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Side-by-side financial comparison of PHIBRO ANIMAL HEALTH CORP (PAHC) and Tenable Holdings, Inc. (TENB). Click either name above to swap in a different company.
PHIBRO ANIMAL HEALTH CORP is the larger business by last-quarter revenue ($373.9M vs $260.5M, roughly 1.4× Tenable Holdings, Inc.). PHIBRO ANIMAL HEALTH CORP runs the higher net margin — 7.3% vs -0.3%, a 7.6% gap on every dollar of revenue. On growth, PHIBRO ANIMAL HEALTH CORP posted the faster year-over-year revenue change (20.9% vs 10.5%). Tenable Holdings, Inc. produced more free cash flow last quarter ($82.7M vs $8.3M). Over the past eight quarters, PHIBRO ANIMAL HEALTH CORP's revenue compounded faster (19.2% CAGR vs 9.8%).
Phibro Animal Health Corporation is an American animal health and mineral nutrition company. Its products include antibacterials, anticoccidials, anthelmintics, as well as animal nutrition and vaccines for livestock. The company operates through three segments Mineral Nutrition, Performance Materials, and Animal Health, from which most of its revenue is derived. The company operates in the United States, Latin America, Canada, Europe, Middle East, Africa, and Asia-Pacific. It is incorporated ...
Tenable Holdings, Inc. is a cybersecurity company based in Columbia, Maryland. Its vulnerability scanner software Nessus, developed in 1998, is one of the most widely deployed vulnerability assessment solutions in the cybersecurity industry. As of December 31, 2023, the company had approximately 44,000 customers, including 65% of the Fortune 500.
PAHC vs TENB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $373.9M | $260.5M |
| Net Profit | $27.5M | $-737.0K |
| Gross Margin | 35.5% | 78.8% |
| Operating Margin | 13.5% | 3.4% |
| Net Margin | 7.3% | -0.3% |
| Revenue YoY | 20.9% | 10.5% |
| Net Profit YoY | 762.1% | -139.5% |
| EPS (diluted) | $0.67 | $-0.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $373.9M | $260.5M | ||
| Q3 25 | $363.9M | $252.4M | ||
| Q2 25 | $378.7M | $247.3M | ||
| Q1 25 | $347.8M | $239.1M | ||
| Q4 24 | $309.3M | $235.7M | ||
| Q3 24 | $260.4M | $227.1M | ||
| Q2 24 | $273.2M | $221.2M | ||
| Q1 24 | $263.2M | $216.0M |
| Q4 25 | $27.5M | $-737.0K | ||
| Q3 25 | $26.5M | $2.3M | ||
| Q2 25 | $17.2M | $-14.7M | ||
| Q1 25 | $20.9M | $-22.9M | ||
| Q4 24 | $3.2M | $1.9M | ||
| Q3 24 | $7.0M | $-9.2M | ||
| Q2 24 | $752.0K | $-14.6M | ||
| Q1 24 | $8.4M | $-14.4M |
| Q4 25 | 35.5% | 78.8% | ||
| Q3 25 | 32.9% | 77.5% | ||
| Q2 25 | 29.0% | 78.0% | ||
| Q1 25 | 30.1% | 78.1% | ||
| Q4 24 | 32.9% | 78.2% | ||
| Q3 24 | 32.1% | 77.8% | ||
| Q2 24 | 31.9% | 77.9% | ||
| Q1 24 | 30.2% | 77.3% |
| Q4 25 | 13.5% | 3.4% | ||
| Q3 25 | 14.1% | 2.8% | ||
| Q2 25 | 8.9% | -3.0% | ||
| Q1 25 | 9.6% | -7.4% | ||
| Q4 24 | 8.3% | 5.5% | ||
| Q3 24 | 6.8% | -0.9% | ||
| Q2 24 | 6.7% | -4.0% | ||
| Q1 24 | 7.6% | -4.1% |
| Q4 25 | 7.3% | -0.3% | ||
| Q3 25 | 7.3% | 0.9% | ||
| Q2 25 | 4.5% | -5.9% | ||
| Q1 25 | 6.0% | -9.6% | ||
| Q4 24 | 1.0% | 0.8% | ||
| Q3 24 | 2.7% | -4.1% | ||
| Q2 24 | 0.3% | -6.6% | ||
| Q1 24 | 3.2% | -6.7% |
| Q4 25 | $0.67 | $-0.01 | ||
| Q3 25 | $0.65 | $0.02 | ||
| Q2 25 | $0.43 | $-0.12 | ||
| Q1 25 | $0.51 | $-0.19 | ||
| Q4 24 | $0.08 | $0.01 | ||
| Q3 24 | $0.17 | $-0.08 | ||
| Q2 24 | $0.02 | $-0.12 | ||
| Q1 24 | $0.21 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $74.5M | $402.2M |
| Total DebtLower is stronger | $624.2M | — |
| Stockholders' EquityBook value | $332.4M | $326.4M |
| Total Assets | $1.4B | $1.7B |
| Debt / EquityLower = less leverage | 1.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $74.5M | $402.2M | ||
| Q3 25 | $85.3M | $383.6M | ||
| Q2 25 | $77.0M | $386.5M | ||
| Q1 25 | $70.4M | $460.3M | ||
| Q4 24 | $67.1M | $577.2M | ||
| Q3 24 | $89.8M | $548.4M | ||
| Q2 24 | $114.6M | $487.0M | ||
| Q1 24 | $98.7M | $510.8M |
| Q4 25 | $624.2M | — | ||
| Q3 25 | $628.0M | — | ||
| Q2 25 | $631.7M | — | ||
| Q1 25 | $635.4M | — | ||
| Q4 24 | $639.1M | — | ||
| Q3 24 | $295.2M | — | ||
| Q2 24 | $312.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | $332.4M | $326.4M | ||
| Q3 25 | $311.7M | $344.4M | ||
| Q2 25 | $285.7M | $350.7M | ||
| Q1 25 | $266.0M | $383.2M | ||
| Q4 24 | $246.8M | $400.0M | ||
| Q3 24 | $258.5M | $404.6M | ||
| Q2 24 | $256.6M | $363.6M | ||
| Q1 24 | $270.1M | $358.9M |
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $966.3M | $1.6B | ||
| Q2 24 | $982.2M | $1.6B | ||
| Q1 24 | $979.0M | $1.6B |
| Q4 25 | 1.88× | — | ||
| Q3 25 | 2.01× | — | ||
| Q2 25 | 2.21× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.59× | — | ||
| Q3 24 | 1.14× | — | ||
| Q2 24 | 1.22× | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $19.4M | $83.0M |
| Free Cash FlowOCF − Capex | $8.3M | $82.7M |
| FCF MarginFCF / Revenue | 2.2% | 31.7% |
| Capex IntensityCapex / Revenue | 3.0% | 0.1% |
| Cash ConversionOCF / Net Profit | 0.70× | — |
| TTM Free Cash FlowTrailing 4 quarters | $47.3M | $254.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.4M | $83.0M | ||
| Q3 25 | $9.3M | $53.9M | ||
| Q2 25 | $21.3M | $42.5M | ||
| Q1 25 | $43.2M | $87.4M | ||
| Q4 24 | $3.1M | $81.1M | ||
| Q3 24 | $12.6M | $54.6M | ||
| Q2 24 | $28.4M | $31.4M | ||
| Q1 24 | $11.4M | $50.3M |
| Q4 25 | $8.3M | $82.7M | ||
| Q3 25 | $-4.5M | $53.0M | ||
| Q2 25 | $8.1M | $38.1M | ||
| Q1 25 | $35.4M | $80.9M | ||
| Q4 24 | $-4.7M | $78.8M | ||
| Q3 24 | $3.0M | $53.9M | ||
| Q2 24 | $15.4M | $30.9M | ||
| Q1 24 | $1.7M | $49.7M |
| Q4 25 | 2.2% | 31.7% | ||
| Q3 25 | -1.2% | 21.0% | ||
| Q2 25 | 2.1% | 15.4% | ||
| Q1 25 | 10.2% | 33.8% | ||
| Q4 24 | -1.5% | 33.4% | ||
| Q3 24 | 1.2% | 23.7% | ||
| Q2 24 | 5.6% | 14.0% | ||
| Q1 24 | 0.6% | 23.0% |
| Q4 25 | 3.0% | 0.1% | ||
| Q3 25 | 3.8% | 0.3% | ||
| Q2 25 | 3.5% | 1.8% | ||
| Q1 25 | 2.2% | 2.7% | ||
| Q4 24 | 2.5% | 1.0% | ||
| Q3 24 | 3.7% | 0.3% | ||
| Q2 24 | 4.8% | 0.2% | ||
| Q1 24 | 3.7% | 0.3% |
| Q4 25 | 0.70× | — | ||
| Q3 25 | 0.35× | 23.83× | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 2.07× | — | ||
| Q4 24 | 0.97× | 43.43× | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 37.80× | — | ||
| Q1 24 | 1.36× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAHC
| Medicated Feed Additives And Others | $202.1M | 54% |
| Mineral Nutrition | $68.9M | 18% |
| Nutritional Specialties | $50.2M | 13% |
| Vaccines | $37.6M | 10% |
| Performance Products | $15.0M | 4% |
TENB
| Subscription And Circulation | $238.9M | 92% |
| Other | $11.0M | 4% |
| License And Maintenance | $10.6M | 4% |
