PHIBRO ANIMAL HEALTH CORP
A global veterinary health provider offering feed additives, pharmaceuticals, and diagnostics for livestock and companion animals with a strong presence in North America and Europe.
A global veterinary health provider offering feed additives, pharmaceuticals, and diagnostics for livestock and companion animals with a strong presence in North America and Europe.
Investors may find value in PHIBRO due to its diversified product portfolio and growing demand for veterinary health solutions in expanding global markets. The company's positive cash flow generation and strong balance sheet provide flexibility for strategic acquisitions and R&D investments to capture emerging opportunities. Consistent revenue growth over the past three years indicates a resilient business model capable of weathering economic downturns.
Concerns arise from the recent dip in profitability in 2024 and the large non-cash adjustments affecting the overall financial picture. High levels of long-term liabilities relative to equity suggest potential leverage risks that could constrain future growth initiatives. Dependence on a few key geographic markets exposes the company to regional economic slowdowns or regulatory headwinds that could disproportionately impact earnings.
PHIBRO Animal Health Corp is a global leader in veterinary health products, primarily serving the livestock and companion animal markets with specialized feed additives, pharmaceuticals, and diagnostic tools. The company leverages its extensive distribution network to deliver essential immunization and disease prevention solutions across North America and Europe. With a focus on sustainable agriculture and animal welfare, PHIBRO supports producers in maximizing herd productivity while maintaining rigorous safety standards.
In the most recent fiscal year, PHIBRO generated $1.30B in revenue with a net profit of $48.3M, reflecting a strong recovery after a modest $2.4M profit in 2024 following $977.9M in revenue and $32.6M in net income the prior year. The company demonstrated robust operational efficiency with operating expenses of $289.5M against $1.30B in revenue, resulting in a healthy gross profit margin while managing significant cash flow from operations of $80.1M.
The global veterinary health industry is experiencing steady growth driven by increasing pet ownership, rising livestock production demands, and advancements in animal nutrition science. Market participants are increasingly focusing on preventive care solutions and digital diagnostics to meet evolving consumer expectations for animal welfare. Regulatory frameworks continue to tighten, requiring companies to maintain rigorous quality controls and invest heavily in compliance.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $977.9M | $1.02B | $1.30B |
| Cost of Revenue | $679.7M | $704.6M | $896.3M |
| Gross Profit | $298.2M | $313.1M | $399.9M |
| Operating Expenses | $226.4M | $259.8M | $289.5M |
| Operating Income | $71.8M | $53.3M | $110.5M |
| R&D | $24.4M | $29.2M | $23.7M |
| G&A | $226.4M | $259.8M | $289.5M |
| Stock-Based Comp | — | $475.0K | $717.0K |
| D&A | $34.0M | $36.2M | $45.6M |
| Depreciation | $24.3M | $26.5M | $37.8M |
| Amortization | $9.7M | $9.7M | $7.8M |
| Other OpEx | $-24.4M | $-29.2M | $-23.7M |
| Non-Operating Income | $-17.8M | $-42.4M | $-42.5M |
| Interest Expense | $18.7M | — | — |
| Pre-Tax Income | $54.1M | $10.9M | $68.0M |
| Income Tax | $21.5M | $8.5M | $19.7M |
| Continuing Ops | $32.6M | $2.4M | $48.3M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $32.6M | $2.4M | $48.3M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $32.6M | $2.4M | $48.3M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $585.7M | $601.0M | $810.6M |
| Cash & Equivalents | $41.3M | $70.6M | $68.0M |
| Marketable Securities | $40.0M | $44.0M | $9.0M |
| Accounts Receivable | $163.5M | $169.5M | $228.0M |
| Inventory | $277.6M | $265.9M | $444.4M |
| Other Current Assets | $63.4M | $51.0M | $61.2M |
| Long-Term Assets | $385.7M | $381.2M | $550.3M |
| PP&E (Net) | $195.6M | $203.3M | $354.7M |
| Goodwill | $53.3M | $54.6M | $59.6M |
| Operating Leases | $35.8M | $37.6M | $41.3M |
| Other LT Assets | $96.0M | $80.5M | $89.5M |
| Total Assets | $971.4M | $982.2M | $1.36B |
| Current Liabilities | $176.0M | $204.1M | $293.5M |
| Accounts Payable | $73.9M | $85.6M | $138.2M |
| Current Debt | $22.3M | $29.8M | — |
| Current Leases | $6.1M | $7.5M | $9.1M |
| Deferred Revenue | $370.0K | — | — |
| Other Current Liab | $73.4M | $81.3M | $146.1M |
| Long-Term Liabilities | $512.9M | $521.4M | $781.7M |
| Long-Term Debt | $311.5M | $282.3M | — |
| LT Operating Leases | $29.1M | $29.9M | $33.7M |
| Other LT Liab | $172.3M | $209.2M | $748.0M |
| Total Liabilities | $688.9M | $725.5M | $1.08B |
| Shareholders' Equity | $282.5M | $256.6M | $285.7M |
| Retained Earnings | $260.9M | $243.9M | $272.7M |
| AOCI | $-114.2M | $-123.5M | $-124.0M |
| Total L&E | $971.4M | $982.2M | $1.36B |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $32.6M | $2.4M | $48.3M |
| Non-Cash Adjustments | $-3.3M | $69.9M | $-175.1M |
| Working Capital Changes | $-16.0M | $15.3M | $207.0M |
| Cash from Operations | $13.3M | $87.6M | $80.1M |
| Cash from Investing | $-74.0M | $-48.2M | $-288.7M |
| Dividends Paid | $19.4M | $19.4M | $19.4M |
| Cash from Financing | $27.0M | $-6.8M | $207.1M |
| FX Effect | $754.0K | $-3.3M | $-1.1M |
| Net Change in Cash | $-33.0M | $29.3M | $-2.6M |
| Beginning Cash | $74.2M | $41.3M | $70.6M |
| Ending Cash | $41.3M | $70.6M | $68.0M |
The company operates through two primary segments: Livestock Health, which supplies essential immunization and disease prevention products to cattle and swine producers, and Companion Animal Health, which offers vaccines, therapeutics, and diagnostic kits for pets. Revenue is further diversified by geographic regions including North America, Europe, and emerging markets, with significant operations in Canada and the United States.
Regulatory changes in veterinary medicine or feed additives could impact product approval timelines and market access. The company faces currency exchange rate volatility given its international operations and reliance on foreign-denominated revenues. Intense competition from larger pharmaceutical giants and generic manufacturers may pressure pricing margins over time. Supply chain disruptions affecting active pharmaceutical ingredients or manufacturing equipment could delay product launches.
PHIBRO benefits from a robust global distribution network that ensures rapid product availability in critical veterinary markets. The company holds strong intellectual property portfolios and regulatory approvals for its proprietary feed additive technologies, creating high barriers to entry for competitors. Additionally, long-term contracts with major animal health distributors provide stable revenue streams and predictable cash flows.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.