Revenue expansion remains robust with 10.3% year-over-year growth in 2026Q3, though gross margins continue to fluctuate between 29.0% and 35.5% due to commodity input sensitivity.
| 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 |
|---|
| Sales/Revenue | 1.5B | 1.3B | 1.02B | 977.89M | 942.26M | 833.35M | 800.35M | 828M | 820M | 764.3M | 751.5M | 748.59M | 691.9M | 653.15M | 654.1M | 453M | 398.4M | 364.4M | 354.4M | 337.8M | 328.7M | 319.7M | 323M |
| Revenue Growth % | 25.98% | 27.37% | 4.07% | 3.78% | 13.07% | 4.12% | -3.34% | 0.98% | 7.29% | 1.7% | 0.39% | 8.19% | 5.93% | -0.15% | 44.39% | 13.7% | 9.33% | 2.82% | 4.91% | 2.77% | 2.82% | -1.02% | - |
| Cost of Goods Sold | 1.01B | 896.27M | 704.59M | 679.65M | 656.86M | 561.97M | 543.47M | 563.4M | 553.1M | 516M | 512.5M | 512.22M | 484.1M | 474.19M | 489.96M | 341.8M | 307.3M | 293.1M | 265.2M | 248.6M | 247.4M | 250.3M | 249.6M |
| COGS % of Revenue | - | 69.15% | 69.23% | 69.5% | 69.71% | 67.44% | 67.9% | 68.04% | 67.45% | 67.51% | 68.2% | 68.42% | 69.97% | 72.6% | 74.91% | 75.45% | 77.13% | 80.43% | 74.83% | 73.59% | 75.27% | 78.29% | 77.28% |
| Gross Profit | 487.32M | 399.94M | 313.09M | 298.24M | 285.4M | 271.38M | 256.88M | 264.6M | 266.9M | 248.3M | 239M | 236.37M | 207.8M | 178.96M | 164.14M | 111.2M | 91.1M | 71.3M | 89.2M | 89.2M | 81.3M | 69.4M | 73.4M |
| Gross Margin % | 32.49% | 30.85% | 30.77% | 30.5% | 30.29% | 32.56% | 32.1% | 31.96% | 32.55% | 32.49% | 31.8% | 31.58% | 30.03% | 27.4% | 25.09% | 24.55% | 22.87% | 19.57% | 25.17% | 26.41% | 24.73% | 21.71% | 22.72% |
| Gross Profit Growth % | - | 27.74% | 4.98% | 4.5% | 5.17% | 5.64% | -2.92% | -0.86% | 7.49% | 3.89% | 1.11% | 13.75% | 16.11% | 9.03% | 47.61% | 22.06% | 27.77% | -20.07% | 0% | 9.72% | 17.15% | -5.45% | - |
| Operating Expenses | 302.55M | 289.48M | 259.78M | 226.39M | 206.41M | 196.51M | 187.69M | 181.4M | 168M | 150.3M | 153.3M | 148.7M | 144M | 122.23M | 114.81M | 90.2M | 68.1M | 66.9M | 45.5M | 63.3M | 70.6M | 63.9M | 57.8M |
| OpEx % of Revenue | - | 22.33% | 25.53% | 23.15% | 21.91% | 23.58% | 23.45% | 21.91% | 20.49% | 19.67% | 20.4% | 19.86% | 20.81% | 18.71% | 17.55% | 19.91% | 17.09% | 18.36% | 12.84% | 18.74% | 21.48% | 19.99% | 17.89% |
| Selling, General & Admin | 302.55M | 289.48M | 259.78M | 226.39M | 206.41M | 196.51M | 187.69M | 181.4M | 168M | 150.3M | 153.3M | 148.7M | 144M | 122.23M | 114.81M | 76.2M | 68.1M | 66.9M | 63.4M | 63.3M | 70.6M | 63.9M | 59.3M |
| SG&A % of Revenue | - | 22.33% | 25.53% | 23.15% | 21.91% | 23.58% | 23.45% | 21.91% | 20.49% | 19.67% | 20.4% | 19.86% | 20.81% | 18.71% | 17.55% | 16.82% | 17.09% | 18.36% | 17.89% | 18.74% | 21.48% | 19.99% | 18.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.08M | 10M | 9.44M | 11.03M | 9.51M | 8.21M | 6.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 1.46% | 1.22% | 1.24% | 1.47% | 1.27% | 1.19% | 1.02% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -151K | 400K | 14M | 0 | 0 | -17.9M | 0 | 0 | 0 | -1.5M |
| Operating Income | 184M | 110.47M | 53.31M | 71.85M | 78.99M | 74.87M | 69.19M | 73.3M | 98.9M | 97.9M | 85.7M | 87.67M | 63.8M | 56.73M | 49.33M | 21.1M | 23M | 4.4M | 43.7M | 25.9M | 10.6M | 5.4M | 15.7M |
| Operating Margin % | 12.27% | 8.52% | 5.24% | 7.35% | 8.38% | 8.98% | 8.65% | 8.85% | 12.06% | 12.81% | 11.4% | 11.71% | 9.22% | 8.69% | 7.54% | 4.66% | 5.77% | 1.21% | 12.33% | 7.67% | 3.22% | 1.69% | 4.86% |
| Operating Income Growth % | - | 107.19% | -25.79% | -9.04% | 5.5% | 8.2% | -5.6% | -25.88% | 1.02% | 14.24% | -2.24% | 37.41% | 12.46% | 15.01% | 133.77% | -8.26% | 422.73% | -89.93% | 68.73% | 144.34% | 96.3% | -65.61% | - |
| EBITDA | 234.58M | 156.07M | 89.49M | 105.86M | 111.69M | 106.75M | 101.53M | 100.86M | 125.84M | 123.9M | 109.15M | 109.27M | 85.25M | 75.75M | 66.85M | 31.82M | 36.99M | 22.51M | 54.36M | 36.89M | 22.96M | 15.81M | 27.57M |
| EBITDA Margin % | 15.64% | 12.04% | 8.79% | 10.83% | 11.85% | 12.81% | 12.69% | 12.18% | 15.35% | 16.21% | 14.52% | 14.6% | 12.32% | 11.6% | 10.22% | 7.02% | 9.28% | 6.18% | 15.34% | 10.92% | 6.99% | 4.95% | 8.54% |
| EBITDA Growth % | 70.53% | 74.39% | -15.46% | -5.22% | 4.63% | 5.13% | 0.66% | -19.85% | 1.57% | 13.51% | -0.11% | 28.17% | 12.54% | 13.32% | 110.09% | -13.98% | 64.33% | -58.59% | 47.36% | 60.67% | 45.22% | -42.66% | - |
| D&A (Non-Cash Add-back) | 50.58M | 45.6M | 36.18M | 34.01M | 32.7M | 31.88M | 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 |
| EBIT | 174.73M | 101.24M | 32.89M | 72.02M | 84.43M | 78.33M | 69.24M | 85.18M | 100.79M | 97.42M | 93.61M | 93.32M | 39.39M | 53.62M | 48.81M | -33.6M | -40.5M | -48.3M | 3.3M | -10.4M | -28.1M | -29.4M | -200K |
| Net Interest Income | -44M | -30.63M | -17.5M | -14.59M | -11.29M | -9.56M | -12.55M | -11.78M | -11.91M | -14.91M | -16.59M | -14.3M | -32.96M | -35.63M | -35.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.88M | 2.62M | 4.47M | 3.35M | 816K | 838K | 1.76M | 1.9M | 1.69M | 1.97M | 256K | 249K | 119K | 142K | 281K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 45.88M | 33.25M | 21.97M | 17.95M | 12.1M | 10.4M | 14.3M | 13.68M | 13.6M | 16.87M | 16.85M | 14.55M | 33M | 35.77M | 35.7M | -27.3M | -32.6M | -26.9M | -20.6M | -17.4M | -17.7M | -17.7M | -14.2M |
| Other Income/Expense | -55.15M | -42.47M | -42.4M | -17.78M | -6.66M | -8.4M | -13.68M | -11.72M | -10.86M | -17.39M | -19.44M | -8.9M | -57.49M | -38.88M | -36.21M | -27.4M | -30.9M | -25.8M | -19.8M | -18.9M | -21M | -17.1M | -1.7M |
| Pretax Income | 128.85M | 67.99M | 10.92M | 54.07M | 72.33M | 66.47M | 55.51M | 71.5M | 88.1M | 80.5M | 76.8M | 78.76M | 6.3M | 17.85M | 13.11M | -6.3M | -7.9M | -21.4M | 23.9M | 7M | -10.4M | -11.7M | 14M |
| Pretax Margin % | 8.59% | 5.25% | 1.07% | 5.53% | 7.68% | 7.98% | 6.94% | 8.64% | 10.74% | 10.53% | 10.22% | 10.52% | 0.91% | 2.73% | 2% | -1.39% | -1.98% | -5.87% | 6.74% | 2.07% | -3.16% | -3.66% | 4.33% |
| Income Tax | 33.62M | 19.73M | 8.5M | 21.46M | 23.15M | 12.08M | 21.96M | 16.8M | 23.2M | 15.9M | -6M | 18.48M | 9.4M | -7.04M | 6.14M | 400K | 5.2M | 2.1M | 7.8M | 9.8M | 14.8M | -400K | 3.9M |
| Effective Tax Rate % | 26.09% | 29.02% | 77.87% | 39.7% | 32.01% | 18.18% | 39.56% | 23.5% | 26.33% | 19.75% | -7.81% | 23.47% | 149.21% | -39.46% | 46.8% | -6.35% | -65.82% | -9.81% | 32.64% | 140% | -142.31% | 3.42% | 27.86% |
| Net Income | 95.23M | 48.26M | 2.42M | 32.61M | 49.17M | 54.38M | 33.55M | 54.7M | 64.9M | 64.6M | 82.7M | 60.28M | -3.1M | 24.89M | 6.98M | -6.7M | -13.1M | -22.1M | 12.9M | -17.6M | -51.8M | -14.9M | 10.1M |
| Net Margin % | 6.35% | 3.72% | 0.24% | 3.33% | 5.22% | 6.53% | 4.19% | 6.61% | 7.91% | 8.45% | 11% | 8.05% | -0.45% | 3.81% | 1.07% | -1.48% | -3.29% | -6.06% | 3.64% | -5.21% | -15.76% | -4.66% | 3.13% |
| Net Income Growth % | 199.55% | 1897.68% | -92.59% | -33.69% | -9.58% | 62.09% | -38.66% | -15.72% | 0.46% | -21.89% | 37.19% | 2044.52% | -112.45% | 256.81% | 204.12% | 48.85% | 40.72% | -271.32% | 173.3% | 66.02% | -247.65% | -247.52% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.32 | 1.19 | 0.06 | 0.81 | 1.21 | 1.34 | 0.83 | 1.35 | 1.61 | 1.61 | 2.07 | 1.51 | -0.10 | 0.82 | 0.23 | -0.17 | -0.22 | -0.37 | 0.22 | -0.29 | -0.86 | -0.25 | 0.17 |
| EPS Growth % | 199.26% | 1883.33% | -92.59% | -33.06% | -9.7% | 61.45% | -38.52% | -16.15% | 0% | -22.22% | 37.09% | 1668.02% | -111.74% | 256.52% | 235.29% | 22.73% | 40.54% | -268.18% | 175.86% | 66.28% | -244% | -247.06% | - |
| EPS (Basic) | - | 1.19 | 0.06 | 0.81 | 1.21 | 1.34 | 0.83 | 1.35 | 1.61 | 1.63 | 2.11 | 1.55 | -0.10 | 0.82 | 0.23 | -0.17 | -0.22 | -0.37 | 0.22 | -0.29 | -0.86 | -0.25 | 0.17 |
| Diluted Shares Outstanding | 41.04M | 40.7M | 40.52M | 40.5M | 40.5M | 40.5M | 40.5M | 40.52M | 40.4M | 40M | 40M | 39.81M | 32.2M | 30.46M | 30.52M | 38.8M | 60M | 60M | 60M | 60M | 60M | 60M | 60M |
| Basic Shares Outstanding | 40.55M | 40.5M | 40.5M | 40.5M | 40.5M | 40.5M | 40.5M | 40.41M | 40.2M | 39.5M | 39.3M | 38.97M | 31.27M | 30.46M | 30.46M | 38.8M | 60M | 60M | 60M | 60M | 60M | 60M | 60M |
| Dividend Payout Ratio | - | 40.3% | 804.72% | 59.63% | 39.54% | 35.73% | 57.87% | 33.99% | 24.77% | 24.5% | 18.99% | 25.87% | - | 12.05% | - | - | - | - | - | - | - | - | - |
Regulatory MFA Obsolescence Risk
According to reported financial statements, PAHC achieved a 10.3% year-over-year revenue increase in 2026Q3, building upon a multi-quarter trend of double-digit growth that suggests successful integration of acquired assets and sustained demand within the core livestock feed additive and vaccine segments despite broader industry headwinds.
The recent revenue trajectory appears to be supported by the strategic acquisition of Zoetis's MFA portfolio, which likely bolsters market share in a niche where competitors are retreating. Investors should monitor whether this growth is organic or driven by inorganic consolidation, as the sustainability of these gains depends on the company's ability to retain legacy customers during the transition.
Based on the provided income statement data, gross margins have fluctuated between 29.0% and 35.5% over the last ten quarters, reflecting the inherent sensitivity of the Mineral Nutrition segment to commodity input costs and the ongoing product mix shift toward higher-margin vaccine and specialty nutritional offerings.
The variability in gross margin suggests that PAHC lacks full pricing power in its commodity-exposed segments, leaving it vulnerable to raw material price spikes. While the recent expansion toward 32.6% in 2026Q3 indicates some recovery, the inability to consistently maintain margins above 35% highlights the competitive pressure in the livestock health space.
As indicated by the latest quarterly figures, operating income reached $48.0M in 2026Q3, demonstrating improved operating leverage as the company scales its revenue base while maintaining relatively disciplined SG&A expenses, which have remained largely range-bound despite the significant top-line growth observed over the past two years.
The expansion of operating margins from 6.3% in 2024Q2 to 12.5% in 2026Q3 suggests that management is successfully extracting greater efficiency from its existing infrastructure. This trend warrants further investigation to determine if this operating leverage is sustainable or if it relies on temporary cost-containment measures that may eventually require reinvestment.
While current performance appears robust, the income statement masks significant long-term risks, as evidenced by the persistent regulatory scrutiny on medicated feed additives that may render a substantial portion of the company's core revenue base obsolete, potentially forcing a costly and uncertain pivot toward alternative therapeutic categories.
Short-sellers may focus on the reliance on legacy MFA products, which face increasing global restrictions that could lead to structural revenue contraction. The lack of R&D expenditure reported in the provided data raises concerns regarding the company's ability to innovate its way out of this potential obsolescence trap.
Quick answers to the most common questions about buying PAHC stock.
For fiscal year 2025, Phibro Animal Health Corporation (PAHC) reported total revenue of $1.30B. This represents a 301.3% increase compared to $323.0M in 2000.
Phibro Animal Health Corporation (PAHC) is profitable, generating $48.3M in net income for the fiscal year ending 2025 with a net profit margin of 3.7%.
Phibro Animal Health Corporation (PAHC) reported an operating income of $110.5M, resulting in an operating profit margin of 8.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Phibro Animal Health Corporation (PAHC) generated $399.9M in gross profit for the year, representing a gross profit margin of 30.9%. This demonstrates the company's core pricing power and production efficiency.