Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Phibro Animal Health Corp (PAHC)
A forensic read on Phibro Animal Health Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.6
Distress distance
Clean
Earnings quality
5
Forensic signals
14.1
P / E (ttm)
25.9%
ROE
$1.4B
Market cap
4.55%
Dividend yield
17.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Phibro Animal Health Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.6, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+11.9%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +11.9% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +20% against +12% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 11.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
178d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 145 to 178 FY2025→FY2026 (against cost of goods sold; inventory +20% vs +12% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
12.6%
FY2026
Return on invested capital.Return on invested capital is 12.6% in the latest fiscal year and rising across FY2024–FY2026 from 4.7%. After-tax operating profit was $35M in FY2024 and $141M in FY2026, with operating income at 5.2% of revenue in FY2024, 8.5% in FY2025 and 12.8% in FY2026. The capital base behind it cannot be compared across FY2024–FY2026: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+0.5%/yr
FY2024–FY2026
Share count.
Key fundamentals
Latest Revenue$1.52B
Revenue Growth YoY+17.1%
Revenue CAGR (2yr)+22.2%
Net Margin6.6%
Free Cash Flow$9.9M
Return on Equity25.9%
Debt / Equity1.91x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Phibro Animal Health Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Phibro Animal Health Corp (PAHC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Diluted share count changed +1% over the last 2 years to FY2026 (+0.5%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
197% of FCF
FY2026
Shareholder returns.Returned $19M to shareholders (buybacks + dividends) in FY2026 — 197% of free cash flow, but 28% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $2M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 213%.