Phibro Animal Health Corp

pahc.com

What Do They Do?

Sells medicated feed additives, animal nutrition products and vaccines to livestock producers and veterinarians for animal health and disease prevention.

How Do They Make Money?

The company sells animal health and mineral nutrition products and specialty ingredients to producers, feed manufacturers, distributors, veterinarians and industrial customers. Customers pay for goods when they ship or are delivered, depending on the product’s terms.

revenue

Segment	Share	Revenue
Animal Health	77% FY2023: 67%
Mineral Nutrition	19% FY2023: 25%
Performance Products	4.8% FY2023: 7.7%

Who Are Their Customers?

Livestock producers buy animal health and mineral nutrition products directly or through distributors and feed manufacturers; companion-animal products reach veterinary clinics through distributors. Performance Products are sold through local sales offices to personal care, industrial chemical and chemical catalyst customers.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2026 and turned 1 cent into free cash flow.

Operating income, FY2026

13% of revenue

▲ +76% vs FY2025 ($110.5M, 9%)

Net income, FY2026

7% of revenue

▲ +107% vs FY2025 ($48.3M, 4%)

Free cash flow, FY2026

1% of revenue

▼ −76% vs FY2025 ($41.8M, 3%)

How Are They Changing?

Growing. Revenue grew 61% in 4 years, from $942.3M in FY2022 to $1.5B in FY2026, about 13% a year.

Expanded feed additive range The company has expanded its medicated feed additive range with additional antibacterial and anticoccidial products from the Zoetis portfolio.

Revenue over time

Animal Health Mineral Nutrition Performance Products

$2B$1B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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