Cash generation remains challenged by working capital volatility, evidenced by a $26.7M outflow in 2026Q3 and a negligible free cash flow margin of 0.2%.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 |
|---|
| Cash from Operations | 66.13M | 80.12M | 87.59M | 13.31M | 31.65M | 48.31M | 59.35M | 47.17M | 70.01M | 98.4M | 37.22M | 68.7M | -712K | 415K | 31.99M | -4.73M | 810K | -6.16M | 2.86M | 34.66M | -4.75M | 13.14M | -7.91M |
| Operating CF Margin % | - | 6.18% | 8.61% | 1.36% | 3.36% | 5.8% | 7.42% | 5.7% | 8.54% | 12.87% | 4.95% | 9.18% | -0.1% | 0.06% | 4.89% | -1.04% | 0.2% | -1.69% | 0.81% | 10.26% | -1.45% | 4.11% | -2.45% |
| Operating CF Growth % | 415.2% | -8.53% | 558.11% | -57.95% | -34.48% | -18.61% | 25.82% | -32.62% | -28.85% | 164.39% | -45.83% | 9749.44% | -271.57% | -98.7% | 776.28% | -683.95% | 113.15% | -315.38% | -91.75% | 829.68% | -136.15% | 266.12% | - |
| Net Income | 95.23M | 48.26M | 2.42M | 32.61M | 49.17M | 54.38M | 33.55M | 54.71M | 64.88M | 64.61M | 82.73M | 60.28M | -3.13M | 24.89M | 6.98M | -6.7M | -13.1M | -22.1M | 12.9M | -17.6M | -51.8M | -14.9M | 10.1M |
| Depreciation & Amortization | 50.58M | 45.6M | 36.18M | 34.01M | 32.7M | 31.89M | 32.34M | 27.56M | 26.94M | 26M | 23.45M | 21.6M | 21.45M | 19.02M | 17.53M | 10.72M | 13.99M | 18.11M | 10.66M | 10.99M | 12.36M | 10.41M | 11.87M |
| Stock-Based Compensation | 952K | 717K | 475K | 0 | 0 | 1.13M | 2.26M | 2.26M | 334K | 0 | 0 | 0 | 73K | 215K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 18.03M | -4.88M | -7.84M | -2.84M | -806K | -2.18M | 8.13M | -105K | 6.39M | -28K | -22.24M | 4.76M | 1.29M | -12.04M | -2.39M | 1.2M | -520K | -1.02M | 330K | 6.46M | 11.24M | -5.73M | 1.44M |
| Other Non-Cash Items | 925K | 11.98M | 23.25M | -9.34M | -4.79M | -7.04M | -3.27M | -1.32M | 6.31M | 127.7M | 7.07M | 2.39M | 910K | 488K | 1.26M | -6.75M | -23.96M | -46.45M | 20.37M | 58.31M | 29.35M | -56.54M | -15.34M |
| Working Capital Changes | -99.59M | -21.56M | 33.11M | -41.13M | -44.64M | -29.87M | -13.66M | -35.94M | -33.88M | 1.4M | -46.06M | -16.95M | -28.23M | -34.84M | 5.2M | -3.2M | 24.4M | 45.3M | -41.4M | -23.5M | -5.9M | 79.9M | -15.98M |
| Change in Receivables | -17.03M | -55.21M | -8.68M | 5.33M | -23.63M | -18.21M | 28.71M | -23.68M | -11.9M | -2.77M | -13.09M | -1.88M | -14.68M | -729K | -3.77M | -17.6M | -1.6M | 4.4M | -4.5M | 5.3M | 19.9M | 1.5M | 0 |
| Change in Inventory | -98.7M | -44.29M | 2.64M | -11.22M | -47M | -12.5M | -12.93M | -20.98M | -24.29M | 5.43M | -16.44M | -19.35M | -3.19M | -25.11M | -745K | 7.4M | -200K | -18M | 9.2M | -2.4M | -1.6M | -33.4M | 0 |
| Change in Payables | -4.2M | 45.55M | 12M | -22.83M | 26.36M | 3.18M | -7.67M | 12.09M | 2.45M | -3.12M | -3.25M | 4.8M | 1.68M | -6.6M | 6.41M | -4.4M | -5.3M | 10.5M | 8.6M | -17.2M | 13.1M | -18.7M | 0 |
| Cash from Investing | -62.04M | -288.69M | -48.19M | -74.02M | -22.58M | -18.58M | -120.39M | -14.13M | -84.61M | -21.9M | -82.79M | -34.46M | -19.41M | -37.34M | -17.74M | -11.93M | -5.3M | 20K | 9.07M | -3.97M | -17.36M | -40.15M | -4.06M |
| Capital Expenditures | -53.36M | -38.29M | -41.24M | -51.79M | -37.04M | -29.32M | 0 | -29.89M | -18.55M | -20.9M | -36.35M | -20.06M | -19.85M | -19.95M | -14.82M | -10.62M | -15.09M | -7.49M | -6.13M | -8.51M | -8.52M | -6.61M | -22.6M |
| CapEx % of Revenue | 3.56% | 2.95% | 4.05% | 5.3% | 3.93% | 3.52% | 4.25% | 3.61% | 2.26% | 2.73% | 4.84% | 2.68% | 2.87% | 3.05% | 2.27% | 2.34% | 3.79% | 2.06% | 1.73% | 2.52% | 2.59% | 2.07% | 7% |
| Acquisitions | 5.35M | -286.53M | -3.28M | 0 | -13.51M | 29.32M | -54.55M | -9.84M | -15M | 0 | -46.58M | -10.38M | 0 | -18.69M | -3.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.5M | 1.13M | 326K | 776K | 620K | -30.58M | -34.84M | -404K | -1.06M | -1M | 137K | -4.03M | 434K | 1.3M | 465K | -1.31M | 9.79M | 7.51M | 15.2M | 4.54M | -8.84M | -33.54M | 18.54M |
| Cash from Financing | -12.71M | 207.13M | -6.77M | 26.99M | 16.34M | -17M | 40.94M | -4.11M | -11.78M | -53.74M | 50.38M | -15.35M | 4.78M | 10.88M | -8.22M | 19.86M | -540K | 14.25M | -17.78M | -26.38M | 13.68M | 39.9M | 11.35M |
| Debt Issued (Net) | -229.24M | 235.99M | 12.71M | 42.69M | 40.63M | 5.38M | 60.35M | 13.35M | -1.4M | -39.53M | 62.07M | -1.09M | -80.1M | 14.8M | -8.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.13M | 5.7M | 5.54M | 4.02M | 1.33M | 114.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -19.46M | -19.45M | -19.44M | -19.44M | -19.44M | -19.43M | -19.42M | -18.59M | -16.07M | -15.83M | -15.71M | -15.6M | -25M | -3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -580K | 0 | -26.4M | 0 | 0 | 0 | 45M | 0 |
| Other Financing | 235.98M | -9.4M | -31K | 3.74M | -4.84M | -2.94M | 0 | 0 | 0 | -3.92M | 0 | 0 | -4.55M | -924K | 0 | 19.86M | -540K | 14.25M | -17.78M | -26.38M | 13.68M | 39.9M | 11.35M |
| Net Change in Cash | -5.42M | -2.57M | 29.33M | -32.97M | 24.04M | 13.87M | -21.23M | 28.41M | -26.91M | 22.48M | 4.39M | 17.39M | -15.55M | -26.53M | 5.3M | 3.31M | -4.91M | 8.03M | -5.61M | 4.76M | -8.43M | 12.44M | -620K |
| Free Cash Flow | 12.77M | 41.83M | 46.36M | -38.48M | -5.39M | 18.99M | 25.3M | 17.28M | 51.46M | 77.5M | 866K | 48.65M | -20.56M | -19.53M | 17.16M | -15.35M | -14.28M | -13.65M | -3.27M | 26.15M | -13.27M | 6.53M | -30.51M |
| FCF Margin % | 0.85% | 3.23% | 4.56% | -3.94% | -0.57% | 2.28% | 3.16% | 2.09% | 6.28% | 10.14% | 0.12% | 6.5% | -2.97% | -2.99% | 2.62% | -3.39% | -3.58% | -3.75% | -0.92% | 7.74% | -4.04% | 2.04% | -9.45% |
| FCF Growth % | -73.97% | -9.76% | 220.46% | -613.33% | -128.42% | -24.97% | 46.45% | -66.42% | -33.6% | 8849.19% | -98.22% | 336.63% | -5.25% | -213.8% | 211.82% | -7.49% | -4.62% | -317.43% | -112.5% | 297.06% | -303.22% | 121.4% | - |
| FCF per Share | 0.31 | 1.03 | 1.14 | -0.95 | -0.13 | 0.47 | 0.62 | 0.43 | 1.27 | 1.94 | 0.02 | 1.22 | -0.64 | -0.64 | 0.56 | -0.40 | -0.24 | -0.23 | -0.05 | 0.44 | -0.22 | 0.11 | -0.51 |
| FCF Conversion (FCF/Net Income) | 0.13x | 1.66x | 36.26x | 0.41x | 0.64x | 0.89x | 1.77x | 0.86x | 1.08x | 1.52x | 0.45x | 1.14x | 0.23x | 0.02x | 4.59x | 0.71x | -0.06x | 0.28x | 0.22x | -1.97x | 0.09x | -0.88x | -0.78x |
| Interest Paid | 0 | 32.07M | 17.25M | 14.57M | 11.16M | 10.81M | 11.58M | 12.25M | 11.21M | 14.6M | 14.21M | 12.91M | 45.37M | 33.82M | 34.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 13.4M | 15.43M | 20.41M | 17.85M | 19.39M | 20.87M | 16.21M | 15.19M | 14.76M | 16.83M | 10.78M | 12.21M | 7.06M | 7.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in recent financial filings, PAHC's operating cash flow to net income ratio has fluctuated significantly, dropping to 0.67 in 2026Q3, which suggests that reported accounting profits are not consistently translating into actual cash generation due to persistent accrual-based adjustments and operational timing differences.
The wide variance in the OCF/NI ratio indicates that earnings quality remains inconsistent, often decoupled from the underlying cash reality of the business. Investors should monitor whether this divergence stems from structural inefficiencies in revenue recognition or simply the timing of large-scale integrator payments.
Based on the provided cash flow data, FCF margins have struggled to maintain positive territory, reaching a negligible 0.2% in 2026Q3, which highlights the difficulty in sustaining cash generation amidst rising capital requirements and the ongoing integration of new product portfolios into the core business.
The inability to consistently generate meaningful free cash flow suggests that the company's current growth phase is highly capital-intensive. This trend warrants further investigation into whether the recent acquisition of Zoetis assets will eventually provide the scale necessary to improve these thin margins.
According to the latest quarterly statements, PAHC experienced a significant working capital outflow of $26.7M in 2026Q3, a recurring trend that appears to be the primary factor suppressing operating cash flow and limiting the company's ability to fund internal growth through organic cash generation.
The frequent negative swings in working capital suggest that the company may be carrying excessive inventory or facing extended collection cycles from its integrator customer base. This pattern implies that the business model is inherently sensitive to the liquidity constraints of its agricultural partners.
As indicated by the historical data, PAHC has maintained a consistent capital expenditure profile, with CapEx/Revenue ratios averaging near 3.5% over the last ten quarters, reflecting the ongoing necessity of maintaining specialized manufacturing infrastructure to support its complex medicated feed additive and vaccine production lines.
The steady level of capital reinvestment suggests that the company is prioritizing the maintenance and potential expansion of its physical footprint over immediate cash return. This capital intensity appears to be a structural requirement of the industry, limiting the flexibility of free cash flow during periods of revenue volatility.
Quick answers to the most common questions about buying PAHC stock.
Phibro Animal Health Corporation (PAHC) generated $80.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Phibro Animal Health Corporation (PAHC) generated $41.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Phibro Animal Health Corporation (PAHC) spent $38.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Phibro Animal Health Corporation (PAHC) returned $19.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.