Stock fact sheet · data as of
Patria Investments Ltd (PAX): fair value, margin of safety and Wheel Score
Ticker symbol PAX · Financial Services · Asset Management · United States · Class A common stock · Blend Income
PAX is Patria Investments Ltd's Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is PAX undervalued?
PAX closed at 9.76 on 5 Nov 2026, 23% below the GLS average fair value of 12.67 from 9 models (5 of them above the price). That is a moderate margin of safety: the stock passes the "below fair value" Wheel Trade Filter, with room for a bigger discount on the Value part.
There is a wide gap between Lynch (3.85) and Payback Time (27.64). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for PAX, so the nightly engine files it under Blend (value score 38, growth score 44, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for PAX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 20.27 | +108% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 5.91 | -39% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 11.17 | +14% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 3.85 | -61% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 10.66 | +9% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 20.42 | +109% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 27.64 | +183% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 9.20 | -6% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 4.88 | -50% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -2.80 | -129% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 10.00 | +2% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Patria Investments Ltd scores 6 of 9 on the Piotroski F-score: a middling result that passes the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 7.7/10 puts PAX among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
Returns on capital are moderate - ROIC 10.6%, ROE 14.0%, ROA 5.7% - with debt at 0.32 times equity and a free-cash-flow yield of 9.3%.
The dividend yield is high at 6.40% (payout ratio 141%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Advisory and Other Ancillary Fees 100% (fiscal year FY2025).
Institutional ownership scores 4/10, insider activity 9/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 10.6% |
|---|---|---|---|
| GLS Moat | 7.7 / 10 | ROE | 14.0% |
| Debt / equity | 0.32 | ROA | 5.7% |
| Free-cash-flow yield | 9.3% | Payout ratio | 141% |
| Institutions | 4 / 10 | Insiders · Congress | 9 · 5 / 10 |
Wheel Score 72: Good
With a Wheel Score of 72 - the Good band - Patria Investments Ltd passes all 9 Wheel Trade Filters. How it ranks: value good, premium strong, moat good, health good, red flags weak, option trading weak, stability fair. Option trading (weak) is the part keeping it out of the Prime band.
Implied volatility is 33% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is 4,905 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 2.7M shares a day on a market cap of $1.6B, with a beta of 0.79 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Good | 23% below fair value | |
| Premium | Strong | implied volatility 33% | |
| Moat | Good | moat 7.7/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Weak | Red Flags score 60/100 | |
| Option trading | Weak | 122 contracts a day, 4,905 open interest | |
| Stability | Fair | beta 0.79, $1.6B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 2 Feb 2027, 89 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 13 Nov 2026 (0.1625 per share), so a covered call sold before then carries a small early-assignment risk around that date.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to Patria Investments Ltd by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| KEGS 1812 Brewing Company Inc. | 1.72 | - | - | 9No options | $1.6B |
| MQY BlackRock MuniYield Quality Fund, Inc. | 10.60 | 16.52 | +36% | 26No options | $1.6B |
| BST BlackRock Science and Technology Trust | 46.03 | 348.58 | +87% | 33No options | $1.6B |
| ARAAX Horizon Active Risk Assist Fund - Advisor Class | 27.48 | 235.41 | +88% | 26No options | $1.6B |
| CSWC Capital Southwest Corporation | 23.79 | 33.54 | +29% | 49Weak | $1.6B |
| TRIN Trinity Capital Inc. | 17.94 | 40.05 | +55% | 49Weak | $1.6B |
| RQI Cohen & Steers Quality Income Realty Fund, Inc. | 12.01 | 23.89 | +50% | 24No options | $1.6B |
| RCGTX Virtus Zevenbergen Technology Fund CL C | 16.56 | 20.35 | +19% | 18No options | $1.6B |
| HYT BlackRock Corporate High Yield Fund, Inc. | 7.97 | 13.27 | +40% | 23No options | $1.6B |
| BCHYX American Century California High Yield Municipal Investor Class | 9.33 | 5.76 | -62% | 11No options | $1.6B |
| GAM General American Investors Company, Inc. | 64.69 | 389.51 | +83% | 31No options | $1.6B |
| GAB The Gabelli Equity Trust Inc. | 5.33 | 30.11 | +82% | 32No options | $1.7B |
⚖ Compare PAX with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about PAX
What kind of share is PAX?
PAX is Patria Investments Ltd's Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is PAX undervalued right now?
By the GLS models, moderately: at 9.76 the stock trades 23% below the average fair value of 12.67 (data as of 5 Nov 2026).
What is the Wheel Score of PAX and what does it mean?
PAX scores 72 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for PAX?
12.67 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Patria Investments Ltd report earnings next?
The next earnings report is due on 2 Feb 2027, 89 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does PAX have listed options, and how liquid are they?
Yes. The nightly snapshot found 18 listed contracts with 4,905 open interest across all expiries and implied volatility of 33% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.