Phibro Animal Health (PAHC) reported fiscal 2026 net sales exceeding $1.5 billion, with adjusted EBITDA climbing 39% to $255 million and adjusted diluted earnings per share jumping 48% to $3.22. These results, covering the year ended June 30, mark the first full fiscal year since the company integrated a large medicated feed additive portfolio, which management stated is now paying off. The acquired business grew 70% for the full year, adding $354.3 million in sales. However, fiscal 2027 guidance projects a slowdown, with net sales of $1.55 billion to $1.6 billion and adjusted EBITDA of $258 million to $268 million, representing roughly 4% and 3% growth at the midpoint, respectively. Hedge fund ownership of Phibro decreased, and short interest sits at 6.96% of float, suggesting market skepticism about the acquisition story being fully priced in.