At a glance
Phibro Animal Health Corporation is worth $1.54B, about 16 times its fiscal 2026 earnings. Revenue grew 17.1% to $1.52B in fiscal 2026, with 6.6% kept as profit; over 5 years it has grown 12.7% a year. It pays a 1.27% dividend yield, and returned $97.2M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −8.0% over the past year with dividends reinvested and +14.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.7% in the 2020 crash (S&P 500: 33.7%) and 40.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 23 months after the lows.
The business in plain English
Phibro Animal Health makes medicines, vaccines and nutritional products for farm animals, chiefly poultry, cattle and swine. It markets about 790 product lines to about 4,800 customers in about 90 countries, selling directly to large livestock producers and through feed manufacturers, wholesalers, distributors and veterinarians. It focuses on regions where most livestock is raised on large commercial farms.
Animal Health is the core. It brought in $1.16 billion, or 77% of the $1.52 billion in net sales for the fiscal year ended June 30, 2026, and 91% of segment adjusted EBITDA (a measure of operating profit) before corporate costs. Its largest product group is medicated feed additives (MFAs): drugs mixed into feed to fight bacteria and gut parasites. With related products, MFAs made up 53% of total sales. The October 2024 purchase of Zoetis's MFA portfolio added $358.2 million of sales that year.
Mineral Nutrition (19% of sales) sells minerals that fortify animal diets. Performance Products (5%) makes ingredients for personal care and industrial chemical companies. Poultry was the largest species at 36% of sales. The United States took 58%, Latin America and Canada 22%, Europe, the Middle East and Africa 12%, and Asia Pacific 7%. Phibro is also building a pet business, including the Restoris canine dental device launched in October 2025.
Price history
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PAHC -8.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| MFAs and other | $810.7M | 53.4% |
| Mineral Nutrition | $282.3M | 18.6% |
| Nutritional Specialties | $195.1M | 12.8% |
| Vaccines | $156.4M | 10.3% |
| Performance Products | $73.5M | 4.8% |
By business segment
| Animal Health | $1.16B | 76.6% |
| Mineral Nutrition | $282.3M | 18.6% |
| Performance Products | $73.5M | 4.8% |
By geography
| United States | $877.1M | 57.8% |
| Latin America and Canada | $340.7M | 22.4% |
| Europe, Middle East and Africa | $187.9M | 12.4% |
| Asia Pacific | $112.4M | 7.4% |
Latest results
- In Q4 FY2026 (ended Jun 30, 2026), revenue was $396.7M, up 4.8% from a year earlier, and net income was $21.7M (+26.0%).
- For fiscal 2026, revenue was $1.52B (+17.1% year over year; +12.7% a year from FY2021 to FY2026) with a 6.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +12.7% good |
|---|---|
| Operating margin | 12.8% watch |
| Free cash flow margin | 0.6% watch |
| Return on equity (FY2026) | 25.9% good |
| Return on assets (FY2026) | 6.6% watch |
| Net cash (cash minus debt) | $-538.5M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $833.4M | $54.4M | $19.0M |
| FY2022 | $942.3M | $49.2M | $-5.4M |
| FY2023 | $977.9M | $32.6M | $-38.5M |
| FY2024 | $1.02B | $2.4M | $46.4M |
| FY2025 | $1.30B | $48.3M | $41.8M |
| FY2026 | $1.52B | $99.7M | $9.9M |
Valuation snapshot
| Market value | $1.54B |
|---|---|
| P/E ratio | 15.6 |
| Dividend yield | 1.27% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PAHC price data to Oct 28, 2026 | +2.3% | -8.0% | +56.0% | +14.4% | +6.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.3% |
| 2025 | +80.8% |
| 2024 | +88.6% |
| 2023 | -10.3% |
| 2022 | -32.3% |
| 2021 | +7.3% |
| 2020 | -20.1% |
| 2019 | -21.3% |
| 2018 | -3.0% |
| 2017 | +15.7% |
| 2016 | -1.2% |
| 2015 | -3.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.3% over that stretch · deepest drop along the way 33.7%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.8% over that stretch · deepest drop along the way 40.1%, back to its old high 22.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($318K) and 50 sales ($9.0M), 50 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 14, 2026 | Jack Bendheim President and CEO, Director, 10% owner | sell (plan) | $387K |
| Mar 26, 2026 | Jack Bendheim President and CEO, Director, 10% owner | sell (plan) | $384K |
| Apr 22, 2026 | Jack Bendheim President and CEO, Director, 10% owner | sell (plan) | $382K |
| Feb 25, 2026 | Jack Bendheim President and CEO, Director, 10% owner | sell (plan) | $364K |
| Apr 23, 2026 | Jack Bendheim President and CEO, Director, 10% owner | sell (plan) | $358K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.7% | Mar 31, 2025 |
| FMR LLC | 15% | Jun 30, 2026 |
| Vanguard Capital Management | 5.06% | Mar 31, 2026 |
| Millennium Management LLC | 3.9% | Sep 30, 2026 |
| PZENA INVESTMENT MANAGEMENT LLC | 3.6% | Mar 31, 2025 |
| Brandes Investment Partners, L.P. | 3.26% | Dec 31, 2024 |
| Barclays PLC | 1.27% | Mar 31, 2026 |
ETFs with the most weight in PAHC
| FDLS Inspire Fidelis Multi Factor ETF | 0.94% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.64% |
| ROSC Hartford Multifactor Small Cap ETF | 0.51% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.35% |
| PSCH Invesco S&P SmallCap Health Care ETF | 0.27% |
| SMIZ Zacks Small/Mid Cap ETF | 0.22% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.18% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.15% |
What could go wrong
- Tighter limits on livestock antibiotics. The FDA plans to review its list of medically important antibiotics, which are also used in human medicine. Several Phibro drugs are on it, and wider limits could shrink its biggest product group.
- FDA could pull Mecadox approval. Phibro warns that the FDA could withdraw approval of Mecadox (carbadox), one of its antibacterial drugs. Losing those sales could significantly hurt revenue and profits.
- Disease outbreaks can shrink flocks and herds. Outbreaks such as African Swine Fever and bird flu kill animals or force culls, and can trigger trade bans. Smaller flocks and herds mean less demand. Poultry was 36% of sales.
- Substantial debt with restrictive loan terms. Total debt was about $621 million as of March 31, 2026, versus cash of $82 million on June 30, 2026. Term loans funded the Zoetis purchase, and loan terms limit financial flexibility.
- Outside shareholders have limited voting power. Voting power is concentrated with certain holders, and only Class A shares trade. As a controlled company, where a group holds most votes, Phibro can skip some governance rules that protect shareholders.
- Distributor stocking swings can jolt revenue. Many products are sold through distributors. When they build up or cut inventories, revenue can swing, and changes in the payment terms Phibro offers them can affect cash flow.
Recent events
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Other company announcement
For income and retirement investors
Phibro paid a dividend of $0.48 per share in every fiscal year from 2021 through 2026, with no increase in that span. It held the payment even in fiscal 2024, when diluted earnings fell to $0.06 a share. For the year ended June 30, 2026, dividends took 19.5% of earnings but 197.3% of free cash flow (cash left after running the business and paying for equipment and facilities), which was just $9.9 million. The company bought back no shares from fiscal 2022 through 2026. The yield was 1.27% as of October 28, 2026. For income investors, that means a modest, flat payout that free cash flow did not cover in fiscal 2026. The stock fell 33.7% in the 2020 COVID crash and recovered in about 1.4 months, but dropped 40.1% in the 2022 bear market and took about 23 months to recover. A single stock like PAHC carries more risk than a diversified fund.
Questions investors ask
How does Phibro Animal Health make money?
Mostly by selling medicines, vaccines and nutritional products for farm animals. In the fiscal year ended June 30, 2026, the Animal Health segment, which includes medicated feed additives, nutritional specialty products and vaccines, brought in 77% of $1.52 billion in net sales. Mineral Nutrition added 19%. Performance Products, which makes ingredients for personal care and industrial chemical companies, added 5%. Poultry was the largest species group at 36% of sales, and the United States accounted for 58%.
Does Phibro Animal Health raise its dividend?
No. Phibro paid $0.48 per share in each fiscal year from 2021 through 2026, with no increase. The yield was 1.27% as of October 28, 2026. In the year ended June 30, 2026, dividends were 19.5% of earnings, a low share of profits, but 197.3% of free cash flow, which came to only $9.9 million. Phibro did not buy back any shares from fiscal 2022 through 2026, so the dividend was its only cash return to shareholders.
What did Phibro buy from Zoetis?
Phibro bought Zoetis's medicated feed additive portfolio, certain water-soluble products and related assets. The deal closed on October 31, 2024, for about $297.5 million, funded with term loans. It brought more than 37 product lines sold in about 80 countries, plus six factories: four in the US, one in Italy and one in China. The portfolio added $358.2 million of net sales in the fiscal year ended June 30, 2026, up from $208.2 million in the prior fiscal year, which included only the months after closing.
How much debt does Phibro Animal Health have?
About $621 million of total debt as of March 31, 2026. Cash and investments were about $82 million and shareholders' equity about $385 million as of June 30, 2026. On April 30, 2026, Phibro filed notice of a major agreement and a new debt obligation, so the total may have changed since March. The company warns that its debt and the terms of its amended 2024 credit agreement may limit how it runs and finances the business.
How has PAHC stock performed?
Strongly over three years, poorly over one. As of October 28, 2026, the share price returned about 56% a year over three years and 14.4% a year over five years, but lost 8% over one year. Gains of about 89% in 2024 and 81% in 2025 followed losses of 32% in 2022 and 10% in 2023. In the year to October 28, 2026, the stock fell as much as 52% from a high, and its volatility, a measure of how widely the price swings, was 55.1%.