Phibro Animal Health Corporation (PAHC)

Days of sales outstanding (DSO)

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Receivables turnover		5.69	6.03	5.77	6.51	6.01	6.20	6.52	6.54	5.98	6.40	6.40	6.73	5.66	5.80	6.17	6.06	5.67	5.89	6.33	6.42
DSO	days	64.20	60.55	63.29	56.06	60.78	58.83	55.99	55.77	61.02	57.00	57.01	54.26	64.51	62.98	59.14	60.19	64.32	61.93	57.64	56.82

June 30, 2025 calculation

DSO = 365 ÷ Receivables turnover
= 365 ÷ 5.69
= 64.20

The analysis of Phibro Animal Health Corporation's days of sales outstanding (DSO) over the observed period reveals a general pattern characterized by fluctuations within a relatively narrow range, indicating moderate variability in receivables collection efficiency.

From September 30, 2020, to March 31, 2021, the DSO increased from approximately 56.82 days to 61.93 days, suggesting a gradual elongation in the time taken to collect receivables. The upward trend continued into June 30, 2021, reaching 64.32 days, before experiencing a slight reduction to 60.19 days by September 30, 2021. During the subsequent period, DSO hovered around mid- to high-50s, with slight fluctuations, notably decreasing to 54.26 days on September 30, 2022, which represents a temporary improvement in receivables collection efficiency.

However, the DSO again exhibited an upward trajectory from that point, reaching approximately 57 days at the end of 2022 and early 2023. A noticeable increase occurred by June 30, 2023, where DSO reached 61.02 days, followed by a modest decline to 55.77 days on September 30, 2023. The subsequent quarters continued to show variability within a narrow band, with DSO settling around the high-50s to low-60s.

Throughout the period from 2020 to mid-2025, the DSO fluctuated between approximately 54.26 days and 64.51 days. The relatively stable range suggests consistent, though not perfectly optimized, receivables management. The peaks and troughs indicate periods of slower and faster collection cycles, which could be influenced by seasonal sales patterns, credit policies, or customer payment behaviors.

In summary, Phibro Animal Health Corporation's DSO demonstrates a pattern of moderate fluctuation within a range typically spanning from approximately 54 to 64 days, reflecting a stable but improvable receivables collection process. The data indicates periods of efficiency gains and slight delays, underscoring opportunities for potential operational improvements to reduce the collection cycle and enhance cash flow management.