<p>动物健康产品制造商 Phibro Animal Health 在 2026 年第一季度未能达到市场的收入预期，销售额与去年持平，为 3.478 亿美元。另一方面，该公司对全年业绩的展望接近分析师的预期，预计中间值收入为 14.6 亿美元。其非 GAAP 每股利润为 0.63 美元，低于分析师共识预期的 8.3%。</p>
<p><strong>Phibro Animal Health (PAHC) 2026 年第一季度亮点：</strong></p>
<ul>
<li><strong>收入：</strong> 3.478 亿美元，低于分析师预期的 3.597 亿美元（同比持平，低于预期 3.3%）</li>
<li><strong>调整后每股收益：</strong> 0.63 美元，低于分析师预期的 0.69 美元（低于预期 8.3%）</li>
<li><strong>调整后息税折旧摊销前利润：</strong> 6190 万美元，超过分析师预期的 6094 万美元（利润率 17.8%，超出预期 1.6%）</li>
<li><strong>全年调整后每股收益指引为 2.73 美元</strong>，中间值超出分析师预期 3.4%</li>
<li><strong>全年 EBITDA 指引为</strong> 2.35 亿美元，中间值高于分析师预期的 2.261 亿美元</li>
<li><strong>营业利润率：</strong> 11.4%，高于去年同期的 9.6%</li>
<li><strong>自由现金流利润率：</strong> 10.2%，与去年同期相似</li>
<li><strong>市值：</strong> 15.1 亿美元</li>
</ul>
<p><strong>公司概况</strong></p>
<p>Phibro Animal Health 拥有约 800 个产品线，服务于 90 个国家的农民和兽医，开发、制造和销售用于牲畜和伴侣动物的健康产品，包括抗生素、疫苗、营养补充剂和矿物添加剂。</p>
<p><strong>收入增长</strong></p>
<p>审视一家公司的长期销售表现可以揭示其质量。任何企业都可能在短期内取得成功，但顶尖企业能够持续多年增长。在过去五年中，Phibro Animal Health 的销售额以 11.9% 的复合年增长率增长。其增长略高于平均医疗公司，表明其产品受到客户的认可。</p>
<p>我们在 StockStory 最重视长期增长，但在医疗行业，五年的历史视角可能会错过近期的创新或颠覆性行业趋势。Phibro Animal Health 在过去两年的年化收入增长为 18.3%，高于其五年趋势，表明其需求最近加速。</p>
<p>本季度，Phibro Animal Health 的 3.478 亿美元收入同比持平，未能达到华尔街的预期。</p>
<p>展望未来，卖方分析师预计未来 12 个月收入将增长 6%，较过去两年有所放缓。尽管增速放缓，但这一预测高于行业平均水平，表明市场对其新产品和服务的成功预期。</p>
<p>1999 年的书籍《大猩猩游戏》预测微软和苹果将主导科技行业，且这一预测在发生之前就已提出。其论点是：尽早识别平台赢家。如今，嵌入生成性人工智能的企业软件公司正在成为新的 “猩猩”。这是一个盈利且快速增长的企业软件股票，已经在自动化浪潮中乘风破浪，并希望在生成性人工智能上再创佳绩。</p>
<p><strong>营业利润率</strong></p>
<p>在过去五年中，Phibro Animal Health 盈利，但受到其高成本基础的制约。其平均营业利润率为 8.4%，对于一家医疗企业来说较为薄弱。</p>
<p>好的一面是，Phibro Animal Health 的营业利润率在过去五年中上升了 3.1 个百分点，因为其销售增长为其提供了经营杠杆。这一表现主要得益于其近期的改善，该公司的利润率在两年内增加了 5.5 个百分点。</p>
<p>在第一季度，Phibro Animal Health 的营业利润率为 11.4%，同比上升 1.8 个百分点。这一增长是一个令人欣慰的发展，表明其效率提高。</p>
<p><strong>每股收益</strong></p>
<p>我们跟踪每股收益（EPS）的长期变化，原因与长期收入增长相同。然而，与收入相比，EPS 突出了公司的增长是否盈利。</p>
<p>Phibro Animal Health 的每股收益在过去五年中以惊人的 17.1% 的复合年增长率增长，高于其 11.9% 的年化收入增长。这告诉我们，随着公司的扩张，其每股盈利能力提高。</p>
<p>深入分析 Phibro Animal Health 的盈利质量可以帮助我们更好地理解其表现。正如我们之前提到的，Phibro Animal Health 的营业利润率在过去五年中扩大了 3.1 个百分点。这是其更高盈利的最相关因素（除了收入影响外）；利息支出和税收也会影响 EPS，但对公司基本面了解不如前者直接。</p>
<p>在第一季度，Phibro Animal Health 报告的调整后每股收益为 0.63 美元，与去年同期持平。该数据未能达到分析师的预期，但我们更关注长期调整后每股收益的增长，而非短期波动。在接下来的 12 个月中，华尔街预计 Phibro Animal Health 的全年每股收益为 2.47 美元，将增长 17.3%。</p>
<p><strong>Phibro Animal Health 第一季度业绩的关键要点</strong></p>
<p>我们很高兴看到 Phibro Animal Health 在本季度超出分析师的全年每股收益指引预期。我们也很高兴其全年 EBITDA 指引超过了华尔街的预期。另一方面，其收入未能达到预期，且每股收益低于华尔街的预期。总体而言，本季度的表现可以更好。结果公布后，股价保持在 37.29 美元不变。</p>
<p>你应该买入这只股票吗？如果你在做这个决定，你应该考虑估值、商业质量以及最新的收益等更大背景。我们在可操作的完整研究报告中涵盖了这些内容，你可以在这里阅读，活跃的 Edge 会员可以免费获取。</p>

PAHC

<p>Phibro Animal Health（纳斯达克代码：PAHC）报告了 2026 年第一季度的销售额为 3.478 亿美元，未达到分析师预期的 3.597 亿美元。公司的调整后每股收益为 0.63 美元，低于预期的 0.69 美元。尽管收入未达标，Phibro 全年收入指引为 14.6 亿美元，调整后每股收益指引为 2.73 美元，均超出分析师预期。运营利润率提高至 11.4%，较去年同期的 9.6% 有所上升。分析师预计未来 12 个月收入将增长 6%，这表明尽管与往年相比有所放缓，但新产品仍有潜在成功的机会</p>

<p>Animal health products manufacturer Phibro Animal Health  fell short of the markets revenue expectations in Q1 CY2026, with sales flat year on year at $347.8 million. On the other hand, the company’s outlook for the full year was close to analysts’ estimates with revenue guided to $1.46 billion at the midpoint. Its non-GAAP profit of $0.63 per share was 8.3% below analysts’ consensus estimates.</p>
<div class="lb-trans"><p>动物健康产品制造商 Phibro Animal Health 在 2026 年第一季度未能达到市场的收入预期，销售额与去年持平，为 3.478 亿美元。另一方面，该公司对全年业绩的展望接近分析师的预期，预计中间值收入为 14.6 亿美元。其非 GAAP 每股利润为 0.63 美元，低于分析师共识预期的 8.3%。</p>
</div><p><strong>Phibro Animal Health (PAHC) Q1 CY2026 Highlights:</strong></p>
<div class="lb-trans"><p><strong>Phibro Animal Health (PAHC) 2026 年第一季度亮点：</strong></p>
</div><ul>
<li><strong>Revenue:</strong> $347.8 million vs analyst estimates of $359.7 million (flat year on year, 3.3% miss)</li>
<li><strong>Adjusted EPS:</strong> $0.63 vs analyst expectations of $0.69 (8.3% miss)</li>
<li><strong>Adjusted EBITDA:</strong> $61.9 million vs analyst estimates of $60.94 million (17.8% margin, 1.6% beat)</li>
<li><strong>Adjusted EPS guidance for the full year is $2.73</strong> at the midpoint, beating analyst estimates by 3.4%</li>
<li><strong>EBITDA guidance for the full year</strong> is $235 million at the midpoint, above analyst estimates of $226.1 million</li>
<li><strong>Operating Margin:</strong> 11.4%, up from 9.6% in the same quarter last year</li>
<li><strong>Free Cash Flow Margin:</strong> 10.2%, similar to the same quarter last year</li>
<li><strong>Market Capitalization:</strong> $1.51 billion</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>收入：</strong> 3.478 亿美元，低于分析师预期的 3.597 亿美元（同比持平，低于预期 3.3%）</li>
<li><strong>调整后每股收益：</strong> 0.63 美元，低于分析师预期的 0.69 美元（低于预期 8.3%）</li>
<li><strong>调整后息税折旧摊销前利润：</strong> 6190 万美元，超过分析师预期的 6094 万美元（利润率 17.8%，超出预期 1.6%）</li>
<li><strong>全年调整后每股收益指引为 2.73 美元</strong>，中间值超出分析师预期 3.4%</li>
<li><strong>全年 EBITDA 指引为</strong> 2.35 亿美元，中间值高于分析师预期的 2.261 亿美元</li>
<li><strong>营业利润率：</strong> 11.4%，高于去年同期的 9.6%</li>
<li><strong>自由现金流利润率：</strong> 10.2%，与去年同期相似</li>
<li><strong>市值：</strong> 15.1 亿美元</li>
</ul>
</div><p><strong>Company Overview</strong></p>
<div class="lb-trans"><p><strong>公司概况</strong></p>
</div><p>With a portfolio of approximately 800 product lines serving farmers and veterinarians in 90 countries, Phibro Animal Health  develops, manufactures, and markets health products for livestock and companion animals, including antibacterials, vaccines, nutritional supplements, and mineral additives.</p>
<div class="lb-trans"><p>Phibro Animal Health 拥有约 800 个产品线，服务于 90 个国家的农民和兽医，开发、制造和销售用于牲畜和伴侣动物的健康产品，包括抗生素、疫苗、营养补充剂和矿物添加剂。</p>
</div><p><strong>Revenue Growth</strong></p>
<div class="lb-trans"><p><strong>收入增长</strong></p>
</div><p>Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, Phibro Animal Health grew its sales at a decent 11.9% compounded annual growth rate. Its growth was slightly above the average healthcare company and shows its offerings resonate with customers.</p>
<div class="lb-trans"><p>审视一家公司的长期销售表现可以揭示其质量。任何企业都可能在短期内取得成功，但顶尖企业能够持续多年增长。在过去五年中，Phibro Animal Health 的销售额以 11.9% 的复合年增长率增长。其增长略高于平均医疗公司，表明其产品受到客户的认可。</p>
</div><p>We at StockStory place the most emphasis on long-term growth, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. Phibro Animal Health’s annualized revenue growth of 18.3% over the last two years is above its five-year trend, suggesting its demand recently accelerated.</p>
<div class="lb-trans"><p>我们在 StockStory 最重视长期增长，但在医疗行业，五年的历史视角可能会错过近期的创新或颠覆性行业趋势。Phibro Animal Health 在过去两年的年化收入增长为 18.3%，高于其五年趋势，表明其需求最近加速。</p>
</div><p>This quarter, Phibro Animal Health’s $347.8 million of revenue was flat year on year, falling short of Wall Street’s estimates.</p>
<div class="lb-trans"><p>本季度，Phibro Animal Health 的 3.478 亿美元收入同比持平，未能达到华尔街的预期。</p>
</div><p>Looking ahead, sell-side analysts expect revenue to grow 6% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is above the sector average and suggests the market is forecasting some success for its newer products and services.</p>
<div class="lb-trans"><p>展望未来，卖方分析师预计未来 12 个月收入将增长 6%，较过去两年有所放缓。尽管增速放缓，但这一预测高于行业平均水平，表明市场对其新产品和服务的成功预期。</p>
</div><p>The 1999 book Gorilla Game predicted Microsoft and Apple would dominate tech before it happened. Its thesis? Identify the platform winners early. Today, enterprise software companies embedding generative AI are becoming the new gorillas. a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next.</p>
<div class="lb-trans"><p>1999 年的书籍《大猩猩游戏》预测微软和苹果将主导科技行业，且这一预测在发生之前就已提出。其论点是：尽早识别平台赢家。如今，嵌入生成性人工智能的企业软件公司正在成为新的 “猩猩”。这是一个盈利且快速增长的企业软件股票，已经在自动化浪潮中乘风破浪，并希望在生成性人工智能上再创佳绩。</p>
</div><p><strong>Operating Margin</strong></p>
<div class="lb-trans"><p><strong>营业利润率</strong></p>
</div><p>Phibro Animal Health was profitable over the last five years but held back by its large cost base. Its average operating margin of 8.4% was weak for a healthcare business.</p>
<div class="lb-trans"><p>在过去五年中，Phibro Animal Health 盈利，但受到其高成本基础的制约。其平均营业利润率为 8.4%，对于一家医疗企业来说较为薄弱。</p>
</div><p>On the plus side, Phibro Animal Health’s operating margin rose by 3.1 percentage points over the last five years, as its sales growth gave it operating leverage. This performance was mostly driven by its recent improvements as the company’s margin has increased by 5.5 percentage points on a two-year basis.</p>
<div class="lb-trans"><p>好的一面是，Phibro Animal Health 的营业利润率在过去五年中上升了 3.1 个百分点，因为其销售增长为其提供了经营杠杆。这一表现主要得益于其近期的改善，该公司的利润率在两年内增加了 5.5 个百分点。</p>
</div><p>In Q1, Phibro Animal Health generated an operating margin profit margin of 11.4%, up 1.8 percentage points year on year. This increase was a welcome development and shows it was more efficient.</p>
<div class="lb-trans"><p>在第一季度，Phibro Animal Health 的营业利润率为 11.4%，同比上升 1.8 个百分点。这一增长是一个令人欣慰的发展，表明其效率提高。</p>
</div><p><strong>Earnings Per Share</strong></p>
<div class="lb-trans"><p><strong>每股收益</strong></p>
</div><p>We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.</p>
<div class="lb-trans"><p>我们跟踪每股收益（EPS）的长期变化，原因与长期收入增长相同。然而，与收入相比，EPS 突出了公司的增长是否盈利。</p>
</div><p>Phibro Animal Health’s EPS grew at an astounding 17.1% compounded annual growth rate over the last five years, higher than its 11.9% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.</p>
<div class="lb-trans"><p>Phibro Animal Health 的每股收益在过去五年中以惊人的 17.1% 的复合年增长率增长，高于其 11.9% 的年化收入增长。这告诉我们，随着公司的扩张，其每股盈利能力提高。</p>
</div><p>Diving into Phibro Animal Health’s quality of earnings can give us a better understanding of its performance. As we mentioned earlier, Phibro Animal Health’s operating margin expanded by 3.1 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its higher earnings; interest expenses and taxes can also affect EPS but don’t tell us as much about a company’s fundamentals.</p>
<div class="lb-trans"><p>深入分析 Phibro Animal Health 的盈利质量可以帮助我们更好地理解其表现。正如我们之前提到的，Phibro Animal Health 的营业利润率在过去五年中扩大了 3.1 个百分点。这是其更高盈利的最相关因素（除了收入影响外）；利息支出和税收也会影响 EPS，但对公司基本面了解不如前者直接。</p>
</div><p>In Q1, Phibro Animal Health reported adjusted EPS of $0.63, in line with the same quarter last year. This print missed analysts’ estimates, but we care more about long-term adjusted EPS growth than short-term movements. Over the next 12 months, Wall Street expects Phibro Animal Health’s full-year EPS of $2.47 to grow 17.3%.</p>
<div class="lb-trans"><p>在第一季度，Phibro Animal Health 报告的调整后每股收益为 0.63 美元，与去年同期持平。该数据未能达到分析师的预期，但我们更关注长期调整后每股收益的增长，而非短期波动。在接下来的 12 个月中，华尔街预计 Phibro Animal Health 的全年每股收益为 2.47 美元，将增长 17.3%。</p>
</div><p><strong>Key Takeaways from Phibro Animal Health’s Q1 Results</strong></p>
<div class="lb-trans"><p><strong>Phibro Animal Health 第一季度业绩的关键要点</strong></p>
</div><p>We enjoyed seeing Phibro Animal Health beat analysts’ full-year EPS guidance expectations this quarter. We were also glad its full-year EBITDA guidance exceeded Wall Street’s estimates. On the other hand, its revenue missed and its EPS fell short of Wall Street’s estimates. Overall, this quarter could have been better. The stock remained flat at $37.29 immediately following the results.</p>
<div class="lb-trans"><p>我们很高兴看到 Phibro Animal Health 在本季度超出分析师的全年每股收益指引预期。我们也很高兴其全年 EBITDA 指引超过了华尔街的预期。另一方面，其收入未能达到预期，且每股收益低于华尔街的预期。总体而言，本季度的表现可以更好。结果公布后，股价保持在 37.29 美元不变。</p>
</div><p>Should you buy the stock or not? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it’s free for active Edge members.</p>
<div class="lb-trans"><p>你应该买入这只股票吗？如果你在做这个决定，你应该考虑估值、商业质量以及最新的收益等更大背景。我们在可操作的完整研究报告中涵盖了这些内容，你可以在这里阅读，活跃的 Edge 会员可以免费获取。</p>
</div>

Phibro Animal Health（纳斯达克股票代码：PAHC）在 2026 年第一季度财报中报告销售额低于分析师预期