223.0M | $28.7M | $29.2M | $27.5M |
| EPS | $-1.27 | $0.16 | $0.17 | $0.16 |
| EPS (Diluted) | $-1.27 | $0.16 | $0.16 | $0.15 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $127.2M | $175.6M | $289.0M |
| Short-term Investments | 0 | 0 | 0 |
| Receivables | $76.1M | $106.9M | $177.2M |
| Inventory | $190.9M | $264.1M | $294.7M |
| Total Current Assets | $404.9M | $558.1M | $792.6M |
| Property, Plant & Equipment | $43.0M | $62.9M | $69.3M |
| Goodwill | $25.9M | $25.9M | $37.8M |
| Intangible Assets | $10.0M | $6.9M | $16.7M |
| Total Assets | $490.9M | $664.4M | $947.6M |
| Accounts Payable | $124.7M | $211.6M | $275.0M |
| Short-term Debt | 0 | 0 | $8.8M |
| Total Current Liabilities | $156.6M | $257.7M | $338.5M |
| Long-term Debt | 0 | 0 | 0 |
| Total Liabilities | $177.9M | $285.1M | $366.6M |
| Retained Earnings | $39.0M | $106.9M | $28.7M |
| Total Equity | $313.0M | $379.3M | $581.0M |
| Total Debt | $19.1M | $30.1M | $30.8M |
| Net Debt | -$108.1M | -$145.5M | -$258.2M |
| Working Capital | $248.3M | $300.4M | $454.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $312.8M | $289.0M | $344.2M | $345.8M |
| Total Assets | $843.1M | $947.6M | $967.2M | $1.07B |
| Total Liabilities | $301.7M | $366.6M | $357.5M | $427.0M |
| Total Equity | $541.4M | $581.0M | $609.7M | $645.6M |
| Total Debt | $31.0M | $30.8M | $31.1M | $51.3M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$3.0M | $41.3M | $67.9M | -$156.6M |
| Depreciation & Amortization | $9.6M | $12.1M | $14.8M | $16.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
| Change in Working Capital | $6.7M | -$10.4M | -$11.1M | -$46.6M |
| Operating Cash Flow | $14.2M | $41.5M | $70.3M | $99.4M |
| Capital Expenditure | -$16.2M | -$14.5M | -$20.4M | -$20.5M |
| Acquisitions | -$14.3M | 0 | $12000 | -$19.3M |
| Stock Repurchased | 0 | 0 | -$2.9M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.0M | $27.0M | $49.9M | $78.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $40.5M | $8.5M | $72.6M | $14.7M |
| Capital Expenditure | -$4.6M | -$5.3M | -$9.3M | -$10.9M |
| Free Cash Flow | $35.8M | $3.2M | $63.3M | $3.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | $10.7M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +37.9% | +31.5% | +39.3% |
| Net Income Growth (YoY) | | +1487.0% | +64.4% | -76.1% |
| EPS Growth (YoY) | | +200.0% | -1125.0% | +27.6% |
| Shares Change (YoY) | | +0.0% | +0.0% | +3.1% |
| FCF Growth (YoY) | | +1468.1% | +85.0% | +58.2% |
| Gross Margin | 43.3% | 44.0% | 43.5% | 42.9% |
| Operating Margin | 0.4% | 3.9% | 4.9% | 1.0% |
| EBITDA Margin | 0.8% | 5.0% | 5.9% | 0.6% |
| Net Margin | -0.3% | 3.0% | 3.8% | 0.6% |
| FCF Margin | -0.2% | 2.0% | 2.8% | 3.2% |
| Effective Tax Rate | -75.9% | 26.8% | 25.6% | 2146.1% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.01 | $0.16 | $0.29 | $0.45 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $171.1M | $171.1M | $171.1M | $176.4M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -23.14% |
| Return on Invested Capital | 5.83% |
| Return on Assets | -12.82% |
| Gross Margin | 43.42% |
| Operating Margin | 1.36% |
| Net Margin | -4.57% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 2.35 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -130.25 | 130.25 | -12.71 | -12.97 |
| P/B | 0.00 | 8.54 | 7.05 | 3.50 |
| P/S | 2.70 | 1.96 | 1.49 | 0.81 |
| Gross Margin | 43.3% | 44.0% | 43.5% | 42.9% |
| Operating Margin | 0.4% | 3.9% | 4.9% | 1.0% |
| Net Margin | -0.3% | 3.0% | 3.8% | 0.6% |