Does Phibro Animal Health Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Phibro Animal Health Corporation (PAHC) 47.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 56, returns on capital 69, balance-sheet safety 30, capital discipline 22.

How has PAHC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 47.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Phibro Animal Health Corporation

PAHC · Healthcare · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power56

Median gross margin 31.9% over 10y, very stable.

Returns on capital69

Median ROIC 14.4%, above the 9% hurdle in 80% of years.

Balance-sheet safety30

Net debt/EBITDA n/ax, interest coverage 3x.

Capital discipline22

Owner earnings -4.3%/yr, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $49.2M
Est. intrinsic value / share: —
Recent price: $33.31
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

15 years of fundamentals

The business, in plain English

Phibro Animal Health Corporation booked $1.3B of revenue in FY2025 in the Healthcare sector and kept 30.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, 3.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $654.1M (FY2012) to $1.3B (FY2025) — about 5.4% a year compounded over 13 years.

It earned 36.0% on invested capital in FY2025, with a median of 16.4% across 13 filed years. The Returns on Capital filter above scores it 69/100.

The balance sheet carried $312.1M of total debt in FY2024. Balance-Sheet Safety scores it 30/100.

Put together: Returns on Capital is the strongest of the four filters (69/100) and Capital Discipline the weakest (22/100), which is how PAHC lands at 48/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.3B FY2025

Gross marginRevenue kept after cost of goods30.9% FY2025

Return on invested capitalOperating profit on the capital employed36.0% FY2025

Owner earningsCash an owner could take out$55.6M FY2025

Gaps in a line mean that item isn’t in PAHC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale47.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PAHC has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#131 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#129CLDX Celldex Therapeutics, Inc.48.4 out of 100, Shallow moatShallow moat
#130NEPH NEPHROS, INC.48.0 out of 100, Shallow moatShallow moat
#132ONC BEONE MEDICINES LTD.47.9 out of 100, Shallow moatShallow moat
#133TEVA TEVA PHARMACEUTICAL INDUSTRIES LIMITED47.8 out of 100, Shallow moatShallow moat

Compare PAHC with its nearest peers →All Healthcare companies on the Index →

Common questions about PAHC

Does Phibro Animal Health Corporation have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Phibro Animal Health Corporation (PAHC) 47.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 56, returns on capital 69, balance-sheet safety 30, capital discipline 22.
How has PAHC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 47.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PAHC. See the disclaimer.