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Phibro Animal Health

PAHC on Nasdaq. Phibro Animal Health sells animal medicines and feed minerals to farmers and veterinarians. Market value $764m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
0.7%low

For every $100 of what the whole company costs, it produced $0.66 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to June 2026
9.9%five-year median

Each dollar kept in the business earns 10 cents a year. Above 10 is good.

Quality score: 66 of 100. Price score: 53 of 100. Our list needs 70 on quality and 60 on price.

$36.61 a share, 30% above its 1-year low

Over the past year the price has ranged from $28.25 to $60.08.

Dividend: 1.3% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
0.0
0.0
0.0
20222023202420252026
Revenue
$942m$978m$1.0bn$1.3bn$1.5bn
Operating margin
8.4%7.3%5.2%8.5%12.8%
Debt to equity
1.101.181.22n/an/a
Shares outstanding
0.04bn0.04bn0.04bn0.04bn0.04bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsStrong, 12.7% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $397 million last quarter, up 5% on a year ago.
  • Profit: $22 million, up 26% on a year ago.
  • It keeps 13 cents of each $1 of sales as operating profit, up from 9 cents a year earlier.
  • Spare cash over the past 12 months: $10 million, down from $42 million.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$260m
December 2024$309m
March 2025$348m
June 2025$379m
September 2025$364m
December 2025$374m
March 2026$384m
June 2026$397m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$7m
December 2024$3m
March 2025$21m
June 2025$17m
September 2025$27m
December 2025$27m
March 2026$24m
June 2026$22m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 August 2026
Next quarterly (estimated, 10-Q)
5 August 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 208 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • Jack C. Bendheim
    Insider or founder
    49.3%−0.6 pts
    Since 11 December 2025
    What they said

    Item 4 of the Schedule 13D is hereby supplemented as follows: On December 11, 2025, BFI Co., LLC ("BFI") entered into a Rule 10b5-1 sales plan (the "Sales Plan") with Goldman, Sachs & Co. LLC ("Broker") pursuant to which Broker is authorized and directed to sell on behalf of BFI…

    Read the filing
  • BFI Co., LLC
    Passive investor
    at least 48.2%−0.1 pts
    (filed with 1 related holder)
    Since 20 May 2026
    What they said

    Item 4 of the Schedule 13D is hereby supplemented as follows: On May 20 2026, BFI entered into a Rule 10b5-1 sales plan (the "Sales Plan") with Goldman, Sachs & Co. LLC ("Broker") pursuant to which Broker is authorized and directed to sell on behalf of BFI up to 750,000 shares…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    15.7%
    Since 31 March 2025
  • FMR LLC
    Passive investor
    at least 15.0%+4.5 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 5.1%
    (filed with 2 related holders)
    Since 23 July 2026
  • 5.1%
    Since 31 March 2026
  • at least 3.3%−7.2 pts
    (filed with 3 related holders)
    Since 31 December 2024
  • Sold down below 5%
    Since 31 March 2025
  • Barclays PLC
    Passive investor
    Sold down below 5%
    Since 31 March 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $317,700 of shares on the open market. 1 sold $30m, $30m of it under preset trading plans.

  • CORCORAN E THOMAS
    Director
    Bought
    Date
    29 May 2026
    Shares
    10,000
    Price
    $31.77
    Value
    $317,700
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    7 May 2026
    Shares
    4,528
    Price
    $48.49
    Value
    $219,561
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    6 May 2026
    Shares
    7,040
    Price
    $57.37
    Value
    $403,883
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    5 May 2026
    Shares
    7,040
    Price
    $55.80
    Value
    $392,836
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    30 April 2026
    Shares
    7,040
    Price
    $52.77
    Value
    $371,483
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    29 April 2026
    Shares
    7,040
    Price
    $52.92
    Value
    $372,557
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    28 April 2026
    Shares
    7,040
    Price
    $55.91
    Value
    $393,579
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    23 April 2026
    Shares
    7,040
    Price
    $54.10
    Value
    $380,859
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    22 April 2026
    Shares
    7,040
    Price
    $54.29
    Value
    $382,202
  • BENDHEIM JACK
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    21 April 2026
    Shares
    7,040
    Price
    $55.98
    Value
    $394,104

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Aug 2026, and no later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.