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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and PATRICK INDUSTRIES INC (PATK). Click either name above to swap in a different company.
PATRICK INDUSTRIES INC is the larger business by last-quarter revenue ($924.2M vs $888.0M, roughly 1.0× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs 3.1%, a 26.2% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs 9.2%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $112.7M). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs -0.5%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
Anduril Industries, Inc. is an American defense technology company specializing in the development of advanced autonomous systems.
FHN vs PATK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $924.2M |
| Net Profit | $261.0M | $29.1M |
| Gross Margin | — | 23.0% |
| Operating Margin | 38.5% | 6.2% |
| Net Margin | 29.4% | 3.1% |
| Revenue YoY | 21.8% | 9.2% |
| Net Profit YoY | 57.2% | 99.7% |
| EPS (diluted) | $0.51 | $0.82 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $888.0M | $924.2M | ||
| Q3 25 | $889.0M | $975.6M | ||
| Q2 25 | $830.0M | $1.0B | ||
| Q1 25 | $812.0M | $1.0B | ||
| Q4 24 | $729.0M | $846.1M | ||
| Q3 24 | $827.0M | $919.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | $819.0M | $933.5M |
| Q4 25 | $261.0M | $29.1M | ||
| Q3 25 | $262.0M | $35.3M | ||
| Q2 25 | $241.0M | $32.4M | ||
| Q1 25 | $218.0M | $38.2M | ||
| Q4 24 | $166.0M | $14.6M | ||
| Q3 24 | $218.0M | $40.9M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | $192.0M | $35.1M |
| Q4 25 | — | 23.0% | ||
| Q3 25 | — | 22.6% | ||
| Q2 25 | — | 23.9% | ||
| Q1 25 | — | 22.8% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | — | 23.1% | ||
| Q2 24 | — | 22.8% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | 38.5% | 6.2% | ||
| Q3 25 | 38.7% | 6.8% | ||
| Q2 25 | 37.2% | 8.3% | ||
| Q1 25 | 35.1% | 6.5% | ||
| Q4 24 | 28.8% | 4.7% | ||
| Q3 24 | 34.0% | 8.1% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | 31.0% | 6.4% |
| Q4 25 | 29.4% | 3.1% | ||
| Q3 25 | 29.5% | 3.6% | ||
| Q2 25 | 29.0% | 3.1% | ||
| Q1 25 | 26.8% | 3.8% | ||
| Q4 24 | 22.8% | 1.7% | ||
| Q3 24 | 26.4% | 4.4% | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | 23.4% | 3.8% |
| Q4 25 | $0.51 | $0.82 | ||
| Q3 25 | $0.50 | $1.01 | ||
| Q2 25 | $0.45 | $0.96 | ||
| Q1 25 | $0.41 | $1.11 | ||
| Q4 24 | $0.29 | $-1.44 | ||
| Q3 24 | $0.40 | $1.80 | ||
| Q2 24 | — | $2.16 | ||
| Q1 24 | $0.33 | $1.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $26.4M |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $8.8B | $1.2B |
| Total Assets | $83.9B | $3.1B |
| Debt / EquityLower = less leverage | — | 1.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.4M | ||
| Q3 25 | — | $20.7M | ||
| Q2 25 | — | $22.0M | ||
| Q1 25 | — | $86.6M | ||
| Q4 24 | — | $33.6M | ||
| Q3 24 | — | $52.6M | ||
| Q2 24 | — | $44.0M | ||
| Q1 24 | — | $17.6M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $8.8B | $1.2B | ||
| Q3 25 | $8.9B | $1.2B | ||
| Q2 25 | $9.0B | $1.1B | ||
| Q1 25 | $8.7B | $1.1B | ||
| Q4 24 | $8.8B | $1.1B | ||
| Q3 24 | $9.0B | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $8.9B | $1.1B |
| Q4 25 | $83.9B | $3.1B | ||
| Q3 25 | $83.2B | $3.1B | ||
| Q2 25 | $82.1B | $3.1B | ||
| Q1 25 | $81.5B | $3.2B | ||
| Q4 24 | $82.2B | $3.0B | ||
| Q3 24 | $82.6B | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | $81.8B | $3.0B |
| Q4 25 | — | 1.10× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $396.0M | $130.8M |
| Free Cash FlowOCF − Capex | $389.0M | $112.7M |
| FCF MarginFCF / Revenue | 43.8% | 12.2% |
| Capex IntensityCapex / Revenue | 0.8% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.52× | 4.50× |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $246.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $130.8M | ||
| Q3 25 | $-200.0M | $9.1M | ||
| Q2 25 | $83.0M | $149.4M | ||
| Q1 25 | $349.0M | $40.1M | ||
| Q4 24 | $191.0M | $102.7M | ||
| Q3 24 | $389.0M | $51.5M | ||
| Q2 24 | — | $137.5M | ||
| Q1 24 | $838.0M | $35.2M |
| Q4 25 | $389.0M | $112.7M | ||
| Q3 25 | $-208.0M | $-17.2M | ||
| Q2 25 | $74.0M | $131.1M | ||
| Q1 25 | $340.0M | $19.9M | ||
| Q4 24 | $174.0M | $77.2M | ||
| Q3 24 | $383.0M | $33.7M | ||
| Q2 24 | — | $120.6M | ||
| Q1 24 | $828.0M | $19.7M |
| Q4 25 | 43.8% | 12.2% | ||
| Q3 25 | -23.4% | -1.8% | ||
| Q2 25 | 8.9% | 12.5% | ||
| Q1 25 | 41.9% | 2.0% | ||
| Q4 24 | 23.9% | 9.1% | ||
| Q3 24 | 46.3% | 3.7% | ||
| Q2 24 | — | 11.9% | ||
| Q1 24 | 101.1% | 2.1% |
| Q4 25 | 0.8% | 2.0% | ||
| Q3 25 | 0.9% | 2.7% | ||
| Q2 25 | 1.1% | 1.7% | ||
| Q1 25 | 1.1% | 2.0% | ||
| Q4 24 | 2.3% | 3.0% | ||
| Q3 24 | 0.7% | 1.9% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | 1.2% | 1.7% |
| Q4 25 | 1.52× | 4.50× | ||
| Q3 25 | -0.76× | 0.26× | ||
| Q2 25 | 0.34× | 4.61× | ||
| Q1 25 | 1.60× | 1.05× | ||
| Q4 24 | 1.15× | 7.05× | ||
| Q3 24 | 1.78× | 1.26× | ||
| Q2 24 | — | 2.87× | ||
| Q1 24 | 4.36× | 1.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
PATK
| Recreational Vehicle | $276.3M | 30% |
| Distribution | $222.4M | 24% |
| Marine | $141.9M | 15% |
| Industrial | $110.8M | 12% |
| Powersports | $104.8M | 11% |
| Manufactured Housing | $67.9M | 7% |
