Phibro Animal Health Corporation is a diversified global company focused on improving the health, productivity, and welfare of food-producing animals. The business traces its origins to 1946, when it was established as Philipp Brothers Chemicals, Inc. It adopted the Phibro Animal Health name in 2003 and was incorporated in Delaware ...Phibro Animal Health Corporation is a diversified global company focused on improving the health, productivity, and welfare of food-producing animals. The business traces its origins to 1946, when it was established as Philipp Brothers Chemicals, Inc. It adopted the Phibro Animal Health name in 2003 and was incorporated in Delaware in 2014, the same year it completed its initial public offering and began trading on NASDAQ under the symbol PAHC. The company is headquartered at Glenpointe Centre East in Teaneck, New Jersey, and operates internationally across the United States, Latin America, Canada, Europe, the Middle East, Africa, and the Asia-Pacific region.
Phibro reports three principal business segments. Animal Health provides pharmaceutical and biological products used by poultry, swine, beef cattle, dairy cattle, and aquaculture producers. Its portfolio includes antimicrobials, anticoccidials for controlling coccidiosis, anthelmintics for intestinal parasites, anti-bloat products for cattle, nutritional supplements, and vaccines, particularly for poultry and swine. These products are intended to help producers prevent disease, manage production risks, and improve animal performance while supporting responsible use of animal health interventions.
The Mineral Nutrition segment manufactures and supplies trace-mineral products and concentrates containing nutrients such as zinc, manganese, copper, and iron. These ingredients are used in animal diets to support growth, immune function, reproduction, and overall nutritional balance. The Performance Products segment supplies specialty ingredients used in areas including personal care, industrial chemicals, and chemical catalysts, providing Phibro with exposure beyond livestock health and nutrition.
The company serves customers through its own sales organizations, direct relationships with integrated poultry, swine, and cattle operations, commercial feed producers, wholesalers, and distributors. Its products are marketed under numerous product lines, giving Phibro a broad portfolio and multi-channel route to market. The company’s stated value proposition centers on science-based research, technical support, and collaboration with farmers, ranchers, veterinarians, nutritionists, and animal production companies.
Daniel Bendheim serves as chief executive officer and president. The company reported approximately 2,475 full-time employees in the supplied financial data, placing it in the 2,001-5,000 employee category. Based on the supplied trailing-twelve-month information, Phibro generated a gross margin of approximately 32.5%, an EBITDA margin of about 15.0%, and a net profit margin near 6.3%. Its reported current ratio of approximately 3.17 indicates substantial current-asset coverage, while debt-to-equity of approximately 2.18 reflects meaningful financial leverage. The company also reported a quarterly-style annualized dividend per share of approximately $0.48 in the supplied data. Key business considerations include livestock production cycles, disease outbreaks, regulatory requirements, raw-material and manufacturing costs, product approvals, currency movements, agricultural demand, and competition in animal health and feed additives. Overall, Phibro’s strategic focus is to remain a trusted partner to animal producers by combining products, technical expertise, research, and global distribution.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.5B
+17.1%
+3.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$99.7M
+106.6%
-9.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+33.7%
+9.2%
+4.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+13.1%
+53.4%
-3.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+6.6%
+76.4%
-12.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$9.9M
-76.4%
+487.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+0.6%
-79.9%
+467.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
204.6%
-23.2%
-6.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.96x
+7.0%
-6.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Phibro Animal Health Corporation Fourth Quarter 2026 Conference Call. [Operator instructions] I would now like to turn the conference over to Glenn David, Chief Financial Officer. Please go ahead.
Glenn David: Thank you, Regina. Good day, and welcome to the Phibro Animal Health Corporation Earnings Call for our fiscal fourth quarter and full year ended June 30, 2026. My name is Glenn David, and I'm the Chief Financial Officer of Phibro Animal Health Corporation. I am joined on today's call by Dani Bendheim, President and Chief Executive Officer; and Larry Miller, Chief Operating Officer. Today, we will cover financial performance for our fourth quarter and full year 2026 and provide financial guidance for our fiscal year ending June 30, 2027. At the conclusion of our remarks, we will open the lines for your questions. I would like to remind you that we are providing a simultaneous webcast of this call on our website, pahc.com. Also, on the Investors section of our website, you will find copies of the earnings press release and annual Form 10-K as well as the transcript and slides discussed and presented on this call. Our remarks today will include forward-looking statements, and actual results could differ materially from those projections. For a list and description of certain factors that could cause results to differ, I refer you to the forward-looking statements section in our earnings press release. Our remarks include references to certain financial measures, which were not prepared in accordance with generally accepted accounting principles or U.S. GAAP. I refer you to the non-GAAP financial information section in our earnings press release for a discussion of these measures. Reconciliations of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures are included in the financial tables that accompany the earnings press release. We present our results on a GAAP basis and on an adjusted basis. Our adjusted results exclude acquisition-related items, unusual, nonoperational or nonrecurring items, including stock-based compensation, other income expense as separately reported in the consolidated statement of operations, including foreign currency losses gains net and income taxes related to pretax income adjustments and unusual or nonrecurring income tax items. Now let me introduce our President and Chief Executive Officer, Dani Bendheim, to share his opening remarks.
Daniel Bendheim: Thanks, Glenn, and good morning, everyone. Fiscal 2026 was a strong year for Phibro. We delivered record net sales of more than $1.5 billion and increased adjusted EBITDA by 39% to $255 million. In the fourth quarter, sales grew 5% and adjusted EBITDA grew 29%. More importantly, these results reflect a company that is executing better, operating more efficiently and …
