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By Pierre Poignant · September 24, 2025 · Curated by George's Blog
Last Friday Pattern Group listed on NASDAQ with the ticker PTRN. Pattern is clearly a very exciting stock to watch for anyone involved in the Amazon ecosystem.
Pattern is a reseller on Amazon (and other marketplaces), buying from brands at distributor / wholesale cost (COGS > 50% of revenue) and reselling on marketplace platforms. Their economics are closer to a traditional retailer than a pure marketplace services company (similar to Walmart EBITDA margin is ~6%)
They manage many of the brands via their Pattern account on Amazon, collectively forming a massive ~$500M+ account on the platform, the largest 3P account I know of.
Their growth has been stellar: >35% YoY revenue growth. In 2024 they generated $1.8B in revenue, up from ~$1.4B in 2023. Their adjusted EBITDA for 2024 was $101 million (up sharply). Valuation is ~$2.8 billion, which implies an 30x Adjusted EBITDA multiple.
Pattern growth is driven by individual brand growth and account acquisition (onboarding new brands)
As of December 31, 2024, Pattern works with 200+ brands. On average, a brand managed by Pattern is doing around $15 million in revenue. Sounds like Pattern is onboarding 15-20 brands per year.
Their focus so far has primarily been the US market. At a brand level, YoY growth on Amazon for those part of Pattern is roughly +5%. There appears to be a meaningful runway in international expansion + developing products purpose-built for the marketplace.
Technology is central: out of ~400 employees, ~25% are in technology & data roles. They use massive datasets to power AI / ML for price, content, forecasting, availability, etc.
My thoughts
It’s rare (and exciting) to see a marketplace-/reseller business go public with such strong metrics. Pattern nicely bridges the gap between brand services, retailing, and technology.
The dual growth levers (depth with existing brands + breadth via new brands) give them flexibility. If they can scale internationally well, the upside feels large.
I’d love to see Pattern open up some of their tech stack (or at least release more of what they use internally) — I suspect they have tools superior to many SaaS options currently on the market. That could become another lever (or even a spin-out or product extension).