Patria Investments Limited (P2AX34) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Patria Investments Limited BRL 51.96, price BRL 26.48, upside +96.2%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
38‑month range R$25.98 – R$45.18 · fair‑value band R$36.76 – R$71.08 · the R$26.48 price screens below the R$51.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Patria Investments Limited operates as a private market investment firm. It specializes in investments in private equity, secondary direct and indirect and venture capital with focus in middle market, buyout and growth capital investments.
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Patria Investments Limited operates as a private market investment firm. It specializes in investments in private equity, secondary direct and indirect and venture capital with focus in middle market, buyout and growth capital investments. It seeks to be sector agnostic with focus on agribusiness, power & energy, healthcare, logistics & transportations, food & beverage, agricultural products, packaged foods and meats, education services, outsourced business services, and digital & tech services. It prefers to invest globally with focus on Latin America, Europe, United States, North America and Brazil. It seeks to invest between $38.48 million and $72.14 million per transaction. The firm seeks a majority or minority stake in its portfolio companies. The company offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and credit funds. The firm seeks to co-invest with other investors. Patria Investments Limited was founded in 1994 and is headquartered in Grand Cayman, Cayman Islands with additional offices across South America, North America, Europe and Asia. Patria Investments Limited operates as a subsidiary of Patria Holdings Limited.
Stock analysis
Patria Investments Limited (P2AX34) currently trades at R$26.48, while our model-based Fair Value estimate is R$51.96, implying the stock looks roughly 49.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of R$136.67 per share, and 8 of the 10 models we run sit above the R$26.48 price.
Bear case: the Asset-Based group reads lowest at R$13.55, and 2 of the 10 models stay below the price. Evidence for this calculation is high.
Scenario range: R$36.76 (bear) to R$71.08 (bull), the price of R$26.48 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Patria Investments Limited reported revenue of $382M in FY2025 versus $236M in FY2021, a compound +12.8%/yr. Reported net income was $85.6M in FY2025, compounding −8.6%/yr from FY2021.
Key figures
Market cap R$4.5B (≈ $865M) · P/E ratio 10.3 · P/S ratio 2.31 · EPS (TTM) R$2.75 · Dividend yield 2.3% · Net margin 22.4% · Return on equity 13.3% · Return on assets (EBIT) 11.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 96%, P2AX34 screens cheaper than that median.
Fair Value models
Bear R$36.76Fair Value R$51.96Bull R$71.08
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$1.63 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.99/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.5%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−5.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.2%
Dividend (yield on the price)2.3%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.58% → 34%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−15.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −17.2% a year for the price and +8.0% for the forecasts.
Compare Patria Investments Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 647 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Below median
Fair Value upside+100.0% · Top 25%
Profitability
Return on equity (TTM)13.3% · Above median
Return on assets5.7% · Above median
Net margin (TTM)18.1% · Below median
Operating margin (TTM)26.4% · Below median
Growth and dividend
Revenue growth22.0% · Above median
Dividend yield (TTM)2.3% · Below median
Balance sheet
Debt / equity0.29× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (TTM)10.3× · Cheaper than median
P/B1.41× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Patria Investments Limited (P2AX34) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R$51.96 versus a price of R$26.48, about +96% upside (undervalued).
What is the fair value of P2AX34?
Our model-based fair value for Patria Investments Limited is R$51.96 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$26.48.
What is the quality score of P2AX34?
Patria Investments Limited has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Patria Investments Limited (P2AX34)?
Our model-based price target is the fair value of R$51.96 (as of Sep 24, 2026) from 10 valuation models. Cautious scenario R$36.76, optimistic scenario R$71.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Patria Investments Limited stock forecast for 2026?
Our models put fair value at R$51.96, about +96% upside versus a price of R$26.48 (undervalued). Cautious scenario R$36.76, optimistic scenario R$71.08. The calculation is refreshed regularly with new filings.
What is the revenue of Patria Investments Limited (P2AX34)?
Patria Investments Limited reported trailing-twelve-month revenue of about $399M (latest available figure, as of Sep 24, 2026).
Does Patria Investments Limited pay a dividend?
Patria Investments Limited currently shows a dividend yield of about 2.27% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Patria Investments Limited (P2AX34)?
For today's price to be fair in a discounted-cash-flow model, Patria Investments Limited would have to grow free cash flow by -15.3 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +12.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of P2AX34 use?
Our models discount Patria Investments Limited at 13.3 %: a base by market capitalisation (small), damped by beta 0.74, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Patria Investments Limited that is -15.3 % per year a year over ten years, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Patria Investments Limited (P2AX34) delivered so far?
Over the past 4 years revenue at Patria Investments Limited grew +12.8 % a year. The price currently implies -15.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Patria Investments Limited (P2AX34) growing?
The median revenue growth in the sector is +9.7 % a year. That is the yardstick for the growth priced into Patria Investments Limited (-15.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Patria Investments Limited (P2AX34)?
The free-cash-flow yield on the price is 31.63 %: that much free cash flow Patria Investments Limited produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Patria Investments Limited (P2AX34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Patria Investments Limited it is R$51.96 per share (as of Sep 24, 2026), against a price of R$26.48. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Patria Investments Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, P2AX34 trades below its calculated fair value: price R$26.48, fair value R$51.96, a gap of about +96% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of P2AX34?
No. The price is what the market pays today (R$26.48); the fair value is what the company's own numbers justify (R$51.96). For Patria Investments Limited the two are R$25.48 per share apart. That gap is exactly why we show both numbers side by side.
How much is Patria Investments Limited worth?
The market values Patria Investments Limited at about R$4.5B (market capitalisation, as of Sep 24, 2026). Per share that is R$26.48; our models calculate a fair value of R$51.96 per share.
What do the bullish and bearish scenarios say about P2AX34?
Our models span a range for Patria Investments Limited: cautious scenario R$36.76, base R$51.96, optimistic R$71.08 per share (as of Sep 24, 2026, price R$26.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of P2AX34?
Patria Investments Limited trades at a price-to-earnings ratio of 10.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$51.96 is built from several models across several years. Other multiples: P/B 1.4, P/S 2.2, EV/EBITDA 5.5.
How solid is the balance sheet of Patria Investments Limited (P2AX34)?
Balance-sheet figures for Patria Investments Limited (as of Sep 24, 2026): return on equity 13.3%, debt of 0.29 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is P2AX34 from its 52-week high?
Patria Investments Limited trades at R$26.48, about 41% below its 52-week high of R$45.18 and 2% above the low of R$25.98 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$51.96 is for.
Which stocks are comparable to Patria Investments Limited?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Patria Investments Limited stock attractive at the current price?
The data as of Sep 24, 2026: price R$26.48, calculated fair value R$51.96 (+96%), Quality Score 58/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of P2AX34 calculated?
We run Patria Investments Limited through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$51.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Patria Investments Limited currently trades 49 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Patria Investments Limited (P2AX34)?
The closing price on Oct 2, 2026 was R$26.48. Our model-based fair value is R$51.96, about +96% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Patria Investments Limited right now?
The price is below even our cautious bear case (R$36.76). The market is more pessimistic than our downside scenario. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (R$36.76 to R$71.08) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Patria Investments Limited
How large is the market capitalisation of Patria Investments Limited (P2AX34)?
The market capitalisation of Patria Investments Limited is R$4.5B (≈ $865M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Patria Investments Limited (P2AX34)?
The price-to-sales ratio of Patria Investments Limited is 2.31 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Patria Investments Limited (P2AX34)?
Earnings per share at Patria Investments Limited are R$2.75 (price ÷ EPS = P/E 10.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Patria Investments Limited (P2AX34)?
The dividend yield of Patria Investments Limited is 2.3% (payout 21.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Patria Investments Limited (P2AX34)?
The net margin of Patria Investments Limited is 22.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Patria Investments Limited (P2AX34)?
The return on equity (ROE) of Patria Investments Limited is 13.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Patria Investments Limited (P2AX34)?
On an EBIT basis the return on assets of Patria Investments Limited is 11.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Patria Investments Limited (P2AX34)?
The operating margin of Patria Investments Limited is 26.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Patria Investments Limited (P2AX34)?
Revenue at Patria Investments Limited is growing +22.0% versus a year earlier (3y avg +13.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Patria Investments Limited (P2AX34)?
Earnings per share at Patria Investments Limited are growing −85.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Patria Investments Limited (P2AX34) carry?
The net debt of Patria Investments Limited is $121M (fiscal year 2025, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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