PAHCPHIBRO ANIMAL HEALTH CORP
Pharmaceutical Preparations
- Revenue
- $1.5B
- 17% YoY
- Operating margin
- 12.8%
- 50% YoY
- EBITDA
- $246M
- 58% YoY
- Market cap
- $2.7B
- Employees
- 455
- $3M revenue each
- Net debt / EBITDA
- 1.1×
- $259M net debt
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes69% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo28% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$3M · 95th pctBottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 45th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$28M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $942M | $978M | $1.0B | $1.3B | $1.5B | 17% |
| Operating income | $79M | $72M | $53M | $110M | $194M | 76% |
| Net income | $49M | $33M | $2M | $48M | $100M | 107% |
| Operating cash flow | $32M | $13M | $88M | $80M | $69M | 14% |
| Capex | $37M | $52M | $41M | $38M | $59M | 54% |
| Stock-based comp | — | — | $475K | $717K | $2M | 123% |
| Dividends | $19M | $19M | $19M | $19M | $19M | 0.1% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 22, 2026 | BFI Co., LLC | SCHEDULE 13D/A | 48.2% | Passive |
| Apr 23, 2026 | BFI Co., LLC | SCHEDULE 13D/A | 48.3% | Passive |
| Dec 15, 2025 | BFI Co., LLC | SCHEDULE 13D/A | 49.3% | Passive |
| Jun 3, 2025 | BFI Co., LLC | SCHEDULE 13D/A | 49.9% | Passive |
| Nov 15, 2024 | BFI Co., LLC | SC 13D/A | 49.9% | Passive |
| Feb 14, 2024 | BFI Co., LLC | SC 13D/A | 49.9% | Passive |
| Jun 8, 2023 | BFI Co., LLC | SC 13D/A | 49.9% | Passive |
| Dec 16, 2022 | BFI Co., LLC | SC 13D/A | 49.9% | Passive |
| May 25, 2022 | BFI Co., LLC | SC 13D/A | 49.9% | Passive |
| Jun 25, 2021 | BFI Co., LLC | SC 13D/A | 50.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $318K · 1
- Open-market sells, 12 mo
- $28M · 109
- Net
- −$28M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $5M | $5M | 123 | 136 |
| FY2025 | $5M | $5M | 111 | 99 |
| FY2024 | $5M | $4M | 72 | 97 |
| FY2023 | $3M | $3M | 56 | 98 |
| FY2022 | $4M | $4M | 76 | 100 |