Phibro Animal Health (PAHC)


Market Price (7/25/2026): $0 | Market Cap: $-Sector: Health Care | Industry: Pharmaceuticals

Phibro Animal Health (PAHC)


Market Price (7/25/2026): $0
Market Cap: $-
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40%

Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, Biotechnology & Genomics, and Precision Medicine. Themes include Nutritional Supplements, Show more.

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 51%

Key risks
PAHC key risks include [1] operational, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40%
2 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, Biotechnology & Genomics, and Precision Medicine. Themes include Nutritional Supplements, Show more.
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 51%
4 Key risks
PAHC key risks include [1] operational, Show more.

PAHC in ETFs

Weight = PAHC's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
IJR0.04%
IJT0.08%
SLYG0.08%
NUSC0.05%
ESML0.05%
+8 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Phibro Animal Health (PAHC) stock has lost about 40% since 3/31/2026 because of the following key factors:

1. Regulatory Headwinds in Brazil Overshadow Strong Q3 Fiscal 2026 Performance.

Despite reporting strong financial results for its third fiscal quarter ended March 31, 2026, Phibro Animal Health's stock experienced a significant decline due to new regulatory changes in Brazil. The company announced net sales increased 10% to $383.5 million and adjusted EBITDA rose 11% to $60.8 million, exceeding analyst expectations for both metrics. However, Brazil implemented a new framework removing "growth promotion and performance indications for certain antimicrobials," including key products like virginiamycin and bacitracin, impacting Phibro's Animal Health segment, particularly medicated feed additives (MFAs). This news, released alongside the earnings on May 7, 2026, triggered a sharp sell-off, with the stock falling more than 24% in premarket trading that day, as investor concerns about these "regulatory and geopolitical risks" outweighed the positive quarterly results.

2. Analyst Downgrades and Price Target Cuts Reflect Increased Caution.

Following the Q3 fiscal 2026 earnings report and the regulatory concerns, Wall Street analysts revised their outlook for Phibro Animal Health, contributing to the stock's downturn. Notably, Citigroup cut its price target for PAHC from $62 to $44 in mid-May 2026, while maintaining a Neutral rating on the stock. This adjustment was attributed to "regulatory pressures affecting the industry as well as valuation compression across comparable companies," indicating a more cautious stance on the company's future prospects. The consensus analyst rating for PAHC shifted to "Hold," with some forecasts predicting continued negative price trends.

Show more
Updated on 7/1/2026

Phibro Animal Health (PAHC) stock has lost about 40% since 3/31/2026 because of the following key factors:

1. Regulatory Headwinds in Brazil Overshadow Strong Q3 Fiscal 2026 Performance.

Despite reporting strong financial results for its third fiscal quarter ended March 31, 2026, Phibro Animal Health's stock experienced a significant decline due to new regulatory changes in Brazil. The company announced net sales increased 10% to $383.5 million and adjusted EBITDA rose 11% to $60.8 million, exceeding analyst expectations for both metrics. However, Brazil implemented a new framework removing "growth promotion and performance indications for certain antimicrobials," including key products like virginiamycin and bacitracin, impacting Phibro's Animal Health segment, particularly medicated feed additives (MFAs). This news, released alongside the earnings on May 7, 2026, triggered a sharp sell-off, with the stock falling more than 24% in premarket trading that day, as investor concerns about these "regulatory and geopolitical risks" outweighed the positive quarterly results.

2. Analyst Downgrades and Price Target Cuts Reflect Increased Caution.

Following the Q3 fiscal 2026 earnings report and the regulatory concerns, Wall Street analysts revised their outlook for Phibro Animal Health, contributing to the stock's downturn. Notably, Citigroup cut its price target for PAHC from $62 to $44 in mid-May 2026, while maintaining a Neutral rating on the stock. This adjustment was attributed to "regulatory pressures affecting the industry as well as valuation compression across comparable companies," indicating a more cautious stance on the company's future prospects. The consensus analyst rating for PAHC shifted to "Hold," with some forecasts predicting continued negative price trends.

3. Removal from Russell Indices Impacts Institutional Ownership and Liquidity.

Effective July 2, 2026, Phibro Animal Health was removed from several Russell indices, including the Russell Microcap and Russell 3000E groupings. This technical event can lead to a reduction in demand for the stock from index-tracking funds, as these funds are mandated to adjust their portfolios to align with index compositions. The removal can negatively affect the stock's liquidity and potentially exert further selling pressure, contributing to its overall decline. Phibro's share price saw a 90-day decline of 42.18% as of July 2, 2026.

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Stock Movement Drivers

Fundamental Drivers

The -38.2% change in PAHC stock from 3/31/2026 to 7/24/2026 was primarily driven by a -40.2% change in the company's P/E Multiple.
(LTM values as of)33120267242026Change
Stock Price ($)55.0834.03-38.2%
Change Contribution By: 
Total Revenues ($ Mil)1,4641,5002.4%
Net Income Margin (%)6.3%6.3%1.0%
P/E Multiple24.214.5-40.2%
Shares Outstanding (Mil)41410.0%
Cumulative Contribution-38.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/24/2026
ReturnCorrelation
PAHC-38.2% 
Market (SPY)13.6%23.4%
Sector (XLV)10.9%31.8%

Fundamental Drivers

The -8.3% change in PAHC stock from 12/31/2025 to 7/24/2026 was primarily driven by a -34.7% change in the company's P/E Multiple.
(LTM values as of)123120257242026Change
Stock Price ($)37.1234.03-8.3%
Change Contribution By: 
Total Revenues ($ Mil)1,4001,5007.2%
Net Income Margin (%)4.8%6.3%31.0%
P/E Multiple22.214.5-34.7%
Shares Outstanding (Mil)41410.0%
Cumulative Contribution-8.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/24/2026
ReturnCorrelation
PAHC-8.3% 
Market (SPY)8.7%21.5%
Sector (XLV)5.5%26.5%

Fundamental Drivers

The 34.9% change in PAHC stock from 6/30/2025 to 7/24/2026 was primarily driven by a 137.8% change in the company's Net Income Margin (%).
(LTM values as of)63020257242026Change
Stock Price ($)25.2234.0334.9%
Change Contribution By: 
Total Revenues ($ Mil)1,1911,50026.0%
Net Income Margin (%)2.7%6.3%137.8%
P/E Multiple32.114.5-54.9%
Shares Outstanding (Mil)4141-0.1%
Cumulative Contribution34.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/24/2026
ReturnCorrelation
PAHC34.9% 
Market (SPY)20.6%23.2%
Sector (XLV)22.2%26.2%

Fundamental Drivers

The 166.3% change in PAHC stock from 6/30/2023 to 7/24/2026 was primarily driven by a 117.2% change in the company's Net Income Margin (%).
(LTM values as of)63020237242026Change
Stock Price ($)12.7834.03166.3%
Change Contribution By: 
Total Revenues ($ Mil)9781,50053.4%
Net Income Margin (%)2.9%6.3%117.2%
P/E Multiple18.114.5-20.0%
Shares Outstanding (Mil)4141-0.1%
Cumulative Contribution166.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/24/2026
ReturnCorrelation
PAHC166.3% 
Market (SPY)72.6%30.9%
Sector (XLV)28.2%28.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PAHC Return7%-32%-10%86%81%-8%101%
Peers Return18%-30%25%-21%19%3%-1%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
PAHC Win Rate75%42%50%75%67%71% 
Peers Win Rate55%37%55%42%43%54% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
PAHC Max Drawdown-36%-44%-39%-18%-37%-52% 
Peers Max Drawdown-19%-49%-30%-33%-37%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ZTS, ELAN, MRK, NEOG, IDXX. See PAHC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/24/2026 (YTD)

How Low Can It Go

EventPAHCS&P 500
2025 US Tariff Shock
  % Loss-31.3%-18.8%
  % Gain to Breakeven45.5%23.1%
  Time to Breakeven21 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-33.3%-9.5%
  % Gain to Breakeven49.9%10.5%
  Time to Breakeven171 days24 days
2023 SVB Regional Banking Crisis
  % Loss-17.8%-6.7%
  % Gain to Breakeven21.7%7.1%
  Time to Breakeven333 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-37.2%-24.5%
  % Gain to Breakeven59.3%32.4%
  Time to Breakeven696 days427 days
2020 COVID-19 Crash
  % Loss-31.6%-33.7%
  % Gain to Breakeven46.2%50.9%
  Time to Breakeven43 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-29.5%-19.2%
  % Gain to Breakeven41.9%23.8%
  Time to Breakeven2439 days105 days

Compare to ZTS, ELAN, MRK, NEOG, IDXX

In The Past

Phibro Animal Health's stock fell -31.3% during the 2025 US Tariff Shock. Such a loss loss requires a 45.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPAHCS&P 500
2025 US Tariff Shock
  % Loss-31.3%-18.8%
  % Gain to Breakeven45.5%23.1%
  Time to Breakeven21 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-33.3%-9.5%
  % Gain to Breakeven49.9%10.5%
  Time to Breakeven171 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-37.2%-24.5%
  % Gain to Breakeven59.3%32.4%
  Time to Breakeven696 days427 days
2020 COVID-19 Crash
  % Loss-31.6%-33.7%
  % Gain to Breakeven46.2%50.9%
  Time to Breakeven43 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-29.5%-19.2%
  % Gain to Breakeven41.9%23.8%
  Time to Breakeven2439 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-34.6%-12.2%
  % Gain to Breakeven52.9%13.9%
  Time to Breakeven461 days62 days

Compare to ZTS, ELAN, MRK, NEOG, IDXX

In The Past

Phibro Animal Health's stock fell -31.3% during the 2025 US Tariff Shock. Such a loss loss requires a 45.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Phibro Animal Health (PAHC)

Phibro Animal Health Corporation (PAHC) is a global animal health company that develops, manufactures, and supplies a comprehensive range of products for the livestock industry. Its primary focus is on enhancing the health and performance of food animals such as poultry, swine, beef and dairy cattle, and aquaculture through its Animal Health, Mineral Nutrition, and Performance Products segments.

The company's core offerings in Animal Health include critical solutions like antibacterials, anticoccidials, anthelmintics, and anti-bloat treatments, designed to prevent and treat various diseases in livestock. Phibro also provides nutritional specialty products to improve animal health and performance, alongside vaccines primarily for poultry and swine markets. Complementing this, its Mineral Nutrition segment produces essential trace minerals such as zinc, manganese, copper, and iron. Additionally, through its Performance Products segment, Phibro supplies specialty ingredients to personal care, industrial chemical, and chemical catalyst industries.

Phibro serves a broad global customer base, primarily selling its animal health and mineral nutrition products to integrated poultry, swine, and cattle integrators, as well as commercial animal feed manufacturers, wholesalers, and distributors. The company maintains a significant international presence, operating across the United States, Latin America, Canada, Europe, the Middle East, Africa, and the Asia Pacific region.

AI Analysis | Feedback

1. Imagine a company like Pfizer or Merck, but entirely dedicated to developing medicines, vaccines, and nutritional supplements for farm animals like chickens, pigs, and cattle.

2. It's like a specialized version of a major pharmaceutical company, providing health and nutrition solutions specifically for livestock.

AI Analysis | Feedback

Major products of Phibro Animal Health (PAHC) include:

  • Antibacterials: Biological or chemical products used to treat or prevent bacterial diseases in animals.
  • Anticoccidials: Products primarily used to prevent and control coccidiosis in poultry and cattle.
  • Anthelmintics: Treatments for infestations of parasitic intestinal worms in animals.
  • Anti-bloat Treatment Products: Products designed for cattle to control bloat when grazing.
  • Nutritional Specialty Products: Formulations that enhance animal nutrition to improve health and performance.
  • Vaccines: Products developed to prevent diseases, primarily for poultry and swine.
  • Trace Minerals: Formulations and concentrations of essential minerals like zinc, manganese, copper, and iron for animal health.
  • Specialty Ingredients: Various ingredients supplied for use in the personal care, industrial chemical, and chemical catalyst industries.

AI Analysis | Feedback

Phibro Animal Health (PAHC) primarily sells its products to other companies, not individuals. Based on the provided background information, the company's major customers are described by category rather than specific named companies. These categories include:

  • Integrated poultry, swine, and cattle integrators
  • Commercial animal feed manufacturers
  • Wholesalers and distributors of animal health and mineral nutrition products

Specific names of customer companies and their symbols are not provided in the background text.

AI Analysis | Feedback

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Jack C. Bendheim
Chairman of the Board of Directors, President and Chief Executive Officer (transitioning to Executive Chairman effective July 1, 2026)
Mr. Bendheim joined Phibro in 1969, serving as President since 1988 and as Chief Executive Officer since March 2014, having also held the CEO role from 1998 to 2002. He has been instrumental in guiding the company through significant global expansion, portfolio growth, and operational transformation. Mr. Bendheim was a co-founder of PAHC Holdings Corporation and previously served on the Board of Directors of Empire Resources, Inc. until 2017. He is also a past Chairman of the Animal Health Institute.

Daniel M. Bendheim
Executive Vice President, Corporate Strategy (assuming Chief Executive Officer and President roles effective July 1, 2026)
Mr. Bendheim joined Phibro in 1997. His previous roles include Vice President of Business Development (2001), President of Performance Products (2004), and Executive Vice President, Corporate Strategy (March 2014). Most recently, he served as Chief Transformation Officer for the company’s "Phibro Forward" initiative, focusing on efficiency, growth, and cultural engagement. Daniel M. Bendheim is the son of Jack C. Bendheim.

Glenn C. David
Chief Financial Officer (effective February 9, 2024)
Mr. David joined Phibro in February 2024, bringing over 30 years of commercial and financial leadership experience. Prior to Phibro, he served as Chief Financial Officer of Zoetis Inc. from 2016 to 2021, and also held executive positions there as Group President for International Operations, Aquaculture, Biodevices & Insurance, and US Operations, Diagnostics, Biodevices & Insurance. Before the Zoetis IPO, Mr. David held various financial roles at Pfizer Inc., including Vice President of Global Finance for Pfizer Animal Health.

Larry L. Miller
Chief Operating Officer
Mr. Miller joined Phibro in May 2008 with over 20 years of experience in the animal health industry. His background includes serving as Vice President of Intervet/SPAH global ruminant business at Schering-Plough Corporation from 2004 to 2008, and as Senior Director of U.S. Cattle for Schering-Plough Animal Health. He also held the role of General Manager of Australia-New Zealand Animal Health from 1998 to 2004.

Jonathan Bendheim
Executive Vice President, Global Technology and Talent, Director, President, MACIE Region and General Manager, Israel Operations
Mr. Bendheim serves as a Director of Phibro Animal Health Corporation and holds executive leadership roles overseeing global technology, talent, and regional operations. He is also the son of Jack C. Bendheim.

AI Analysis | Feedback

The key risks to Phibro Animal Health (PAHC) primarily stem from evolving regulatory landscapes, broad macroeconomic pressures, and intense industry competition.

  1. Regulatory Scrutiny and the Shift Away from Certain Medicament Use: Phibro Animal Health faces significant risks due to increasing global regulations concerning the use of antibiotics and other medicated feed additives in livestock. For instance, the company's product Mecadox (carbadox) has been banned in the European Union since 1998 and in several other countries outside the United States. There is growing regulatory pressure due to concerns over antimicrobial resistance, necessitating substantial investment in compliant solutions and alternative products. Phibro has already voluntarily removed growth promotion claims from its medically important antibiotics in the U.S., where a significant portion of its animal health revenue is generated. Failure to maintain and renew product licenses can result in the loss of marketing rights in various countries. This evolving regulatory environment, coupled with shifting consumer preferences towards alternative proteins, poses a direct threat to parts of Phibro's traditional product portfolio.
  2. Macroeconomic Headwinds and Geopolitical Instability: The company's business is vulnerable to a range of macroeconomic factors and geopolitical events. These include ongoing military conflicts, such as the armed conflict between Russia and Ukraine, which can lead to economic sanctions, trade bans, and broader disruptions. Changes in U.S. trade policy, including tariffs and revised trade agreements, could create supply-chain inefficiencies and affect the cost and availability of key materials. Phibro also faces inflationary pressures on raw materials and energy, volatility in foreign exchange rates and interest rates, and heightened cybersecurity threats. These external factors can broadly impact the company's operational costs, revenue, and global market access.
  3. Intense Competition and Market Consolidation: Phibro Animal Health operates in highly competitive industries, facing a substantial and continually evolving number of global and regional competitors. This includes competition from larger, more diversified pharmaceutical companies and specialized animal health firms. The animal health market is also experiencing consolidation, which could favor larger competitors with greater market share and research and development capabilities, potentially limiting Phibro's ability to innovate at the same pace. Phibro's market capitalization is notably smaller than industry leaders, which can impact its competitive positioning.

AI Analysis | Feedback

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AI Analysis | Feedback

Phibro Animal Health (PAHC) operates in several addressable markets for its animal health, mineral nutrition, and performance products.

Animal Health Products

  • The global animal health market was valued at approximately USD 68.7 billion in 2025 and is projected to reach USD 156.0 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 11.0% from 2026 to 2033. Other estimates place the global animal health market at USD 40.1 billion in 2025, projected to reach USD 51.6 billion by 2034 with a CAGR of 2.73% from 2026-2034. Another report valued the global animal health market at USD 73.10 billion in 2025, with a projection to reach USD 172.08 billion by 2035 at a CAGR of 8.94% from 2026 to 2035. North America held the largest share of this market, approximately 36% in 2025.
  • The global veterinary therapeutics market was valued at USD 47.25 billion in 2025 and is projected to grow to USD 81.59 billion by 2034, with a CAGR of 6.40% during the forecast period.
  • The global livestock pharmaceuticals market was valued at USD 21.1 billion in 2025 and is expected to reach USD 35.7 billion by 2032, growing at a CAGR of 7.8% from 2026-2032.
  • The global aquaculture healthcare market was valued at USD 1.35 billion in 2025 and is projected to reach approximately USD 3.04 billion by 2035, growing at a CAGR of 8.46% from 2026 to 2035. Other estimates place the global aquaculture healthcare market size at USD 1.97 billion in 2025, expected to reach USD 3.70 billion by 2033 at a CAGR of 8.22%.

Mineral Nutrition Products

  • The global animal nutrition market was valued at USD 26.89 billion in 2025 and is predicted to increase to approximately USD 52.20 billion by 2035, expanding at a CAGR of 6.86% from 2026 to 2035. Asia-Pacific dominated the animal nutrition market, accounting for a 40% share in 2024.
  • The global animal feed trace minerals market size is projected to reach approximately USD 7.3 billion by 2031, growing at a 6.5% CAGR over the forecast period, from USD 5.33 billion in 2026. The global animal feed organic trace minerals market size was valued at USD 841.9 million in 2025 and is projected to reach USD 1.5 billion by 2035, reflecting a 5.9% CAGR from 2026 to 2035.

Performance Products

  • The global personal care specialty ingredients market was estimated at USD 13.65 billion in 2024 and is projected to reach USD 22.80 billion by 2033, growing at a CAGR of 5.87% from 2025 to 2033. Other sources indicate the market was valued at USD 13.49 billion in 2023 and is expected to reach USD 24.51 billion by 2033, at a CAGR of 6.15%.
  • The global chemical catalyst market was valued at USD 42.85 billion in 2024 and is predicted to reach USD 67.19 billion by 2034, exhibiting a CAGR of 4.60% between 2025 and 2034. Another report estimates the global catalyst market size at USD 43.0 billion in 2025, projected to reach USD 59.1 billion by 2034 with a CAGR of 3.60% during 2026-2034.
  • The global chemicals market was valued at USD 5.82 trillion in 2024 and is expected to reach USD 7.85 trillion by 2032, growing at a CAGR of 3.81% from 2025-2032. Specialty chemicals, a segment within the broader chemical market, held approximately 22% of the global chemical market share in 2024.

AI Analysis | Feedback

Phibro Animal Health (PAHC) is poised for future revenue growth over the next two to three years, driven by several key factors:

  1. Successful Integration and Expansion of the Acquired Medicated Feed Additives (MFA) Portfolio: The acquisition of the Zoetis MFA portfolio has been a significant driver of growth. This integration has consistently contributed to substantial increases in MFA sales, playing a crucial role in the Animal Health segment's strong performance. The new MFA business contributed $208.2 million in sales in fiscal year 2025 and drove an 81% total MFA and other growth in Q1 FY2026.
  2. Robust Demand and Growth within the Animal Health Segment (Vaccines and Nutritional Specialties): Beyond the acquired MFA portfolio, Phibro's core Animal Health segment is experiencing healthy growth in other key product areas. Vaccine net sales have seen increases driven by poultry product introductions in Latin America and rising domestic and international demand. Nutritional Specialties are also contributing positively, particularly due to increased domestic demand for dairy products and higher sales of microbial and companion animal products. Expanding capacity and sustained global demand are expected to make the vaccines business a key growth driver.
  3. Strong Underlying Demand in Global Protein Markets: Management commentary consistently highlights resilient protein markets across poultry, swine, beef, dairy, and aquaculture as a fundamental support for the demand for Phibro's animal health and nutrition products. Favorable market conditions in these sectors are expected to continue driving the need for the company's offerings.
  4. New Product Launches and Innovation: Phibro is demonstrating its ability to develop and commercialize new offerings. The exceptional growth in the "Z-Product" line showcases the company's innovation strategy. Additionally, recent initiatives such as a licensing agreement for canine periodontal care and the nationwide rollout of Restoris piezoelectric dental gel signal ongoing new product introductions that are expected to contribute to future revenue.

AI Analysis | Feedback

Outbound Investments

  • Phibro Animal Health acquired Zoetis' medicated feed additive (MFA) portfolio and water-soluble products for $350 million in October 2024. This acquisition included over 37 product lines and six manufacturing facilities, and the acquired portfolio generated approximately $400 million in revenue in 2023.
  • The company has made significant investments to expand vaccine manufacturing capacity at several locations, including a new vaccine production facility in Guarulhos, Brazil.
  • Phibro is actively investing in expanding its companion animal business and pipeline.

Capital Expenditures

  • Phibro's projected capital expenditures for fiscal year 2026 are $60 million.
  • The company reported $46 million in capital expenditures for the second quarter of fiscal year 2026 (ended December 2025).
  • For the first quarter of fiscal year 2026 (ended September 2025), capital expenditures were $43 million.

Better Bets vs. Phibro Animal Health (PAHC)

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PAHCZTSELANMRKNEOGIDXXMedian
NamePhibro A.Zoetis Elanco A.Merck Neogen IDEXX La. 
Mkt Price34.0375.3524.91131.079.40544.3254.69
Mkt Cap1.431.812.4324.02.043.422.1
Rev LTM1,5009,5094,89365,7688714,4464,670
Op Inc LTM1803,57330012,970-381,406853
FCF LTM132,23731514,11561,068692
FCF 3Y Avg342,05631814,065-17901609
CFO LTM662,79057717,890691,210894
CFO 3Y Avg782,68751017,842791,033772

Growth & Margins

PAHCZTSELANMRKNEOGIDXXMedian
NamePhibro A.Zoetis Elanco A.Merck Neogen IDEXX La. 
Rev Chg LTM26.0%2.6%10.5%2.9%-3.9%13.1%6.7%
Rev Chg 3Y Avg15.8%5.5%3.4%4.4%7.5%9.1%6.5%
Rev Chg Q10.3%2.9%14.9%4.9%-4.4%14.3%7.6%
QoQ Delta Rev Chg LTM2.4%0.7%3.8%1.2%-1.1%3.3%1.8%
Op Inc Chg LTM89.1%5.0%25.5%-36.4%-254.6%22.7%13.8%
Op Inc Chg 3Y Avg44.7%7.6%-6.2%69.7%-68.0%15.1%11.4%
Op Mgn LTM12.0%37.6%6.1%19.7%-4.4%31.6%15.9%
Op Mgn 3Y Avg8.6%36.8%5.7%19.9%1.9%30.2%14.2%
QoQ Delta Op Mgn LTM0.5%-0.1%0.8%-14.3%-1.0%0.0%-0.1%
CFO/Rev LTM4.4%29.3%11.8%27.2%8.0%27.2%19.5%
CFO/Rev 3Y Avg6.6%29.3%11.2%28.0%8.7%25.5%18.3%
FCF/Rev LTM0.9%23.5%6.4%21.5%0.7%24.0%13.9%
FCF/Rev 3Y Avg3.0%22.4%7.0%22.0%-1.9%22.2%14.5%

Valuation

PAHCZTSELANMRKNEOGIDXXMedian
NamePhibro A.Zoetis Elanco A.Merck Neogen IDEXX La. 
Mkt Cap1.431.812.4324.02.043.422.1
P/S0.93.32.54.92.49.82.9
P/Op Inc7.78.941.325.0-53.830.816.9
P/EBIT8.19.0309.924.6-3.630.816.8
P/E14.512.0-51.236.3-3.439.613.3
P/CFO20.911.421.518.129.535.821.2
Total Yield8.3%11.1%-2.0%5.3%-29.8%2.5%3.9%
Dividend Yield1.4%2.8%0.0%2.5%0.0%0.0%0.7%
FCF Yield 3Y Avg3.9%4.2%3.9%5.5%-1.4%2.1%3.9%
D/E0.60.30.30.20.40.00.3
Net D/E0.50.20.30.10.30.00.3

Returns

PAHCZTSELANMRKNEOGIDXXMedian
NamePhibro A.Zoetis Elanco A.Merck Neogen IDEXX La. 
1M Rtn8.5%-2.9%4.0%8.7%2.4%-0.9%3.2%
3M Rtn-38.0%-35.1%9.5%18.0%-1.5%-3.8%-2.6%
6M Rtn-12.2%-38.6%2.1%22.9%-4.1%-21.6%-8.1%
12M Rtn17.1%-49.7%69.6%61.0%83.6%-1.0%39.1%
3Y Rtn149.9%-58.7%112.0%33.7%-57.6%-2.2%15.7%
1M Excs Rtn7.8%-3.7%3.2%8.0%1.7%-1.6%2.5%
3M Excs Rtn-41.8%-38.9%7.0%10.9%-3.7%-7.2%-5.5%
6M Excs Rtn-24.9%-46.0%-7.2%14.6%-12.5%-28.4%-18.7%
12M Excs Rtn-0.9%-66.5%49.3%44.7%69.2%-15.9%21.9%
3Y Excs Rtn88.7%-116.3%48.4%-26.7%-120.8%-63.0%-44.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Animal Health963706660607546
Mineral Nutrition253244243260221
Performance Products8068757667
Total1,2961,018978942833


Operating Income by Segment
$ Mil20252023202220212020
Animal Health182108979897
Mineral Nutrition1915211412
Performance Products98783
Insurance proceeds3    
Stock-based compensation expense-10 -1-2
Depreciation and amortization - Corporate-2-2-2-2-2
Phibro Forward income growth initiatives implementation costs - cost of goods sold-4    
Acquisition-related cost of goods sold-60-0 -0
Phibro Forward income growth initiatives implementation costs - Selling, general and administrative-7    
Acquisition-related transaction costs-130-0 -0
Corporate costs-70-50-46-43-40
Environmental remediation costs -7   
Gain on sale of investment 01  
Acquisition-related other    3
Restructuring costs    -0
Total11072797569


Assets by Segment
$ Mil20242023202220212020
Animal Health684699655595561
Corporate180147150142127
Mineral Nutrition6776876766
Performance Products5150393731
Total982971932841784


Price Behavior

Price Behavior
Market Price$34.03 
Market Cap ($ Bil)1.4 
First Trading Date04/11/2014 
Distance from 52W High-42.6% 
   50 Days200 Days
DMA Price$32.56$42.42
DMA Trenddowndown
Distance from DMA4.5%-19.8%
 3M1YR
Volatility72.9%58.4%
Downside Capture238.39108.87
Upside Capture-24.84106.82
Correlation (SPY)18.0%23.9%
PAHC Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.731.071.431.031.091.09
Up Beta1.392.412.112.221.880.99
Down Beta2.430.260.250.350.480.89
Up Capture16%-76%-5%56%111%235%
Bmk +ve Days11244067140429
Stock +ve Days10162758119369
Down Capture-11%270%300%118%105%105%
Bmk -ve Days10172358112321
Stock -ve Days11253667133373

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PAHC
PAHC15.8%58.3%0.47-
Sector ETF (XLV)20.9%15.7%1.0226.6%
Equity (SPY)17.6%12.7%1.0023.9%
Gold (GLD)19.2%28.1%0.613.5%
Commodities (DBC)34.7%19.1%1.42-19.6%
Real Estate (VNQ)13.8%14.1%0.6926.6%
Bitcoin (BTCUSD)-45.4%42.9%-1.293.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PAHC
PAHC9.2%47.1%0.34-
Sector ETF (XLV)6.4%15.0%0.2530.8%
Equity (SPY)12.8%17.1%0.5832.6%
Gold (GLD)17.0%18.4%0.751.3%
Commodities (DBC)9.6%19.5%0.381.3%
Real Estate (VNQ)3.0%18.9%0.0633.4%
Bitcoin (BTCUSD)15.7%53.4%0.4714.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PAHC
PAHC7.4%44.6%0.32-
Sector ETF (XLV)10.0%16.6%0.4936.1%
Equity (SPY)14.9%17.9%0.7137.6%
Gold (GLD)11.3%16.1%0.571.4%
Commodities (DBC)7.2%17.9%0.327.5%
Real Estate (VNQ)5.2%20.7%0.2134.6%
Bitcoin (BTCUSD)58.3%66.2%0.9813.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity1.2 Mil
Short Interest: % Change Since 63020260.1%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest3.8 days
Basic Shares Quantity40.6 Mil
Short % of Basic Shares3.0%

Earnings Returns History

Updated 6/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-26.2%-39.7%-44.3%
2/4/202622.0%25.7%17.1%
11/5/20254.6%10.1%-2.3%
8/27/202519.4%21.7%20.9%
5/7/202514.7%20.5%24.8%
2/5/20259.9%10.0%6.2%
11/6/20241.8%9.4%1.0%
8/28/20243.2%-6.1%6.7%
...
SUMMARY STATS   
# Positive161612
# Negative8812
Median Positive4.4%9.3%7.5%
Median Negative-7.1%-11.9%-9.4%
Max Positive22.0%25.7%24.8%
Max Negative-26.2%-39.7%-44.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-26.2%-39.7%-44.3%
2/4/202622.0%25.7%17.1%
11/5/20254.6%10.1%-2.3%
8/27/202519.4%21.7%20.9%
5/7/202514.7%20.5%24.8%
2/5/20259.9%10.0%6.2%
11/6/20241.8%9.4%1.0%
8/28/20243.2%-6.1%6.7%
5/8/20243.0%6.2%0.6%
2/7/20247.4%12.0%21.9%
11/8/2023-18.5%-12.8%-6.9%
8/30/2023-5.9%-15.1%-13.2%
5/3/2023-8.3%-9.7%-11.9%
2/8/20230.0%2.5%-3.1%
11/9/2022-3.1%-11.0%-11.1%
8/24/2022-5.6%-14.8%-24.5%
5/4/2022-9.1%-9.3%-5.2%
2/9/20227.0%17.1%8.0%
11/2/20214.1%4.0%-5.2%
8/25/2021-2.9%3.8%-7.7%
5/6/20216.3%4.6%13.8%
2/3/20212.9%4.2%3.6%
11/4/20200.9%9.2%6.9%
8/26/20201.7%1.6%-11.8%
SUMMARY STATS   
# Positive161612
# Negative8812
Median Positive4.4%9.3%7.5%
Median Negative-7.1%-11.9%-9.4%
Max Positive22.0%25.7%24.8%
Max Negative-26.2%-39.7%-44.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/04/202610-Q
09/30/202511/05/202510-Q
06/30/202508/27/202510-K
03/31/202505/07/202510-Q
12/31/202402/05/202510-Q
09/30/202411/06/202410-Q
06/30/202408/28/202410-K
03/31/202405/08/202410-Q
12/31/202302/07/202410-Q
09/30/202311/08/202310-Q
06/30/202308/30/202310-K
03/31/202305/03/202310-Q
12/31/202202/08/202310-Q
09/30/202211/09/202210-Q
06/30/202208/24/202210-K
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/04/202610-Q
09/30/202511/05/202510-Q
06/30/202508/27/202510-K
03/31/202505/07/202510-Q
12/31/202402/05/202510-Q
09/30/202411/06/202410-Q
06/30/202408/28/202410-K
03/31/202405/08/202410-Q
12/31/202302/07/202410-Q
09/30/202311/08/202310-Q
06/30/202308/30/202310-K
03/31/202305/03/202310-Q
12/31/202202/08/202310-Q
09/30/202211/09/202210-Q
06/30/202208/24/202210-K
03/31/202205/04/202210-Q
12/31/202102/09/202210-Q
09/30/202111/02/202110-Q
06/30/202108/25/202110-K
03/31/202105/06/202110-Q
12/31/202002/03/202110-Q
09/30/202011/04/202010-Q
06/30/202008/26/202010-K
03/31/202005/07/202010-Q
12/31/201902/03/202010-Q
09/30/201911/04/201910-Q
06/30/201908/27/201910-K

Recent Forward Guidance

Updated 7/12/2026

Latest: Q3 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net sales1.46 Bil1.48 Bil1.50 Bil0.3% RaisedGuidance: 1.48 Bil for 2026
2026 Net income92.00 Mil96.00 Mil100.00 Mil6.7% RaisedGuidance: 90.00 Mil for 2026
2026 Diluted EPS2.252.352.446.6% RaisedGuidance: 2.2 for 2026
2026 Adjusted EBITDA247.00 Mil251.00 Mil255.00 Mil0.4% RaisedGuidance: 250.00 Mil for 2026
2026 Adjusted net income122.00 Mil124.50 Mil127.00 Mil0.8% RaisedGuidance: 123.50 Mil for 2026
2026 Adjusted diluted EPS2.983.043.10.8% RaisedGuidance: 3.02 for 2026
2026 Adjusted effective tax rate 25.0%  0.0%AffirmedGuidance: 25.0% for 2026

Prior: Q2 2026 Earnings Reported 2/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net sales1.45 Bil1.48 Bil1.50 Bil1.4% RaisedGuidance: 1.46 Bil for 2026
2026 Net income85.00 Mil90.00 Mil95.00 Mil12.5% RaisedGuidance: 80.00 Mil for 2026
2026 Diluted EPS2.082.22.3212.5% RaisedGuidance: 1.96 for 2026
2026 Adjusted EBITDA245.00 Mil250.00 Mil255.00 Mil6.4% RaisedGuidance: 235.00 Mil for 2026
2026 Adjusted net income120.00 Mil123.50 Mil127.00 Mil10.8% RaisedGuidance: 111.50 Mil for 2026
2026 Adjusted diluted EPS2.933.023.110.6% RaisedGuidance: 2.73 for 2026
2026 Adjusted effective tax rate 25.0%  0.0%AffirmedGuidance: 25.0% for 2026

Q1 2026 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net sales1.43 Bil1.46 Bil1.48 Bil0 AffirmedGuidance: 1.46 Bil for 2026
2026 Net income75.00 Mil80.00 Mil85.00 Mil2.6% RaisedGuidance: 78.00 Mil for 2026
2026 Diluted EPS1.831.962.082.4% RaisedGuidance: 1.91 for 2026
2026 Adjusted EBITDA230.00 Mil235.00 Mil240.00 Mil2.2% RaisedGuidance: 230.00 Mil for 2026
2026 Adjusted net income108.00 Mil111.50 Mil115.00 Mil4.7% RaisedGuidance: 106.50 Mil for 2026
2026 Adjusted diluted EPS2.642.732.814.4% RaisedGuidance: 2.61 for 2026
2026 Adjusted effective income tax rate 25.0%  0AffirmedGuidance: 25.0% for 2026

Insider Activity

Updated 7/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Corcoran, E ThomasDirectBuy602202631.7710,000317,7001,317,152Form
2Bendheim, JackPresident and CEOSeeSell507202648.494,528219,5682,722,874Form
3Bendheim, JackPresident and CEOSeeSell507202657.377,040403,8503,480,910Form
4Bendheim, JackPresident and CEOSeeSell507202655.807,040392,8103,778,565Form
5Bendheim, JackPresident and CEOSeeSell430202652.767,040371,4653,944,707Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Corcoran, E ThomasDirectBuy602202631.7710,000317,7001,317,152Form
2Bendheim, JackPresident and CEOSeeSell507202648.494,528219,5682,722,874Form
3Bendheim, JackPresident and CEOSeeSell507202657.377,040403,8503,480,910Form
4Bendheim, JackPresident and CEOSeeSell507202655.807,040392,8103,778,565Form
5Bendheim, JackPresident and CEOSeeSell430202652.767,040371,4653,944,707Form
6Bendheim, JackPresident and CEOSeeSell430202652.927,040372,5534,328,808Form
7Bendheim, JackPresident and CEOSeeSell430202655.917,040393,5754,966,647Form
8Bendheim, JackPresident and CEOSeeSell423202654.097,040380,8265,186,589Form
9Bendheim, JackPresident and CEOSeeSell423202654.297,040382,1855,587,280Form
10Bendheim, JackPresident and CEOSeeSell423202655.987,040394,0816,155,271Form
11Bendheim, JackPresident and CEOSeeSell416202654.647,040384,6626,392,819Form
12Bendheim, JackPresident and CEOSeeSell416202656.967,040401,0111,369,362Form
13Bendheim, JackPresident and CEOSeeSell416202659.087,040415,9221,836,201Form
14Bendheim, JackPresident and CEOSeeSell331202653.907,040379,4282,054,516Form
15Bendheim, JackPresident and CEOSeeSell331202653.617,040377,4062,420,972Form
16Bendheim, JackPresident and CEOSeeSell326202656.807,040399,8762,964,987Form
17Bendheim, JackPresident and CEOSeeSell326202655.917,040393,6063,312,102Form
18Bendheim, JackPresident and CEOSeeSell326202652.937,040372,6233,508,164Form
19Bendheim, JackPresident and CEOSeeSell319202652.527,040369,7293,850,644Form
20Bendheim, JackPresident and CEOSeeSell319202652.6810,560556,3304,233,584Form
21Bendheim, JackPresident and CEOSeeSell319202651.665,280272,7604,696,836Form
22Bendheim, JackPresident and CEOSeeSell316202648.915,280258,2454,705,142Form
23Bendheim, JackPresident and CEOSeeSell226202653.737,040378,26679,522Form
24Bendheim, JackPresident and CEOSeeSell226202651.717,040364,041440,573Form
25Bendheim, JackPresident and CEOSeeSell226202651.377,040361,630799,285Form
26Bendheim, JackPresident and CEOSeeSell223202651.427,040361,9671,161,997Form
27Bendheim, JackPresident and CEOSeeSell223202650.267,040353,8081,489,612Form
28Bendheim, JackPresident and CEOSeeSell218202651.407,040361,8251,885,189Form
29Bendheim, JackPresident and CEOSeeSell218202651.967,040365,8222,271,835Form
30Bendheim, JackPresident and CEOSeeSell211202651.6214,184732,1862,620,259Form
31Bendheim, JackPresident and CEOSeeSell211202651.8158,0143,005,5253,364,547Form
32Bendheim, JackPresident and CEOSeeSell209202648.38110,8425,362,1035,948,228Form
33Bendheim, JackPresident and CEOSeeSell205202641.153,520144,8632,008,335Form
34Bendheim, JackPresident and CEOSeeSell205202641.479,660400,610925,632Form
35Bendheim, JackPresident and CEOSeeSell202202640.096,693268,3501,282,209Form
36Bendheim, JackPresident and CEOSeeSell202202640.126,772271,6871,551,530Form
37Bendheim, JackPresident and CEOSeeSell127202640.551,23550,084626,353Form
38Bendheim, JackPresident and CEOSeeSell122202641.9813,158552,420754Form
39Bendheim, JackPresident and CEOSeeSell122202641.6814,687612,1281,243,594Form
40Bendheim, JackPresident and CEOSeeSell113202640.162138,5541,552,545Form
41Bendheim, JackPresident and CEOSeeSell1215202540.935,752235,4051,604,288Form
42Bendheim, JackPresident and CEOSeeSell1210202540.191,28851,7631,806,571Form
43Bendheim, JackPresident and CEOSeeSell1210202540.063,520141,0181,852,458Form
44Bendheim, JackPresident and CEOSeeSell1204202541.223,520145,0962,051,128Form
45Bendheim, JackPresident and CEOSeeSell1204202540.773,520143,5112,172,231Form
46Bendheim, JackPresident and CEOSeeSell1202202541.663,520146,6361,116,434Form
47Bendheim, JackPresident and CEOSeeSell1202202542.543,520149,7401,289,807Form
48Bendheim, JackPresident and CEOSeeSell1126202544.025,280232,4341,489,691Form
49Bendheim, JackPresident and CEOSeeSell1126202543.937,040309,2401,718,389Form
50Bendheim, JackPresident and CEOSeeSell1124202541.763,520147,0021,927,727Form
51Bendheim, JackPresident and CEOSeeSell1118202543.825,280231,3772,177,044Form
52Bendheim, JackPresident and CEOSeeSell1118202544.565,280235,2542,448,781Form
53Bendheim, JackPresident and CEOSeeSell1113202544.478,801391,417233,045Form
54Bendheim, JackPresident and CEOSeeSell1113202545.2321,536973,976635,011Form
55Bendheim, JackPresident and CEOSeeSell1110202545.2938,3031,734,767931,945Form
56Bendheim, JackPresident and CEOSeeSell1110202542.863,520150,8512,523,326Form
57Bendheim, JackPresident and CEOSeeSell1106202541.213,520145,0752,571,783Form
58Bendheim, JackPresident and CEOSeeSell1106202543.103,520151,7032,840,991Form
59Bendheim, JackPresident and CEOSeeSell1030202541.073,520144,5821,825,351Form
60Bendheim, JackPresident and CEOSeeSell1030202541.663,520146,6271,997,793Form
61Bendheim, JackPresident and CEOSeeSell1030202541.563,520146,2772,139,308Form
62Bendheim, JackPresident and CEOSeeSell1024202541.753,520146,9562,296,195Form
63Bendheim, JackPresident and CEOSeeSell1024202540.183,520141,4322,351,310Form
64Bendheim, JackPresident and CEOSeeSell1024202540.2711,859477,5522,498,301Form
65Bendheim, JackPresident and CEOSeeSell1021202540.3816,075649,176965,142Form
66Bendheim, JackPresident and CEOSeeSell1021202540.0370028,0221,600,235Form
67Bendheim, JackPresident and CEOSeeSell1001202540.3820,664834,4121,642,416Form
68Bendheim, JackPresident and CEOSeeSell922202540.267,022282,7321,261,784Form
69Bendheim, JackPresident and CEOSeeSell911202540.953,520144,1371,570,765Form
70Bendheim, JackPresident and CEOSeeSell911202541.293,520145,3361,729,162Form
71Bendheim, JackPresident and CEOSeeSell911202540.3314,080567,8411,830,964Form
Core Cache Last Updated: 7/24/2026