PNBK
Patriot National Bancorp, Inc.Financial Services·Banks - Regional
$1.12
$132M market cap
Revenue
$33.7M
Free Cash Flow
$-7.6M
Rev Growth
+0.0%
FCF Margin
-22.5%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Patriot National Bancorp, Inc. operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company accepts consumer and commercial deposit accounts, such as checking, interest-bearing negotiable order of withdrawal, money market, savings, prepaid deposit, on-line national money market, individual retirement accounts, and health savings accounts, as well as certificate of deposit account
2-Year Price History
$1.07-46.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 18.0 | -1.5 | -1.7 | -1.8 | -2.9 | -3.5 | -0.6 | 21.0 | 26.5 | 78.1 | -13.3% | -0.2x | -- |
| Act | 2025-Q4 | 15.7 | -1.9 | -2.2 | -2.3 | -4.0 | -4.1 | -0.1 | 396.0 | 16.5 | 78.1 | -18.3% | -0.3x | -- |
Valuation & Metrics
Market Stats
Price$1.12
Market Cap$132M
Enterprise Value$137M
P/S Ratio3.9x
P/FCF--
EV/FCF--
FCF Margin (TTM)-22.5%
FCF Yield-5.8%
Dividend Yield (TTM)3.6%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$33.7M
Net Income$-4.0M
Free Cash Flow$-7.6M
Revenue Growth (YoY)+0.0%
EBITDA Margin-10.2%
Net Margin-12.0%
FCF Margin-22.5%
CapEx % of Revenue1.9%
SBC % of Revenue6.3%
ROIC-15.8%
WC Change % Rev-4.2%
Interest Coverage-0.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares3.6M
Days to Cover18.5
Change (vs Prior)-0.9%
Need at least 2 settlement dates for chart
Employees
Headcount129
Revenue / Employee$261,264
Gross Profit / Employee$157,062
Cash Runway
33.2months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
9.7%(+6.3% YoY)
71 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
12.8%(+12.7% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
0.2%(+0.1% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $5.7M | $1.29 | +$5.7M | +$5.7M | — | $4.04T |
| BlackRock, Inc.Passive | $4.9M | $1.54 | +$392K | +$4.9M | -0.2% | $5.69T |
| Angel Oak Capital Advisors, LLC | $4.1M | $1.48 | −$163K | −$216K | -1.2% | $83.6M |
| Corient Private Wealth LLC | $2.5M | $1.29 | +$2.4M | +$2.5M | -0.9% | $69.47B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $2.4M | $1.63 | +$304K | +$2.4M | +2.3% | $1.61T |
| NORTHERN TRUST CORPPassive | $1.1M | $1.50 | +$44K | +$1.1M | -0.2% | $755.34B |
| Curated Wealth Partners LLC | $1.1M | $1.46 | −$70K | +$1.1M | +0.8% | $794M |
| STATE STREET CORPPassive | $913K | $1.47 | +$60K | +$913K | -0.2% | $2.89T |
| VANGUARD FIDUCIARY TRUST COPassive | $815K | $1.29 | +$815K | +$815K | — | $395.83B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $597K | $1.29 | +$597K | +$597K | — | $1.91T |
| Miracle Mile Advisors, LLC | $561K | $1.52 | +$0 | +$561K | -0.1% | $7.22B |
| Russell Investments Group, Ltd. | $453K | $1.82 | −$430K | +$453K | +1.5% | $93.03B |
| HighTower Advisors, LLC | $381K | $1.51 | +$0 | +$381K | -0.2% | $93.93B |
| Lido Advisors, LLC | $355K | $1.52 | +$0 | +$355K | +1.8% | $25.47B |
| AXXCESS WEALTH MANAGEMENT, LLC | $275K | $1.52 | +$0 | +$275K | -0.6% | $3.10B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $230K | $1.56 | +$12K | +$230K | +0.7% | $645.81B |
| Bank of New York Mellon Corp | $189K | $1.57 | +$9K | +$189K | -0.2% | $543.21B |
| GOLDMAN SACHS GROUP INC | $177K | $1.48 | +$56K | +$177K | -0.2% | $760.93B |
| UBS Group AG | $165K | $1.25 | +$152K | +$85K | -0.3% | $562.11B |
| Rinkey Investments | $157K | $1.52 | +$0 | +$157K | -0.5% | $391M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.99%
avg per quarter
Holders (ex-self)
-0.43%
excl. this stock
Buyers (this Q)
-0.85%
29 buyers · $0.01B in
Sellers (this Q)
-1.00%
17 sellers · $0.00B out
alpha coverage: 76% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-26.4%
how holders react when this stock falls
On quiet Qs
-8.7%
−10% to +10% baseline
On rallies (+10%+)
-21.1%
how they react when this stock rises
Holders' portfolio flow this Q
+9.9%
inflows — adds are organic
Sellers' portfolio flow this Q
+25.4%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.0%
Holder mid (any stock)
-0.6%
Holder rally (any stock)
-6.2%
Biggest decreases this quarter
Russell Investments Group, Ltd.−$430Kα+1.5JANE STREET GROUP, LLCexited−$196KAngel Oak Capital Advisors, LLC−$163Kα-1.2Curated Wealth Partners LLC−$70Kα+0.8Elyxium Wealth, LLCexited−$47KSG Americas Securities, LLCexited−$30KINTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLCexited−$7KAMALGAMATED BANKexited−$4K
New buyers this quarter
Top-5 holders · 67.1%
VANGUARD CAPITAL MANAGEMENT LLC--
BlackRock, Inc.--
Angel Oak Capital Advisors, LLC--
Corient Private Wealth LLC--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
BANK OF AMERICA CORP /DE/62KSIGULER GUFF ADVISERS, LLC—ALLIANCEBERNSTEIN L.P.38KAngel Oak Capital Advisors, LLC3.2MAQR Arbitrage LLC—Siguler Guff Advisers, LLC—Corient Private Wealth LLC1.9MSILVERCREST ASSET MANAGEMENT GROUP LLC—BOOTHBAY FUND MANAGEMENT, LLC—Curated Wealth Partners LLC827K
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$103K
5 txns · 2 insiders · 89,169 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | BUY | De Tomasi Mario | director | 87,719 | $1.15 | $101K | $118K |
| 2026-03-03 | BUY | Magzanyan Anahit | director | 400 | $1.32 | $528 | $6K |
| 2025-08-19 | BUY | Magzanyan Anahit | director | 500 | $1.59 | $795 | $6K |
| 2025-07-24 | BUY | Magzanyan Anahit | director | 175 | $1.55 | $271 | $5K |
| 2025-07-17 | BUY | Magzanyan Anahit | director | 375 | $1.44 | $540 | $5K |
Order Flow (FINRA, ~3w lag)
28.5%retail-4.5pp
15.1%dark-0.9pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
PATRIOT NATIONAL BANCORP: A Dilution Machine Under Regulatory Siege
Overall Risk
9/10
Fraud
4/10
Dilution
10/10
Insolvency
7/10
Earnings Overstated
6/10
Hidden Liabilities
5/10
Legal
8/10
Audit Warnings
9/10
Hidden Upside
2/10
Contextually Acceptable
2/10