# Prestige Brand Holdings (PBH.US)

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

Analysis as of: 2026-10-16T07:31:04.407Z. Financial observations: FY2001–FY2027.

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: $49.20 per share; close as of 2026-10-15.

Estimated value: low $53.62 per share, central $60.82 per share, high $70.40 per share. Buy at or below the central value $60.82 per share. Valuation as of 2026-10-16T07:31:04.407Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.21×

- FY2019: 0.07×

- FY2020: 0.30×

- FY2021: 0.32×

- FY2022: 0.30×

- FY2023: -0.02×

- FY2024: 0.30×

- FY2025: 0.30×

- FY2026: 0.28×

- LTM to Jun 2026: 0.26×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.8%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: 3.5 pp

- Typical gross margin (annual median): 56.2%

- Recent gross margin (lower of latest and 3-year median): 52.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.0%

- ROIC including acquisitions, ten-year median: 6.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.7%

- FY2018: 8.6%

- FY2019: 2.3%

- FY2020: 9.6%

- FY2021: 10.6%

- FY2022: 10.4%

- FY2023: -0.8%

- FY2024: 11.7%

- FY2025: 11.3%

- FY2026: 10.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $848M

- Net income, five-year total: $737M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 7.2 pp

- Working capital / revenue, final three-year average: 27.7%

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

- FY2022: 1.11×

- FY2023: 0.70×

- FY2024: 1.10×

- FY2025: 1.10×

- FY2026: 1.11×

### management: pass

- 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: 5.7% vs 11.3%

- Per-share earnings: 1.88 to 4.17 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: -$77M

- Cumulative retained earnings: $1.3B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.5%

- Per-share value change: $2.29

- Per-share value, starting three-year median: $1.88

- Per-share value, ending three-year median: $4.17

- Buybacks concentrated in cheaper years (correlation): -0.32

- Average buyback yield: 1.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $392M

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.30

- FY2018: $6.34

- FY2019: -$0.69

- FY2020: $2.78

- FY2021: $3.25

- FY2022: $4.04

- FY2023: -$1.65

- FY2024: $4.17

- FY2025: $4.29

- FY2026: $3.91

### accounting: pass

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 4.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.53×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.0%

- FY2018: 3.4%

- FY2019: -6.5%

- FY2020: -2.1%

- FY2021: -2.1%

- FY2022: -1.5%

- FY2023: -9.3%

- FY2024: -1.2%

- FY2025: -1.1%

- FY2026: -1.9%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 43% since Mar 2025 · "Prestige Consumer Faces Execution Pressure After Weak Q4, Softer 2026 Outlook, Oppenheimer Says" (finance.yahoo.com, May 2026) · sales +1.5%

Story as of 2026-10-16T09:59:22.306Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.8% a year for ten years

- 2025-10-24: Prestige Consumer Healthcare (PBH) Slipped on Mixed Results and Reduced Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/prestige-consumer-healthcare-pbh-slipped-163025441.html))

- 2026-05-14: Prestige Consumer Faces Execution Pressure After Weak Q4, Softer 2026 Outlook, Oppenheimer Says ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/prestige-consumer-faces-execution-pressure-151349639.html))

- 2026-08-08: Prestige Consumer Healthcare (PBH) Is Up 9.2% After Raising 2027 Outlook On Recent Acquisitions ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/prestige-consumer-healthcare-pbh-9-161237786.html))

### Sales · FY2026–2027

sales +1.5%; source https://www.sec.gov/Archives/edgar/data/1295947/000129594726000016/pbh-20260331.htm; observed 2026-05-14.

- FY2018: $1.0B 

- FY2019: $976M 

- FY2020: $963M 

- FY2021: $943M 

- FY2022: $1.1B 

- FY2023: $1.1B 

- FY2024: $1.1B 

- FY2025: $1.1B 

- FY2026: $1.1B 

- FY2027: $1.1B 

### Gross margin · FY2026

gross margin 52.8%; source https://www.sec.gov/Archives/edgar/data/1295947/000129594726000016/pbh-20260331.htm; observed 2026-05-14.

- FY2017: 56.7% 

- FY2018: 55.4% 

- FY2019: 56.9% 

- FY2020: 57.3% 

- FY2021: 58.0% 

- FY2022: 57.1% 

- FY2023: 55.4% 

- FY2024: 55.5% 

- FY2025: 55.8% 

- FY2026: 52.8% 

## 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 1.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1295947/000129594726000016/pbh-20260331.htm (filed 2026-05-14); FY2026: revenue 1088705000; grossProfit 574638000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PBH.US: Prestige Consumer Healthcare Inc., together with its subsidiaries, develops, manufactures, markets, distributes, and sells over the counter (OTC) health and personal care products in North America, Australia, and internationally. It operates in two segments, North American OTC Healthcare and International OTC Healthcare. The company offers analgesic powders under the BC and Goody's brand; various diaper rash treatments and skin protectants for babies under the Boudreaux's Butt Paste brand name; sprays and lozenges to relieve sore throats and mouth pain under the Chloraseptic brand; eye care products that provide relief from redness and itchiness under the Clear Eyes brand name; at-home removal of common and plantar warts under the Compound W brand; and ear wax removal products under the Debrox brand name. It also provides dental guards, floss picks, interdental brushes, dental repair and kits, and tongue cleaners under the DenTek brand; motion sickness relief products under the Dramamine brand; enemas and other laxative products under the Fleet brand name; stomach upset remedies under the Gaviscon brand; cough drops under the Luden's brand; products for yeast infections in women under the Monistat brand name; lice and parasite treatments under the Nix name; feminine care products, including washes, cloths, and sprays under the Summer's Eve brand; products for dry eyes under the TheraTears brand; nasal saline sprays and washes under the Fess brand name; and oral rehydration products under the Hydralyte brand. It sells its products to mass merchandisers; and drug, food, dollar, convenience, and club stores, as well as e-commerce channels. The company was formerly known as Prestige Brands Holdings, Inc. and changed its name to Prestige Consumer Healthcare Inc. in August 2018. Prestige Consumer Healthcare Inc. was founded in 1996 and is headquartered in Tarrytown, New York.

### Why customers stay

Margins ranged from 52.8% to 55.8% during 2024–26; it earns 9.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2024: grossProfit / revenue = 55.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2025: grossProfit / revenue = 55.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1295947/000129594726000016/pbh-20260331.htm (filed 2026-05-14); FY2026: grossProfit / revenue = 52.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); 10-year return on capital observations [[2017,0.05663871497067805],[2018,0.08569797484314681],[2019,0.023304198371203975],[2020,0.09556861828522195],[2021,0.10605312485700409],[2022,0.10419333767237816],[2023,-0.007947393625066367],[2024,0.11695372388977605],[2025,0.1128365295410293],[2026,0.0999433192421048]]; median 0.09775596876366338. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 58.8% of cash earnings; paid dividends in 4 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2017: growth capex 0; upkeep 2977000; cash acquisitions 0; owner earnings 92210000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2018: growth capex 0; upkeep 12532000; cash acquisitions 0; owner earnings 360464000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2020: growth capex 0; upkeep 14560000; cash acquisitions 2760000; owner earnings 156716000. Growth capex plus acquisitions / owner earnings = 0.01761147553536333.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2021: growth capex 0; upkeep 22243000; cash acquisitions 0; owner earnings 172603000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2022: growth capex 0; upkeep 9642000; cash acquisitions 247046000; owner earnings 227831000. Growth capex plus acquisitions / owner earnings = 1.084338830097748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2024: growth capex 0; upkeep 9550000; cash acquisitions 10561000; owner earnings 230464000. Growth capex plus acquisitions / owner earnings = 0.04582494445987226.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); FY2025: growth capex 0; upkeep 8224000; cash acquisitions 8250000; owner earnings 236554000. Growth capex plus acquisitions / owner earnings = 0.034875757755100316.

- Source: https://www.sec.gov/Archives/edgar/data/1295947/000129594726000016/pbh-20260331.htm (filed 2026-05-14); FY2026: growth capex 0; upkeep 11178000; cash acquisitions 123736000; owner earnings 210396000. Growth capex plus acquisitions / owner earnings = 0.588110040114831.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); Dividend observations: [[2017,0],[2018,0],[2019,2931000],[2020,1324000],[2021,2851000],[2022,4124000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1295947/000129594726000016/pbh-20260331.htm (filed 2026-05-14); FY2026: cash repurchases 156283000 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PBH.US SharesStats.PercentInsiders = 1.409 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 1.8% yearly over ten years; actual growth was 6.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-14); Ten-year compound average after fade. Initial solved rate -0.03861254604815051. Price 49.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.258340703385206 → FY2026 4.318472906403941. Closing-price date 2026-10-15.

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

- 2016-10: $45.28 per share

- 2016-11: $47.57 per share

- 2016-12: $52.10 per share

- 2017-01: $52.76 per share

- 2017-02: $56.62 per share

- 2017-03: $55.56 per share

- 2017-04: $57.41 per share

- 2017-05: $50.38 per share

- 2017-06: $52.81 per share

- 2017-07: $53.63 per share

- 2017-08: $50.71 per share

- 2017-09: $50.09 per share

- 2017-10: $46.90 per share

- 2017-11: $45.20 per share

- 2017-12: $44.41 per share

- 2018-01: $41.83 per share

- 2018-02: $33.80 per share

- 2018-03: $33.72 per share

- 2018-04: $29.44 per share

- 2018-05: $33.43 per share

- 2018-06: $38.38 per share

- 2018-07: $35.73 per share

- 2018-08: $38.50 per share

- 2018-09: $37.89 per share

- 2018-10: $36.16 per share

- 2018-11: $38.82 per share

- 2018-12: $30.88 per share

- 2019-01: $27.92 per share

- 2019-02: $29.26 per share

- 2019-03: $29.91 per share

- 2019-04: $29.42 per share

- 2019-05: $29.03 per share

- 2019-06: $31.68 per share

- 2019-07: $34.60 per share

- 2019-08: $31.88 per share

- 2019-09: $34.69 per share

- 2019-10: $35.46 per share

- 2019-11: $37.77 per share

- 2019-12: $40.50 per share

- 2020-01: $40.56 per share

- 2020-02: $37.36 per share

- 2020-03: $36.68 per share

- 2020-04: $40.69 per share

- 2020-05: $42.20 per share

- 2020-06: $37.56 per share

- 2020-07: $37.19 per share

- 2020-08: $36.43 per share

- 2020-09: $36.42 per share

- 2020-10: $33.03 per share

- 2020-11: $35.57 per share

- 2020-12: $34.87 per share

- 2021-01: $40.00 per share

- 2021-02: $41.71 per share

- 2021-03: $44.08 per share

- 2021-04: $43.56 per share

- 2021-05: $49.87 per share

- 2021-06: $52.10 per share

- 2021-07: $52.55 per share

- 2021-08: $57.39 per share

- 2021-09: $56.11 per share

- 2021-10: $59.99 per share

- 2021-11: $55.95 per share

- 2021-12: $60.65 per share

- 2022-01: $56.45 per share

- 2022-02: $59.53 per share

- 2022-03: $52.94 per share

- 2022-04: $54.66 per share

- 2022-05: $55.82 per share

- 2022-06: $58.80 per share

- 2022-07: $60.31 per share

- 2022-08: $50.58 per share

- 2022-09: $49.83 per share

- 2022-10: $54.48 per share

- 2022-11: $61.46 per share

- 2022-12: $62.60 per share

- 2023-01: $65.76 per share

- 2023-02: $60.25 per share

- 2023-03: $62.63 per share

- 2023-04: $61.53 per share

- 2023-05: $57.23 per share

- 2023-06: $59.43 per share

- 2023-07: $65.21 per share

- 2023-08: $58.33 per share

- 2023-09: $57.19 per share

- 2023-10: $59.36 per share

- 2023-11: $57.35 per share

- 2023-12: $61.22 per share

- 2024-01: $61.54 per share

- 2024-02: $69.58 per share

- 2024-03: $72.56 per share

- 2024-04: $71.76 per share

- 2024-05: $64.31 per share

- 2024-06: $68.85 per share

- 2024-07: $70.81 per share

- 2024-08: $74.64 per share

- 2024-09: $72.10 per share

- 2024-10: $73.75 per share

- 2024-11: $84.77 per share

- 2024-12: $78.09 per share

- 2025-01: $76.77 per share

- 2025-02: $84.75 per share

- 2025-03: $85.97 per share

- 2025-04: $81.23 per share

- 2025-05: $85.67 per share

- 2025-06: $79.85 per share

- 2025-07: $73.95 per share

- 2025-08: $68.04 per share

- 2025-09: $62.40 per share

- 2025-10: $60.60 per share

- 2025-11: $59.55 per share

- 2025-12: $61.69 per share

- 2026-01: $64.47 per share

- 2026-02: $69.30 per share

- 2026-03: $59.27 per share

- 2026-04: $56.32 per share

- 2026-05: $47.53 per share

- 2026-06: $47.27 per share

- 2026-07: $50.22 per share

- 2026-08: $51.78 per share

- 2026-09: $45.87 per share

- 2026-10: $49.20 per share

## Annual estimated value (USD per share)

- FY2017: low $27.08 per share, central $36.22 per share, high $42.35 per share

- FY2018: low $36.12 per share, central $50.47 per share, high $59.19 per share

- FY2019: low $31.62 per share, central $44.26 per share, high $51.91 per share

- FY2020: low $39.27 per share, central $55.00 per share, high $64.32 per share

- FY2021: low $33.42 per share, central $38.00 per share, high $44.08 per share

- FY2022: low $42.86 per share, central $48.75 per share, high $56.60 per share

- FY2023: low $40.93 per share, central $46.47 per share, high $53.85 per share

- FY2024: low $52.63 per share, central $69.97 per share, high $81.84 per share

- FY2025: low $57.75 per share, central $72.65 per share, high $84.60 per share

- FY2026: low $50.88 per share, central $57.78 per share, high $66.96 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/1295947/000129594726000016/pbh-20260331.htm); period 2026-03-31, filed 2026-05-14.

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.