# Phibro Animal Health (PAHC.US)

Canonical: https://gigainvestors.com/s/PAHC

Analysis as of: 2026-10-16T07:31:01.798Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $37.98 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.12×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.05×

- FY2025: 0.09×

- FY2026: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 7.1%

- Typical minus recent gross margin: 1.2 pp

- Typical gross margin (annual median): 32.0%

- Recent gross margin (lower of latest and 3-year median): 30.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 8.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 20.4%

- FY2018: 18.6%

- FY2019: 12.9%

- FY2020: 9.9%

- FY2021: 11.8%

- FY2022: 9.1%

- FY2023: 7.1%

- FY2024: 5.7%

- FY2025: 8.6%

- FY2026: 14.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $229M

- Net income, five-year total: $232M

- Return on incremental invested capital: 13.6%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 7.6 pp

- Working capital / revenue, final three-year average: 39.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.69×

- FY2024: 1.00×

- FY2025: 1.15×

- FY2026: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.6% vs 8.6%

- Per-share earnings: 1.61 to 1.19 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: -$197M

- Cumulative retained earnings: $270M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -3.8%

- Per-share value change: -$0.43

- Per-share value, starting three-year median: $1.61

- Per-share value, ending three-year median: $1.19

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $353M

- Cumulative net income, 10 years: $504M

- ROIC, first three-year median: 18.6%

- ROIC, last three-year median: 8.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.61

- FY2018: $1.61

- FY2019: $1.35

- FY2020: $0.83

- FY2021: $1.34

- FY2022: $1.21

- FY2023: $0.81

- FY2024: $0.06

- FY2025: $1.19

- FY2026: $2.43

### accounting: pass

- Sloan accruals: 2.0%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 2.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.69×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.4%

- FY2018: -0.8%

- FY2019: 1.0%

- FY2020: -3.3%

- FY2021: 0.7%

- FY2022: 1.9%

- FY2023: 2.0%

- FY2024: -8.7%

- FY2025: -2.3%

- FY2026: 2.0%

## Holders

## Price story

Down 31% since Mar 2026 · sales +17.1%

Story as of 2026-10-16T09:59:21.575Z; price observation 2026-10-15.

- 2026-03-01: Phibro Animal Health Raises Guidance at BofA Conference as Zoetis MFA Integration Advances ([finance.yahoo.com](https://finance.yahoo.com/news/phibro-animal-health-raises-guidance-100646804.html))

### Sales · FY2025–2026

sales +17.1%; source https://www.sec.gov/Archives/edgar/data/1069899/000110465926101493/pahc-20260630x10k.htm; observed 2026-08-26.

- FY2017: $764M 

- FY2018: $820M 

- FY2019: $828M 

- FY2020: $800M 

- FY2021: $833M 

- FY2022: $942M 

- FY2023: $978M 

- FY2024: $1.0B 

- FY2025: $1.3B 

- FY2026: $1.5B 

### Gross margin · FY2026

gross margin 33.7%; source https://www.sec.gov/Archives/edgar/data/1069899/000110465926101493/pahc-20260630x10k.htm; observed 2026-08-26.

- FY2017: 32.5% 

- FY2018: 32.5% 

- FY2019: 32.0% 

- FY2020: 32.1% 

- FY2021: 32.6% 

- FY2022: 30.3% 

- FY2023: 30.5% 

- FY2024: 30.8% 

- FY2025: 30.9% 

- FY2026: 33.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are USD 1.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1069899/000110465926101493/pahc-20260630x10k.htm (filed 2026-08-26); FY2026: revenue 1518093000; grossProfit 511713000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PAHC.US: Phibro Animal Health Corporation operates as an animal health and mineral nutrition company in the United States, Latin America and Canada, Europe, the Middle East, Africa, and the Asia Pacific. It operates through three segments: Animal Health, Mineral Nutrition, and Performance Products. The company develops, manufactures, and markets various products for food and companion animals including poultry, swine, beef and dairy cattle, aquaculture, and dogs. It also offers animal health products, such as antibacterials, anticoccidials, nutritional specialty, and vaccines and vaccine adjuvants for animal's health and performance, food safety, and animal welfare; and engages in developing, manufacturing, and marketing of microbial and bioproducts for various applications serving animal health and nutrition, environmental, industrial, and agricultural customers. In addition, the company develops, manufactures, and markets conventionally licensed and autogenous vaccine products, as well as adjuvants for animal vaccine manufacturers. Further, it provides formulations and concentrations of trace minerals, such as zinc, copper, manganese, iron, and other compounds to fortify the daily feed requirements of their livestock's diets and maintain optimal balance of trace elements in animals. Additionally, the company offers specialty ingredients for use in personal care, industrial chemical, and chemical catalyst industries. It sells its animal health and mineral nutrition products through local sales offices to integrated poultry, swine, and cattle producers, as well as through commercial animal feed manufacturers, wholesalers, and distributors. The company was formerly known as Philipp Brothers Chemicals, Inc. and changed its name to Phibro Animal Health Corporation in July 2003. Phibro Animal Health Corporation was incorporated in 1946 and is headquartered in Teaneck, New Jersey.

### Why customers stay

Margins ranged from 30.8% to 33.7% during 2024–26; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2024: grossProfit / revenue = 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2025: grossProfit / revenue = 30.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1069899/000110465926101493/pahc-20260630x10k.htm (filed 2026-08-26); FY2026: grossProfit / revenue = 33.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); 10-year return on capital observations [[2017,0.2044676792822704],[2018,0.18641867242212873],[2019,0.1294295875588329],[2020,0.09886943179220231],[2021,0.1179526316174132],[2022,0.09126053166570516],[2023,0.07098211028696498],[2024,0.05653949064330348],[2025,0.08611523813355498],[2026,0.1395799210373819]]; median 0.10841103170480776. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 7.6% of cash earnings on expansion; earns 13.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2017: growth capex 0; upkeep 20900000; owner earnings 69701000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2018: growth capex 0; upkeep 18548000; owner earnings 73295000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2019: growth capex 1285703.12158506; upkeep 28605296.87841494; owner earnings 53658703.121585056. Growth capex / owner earnings = 0.023960756536955244.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2020: growth capex 0; upkeep 34045000; owner earnings 31848000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2021: growth capex 0; upkeep 29320000; owner earnings 56945000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2022: growth capex 4339000; upkeep 32705000; cash acquisitions 13511000; owner earnings 49175000. Growth capex plus acquisitions / owner earnings = 0.36298932384341637.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2023: growth capex 7555795.221654266; upkeep 44238204.778345734; owner earnings 22379795.221654266. Growth capex / owner earnings = 0.33761681672330146.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2024: growth capex 5060000; upkeep 36178000; cash acquisitions 3282000; owner earnings 2416000. Growth capex plus acquisitions / owner earnings = 3.452814569536424.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); FY2025: growth capex 0; upkeep 38293000; cash acquisitions 286529000; owner earnings 55576000. Growth capex plus acquisitions / owner earnings = 5.155624730099324.

- Source: https://www.sec.gov/Archives/edgar/data/1069899/000110465926101493/pahc-20260630x10k.htm (filed 2026-08-26); FY2026: growth capex 7574000; upkeep 51514000; owner earnings 99720000. Growth capex / owner earnings = 0.07595266746891295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); Incremental return on capital 0.13560875141274661, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); Dividend observations: [[2017,15827000],[2018,16073000],[2019,18592000],[2020,19418000],[2021,19430000],[2022,19442000],[2023,19442000],[2024,19442000],[2025,19449000],[2026,19463000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PAHC.US SharesStats.PercentInsiders = 0.878 percentage points; cache date 2026-10-15.

### What the price says

The price is 1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-26); Closing price 37.98 USD; reporting-to-trading FX 1; FY2026 annual sales per share 37.05919832047652; price multiple 1.024846778161812. FY2026 cash earnings/share 2.4343325847085246. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.95 per share

- 2016-11: $27.45 per share

- 2016-12: $29.30 per share

- 2017-01: $26.70 per share

- 2017-02: $27.85 per share

- 2017-03: $28.10 per share

- 2017-04: $29.75 per share

- 2017-05: $35.25 per share

- 2017-06: $37.05 per share

- 2017-07: $38.20 per share

- 2017-08: $35.50 per share

- 2017-09: $37.05 per share

- 2017-10: $37.65 per share

- 2017-11: $34.70 per share

- 2017-12: $33.50 per share

- 2018-01: $34.05 per share

- 2018-02: $38.45 per share

- 2018-03: $39.70 per share

- 2018-04: $42.30 per share

- 2018-05: $45.20 per share

- 2018-06: $46.05 per share

- 2018-07: $47.90 per share

- 2018-08: $47.20 per share

- 2018-09: $42.90 per share

- 2018-10: $42.92 per share

- 2018-11: $33.90 per share

- 2018-12: $32.16 per share

- 2019-01: $31.22 per share

- 2019-02: $29.30 per share

- 2019-03: $33.00 per share

- 2019-04: $34.71 per share

- 2019-05: $29.58 per share

- 2019-06: $31.77 per share

- 2019-07: $31.13 per share

- 2019-08: $20.65 per share

- 2019-09: $21.33 per share

- 2019-10: $23.96 per share

- 2019-11: $24.26 per share

- 2019-12: $24.83 per share

- 2020-01: $23.72 per share

- 2020-02: $25.25 per share

- 2020-03: $24.17 per share

- 2020-04: $26.71 per share

- 2020-05: $26.20 per share

- 2020-06: $26.27 per share

- 2020-07: $23.20 per share

- 2020-08: $21.46 per share

- 2020-09: $17.40 per share

- 2020-10: $16.44 per share

- 2020-11: $18.89 per share

- 2020-12: $19.42 per share

- 2021-01: $20.74 per share

- 2021-02: $21.57 per share

- 2021-03: $24.40 per share

- 2021-04: $24.52 per share

- 2021-05: $28.19 per share

- 2021-06: $28.88 per share

- 2021-07: $23.67 per share

- 2021-08: $24.29 per share

- 2021-09: $21.54 per share

- 2021-10: $21.94 per share

- 2021-11: $19.59 per share

- 2021-12: $20.42 per share

- 2022-01: $19.30 per share

- 2022-02: $21.30 per share

- 2022-03: $19.95 per share

- 2022-04: $17.99 per share

- 2022-05: $19.21 per share

- 2022-06: $19.13 per share

- 2022-07: $19.57 per share

- 2022-08: $14.81 per share

- 2022-09: $13.29 per share

- 2022-10: $14.69 per share

- 2022-11: $12.31 per share

- 2022-12: $13.41 per share

- 2023-01: $15.40 per share

- 2023-02: $15.71 per share

- 2023-03: $15.32 per share

- 2023-04: $15.56 per share

- 2023-05: $13.30 per share

- 2023-06: $13.70 per share

- 2023-07: $14.48 per share

- 2023-08: $13.95 per share

- 2023-09: $12.77 per share

- 2023-10: $10.92 per share

- 2023-11: $9.59 per share

- 2023-12: $11.58 per share

- 2024-01: $10.81 per share

- 2024-02: $12.93 per share

- 2024-03: $12.93 per share

- 2024-04: $16.70 per share

- 2024-05: $17.63 per share

- 2024-06: $16.77 per share

- 2024-07: $18.88 per share

- 2024-08: $21.00 per share

- 2024-09: $22.52 per share

- 2024-10: $23.12 per share

- 2024-11: $23.37 per share

- 2024-12: $21.00 per share

- 2025-01: $21.81 per share

- 2025-02: $22.74 per share

- 2025-03: $21.36 per share

- 2025-04: $18.61 per share

- 2025-05: $24.42 per share

- 2025-06: $25.54 per share

- 2025-07: $26.50 per share

- 2025-08: $37.07 per share

- 2025-09: $40.46 per share

- 2025-10: $42.06 per share

- 2025-11: $41.88 per share

- 2025-12: $37.36 per share

- 2026-01: $40.15 per share

- 2026-02: $54.59 per share

- 2026-03: $55.31 per share

- 2026-04: $53.18 per share

- 2026-05: $30.79 per share

- 2026-06: $31.40 per share

- 2026-07: $36.33 per share

- 2026-08: $37.74 per share

- 2026-09: $35.74 per share

- 2026-10: $37.98 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1069899/000110465926101493/pahc-20260630x10k.htm); period 2026-06-30, filed 2026-08-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.