Latest Ratios: P/E Ratio 28.5x · EV/EBITDA 13.3x · ROE 17.8%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.0B | $680M | $555M | $775M | $1.2B | $1.1B | $1.3B | $1.9B | $1.5B | $746M |
| Enterprise Value | $2.1B | $1.7B | $1.1B | $1.0B | $1.2B | $1.5B | $1.4B | $1.6B | $2.1B | $1.7B | $1.1B |
| P/E Ratio → | 28.51 | 21.46 | 279.50 | 16.91 | 15.81 | 21.55 | 31.65 | 23.53 | 28.60 | 23.01 | 9.01 |
| P/S Ratio | 1.06 | 0.80 | 0.67 | 0.57 | 0.82 | 1.40 | 1.33 | 1.55 | 2.27 | 1.94 | 0.99 |
| P/B Ratio | 4.83 | 3.64 | 2.65 | 1.96 | 2.95 | 4.90 | 5.65 | 5.96 | 10.06 | 9.80 | 8.25 |
| P/FCF | 32.88 | 24.85 | 14.66 | — | — | 61.61 | 42.05 | 74.51 | 36.15 | 19.12 | 861.89 |
| P/OCF | 17.17 | 12.97 | 7.76 | 41.69 | 24.48 | 24.21 | 17.93 | 27.29 | 26.57 | 15.06 | 20.05 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.34 | 1.11 | 1.05 | 1.24 | 1.86 | 1.80 | 1.88 | 2.61 | 2.28 | 1.42 |
| EV / EBITDA | 13.26 | 11.10 | 12.68 | 9.67 | 10.48 | 14.48 | 14.17 | 15.43 | 17.03 | 14.04 | 9.76 |
| EV / EBIT | 18.73 | 17.12 | 34.50 | 14.21 | 13.87 | 19.74 | 20.77 | 18.27 | 21.27 | 17.85 | 11.38 |
| EV / FCF | — | 41.43 | 24.47 | — | — | 81.44 | 56.84 | 90.06 | 41.66 | 22.44 | 1230.38 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.9% | 30.9% | 30.8% | 30.5% | 30.3% | 32.6% | 32.1% | 32.0% | 32.5% | 32.5% | 31.8% |
| Operating Margin | 8.5% | 8.5% | 5.2% | 7.3% | 8.4% | 9.0% | 8.6% | 8.9% | 12.1% | 12.8% | 11.4% |
| Net Profit Margin | 3.7% | 3.7% | 0.2% | 3.3% | 5.2% | 6.5% | 4.2% | 6.6% | 7.9% | 8.5% | 11.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.8% | 17.8% | 0.9% | 12.0% | 19.6% | 25.5% | 16.6% | 27.3% | 38.6% | 53.5% | 137.7% |
| ROA | 4.1% | 4.1% | 0.2% | 3.4% | 5.5% | 6.7% | 4.4% | 7.8% | 10.0% | 10.5% | 15.0% |
| ROIC | 9.8% | 9.8% | 5.5% | 7.6% | 9.3% | 9.5% | 9.9% | 11.5% | 16.9% | 18.0% | 18.4% |
| ROCE | 12.0% | 12.0% | 6.8% | 9.4% | 11.1% | 11.5% | 11.5% | 13.3% | 19.1% | 19.4% | 19.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.67 | 2.67 | 2.05 | 1.81 | 1.79 | 1.79 | 2.18 | 1.51 | 1.69 | 2.07 | 3.90 |
| Debt / EBITDA | 4.88 | 4.88 | 5.87 | 4.82 | 4.21 | 4.00 | 4.05 | 3.23 | 2.48 | 2.53 | 3.23 |
| Net Debt / Equity | — | 2.43 | 1.77 | 1.66 | 1.51 | 1.58 | 1.99 | 1.24 | 1.53 | 1.70 | 3.53 |
| Net Debt / EBITDA | 4.44 | 4.44 | 5.08 | 4.43 | 3.55 | 3.53 | 3.69 | 2.66 | 2.25 | 2.07 | 2.92 |
| Debt / FCF | — | 16.58 | 9.81 | — | — | 19.83 | 14.80 | 15.55 | 5.50 | 3.32 | 368.48 |
| Interest Coverage | 3.04 | 3.04 | 1.50 | 4.01 | 6.98 | 7.53 | 4.84 | 6.23 | 7.41 | 5.77 | 5.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.76 | 2.76 | 2.94 | 3.33 | 2.97 | 3.04 | 2.87 | 3.02 | 2.90 | 3.14 | 3.15 |
| Quick Ratio | 1.25 | 1.25 | 1.64 | 1.75 | 1.61 | 1.72 | 1.62 | 1.74 | 1.66 | 1.75 | 1.61 |
| Cash Ratio | 0.26 | 0.26 | 0.56 | 0.46 | 0.48 | 0.57 | 0.58 | 0.53 | 0.55 | 0.48 | 0.31 |
| Asset Turnover | — | 0.95 | 1.04 | 1.01 | 1.01 | 0.99 | 1.02 | 1.14 | 1.22 | 1.23 | 1.23 |
| Inventory Turnover | 2.02 | 2.02 | 2.65 | 2.45 | 2.53 | 2.60 | 2.76 | 2.84 | 3.10 | 3.20 | 3.06 |
| Days Sales Outstanding | — | 64.20 | 60.78 | 61.02 | 64.51 | 64.32 | 57.70 | 70.10 | 60.42 | 60.10 | 60.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 1.9% | 2.9% | 3.5% | 2.5% | 1.7% | 1.8% | 1.4% | 0.9% | 1.1% | 2.1% |
| Payout Ratio | 40.3% | 40.3% | 804.7% | 59.6% | 39.5% | 35.7% | 57.9% | 34.0% | 24.8% | 24.5% | 19.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 4.7% | 0.4% | 5.9% | 6.3% | 4.6% | 3.2% | 4.2% | 3.5% | 4.3% | 11.1% |
| FCF Yield | 3.0% | 4.0% | 6.8% | — | — | 1.6% | 2.4% | 1.3% | 2.8% | 5.2% | 0.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.4% | 1.9% | 2.9% | 3.5% | 2.5% | 1.7% | 1.8% | 1.4% | 0.9% | 1.1% | 2.1% |
| Shares Outstanding | — | $41M | $41M | $41M | $41M | $41M | $41M | $41M | $40M | $40M | $40M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying PAHC stock.
Phibro Animal Health Corporation's current P/E ratio is 28.5x. The historical average is 21.7x. This places it at the 80th percentile of its historical range.
Phibro Animal Health Corporation's current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Phibro Animal Health Corporation's return on equity (ROE) is 17.8%. The historical average is 38.9%.
Based on historical data, Phibro Animal Health Corporation is trading at a P/E of 28.5x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phibro Animal Health Corporation's current dividend yield is 1.41% with a payout ratio of 40.3%.
Phibro Animal Health Corporation has 30.9% gross margin and 8.5% operating margin.
Phibro Animal Health Corporation's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Acquisition integration strains cash conversion
Metrics are mathematically derived from official filings.
Valuation Reflects Growth Premium, Not Current Earnings
PAHC trades at a forward P/E of 12.25, a significant discount to its trailing P/E of 31.66, suggesting the market is pricing in substantial earnings growth from the Zoetis MFA acquisition, as indicated by current valuation multiples.
The wide gap between trailing and forward multiples implies analysts expect a sharp earnings inflection, likely driven by the full-year contribution of the acquired portfolio and operational synergies. However, the PEG ratio of 4.24 indicates this growth is priced at a premium relative to the broader market, warranting scrutiny of whether the projected earnings ramp is achievable without margin dilution. Compared to peer Zoetis's forward P/E of 12.85, PAHC appears similarly valued on a forward basis but lacks the high-margin companion animal exposure that supports Zoetis's premium.
Margin Expansion Driven by Scale, Not Mix
Operating margin expanded to 12.1% in Q4 2026 from 6.7% a year prior, indicating strong operating leverage as revenue scales, though gross margin remains constrained by the low-margin Mineral Nutrition segment.
The improvement in operating margin appears to be a function of SG&A leverage rather than a fundamental shift in product mix, as gross margin expansion has been more modest. This suggests the company is successfully absorbing fixed costs over a larger revenue base, but the core earning power is still heavily influenced by commodity input costs in the Mineral Nutrition business. Investors should monitor whether this operating leverage can be sustained as the company integrates the Zoetis portfolio, which may carry a different cost structure.
Returns on Capital Remain Below Cost of Capital
ROIC has improved to 3.3% in Q4 2026 from 1.9% a year ago, but remains well below the company's estimated weighted average cost of capital, suggesting the business is not yet creating economic value for shareholders.
The upward trend in ROIC is encouraging and appears driven by both margin expansion and improved asset turnover following the acquisition. However, the absolute level of return is still low, indicating that the significant capital invested in the expanded asset base is not yet generating adequate returns. This raises questions about the long-term value creation potential of the Zoetis MFA acquisition and whether the company can achieve a sustainable return on the incremental capital deployed.
Working Capital Cycle Lengthens Post-Acquisition
The cash conversion cycle has expanded to 195 days in Q4 2026 from 148 days a year prior, driven primarily by a 52-day increase in days inventory outstanding, suggesting integration challenges and potential inventory buildup.
The significant lengthening of the CCC is a red flag, as it indicates cash is being tied up in working capital for longer periods. The increase in DIO is particularly concerning and may reflect the initial stocking of the acquired Zoetis product lines or potential demand softness. This trend directly explains the cash flow volatility noted in prior analysis and warrants close monitoring, as a prolonged cycle could strain liquidity and mask underlying demand weakness.
Leverage Elevated but Serviceable
The debt-to-equity ratio of 2.05 is high relative to historical levels, but interest coverage of 4.18x suggests the company can comfortably service its debt obligations based on current earnings.
While the D/E ratio has increased materially due to acquisition financing, the improving interest coverage ratio indicates that the earnings growth from the larger revenue base is providing a sufficient cushion. The key risk is not immediate default but rather the constraint on financial flexibility; the elevated leverage may limit PAHC's ability to pursue further strategic acquisitions or weather a significant downturn in livestock markets without cutting dividends or capex.
The Misleading Strength of the Current Ratio
The current ratio of 2.96 appears robust, but it is inflated by a large inventory position (DIO of 186 days) that may not be readily convertible to cash, obscuring the company's true liquidity position.
For a manufacturing company with a significant commodity input component, the current ratio is a poor measure of liquidity because it treats inventory as equally liquid as cash. The high DIO suggests a substantial portion of current assets is tied up in slow-moving stock, which could be subject to obsolescence or price erosion. A more appropriate metric would be the quick ratio, which at 1.27 provides a more conservative view, or an analysis of inventory turnover trends to assess the true cash conversion potential of the balance sheet.