PAHCPhibro Animal Health Corporation
Is the business good?
The checks split: margins widening, but thin cash backing (0.5×) and returns that lean on debt.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit outpaces operating cash flow, watch accruals and working capital. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 25% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PAHC?
Phibro Animal Health Corporation keeps 13% of every revenue dollar as operating profit, against 9.5% for the median Drug Manufacturers - Specialty & Generic name.
Operating margin · Drug Manufacturers - Specialty & Generic median 9.5% · 12 months to Q4 2026
- Cash conversion
- 0.49×
Cash conversion · 1.02× a year ago · the operating profit has not turned into cash yet
- Gross margin
- 34%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | 9.0% |
| FY2022 | 8.4% |
| FY2023 | 7.3% |
| FY2024 | 5.2% |
| FY2025 | 8.5% |
| FY2026 | 13% |
Details›
- Gross margin12 months to Q4 2026
- 34%
- Operating margin12 months to Q4 2026
- 13%
- Net margin12 months to Q4 2026
- 6.6%
- Free cash flow margin
- 0.65%
- Revenue, trailing twelve months
- $1.52B
- Free cash flow, trailing twelve months
- $9.9M
- Net income, trailing twelve months
- $100M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Drug Manufacturers, Specialty & Generic
Ranks #7 of 39 by RyuScore