MeritValue

PHIBRO ANIMAL HEALTH CORP

PAHCdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

PHIBRO ANIMAL HEALTH CORP earns about 13% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $11.84 and $20.27 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$942.3M1$977.9M2$1.02B3$1.3B3$1.52B3
Net income$49.2M4$32.6M5$2.42M6$48.3M6$99.7M6
Operating cash flow$31.6M7$13.3M8$87.6M9$80.1M9$69M9
Capital expenditure$37M10$51.8M11$41.2M12$38.3M12$59.1M12
Free cash flow (derived)−$5.4M7−$38.5M8$46.4M9$41.8M9$9.87M9
Total debt$575.9M13$667.7M14$624.2M14——
Cash & equivalents$74.2M15$41.3M16$70.6M17$68M18$61.4M18
Diluted shares40.5M40.5M40.5M40.7M41.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$94.1
your share of equity
Profit it earned you last year
$24.34
Free cash flow it threw off
$2.41
Debt you’d be carrying
—

10 shares is a claim on $94.1 of net worth that earned you $24.34 and generated $2.41 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY22 8%FY23 5%FY24 1%FY25 22%FY26 31%

It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 3 estimate methods that apply put fair value between $11.84 and $20.27 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$20.27
assumptions (10)
  • riskFreeRate5.0%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$41.8M
DCF · Growth Exit 5Y
$18.83
assumptions (10)
  • riskFreeRate5.0%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$41.8M
Earnings Power Value
$11.84
assumptions (8)
  • riskFreeRate5.0%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$48.3M
  • growthAssumed0.0%
Graham Number
$22.68
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)9.22%
Terminal growth2.5%
At your growth, a share is worth $18.83
The three cases
Bear0.0%$15.47
Base5.0%$18.83
Bull10.0%$22.85

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0001558370-24-012517 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001558370-25-011776 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001104659-26-101493 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0001558370-24-012517 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001558370-25-011776 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001104659-26-101493 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001558370-24-012517 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001558370-25-011776 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001104659-26-101493 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001558370-24-012517 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-06-30 · accession 0001558370-25-011776 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-06-30 · accession 0001104659-26-101493 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-06-30 · accession 0001558370-23-015357 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-06-30 · accession 0001558370-24-012517 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-06-30 · accession 0001558370-23-015357 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-06-30 · accession 0001558370-24-012517 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-06-30 · accession 0001558370-25-011776 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-06-30 · accession 0001104659-26-101493 (CashAndCashEquivalentsAtCarryingValue)