Phibro Animal Health Corporation (PAHC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-155.0%

-$21.31

vs $38.74 price

Levered DCF

-$4.55

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.09

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.76×	21.46×	284×	16.91×	15.81×	21.55×	31.65×	23.42×
P/B	3.31×	3.62×	2.69×	1.96×	2.95×	4.9×	5.65×	5.92×
P/S	0.84×	0.8×	0.68×	0.57×	0.82×	1.4×	1.33×	1.54×
EV / EBITDA	8.47×	11.77×	16.58×	9.65×	10×	14.03×	14.16×	13.72×
Gross margin	33.7%	30.9%	30.8%	30.5%	30.3%	32.6%	32.1%	32.0%
Operating margin	13.1%	8.5%	5.2%	7.3%	8.4%	9.0%	8.6%	8.9%
Net margin	6.6%	3.7%	0.2%	3.3%	5.2%	6.5%	4.2%	6.6%
Current ratio	2.96×	2.76×	2.94×	3.33×	2.97×	3.04×	2.87×	3.02×
Debt / equity	2.05×	2.67×	2.05×	1.81×	1.79×	1.79×	2.18×	1.51×
Interest coverage	4.17×	3.32×	2.43×	4×	6.53×	7.2×	4.84×	5.36×
Dividend yield	1.5%	1.9%	2.8%	3.5%	2.5%	1.7%	1.8%	1.5%
Payout ratio	19.5%	40.3%	804.7%	59.6%	39.5%	35.7%	57.9%	34.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	25.9%	16.9%	0.9%	11.5%	18.7%	22.8%	17.8%	25.3%
Return on invested capital	11.8%	7.2%	1.4%	5.3%	7.0%	8.8%	6.4%	9.6%
Return on assets	6.6%	3.5%	0.2%	3.4%	5.3%	6.5%	4.3%	7.5%
Free cash flow yield	0.8%	4.0%	6.7%	-6.9%	-0.7%	1.6%	2.4%	1.4%
Earnings yield	7.8%	4.7%	0.4%	5.9%	6.3%	4.6%	3.2%	4.3%
Enterprise value	$2B	$1.7B	$1.1B	$1B	$1.2B	$1.5B	$1.4B	$1.5B
Net debt / EBITDA	3.08×	4.72×	6.59×	4.42×	3.38×	3.42×	3.69×	2.38×
Cash conversion cycle (days)	205	189	154	170	155	160	145	151