Pattern Group

PTRN · Nasdaq · Consumer Discretionary · Financials, fiscal 2023 to 2025

PTRN · Last close · November 6, 2026

$18.27

Pattern Group's revenue rose 39.3% to $2.5 billion in fiscal 2025. Its operating margin was 1.0%, down from 4.8% a year earlier. Free cash flow was $79 million, up 58.2%. The diluted share count rose 26.7%.

Pattern Group Inc. Latest fiscal year ended December 31, 2025 10-K filed March 6, 2026 · 0001811935-26-000013 Updated November 9, 2026

Revenue

$2.5B

39.3%

Operating margin

1.0%

3.8 pts

Net income

$16M

76.1%

Free cash flow

$79M

58.2%

Return on equity

4.7%

Market cap

$3.3B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2023 to 2024, earnings per share grew 113.6% a year and net income 64.4% a year, with the share count about the same.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY23	FY24	FY25
Cash and short-term investments	127	176	289
Debt incl. finance leases	—	—	—
Net debt (negative means net cash)	—	—	—
Net debt to EBITDA	—	—	—
Debt to equity	—	—	—
Interest coverage	1,599.5x	889.6x	110.0x
Current ratio	—	2.2x	2.3x
Quick ratio	—	1.1x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Pattern Group's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Pattern Group's projections

Insider trades

No officer, director or 10% owner of Pattern Group reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25
Piotroski F-score	—	—
Rule of 40	34.2%	42.4%
Altman Z''	4.77	5.09
Accruals ratio	—	−10.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25
Net income is positive	—	Pass
Cash from operations is positive	Pass	Pass
Return on assets rose	—	—
Cash from operations exceeds net income	Pass	Pass
Debt fell relative to assets	—	—
Current ratio rose	—	Pass
Share count didn't rise	Fail	Fail
Gross margin rose	Fail	Pass
Revenue rose relative to assets	—	—
F-score	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Pattern Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Pattern Group	FY25	39.3%	1.0%	3.2%	—	—	—
Ollie's Bargain Outlet	FY25	16.6%	11.2%	7.3%	14.5%	−0.7x	7	Compare
Etsy	FY25	2.7%	9.2%	23.5%	37.1%	4.0x	5	Compare
Newegg Commerce	FY25	16.9%	−0.7%	−2.0%	—	—	—	Compare
Stitch Fix	FY26	6.4%	−1.6%	1.5%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

3 years of figures

Fiscal year	FY23	FY24	FY25
Income statement
Revenue	1,366	1,796	2,501
Revenue growth	—	31.4%	39.3%
Gross profit	601	781	1,090
Research and development	15	18	46
Operating income	53	87	25
Net income	41	68	16
Diluted EPS (US$)	0.22	0.47	−1.36
Diluted shares (millions)	91	91	115
Cash flow
Cash from operations	42	70	99
Capital expenditure	14	20	20
Free cash flow	27	50	79
Dividends paid	0	0	0
Share buybacks	0	3	0
Acquisitions	0	0	19
Stock-based compensation	−0	0	97
Balance sheet at fiscal year end
Cash and short-term investments	127	176	289
Debt incl. finance leases	—	—	—
Total assets	—	664	948
Total liabilities	—	285	367
Shareholders' equity	42	109	581
Margins and ratios
Gross margin	44.0%	43.5%	43.6%
Operating margin	3.9%	4.8%	1.0%
Net margin	3.0%	3.8%	0.7%
Free cash flow margin	2.0%	2.8%	3.2%
Rule of 40 (growth + FCF margin)	—	34.2%	42.4%
Return on capital	—	—	—
Return on equity	—	—	4.7%
Return on assets	—	—	2.0%
Net debt to EBITDA	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Pattern Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Pattern Group.