Phibro Animal Health Corporation (PAHC): what the price assumes
boothcheck covers Phibro Animal Health Corporation (PAHC) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-06-27.
Generated: 2026-08-10 · Exported: 2026-08-12 · Source: https://boothcheck.com/report/PAHC
Headline
| Field | Value |
|---|---|
| Ticker | PAHC |
| Company | Phibro Animal Health Corporation |
| Current price | $36.15/sh |
| Composition | MFAs and other (Animal Health) 50% / Nutritional specialties (Animal Health) 14% / Vaccines (Animal Health) 11% / Mineral Nutrition 20% / Performance Products 6% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin (value-band context) | 1.9% |
| Operating margin today | 12.0% |
| Margin compression (value-band) | -10.1pp |
| Multiple paid | 12x operating income |
The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.
The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.
Solve inputs: computed at a 7.4% cost of capital with 4% terminal growth over a 5-year stage.
Reconcile: at the x-ray's 9.3% required return this reads ~0.1%/yr; the models below use their own rates.
How unusual the bet is: within-range
| Reference | Value |
|---|---|
| vs own history | -0.60σ |
| cohort percentile (of 117 peers) | 15 |
| implied end-window share | 0% |
Valuation X-Ray
The price is justified by relative-multiple and growth-DCF.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 1.44x | 5 | expensive |
| Earnings | 1.43x | 3 | expensive |
| Relative | 0.85x | 2 | justifies |
| Growth | 0.76x | 3 | justifies |
Families that justify the price: Relative, Growth
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 6.7%); the inversion above states its own rate.
Per-Model Detail (n=13)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $16.95 | 2.13x | yes | FCF base $0.0B, growth 25% (input: historical growth), terminal g 4.0%, WACC 6.7%, 7yr projection |
| DCF Exit Multiple | Growth | $47.85 | 0.76x | yes | Exit EV/EBITDA: 7.2x / 9.2x / 11.2x (bear / base = today's held flat / bull), 7yr |
| Relative Valuation | Relative | — | — | no | P/E 24x (static sector reference · 2026-04), scenarios: 19.3x / 24.0x / 28.7x (bear / base = reference held flat / bull), EV/EBITDA 16x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | — | — | no | — |
| Simple Excess Return | Asset | $25.09 | 1.44x | yes | BV/sh $8.82, ROE (TTM) 26.3%, ke 9.3% |
| Two-Stage Excess Return | Asset | $42.80 | 0.84x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $49.14 | 0.74x | yes | Rev $1.5B, growth 27% (input: historical growth; tapered), Terminal P/S: 0.8x / 1.0x / 1.2x (bear / base = today's held flat / bull, cap 12x) |
| Peter Lynch Fair Value | Relative | $28.08 | 1.29x | yes | EPS $2.34, growth 2% (input: historical EPS growth), PEG=7.79 (Overvalued) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $11.10 | 3.26x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $0.10B × (1−26%) / WACC 6.7% → EPV (no growth) |
| Residual Income | Asset | $37.43 | 0.97x | yes | BV $8.82 + 5yr PV of (ROE (TTM) 26.3% − Kₑ 9.3%) × BV; BV grows 8.8%/yr |
| Graham Number | Asset | $21.55 | 1.68x | yes | √(22.5 × EPS $2.34 × BVPS $8.82) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $0.23B × sector EV/EBITDA 16.0x |
| FCF Yield | Earnings | $0.01 | 3614.50x | yes | FCF $12.8M / Kₑ 9.3% — zero-growth perpetuity (excluded from median) |
| SBC-Adj FCF Yield | Earnings | $0.01 | 3614.50x | yes | SBC-adj FCF $0.01B (FCF $0.01B − SBC $0.00B) capitalized at Kₑ (excluded from median) |
| Ben Graham Formula | Earnings | $75.50 | 0.48x | yes | EPS $2.34 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $4.38 | 8.25x | yes | BV $8.82 × (ROIC 3.3% / WACC 6.7%) |
| P/Sales Sector | Relative | — | — | no | Revenue $1.50B × sector P/S 4.0x |
| PEG Fair Value | Relative | $87.75 | 0.41x | yes | EPS $2.34 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x |
| Earnings Yield | Earnings | $25.30 | 1.43x | yes | EPS $2.34 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| Animal Health | operating | enterprise | $962.8m | — | withheld | unresolved no unit value |
| Mineral Nutrition | operating | enterprise | $253.2m | — | withheld | unresolved no unit value |
| Performance Products | operating | enterprise | $80.2m | — | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Net debt | $565.9m |
| Net debt / NOPAT (after-tax) | 4.23x |
| Net debt / operating income (pre-tax) | 3.14x |
| Interest coverage | 4.0x |
| Share count CAGR (dilution) | 0.3% |
| Burning cash | no |
Bullet Takeaways
- At $31.95 the price pays only about 11x company-wide operating income, a level so low it sits below what even a 5%-a-year decline in operating profit would warrant. For a business growing double digits, that multiple is the disconnect.
- The growth is real and acquisition-driven. The October 2024 Zoetis medicated-feed-additive portfolio lifted nine-month net sales 22%, Q3 fiscal 2026 sales rose 10% to $383.5 million, and management raised full-year guidance. The bet is that animal-health demand and the Zoetis integration keep compounding.
Bull Case
Begin with how far the price sits below the methods, because for Phibro that gap is the whole opportunity. At $31.95 (June 27, 2026) the stock trades at only about 11x company-wide operating income, a multiple the model reads as below what even a 5%-a-year operating-profit decline would warrant. Yet this is not a declining business. When most reasonable valuation frames land above the current price for a company that is actually growing, the market is mispricing the durability of the cash flows.
The growth engine is animal health, supercharged by acquisition. Phibro makes medicated feed additives, vaccines, nutritional specialties, and other products for livestock and companion animals, a defensive end-market tied to global protein demand rather than the economic cycle. The October 2024 acquisition of a portfolio of Zoetis medicated-feed-additive products transformed the scale: nine-month net sales climbed 22% to $1.12 billion, with Animal Health revenue up 29% to $864.7 million led by medicated feed additives (Phibro Q3 FY2026, Simply Wall St). The most recent quarter kept the momentum, with net sales up 10% to $383.5 million and EPS up 16% (Phibro Q3 FY2026, stocktitan). The filings also point to a companion-animal development pipeline including a potential treatment for canine mitral valve disease (FY2025 10-K, accession 0001558370-25-011776), an option on a higher-margin, faster-growing market.
The profitability and guidance back the case. Q3 adjusted EBITDA rose 11% to $60 million, and management raised full-year fiscal 2026 net-sales guidance to $1.46 billion to $1.5 billion (13% to 16% growth) and adjusted EBITDA to $247 million to $255 million, a 34% to 39% increase (Phibro Q3 FY2026, Yahoo Finance). The return on equity runs in the mid-20s and interest coverage is about 4x. The bull case is a defensive, double-digit-growing animal-health business that just transformed its scale through the Zoetis deal, trading at a single-digit-to-low-teens operating-income multiple while the methods point higher.
Bear Case
The bear case starts with competition and disruption, because Phibro sits in a market dominated by far larger players. Zoetis, Elanco, Merck Animal Health, and Boehringer Ingelheim are the giants of animal health, with deeper research budgets and broader distribution than Phibro can match. Phibro's growth leans heavily on medicated feed additives, a category facing a structural headwind: regulatory and consumer pressure to reduce antibiotic use in livestock has been building for years, and a faster shift toward antibiotic-free protein production would erode the demand for exactly the products driving Phibro's recent growth. The cheap multiple may be the market pricing the risk that the core franchise is on the wrong side of a long-term trend.
The acquisition that powered the growth also concentrated the risk. The 22% nine-month sales jump was driven largely by the October 2024 Zoetis portfolio purchase, which means much of the headline growth is acquired rather than organic, and the company now carries the integration risk and the debt that funded it. Net debt sits near $566 million against trailing operating income of about $180 million, leverage above 3x, and interest coverage of about 4x is adequate but not comfortable. A roll-up of feed-additive product lines must keep integrating and must keep the acquired revenue from leaking to competitors, and the bigger the acquired base, the more a stumble matters.
The valuation cushion is thinner than the headline multiple suggests once the distorted methods are set aside. The Earnings Power Value method lands at just $12 and the FCF-yield methods print near zero, reflecting that free cash flow is currently thin because the business is investing and integrating, so the cash generation does not yet match the reported earnings. The Peter Lynch screen reads overvalued on a high PEG because trailing EPS growth has been modest. The reverse-DCF floored at the current price, meaning the inversion could not find much positive growth implied, which on the bull side reads as cheap but on the bear side reads as the market refusing to underwrite future growth at all. The peer cohort here is a set of small pharma and biotech names rather than direct animal-health comparables, which makes the relative read noisy. The bear case is a sub-scale player in a consolidating, regulation-exposed market, carrying acquisition debt and thin free cash flow, where the low multiple reflects real doubts about whether the recent growth is durable.
Valuation
Phibro screens as a value name where most credible methods sit above the price. Several methods are distorted and should be ignored: the Earnings Power Value figure ($12) and the FCF-yield figures (near zero) reflect thin trailing free cash flow during the integration and investment phase, and the P/Sales figure near $146 is an artifact of applying a high sector revenue multiple.
The inversion confirms the cheapness. At $31.95 the market pays about 11x company-wide operating income, computed at a 7.3% cost of capital with 4% terminal growth, a multiple so low it sits below what even a 5%-a-year operating-profit decline would warrant. That is a bound, not a solved growth rate: the price embeds an assumption that operating profit slowly erodes, even though the company is guiding to 13% to 16% net-sales growth and a 34% to 39% jump in adjusted EBITDA this fiscal year. The reverse-DCF floored at the current price, meaning it could not find a positive growth scenario the price implies. The honest read is that Phibro is priced for stagnation while it is actually growing double digits post-Zoetis. The gap between the cheap multiple and the credible method cluster in the low-to-mid $40s is the upside; the risk is whether the antibiotic-use headwind and the acquisition-driven nature of the growth make the market right to doubt durability. For a value buyer, the methods say there is room; the catch is the structural questions the low multiple is pricing.
Catalysts
Phibro reported fiscal Q3 2026 results (quarter ended March 31, 2026) on May 6, 2026, with net sales up 10% to $383.5 million, diluted EPS up 16%, and adjusted EBITDA up 11% to $60 million; the stock rose about 11.4% on the print (Phibro Q3 FY2026, Simply Wall St). Nine-month net sales climbed 22% to $1.12 billion, driven largely by the October 2024 Zoetis medicated-feed-additive portfolio acquisition, with Animal Health revenue up 29% to $864.7 million (Phibro Q3 FY2026, stocktitan).
The forward setup is a raised guide with integration and pipeline catalysts. Management updated full-year fiscal 2026 guidance to net sales of $1.46 billion to $1.5 billion (13% to 16% growth) and adjusted EBITDA of $247 million to $255 million (34% to 39% growth) (Phibro Q3 FY2026, Yahoo Finance). The catalysts to track are the continued integration and organic performance of the Zoetis portfolio, the trajectory of medicated-feed-additive demand against the long-term antibiotic-reduction trend, progress on the companion-animal pipeline (including the potential canine mitral-valve-disease treatment), debt reduction against the acquisition leverage, and free-cash-flow conversion improving as the integration matures. Because Phibro's fiscal year ends in June, the Q4 and full-year fiscal 2026 print is the next checkpoint for whether the post-Zoetis growth and margin expansion hold.
Peer Cohorts (Per Segment, With Filing Citations)
Animal Health (reported)
- ELAN (Elanco Animal Health Incorporated)
- FY2025 10-K: Through our global sales force of over 2,200 sales representatives, our veterinary consultants and our key distributors, we seek to build strong customer relationships and fulfill demand for our products. Our sales representatives visit our customers, including consultants, veterinarians, farm animal producers and…
- FY2025 10-K: …on animal-derived protein, reduced herd or flock sizes or reduced demand for animal-derived protein, any of which may have a material adverse effect on our business, financial condition and results of operations. Our R&D relies on evaluations of animals and may become subject to bans, additional restrictive…
- ZTS (Zoetis Inc.)
- FY2025 10-K: …distribution channel, any decrease in reliance on veterinarians by companion animal owners could reduce our market share for such products and materially adversely affect our operating results and financial condition. In addition, companion animal owners may substitute human health products for animal health products…
- FY2025 10-K: …imbalances. Perceptions of product quality, safety and reliability We believe that animal health customers value high-quality manufacturing and reliability of supply. The importance of quality and safety concerns to pet owners, veterinarians and livestock producers also contributes to animal health brand loyalty,…
- NEOG (Neogen Corporation)
- FY2025 10-K: Animal Safety segments to work closely with and coordinate the efforts of a network of distributors in more than 100 countries. The distributors provide local training and technical support, perform market research and promote Company products within designated countries around the world. Sales to customers outside…
- FY2025 10-K: …is primarily engaged in the development, production and marketing of diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the development,…
Mineral Nutrition (reported)
- ELAN (Elanco Animal Health Incorporated)
- FY2025 10-K: …of our existing products, as well as our pipeline of new products. In addition to supporting our existing product portfolio, a key element of our targeted value creation strategy is to drive revenue growth through portfolio development and product innovation. We continue to pursue the development of new chemical and…
- FY2025 10-K: …expansion projects at other of our global manufacturing facilities. Conversely, we may determine it appropriate to divest or close a manufacturing facility, such as the divestiture of our Manukau, New Zealand, site during 2025 or the planned closure of our Kansas City, Kansas, site in 2026. Raw Materials We purchase…
- ZTS (Zoetis Inc.)
- FY2025 10-K: …and analysis of financial condition and results of operations (MD&A) is provided to assist readers in understanding our performance, as reflected in the results of our operations, our financial condition and our cash flows and should be read in conjunction with our consolidated financial statements and notes to…
- FY2025 10-K: 2016 (and was later granted an expanded indication to treat allergic dermatitis in 2018). The product has since been approved in many key markets globally. An injection given once every four to eight weeks, Cytopoint neutralizes interleukin-31, a protein that has been demonstrated to trigger itching in dogs; •…
- IDXX (IDEXX LABORATORIES INC /DE)
- FY2025 10-K: …sole and single-source suppliers. These products include certain diagnostic imaging systems and certain components used in our SNAP rapid assay and dairy devices, livestock and poultry testing kits, and water testing products. We have been successful in ensuring an uninterrupted supply of products purchased from sole…
- FY2025 10-K: …therein), Prudential and each of the holders of the Notes (as defined therein) 8-K 10.2 4/16/20 4.9 Second Amendment to Amended and Restated Multi-Currency Note Purchase and Private Shelf Agreement, dated as of April 10, 2020, among the Company, as issuer, each of the Subsidiary Guarantors (as defined therein),…
- NEOG (Neogen Corporation)
- FY2025 10-K: …effective management review controls to adequately support certain assumptions applied in its goodwill valuation analysis. The material weaknesses did not result in any material identified misstatements to the consolidated financial statements, and there were no changes to previously issued financial results. These…
- FY2025 10-K: …for performing microbial analysis of water for the food and beverage industries, including water companies. Neogen's Soleris products are used by food processors to identify the presence of spoilage organisms (e.g., yeasts and molds) and other microbiological contamination in food. To complement our microbiological…
- ANIP (ANI PHARMACEUTICALS, INC)
- FY2025 10-K: …anip:ConvertibleSeniorNotesDue2029Member us-gaap:SeniorNotesMember 2024-08-13 2024-08-13 0001023024 anip:TradingPriceConditionMember anip:ConvertibleSeniorNotesDue2029Member us-gaap:SeniorNotesMember 2024-08-13 2024-08-13 0001023024 anip:ConvertibleSeniorNotesDue2029Member us-gaap:SeniorNotesMember 2024-08-13…
- FY2025 10-K: …wholesalers, may have a material adverse effect on our business, financial position, and operating results. Our reporting and payment obligations under the Medicaid rebate program and other governmental purchasing and rebate programs are complex and may involve subjective decisions. Any determination that we have…
- AMRX (AMNEAL PHARMACEUTICALS, INC.)
- FY2025 10-K: …amrx:ResearchAndDevelopmentReimbursementMember 2020-08-01 2020-08-31 0001723128 srt:AffiliatedEntityMember amrx:KashivBioSciencesLLCMember amrx:GanirelixAcetateAndCetrorelixAcetateMember amrx:DevelopmentMilestonesMember amrx:ResearchAndDevelopmentReimbursementMember 2020-08-01 2020-08-31 0001723128…
- FY2025 10-K: RestatementAdjustmentMember 2023-01-01 2023-12-31 0001723128 amrx:CustomerAMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2025-01-01 2025-12-31 0001723128 amrx:CustomerAMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2024-01-01…
- OGN (Organon & Co.)
- FY2025 10-K: …in men with osteoporosis. • Our non-opioid pain management portfolio consists of three core products, including: Arcoxia™¹ (etoricoxib), a selective cyclooxygenase-2 inhibitor used for acute and chronic treatment of conditions such as acute pain, osteoarthritis and rheumatoid arthritis, Diprospan™¹ (betamethasone),…
- FY2025 10-K: …world, including Latin America, in 2026. Notwithstanding the foregoing, there can be no assurance that the additional periods of market exclusivity referred to above will be granted. NuvaRing is a monthly vaginal contraceptive ring with a combination of progestin and estrogen used to prevent pregnancy in women.…
- INDV (Indivior Pharmaceuticals, Inc.)
- FY2025 10-K: …damage to their teeth. See Item 8. Financial Statements-Audited Consolidated Financial Statements - Note 16. Commitments and Contingencies . Other regulatory agencies may follow the FDA on this change; for example, Health Canada required similar changes in 2023. REMS. We may be required to include, as part of an NDA,…
- FY2025 10-K: , which publishes guidelines by which clinical trials of medicinal products in the EU must be conducted. IND means an investigational new drug application filed with the FDA. Indivior Inc. is an indirect wholly owned United States subsidiary of the Company and directly or through its subsidiaries the entity that…
Performance Products (reported)
- SXT (Sensient Technologies Corp)
- FY2025 10-K: …positions as of December 31, 2025. As part of its commitment to quality as a competitive advantage, the Company's production facilities hold various certifications, such as those under the International Organization for Standardization (ISO) and those recognized by the Global Food Safety Initiative (GFSI), including…
- FY2025 10-K: …for the Audit, Compensation and Development, Nominating and Corporate Governance, and Executive Committees of the Company's Board of Directors, as well as the Company's Code of Conduct, Corporate Governance Guidelines, Policy Relating to Recovery of Erroneously Awarded Compensation, and Non-Employee Directors and…
- IOSP (INNOSPEC INC.)
- FY2025 10-K: …fuel efficiency, boost engine performance and reduce harmful emissions. Our Oilfield Services business supplies chemicals for drilling, completion, production and drag reducing agents ("DRA") which make oil and gas exploration and production more cost-efficient and environmentally friendly. Segment Information The…
- FY2025 10-K: …of specialty chemicals markets, we also supply niche product lines, where we enjoy market-leading positions. Fuel Specialties: The Fuel Specialties segment is generally characterized by a small number of competitors, none of which hold a dominant position. We consider our competitive edge to be our proven technical…
- IFF (INTERNATIONAL FLAVORS & FRAGRANCES INC)
- FY2025 10-K: …pet food and feed additives. Food Ingredients also includes savory solutions (such as spices, marinades, and mixtures) and inclusion products (such as products combining flavorings with fruit, vegetables and other natural ingredients). Health & Biosciences Our Health & Biosciences segment consists of the development…
- FY2025 10-K: …for fresh dairy, cheese, bakery and brewing products. Such products contribute to extended shelf life, stability, taste, and texture, helping IFF's customers to improve their product offerings. The business's enzyme solutions also allow IFF's customers to provide low sugar, high fiber and lactose-free dairy products.…
- CBT (Cabot Corporation)
- FY2025 10-K: …that demand; ii) changes in raw material costs and our ability to adjust the sales price for our products commensurate with changes in raw material costs; iii) changes in pricing and product mix, which includes customer pricing as well as the mix of products sold or the region in which they are sold; iv) global and…
- FY2025 10-K: In fiscal 2025, sales in Reinforcement Materials decreased by $269 million compared to fiscal 2024. The decrease was primarily due to lower volumes ($125 million) and less favorable pricing and product mix ($127 million). The lower volumes were primarily due to lower customer demand driven by uncertainty from tariffs…
- NGVT (INGEVITY CORPORATION)
- FY2025 10-K: …application. Additionally, we are well-positioned to meet increasingly stringent emissions standards worldwide. 10 Performance Chemicals Our Performance Chemicals segment is comprised of two product lines: pavement technologies and road markings. Our Performance Chemicals products are utilized in asphalt pavement…
- FY2025 10-K: …production for ICE powertrains compared to the prior year. We expect Net sales in our Performance Chemicals reportable segment, inclusive of the road markings product line, to grow mid-single digits through continued adoption of our warm mix asphalt products in our pavement technologies product line. For our Advanced…
- FUL (FULLER H B CO)
- FY2025 10-K: , the Middle East and Africa. Industrial adhesives represent our core product offering, which help improve the performance of our customers' products or improve their manufacturing processes. Customers use our adhesives products in manufacturing common consumer and industrial goods, including food and beverage…
- FY2025 10-K: …a single performance obligation to transfer manufactured goods to the customer as governed by an individual purchase order. We recognize revenue at the amount of consideration to which we expect to be entitled in exchange for transferring the promised goods to the customer. The transaction price includes an…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.