Phibro Animal Health Corporation (NASDAQ: PAHC): Corporate Profile & Financials
Source: Annual Report on Form 10-K For the fiscal year ended June 30, 2026
Quick Facts / Company Snapshot
| Company Name | Phibro Animal Health Corporation |
| Headquarters | Teaneck, New Jersey |
| Country of Incorporation | Delaware |
| Founded | 1946 (as predecessor operations); incorporated in Delaware in 2014 |
| What the Company Does | Global diversified animal health and mineral nutrition company providing solutions to maintain and enhance the health of food and companion animals, alongside specialty ingredients for personal care, industrial chemical, and chemical catalyst industries. |
| Exchange and Ticker | NASDAQ: PAHC |
| Business Segments | Animal Health, Mineral Nutrition, and Performance Products |
| Products & Services | Medicated feed additives (MFAs), antibacterials, anticoccidials, nutritional specialties, vaccines, vaccine adjuvants, mineral nutrition products, companion animal products, and performance products. |
| Employees | Approximately 2,605 |
| Countries & Regions Served | Approximately 90 countries across North America, Latin America and Canada, Europe, Middle East and Africa, and Asia Pacific |
| CEO & Board Chairperson | Daniel M. Bendheim (President and Chief Executive Officer); Jack C. Bendheim (Executive Chairman) |
| Annual Revenue | $1,518,093 thousand +17.1% |
| Net Income | $99,720 thousand +106.6% |
| Total Assets | $1,501,241 thousand |
| Total Liabilities | $1,115,764 thousand |
Company Overview
Phibro Animal Health Corporation is a leading global diversified animal health and mineral nutrition company. The Company strives to be a trusted partner with livestock producers, farmers, veterinarians, and consumers who raise and care for farm and companion animals by providing solutions to help them maintain and enhance the health of their animals. Phibro develops, manufactures, and markets a broad range of products for food animals, including poultry, beef and dairy cattle, swine, aquaculture, and dogs. Its products help prevent, control, and treat diseases and support nutrition to help improve animal health and well-being. Phibro sells animal health and mineral nutrition products either directly to integrated poultry, cattle, and swine producers or through animal feed manufacturers, wholesalers, distributors, and veterinarians.
In addition to animal health and mineral nutrition products, the Company manufactures and markets specific ingredients for use in the personal care, industrial chemical, and chemical catalyst industries. Performance products are sold directly to customers in those respective industries. The Company manages its business across three operating segments: Animal Health, Mineral Nutrition, and Performance Products, each supported by dedicated management and sales teams.
Business Segments
Animal Health
The Animal Health segment develops, manufactures, and markets approximately 345 product lines, categorized into three core groups: MFAs and other, nutritional specialties, and vaccines. Products help customers prevent, control, and treat diseases and support nutrition to improve animal health and well-being, enabling more efficient production of high-quality, wholesome, and affordable animal protein products. For the year ended June 30, 2026, Animal Health net sales were $1,162.2 million, representing approximately 77% of total company net sales. Adjusted EBITDA for the segment was $303.6 million, and net identifiable assets were $1,215.0 million.
Mineral Nutrition
The Mineral Nutrition segment manufactures and markets approximately 380 formulations and concentrations of trace minerals such as zinc, manganese, copper, iron, and other compounds, focusing primarily on customers in North America. Customers use these products to fortify daily feed requirements and maintain optimal balance of trace elements. For the year ended June 30, 2026, Mineral Nutrition net sales were $282.3 million, representing approximately 19% of total company net sales. Adjusted EBITDA for the segment was $21.7 million, and net identifiable assets were $86.0 million.
Performance Products
The Performance Products business manufactures and markets specialty ingredients for use in the personal care, industrial chemical, and chemical catalyst industries, predominantly in the United States, operating through PhibroChem, Ferro Metal and Chemical Corporation Limited, and Phibro-Tech, Inc. For the year ended June 30, 2026, Performance Products net sales were $74.0 million (reported as $73.5 million in segment breakdowns), representing approximately 5% of total company net sales. Adjusted EBITDA for the segment was $8.1 million, and net identifiable assets were $51.0 million.
History and Evolution
Phibro Animal Health Corporation is incorporated in Delaware. The Company’s Class A common stock trades on the Nasdaq Stock Market under the trading symbol “PAHC.” A major operational milestone occurred on October 31, 2024, when the Company completed the acquisition of Zoetis Inc.’s medicated feed additive portfolio, certain water-soluble products, and related assets for a purchase price of approximately $297.5 million ($286.5 million, as adjusted, net of cash acquired). This acquisition added more than 37 product lines sold in approximately 80 countries, six manufacturing sites (four in the U.S., one in Italy, and one in China), and contributed significantly to net sales in fiscal years 2025 and 2026.
Products and Services
Phibro markets approximately 790 product lines across its portfolio. Key product categories include:
- MFAs and Other: Concentrated medicated products administered through animal feeds (Medicated Feed Additives), including antibacterials (such as Stafac®, Terramycin®, Neo-Terramycin®, Mecadox®, Aureomycin®, LincoSpectin®, and BMD®) and anticoccidials (such as Nicarb®, Aviax®, Aviax Plus®, Coxistac®, amprolium, Avatec®, Bovatec®, Cygro®, Gromax®, Deccox®/Avi-Deccox®, Zoamix®, and Robenz®). This category also includes antimicrobials, yeasts, process cleaning, corn oil recovery, and other processing aids used in the ethanol fermentation industry.
- Nutritional Specialties: Products that enhance nutrition to help improve health and performance in areas such as immune system function and digestive health. Offerings include OmniGen®, Animate®, Magni-Phi®, MicroLife® Prime, Cellerate Yeast Solutions®, AB20®, and Ephicax®.
- Vaccines: Fully licensed and autogenous vaccines protecting poultry, beef and dairy cattle, swine, and aquaculture against viral or bacterial disease challenges. Key lines include TAbic® delivery platforms, Tailor-Made®, Phi-Shield®, MB-1®, MJPRRS®, V.H.TM, Phivax® SLE, and MVP adjuvants®.
- Mineral Nutrition: Inorganic and organic compounds of copper, zinc, cobalt, iron, selenium, manganese, magnesium, and iodine, including GemStone® chelated organic trace minerals and the Vistore® portfolio.
- Performance Products: Specialty ingredients supplied to personal care, industrial chemical, and chemical catalyst industries.
- Companion Animal Products: Products such as Rejensa® joint care supplement and Restoris® canine dental device.
Brand Portfolio
The Company owns, licenses, or utilizes numerous prominent brand names and trademarks across its business, including AB20®; Animate®; Aureomycin®; Avatec®; Aviax®; Aviax Plus®; Avi-Carb®; Banminth®; Bloat Guard®; BMD®; Bovatec®; Cellerate Yeast Solutions®; Carbigen®; Cerdimix®; Coxistac®; Cygro®; Deccox®/Avi-Deccox®; EASE®; Emulsigen®; Ephicax®; Eskalin®; Gemstone®; Gromax®; Lactrol®; Lincomix®; LincoSpectin®; Magni-Phi®; MB-1®; Mecadox®; MicroLife® Prime; MJPRRS®; MVP adjuvants®; Neo-Terramycin®; Nicarb®; Nicarmix®; OmniGen®; Phi-Shield®; Phivax®; Polygen®; Posistac®; Rejensa®; Restoris®; Robenz®; Rumatel®; Salmin Plus®; Stafac®; TAbic®; Tailor-Made®; Terramycin®; V.H.™; V-Max®; Vistore®; and Zoamix®.
Geographical Presence
Phibro markets its products in approximately 90 countries and maintains operations across North America, Latin America and Canada, Europe, Middle East and Africa, and Asia Pacific. For the year ended June 30, 2026, net sales by destination region were:
- United States: $877 million (58% of total)
- Latin America and Canada: $341 million (22% of total)
- Europe, Middle East and Africa: $188 million (12% of total)
- Asia Pacific: $112 million (7% of total)
The Company maintains manufacturing facilities in Argentina, Brazil (Braganca Paulista, Guarulhos, Heliópolis), Ireland (Sligo), Israel (Beit Shemesh, Neot Hovav, Petach Tikva), China (Suzhou), Italy (Medolla), and the United States (Sarasota, FL; Chillicothe, IL; Mendon, IL; St. Paul, MN; Omaha, NE; State College, PA; Salisbury, MD; Willow Island, WV; Chicago Heights, IL; Eagle Grove, IA; Quincy, IL; Santa Fe Springs, CA; Teaneck, NJ).
Competitor Analysis
Phibro operates in highly competitive global and regional industries and faces competition across all major product categories. Principal methods of competition include product registrations, customer service and support, breadth of product line, product quality, manufacturing technology, facility locations, and product prices. Some competitors possess greater financial, research and development, production, and other resources. Named primary competitors in the filing include Boehringer Ingelheim International GmbH, Ceva Santé Animale, Elanco Animal Health Incorporated, Huvepharma Inc., Merck & Co., Inc. (Merck Animal Health and MSD Animal Health), Southeastern Minerals, Inc., and Zoetis.
Operating Performance and Business Drivers
For the fiscal year ended June 30, 2026, net sales reached $1,518.1 million, an increase of 17% compared to $1,296.2 million for the fiscal year ended June 30, 2025. Gross profit increased by 28% to $512.5 million, with gross margin expanding to 33.8% from 30.9%. Operating income rose 76% to $194.4 million. Net income increased significantly to $99.7 million, compared to $48.3 million in the prior fiscal year. Adjusted EBITDA reached $254.9 million, up 39% from $183.7 million in fiscal year 2025.
Key qualitative drivers included incremental revenues of $146.1 million from the acquired Zoetis MFA portfolio, stronger worldwide demand for nutritional specialty and vaccine products, higher demand for mineral nutrition products (copper, zinc, and trace minerals), and improved pricing and product mix, partially offset by higher operating expenses, interest expenses resulting from higher debt levels and the expiration of a favorable interest rate swap, and net foreign currency losses of $12.6 million.
Board of Directors and Leadership Team
Key executive officers and directors identified in the filing include:
- Daniel M. Bendheim – President and Chief Executive Officer
- Glenn C. David – Chief Financial Officer
- Jack C. Bendheim – Executive Chairman (and former President and CEO through June 30, 2026)
- Jonathan Bendheim – Executive Vice President, Global Technologies and Talent
- Alejandro Bernal – Director
- E. Thomas Corcoran – Director
- Mary Lou Malanoski – Director
- Carol A. Wrenn – Director
Future Strategy and Business Priorities
Phibro’s strategic initiatives focus on growing sales in emerging markets, driving base revenue growth through new product development and value-added product lifecycle management, improving operational efficiency through manufacturing productivity programs (such as plant network rationalization, including the planned closure of the Chicago Heights facility in summer 2027), and expanding complementary products and services. The Company continues to scale operations at its poultry vaccine facility in Sligo, Ireland, expand autogenous vaccine and adjuvant capacities in Omaha, Nebraska, and Guarulhos, Brazil, and develop companion animal offerings such as Rejensa® and Restoris®.
Key Strengths
- Diversified global footprint with an established direct presence and distribution network across approximately 90 countries.
- Broad, complementary product portfolio spanning MFAs, nutritional specialties, vaccines, and mineral nutrition across five major livestock species.
- Established intellectual property, proprietary know-how, and trade secrets protecting core product lines like virginiamycin.
- Experienced sales force, technical support staff, and executive leadership with extensive industry expertise.
Key Challenges and Risks
- Outbreaks of animal diseases that could significantly reduce demand for livestock products and raw materials.
- Public perception and evolving global regulatory restrictions regarding the use of medically important antimicrobials in food-producing animals.
- Ongoing regulatory proceedings regarding the FDA’s review of carbadox (Mecadox®).
- Substantial level of indebtedness and debt-service obligations under the Amended 2024 Credit Agreement.
- Geopolitical instability, currency fluctuations, and risks associated with international operations, particularly in Israel and Brazil.
- Information technology and cybersecurity risks, along with raw material price volatility and supply chain disruptions.
Conclusion and Strategic Outlook
Phibro Animal Health Corporation remains well-positioned as a diversified global animal health and mineral nutrition provider. Through strategic product portfolio expansions, geographic reach, and ongoing investments in manufacturing and innovation, the Company continues to address critical needs in the global animal protein production industry while navigating complex regulatory and macroeconomic environments.
Official Site
Financial Statements
Unless otherwise stated, all financial figures are presented in thousands of U.S. Dollars (USD) for the fiscal years ended June 30, 2026, 2025, and 2024.
Summary Consolidated Statements of Operations
| Line Item | 2026 | 2025 | YoY Growth (%) |
|---|---|---|---|
| Net sales | $ 1,518,093 | $ 1,296,215 | +17.12% |
| Cost of goods sold | 1,005,578 | 896,273 | +12.20% |
| Gross profit | 512,515 | 399,942 | +28.15% |
| Selling, general and administrative expenses | 318,119 | 289,477 | +9.89% |
| Operating income | 194,396 | 110,465 | +75.98% |
| Interest expense, net | 44,429 | 34,602 | +28.40% |
| Foreign currency losses, net | 12,621 | 7,870 | +60.37% |
| Income before income taxes | 137,346 | 67,993 | +102.00% |
| Provision for income taxes | 37,626 | 19,729 | +90.71% |
| Net income | $ 99,720 | $ 48,264 | +106.61% |
| Net income per share – basic | $ 2.46 | $ 1.19 | +106.72% |
| Net income per share – diluted | $ 2.43 | $ 1.19 | +104.20% |
Balance Sheet
| Line Item | June 30, 2026 | June 30, 2025 | YoY Growth (%) |
|---|---|---|---|
| Cash and cash equivalents | $ 61,419 | $ 68,039 | -9.73% |
| Short-term investments | 20,575 | 9,000 | +128.61% |
| Accounts receivable, net | 238,794 | 227,983 | +4.74% |
| Inventories, net | 534,883 | 444,425 | +20.35% |
| Other current assets | 79,835 | 61,159 | +30.54% |
| Total current assets | 935,506 | 810,606 | +15.41% |
| Property, plant and equipment, net | 369,174 | 354,690 | +4.08% |
| Intangibles, net | 30,052 | 36,469 | -17.60% |
| Goodwill | 60,045 | 59,645 | +0.67% |
| Other assets | 106,464 | 99,490 | +7.01% |
| Total assets | $ 1,501,241 | $ 1,360,900 | +10.31% |
| Current portion of long-term debt | $ 25,025 | $ 16,250 | +54.00% |
| Accounts payable | 127,314 | 138,201 | -7.88% |
| Accrued expenses and other current liabilities | 164,129 | 139,022 | +18.06% |
| Total current liabilities | 316,468 | 293,473 | +7.84% |
| Revolving credit facility | 116,000 | 87,000 | +33.33% |
| Long-term debt | 591,769 | 615,435 | -3.85% |
| Other liabilities | 91,527 | 79,310 | +15.40% |
| Total liabilities | 1,115,764 | 1,075,218 | +3.77% |
| Total stockholders’ equity | 385,477 | 285,682 | +34.93% |
| Total liabilities and stockholders’ equity | $ 1,501,241 | $ 1,360,900 | +10.31% |
Cash Flow Statement
| Line Item | 2026 | 2025 | YoY Growth (%) |
|---|---|---|---|
| Net income | $ 99,720 | $ 48,264 | +106.61% |
| Depreciation and amortization | 51,514 | 45,605 | +12.96% |
| Amortization of debt issuance costs | 2,317 | 2,015 | +14.99% |
| Deferred income tax expense (benefit) | 7,226 | (4,879) | N/M |
| Foreign currency losses, net | 1,633 | 600 | +172.17% |
| Acquisition-related items | 1,956 | 5,679 | -65.56% |
| Non-cash impairment charges | — | 5,328 | – |
| Stock-based compensation | 1,597 | 717 | +122.73% |
| Other | (1,913) | (1,643) | +16.43% |
| Accounts receivable, net | (7,493) | (55,208) | -86.43% |
| Inventories, net | (86,338) | (44,294) | +94.92% |
| Other current assets | (16,744) | (16,346) | +2.43% |
| Other assets | 1,591 | 1,572 | +1.21% |
| Accounts payable | (12,463) | 45,555 | N/M |
| Accrued expenses and other liabilities | 26,351 | 47,159 | -44.12% |
| Net cash provided by operating activities | 68,954 | 80,124 | -13.94% |
| Purchases of short-term investments | (47,601) | (14,000) | +240.01% |
| Maturities of short-term investments | 36,026 | 49,000 | -26.48% |
| Capital expenditures | (59,088) | (38,293) | +54.30% |
| Business acquisition, net of cash acquired | — | (286,529) | – |
| Other, net | (792) | 1,134 | N/M |
| Net cash used by investing activities | (71,455) | (288,688) | -75.25% |
| Revolving credit facility borrowings | 297,000 | 532,000 | -44.17% |
| Revolving credit facility repayments | (268,000) | (621,000) | -56.84% |
| Proceeds from long-term debt | — | 650,000 | – |
| Payments of long-term debt | (16,250) | (325,014) | -95.00% |
| Debt issuance costs | (567) | (10,377) | -94.54% |
| Proceeds from insurance premium financing and other short-term debt | 8,410 | 7,530 | +11.69% |
| Payments of insurance premium financing and other short-term debt | (7,690) | (6,556) | +17.30% |
| Dividends paid | (19,463) | (19,449) | +0.07% |
| Net cash (used) provided by financing activities | (6,560) | 207,134 | N/M |
| Effect of exchange rate changes on cash | 2,441 | (1,144) | N/M |
| Net decrease in cash and cash equivalents | (6,620) | (2,574) | +157.19% |
| Cash and cash equivalents at beginning of period | 68,039 | 70,613 | -3.65% |
| Cash and cash equivalents at end of period | $ 61,419 | $ 68,039 | -9.73% |
Subsidiaries & Joint Ventures
The filing does not explicitly list an exhaustive inventory of all legal subsidiaries and joint ventures with individual ownership percentages in a standalone schedule. However, the consolidated financial statements consolidate Phibro Animal Health Corporation and its subsidiaries.
Other Investments & Holdings
The consolidated balance sheet as of June 30, 2026, reports equity method investments of $8,759 thousand (and $5,142 thousand as of June 30, 2025). The source filing does not detail specific investee names or individual ownership percentages for these equity method investments.
Physical Properties
| Location | Status / Type | Approx. Square Footage | Purpose(s) |
|---|---|---|---|
| Buenos Aires, Argentina | Owned | 43,000 | Manufacturing and Administrative |
| Braganca Paulista, Brazil | Owned | 884,000 | Manufacturing, Sales and Administrative |
| Guarulhos, Brazil | Owned | 1,236,000 | Manufacturing, Sales, Premixing, Research and Administrative |
| Heliópolis, Brazil | Owned | 32,000 | Manufacturing, Sales and Administrative |
| Sligo, Ireland | Owned | 57,000 | Manufacturing and Research |
| Beit Shemesh, Israel | Leased | 190,000 | Manufacturing, Research and Administrative |
| Neot Hovav, Israel | Owned / land lease | 140,000 | Manufacturing and Research |
| Petach Tikva, Israel | Owned | 60,000 | Manufacturing |
| Sarasota, Florida | Leased | 93,000 | Manufacturing, Sales, Research and Administrative |
| Chillicothe, Illinois | Owned | 19,000 | Manufacturing |
| Mendon, Illinois | Owned | 64,000 | Research |
| St. Paul, Minnesota | Leased | 5,000 | Research |
| Omaha, Nebraska | Owned | 60,000 | Manufacturing, Sales and Research |
| State College, Pennsylvania | Owned | 13,000 | Research |
| Salisbury, Maryland | Leased | 87,000 | Manufacturing |
| Willow Island, West Virginia | Owned / land lease | 1,220,000 | Manufacturing |
| Chicago Heights, Illinois | Owned | 215,000 | Manufacturing (closure announced August 2026) |
| Eagle Grove, Iowa | Owned | 112,000 | Manufacturing |
| Suzhou, China | Owned | 150,000 | Manufacturing |
| Independence, Missouri | Leased | 145,000 | Warehousing |
| Medolla, Italy | Leased | 6,000 | Manufacturing |
| Quincy, Illinois | Owned | 306,000 | Manufacturing, Sales, Research and Administrative |
| Omaha, Nebraska (Mineral Nutrition) | Owned | 84,000 | Manufacturing |
| Santa Fe Springs, California | Owned | 108,000 | Manufacturing |
| Teaneck, New Jersey | Leased | 50,000 | Corporate and Administrative |
Investments and Capital Expenditure
| Expenditure / Investment Item | 2026 | 2025 | YoY Growth (%) |
|---|---|---|---|
| Capital expenditures (Cash Flow Statement) | $ 59,088 | $ 38,293 | +54.30% |
| Research and development expense (Note 4) | $ 24,551 | $ 23,726 | +3.48% |
Share Capital and Outstanding Shares
| Share Class or Item | Authorized Shares | Par Value | Issued & Outstanding Shares (June 30, 2026) | Issued & Outstanding Shares (June 30, 2025) |
|---|---|---|---|---|
| Preferred Stock | 16,000,000 | $ 0.0001 | — | — |
| Class A Common Stock | 300,000,000 | $ 0.0001 | 21,068,682 | 20,367,574 |
| Class B Common Stock | 30,000,000 | $ 0.0001 | 19,496,034 | 20,166,034 |
Weighted average common shares outstanding for the year ended June 30, 2026: Basic: 40,546 thousand; Diluted: 40,964 thousand.
Frequently Asked Questions
What is Phibro Animal Health Corporation’s primary business?
Phibro is a global diversified animal health and mineral nutrition company that develops, manufactures, and markets a broad range of products for food animals (poultry, beef and dairy cattle, swine, aquaculture) and companion animals, as well as performance products for industrial applications.
What were Phibro’s net sales and net income for fiscal year 2026?
For the fiscal year ended June 30, 2026, Phibro reported net sales of $1,518,093 thousand and net income of $99,720 thousand.
How many countries does Phibro operate in?
Phibro markets its products in approximately 90 countries and maintains manufacturing and direct sales operations in 26 countries.
What are Phibro’s main reportable business segments?
The Company manages its business in three reportable segments: Animal Health, Mineral Nutrition, and Performance Products.
What major acquisition did Phibro complete recently?
On October 31, 2024, Phibro completed the acquisition of Zoetis Inc.’s medicated feed additive portfolio, certain water-soluble products, and related assets for approximately $297.5 million ($286.5 million net of cash acquired).