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what it is
Phibro sells animal drugs, vaccines, and nutrition products that help farmers keep livestock healthier and more productive.
how it gets paid
Last year Phibro Animal Health made $1.3B in revenue. antibacterials was the main engine at $0.70B, or 54% of sales.
why it's growing
Revenue grew 27.4% last year. Gross margin was 34.2%. Contrast frame: revenue grew 97%.
what just happened
Latest quarter revenue hit $738M and EPS reached $1.32, both up 97% vs. prior year.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
22.8x trailing p/e — priced about right
1.0% dividend yield — cash in your pocket every quarter
6.6% return on capital — nothing to write home about
xvary composite: 53/100 — below average
What they do
Phibro sells animal drugs, vaccines, and nutrition products that help farmers keep livestock healthier and more productive.
Phibro wins because animal health products get embedded in everyday farm routines, and changing them can risk animal performance. That creates repeat demand across a $1.3 billion revenue base from feed additives, vaccines, and nutrition products. You are not buying a flashy story here; you are buying a company with 2,475 employees and products farmers reorder because sick animals cost real money.
How they make money
$1.3B
annual revenue · their business grew +27.4% last year
antibacterials
$0.70B
mineral nutrition
$0.21B
nutritional specialty products
$0.16B
vaccines and adjuvants
$0.10B
anticoccidials and other products
$0.13B
The products that matter
antiparasitic product
Banminth
inside $962.8M animal health revenue
it prevents liver and lung damage from ascarid larvae, but for you the point is simpler: products like this sit inside the $962.8M animal health segment that still drives most of the company.
core portfolio
vaccine manufacturing
Animal Health Vaccines
2023 brazil approval
the guarulhos, brazil facility won regulatory approval in 2023, giving phibro more room to support a segment that produced $962.8M in revenue last year.
capacity matters
feed additives
Mineral Nutrition
$337.2M · +47%
this segment reached $337.2M in annual revenue, and management said adjusted EBITDA rose 47% to $60.6M in Q4 2025. that's the part of the story you want getting bigger.
$60.6M q4 adj. EBITDA
Key numbers
$758M
long-term debt
That is a lot of debt for a company with just 6.6% return on capital, which means the balance sheet is doing more work than the business.
12.0%
operating margin
Operating margin → profit after running the business → so what, Phibro keeps 12 cents from each sales dollar before interest and taxes.
$1.19
fy2025 eps
That estimate matters because it is the whole recovery case after fiscal 2024 EPS collapsed to $0.06.
22.8x
trailing p/e
P/E → stock price divided by earnings → so what, you are paying a full price for a company still trying to rebuild profits.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $758M (27% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PAHC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter revenue hit $738M and EPS reached $1.32, both up 97% vs. prior year.
Gross margin was 34.2%. Contrast frame: revenue grew 97%, but shows fiscal 2024 EPS was only $0.06, so the turnaround still needs to stick.
$325M
revenue
$1.32
eps
34.2%
gross margin
the number that mattered
$1.32 EPS matters most because it is already above the full-year fiscal 2025 estimate of $1.19, which tells you just how lumpy this story is.
source: company earnings report, 2026
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What could go wrong
the #1 risk is execution slippage during the july 2026 CEO handoff.
high
CEO transition
jack bendheim will resign as CEO on july 1, 2026. leadership changes matter more when the business already runs on an 8.5% average operating margin.
if execution slips during the handoff, the recent rerating has room to unwind faster than fundamentals do.
med
country-by-country approvals
phibro still has to register products market by market. that slows expansion, especially when you're trying to grow from just 1.8% market share.
delays don't just postpone sales. they also postpone the scale benefits the bull case needs.
med
flat sales after a big rerating
the latest quarter delivered $378.7M in revenue and no growth from last year. a stock that ran 135% usually needs cleaner top-line follow-through than that.
if future quarters keep looking like this one, valuation becomes the story.
med
insider selling optics
the CEO sold more than 14,000 shares in february 2026 for over $1.1M. one sale doesn't prove anything, but it lands differently after a major run.
when insiders sell into strength, investors tend to demand cleaner execution from here.
an 8.5% average operating margin, $758M in long-term debt, and flat $378.7M quarterly revenue leave less room for mistakes than the stock chart suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
does revenue unfreeze
the latest quarter came in at $378.7M and flat from last year. after a 135% run, you want to see sales growth do some work again.
calendar
q1 FY2026 earnings
the next print matters more than usual because it has to answer a simple question: was the margin improvement real, or just one clean quarter.
risk
july 1, 2026 CEO handoff
management transitions are routine. management transitions after a huge rerating are not. watch early messaging from the incoming leadership team.
metric
return on capital vs. 6.6%
6.6% return on capital is weak. if that number doesn't improve, the multiple is doing more work than the business quality.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts don't expect clean, repeatable quarters here. surprises are part of the package.
risk rank
3
that puts it around the middle of the market on safety. not a bunker stock, not a disaster waiting to happen.
source: institutional data
Institutional activity
institutional ownership data for PAHC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$38
current price
n/a
target midpoint · n/a from current
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