Prestige Consumer Healthcare Inc. (PBH)

Price$47.92Cached quoteAs of 2026-09-10 16:45 UTC

AI: Fair-priced

Price checkThe shares look moderately priced on expected earnings, but heavy new debt limits the margin of safety.

Using the observed market value and about 47.4 million shares outstanding, the equity is worth roughly $2.4 billion. That is about 11 times the midpoint of management’s fiscal 2027 adjusted earnings outlook of $4.55-$4.65 per share, where adjusted earnings exclude specified one-time costs. Free cash flow, cash left after running and investing in the business, is guided at $270 million or more, implying roughly nine times annual free cash flow on the equity value. Those are reasonable signals, not a bargain, because net debt is about $2 billion after recent acquisitions. The balance between recurring cash and financing risk supports a Fair-priced verdict.

Big pictureStable cash generation supports the business, but recent sales weakness and acquisitions make future earnings less certain.

Across fiscal 2021-2026, revenue rose from $943.4 million to $1.089 billion, roughly 3% yearly, but fiscal 2026 fell 4.3% as Clear Eyes supply limited shipments. Net income fell to $190.3 million from $214.6 million, while adjusted earnings per share fell to $4.38 from $4.52. Cash generation held up: operating cash flow was $257.6 million and free cash flow—cash left after running and investing in the business—was $246.4 million, up from $243.3 million. First-quarter fiscal 2027 organic sales grew 3.2%, suggesting recovery, not proof.

Business strengthTrusted over-the-counter brands and strong cash conversion offer resilience, though debt now makes execution more important.

Prestige’s brand portfolio produced a 54.7% gross margin, sales left after product costs, and a 28.4% operating margin, profit after operating costs, in fiscal 2026. Operating cash flow exceeded net income by 1.35 times, supporting durability in everyday health products that are usually less tied to discretionary spending. The balance sheet is the offset: total debt rose from $1.04 billion at March 31 to $2.06 billion after Breathe Right financing, with only $89 million of cash at June 30. Net debt of about $2 billion makes interest and refinancing more important.

What could change the storyReturns improve if acquired brands grow and debt falls; they weaken if supply problems or integration costs persist.

The bull case needs Breathe Right and LaCorium to deliver planned scale: fiscal 2027 revenue of $1.29-$1.315 billion, adjusted earnings per share of $4.55-$4.65, and at least $270 million of adjusted free cash flow. The bear case is renewed supply trouble or weak integration: Breathe Right produced $5.9 million of revenue and a $1.2 million net loss in its first 18 days, while acquisition costs reached $10.6 million. Buybacks reduced shares from 49.4 million to 47.4 million, partly offset by $10.8 million of stock compensation. The current valuation requires targets to hold while debt falls.

AI: News

First-Quarter BeatFirst-quarter sales beat expectations and guidance rose, easing fears that recent supply problems would persist.

On August 6, fiscal 2027 first-quarter revenue rose 6.5% to $265.7 million, with organic growth of 3.2%. Adjusted earnings per share rose to $0.98 from $0.95 and beat the $0.89 analyst estimate cited by Yahoo Finance’s market report; management raised the full-year outlook to $1.29-$1.315 billion of revenue and $4.55-$4.65 of adjusted earnings per share. The report said shares rose about 5% in early trading; the event likely improved expectations, although attribution is not certain.

Breathe Right ClosedA large Breathe Right purchase adds a major brand, but it nearly doubles debt and raises execution risk.

Prestige completed the $1.045 billion purchase on June 12, funded mainly with a new seven-year term loan. Breathe Right became the company’s largest brand, but contributed only $5.9 million of revenue and a $1.2 million net loss through June 30, partly because purchase-accounting and transition costs distort the early result. Net debt reached about $2 billion by quarter-end. The deal can create value if growth and cost savings arrive, but its financing leaves less room for mistakes.

Clear Eyes RecallA Clear Eyes recall revived quality concerns around the product line already hurt by supply shortages.

Prestige began a voluntary recall on July 29 of 39,060 bottles of Clear Eyes Maximum Itchy Eye Relief because it could not assure sterility. The Food and Drug Administration classified it as Class II, meaning possible health effects are generally temporary or medically reversible; reporting said no serious adverse events had been reported. The recall may pressure sales, trust, and production costs, but there is no reliable evidence that it alone caused the stock’s September decline.

Year-End SelloffThe year-end report showed how much the share price still depends on fixing Clear Eyes supply.

After the May 13 release, fiscal fourth-quarter revenue fell 5.0% to $281.6 million, and adjusted earnings per share fell to $1.23 from $1.32; fiscal-year revenue declined 4.3%. Company-specific reporting said the shares fell about 12.7% in morning trading on May 14, with Clear Eyes supply and Middle East shipping disruptions cited as the main issues. The timing supports a market reaction, but price movement cannot prove a single-cause relationship.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$1.09B	$1.14B	$1.13B	$1.13B	$1.09B	$943.4M	$963.0M	$975.8M	$1.04B	$882.1M	$806.2M	$713.5M	$595.6M	$616.9M	$441.1M	$336.5M	$292.6M
Gross profit	$595.6M	$634.5M	$624.4M	$625.3M	$620.6M	$547.5M	$552.2M	$555.6M	$576.5M	$500.3M	$467.2M	$406.2M	$335.6M	$343.7M	$227.4M	$170.9M	$153.4M
Gross margin	54.71%	55.76%	55.49%	55.45%	57.11%	58.03%	57.34%	56.94%	55.37%	56.72%	57.95%	56.94%	56.33%	55.72%	51.55%	50.78%	52.44%
Operating expenses	$286.2M	$297.7M	$282.0M	$647.7M	$290.7M	$250.1M	$261.1M	$488.1M	$361.0M	$294.6M	$206.9M	$198.7M	$146.9M	$151.9M	$124.6M	$94.7M	$75.1M
Operating income	$309.4M	$336.8M	$342.4M	−$22.4M	$329.9M	$297.4M	$291.2M	$67.5M	$215.5M	$205.6M	$260.3M	$207.6M	$188.6M	$191.9M	$102.8M	$76.1M	$78.3M
Operating margin	28.42%	29.60%	30.43%	−1.99%	30.36%	31.53%	30.23%	6.92%	20.70%	23.31%	32.29%	29.09%	31.67%	31.10%	23.31%	22.63%	26.77%
EBITDA	$340.7M	$366.9M	$373.1M	$10.2M	$362.0M	$327.6M	$320.1M	$99.3M	$248.9M	$231.4M	$284.0M	$225.3M	$202.1M	$205.1M	$113.6M	$86.3M	$89.8M
EBITDA margin	31.29%	32.25%	33.15%	0.91%	33.31%	34.72%	33.24%	10.17%	23.91%	26.24%	35.22%	31.58%	33.93%	33.25%	25.74%	25.63%	30.68%
Net income	$190.3M	$214.6M	$209.3M	−$82.3M	$205.4M	$164.7M	$142.3M	−$35.8M	$339.6M	$69.4M	$99.9M	$78.3M	$72.6M	$65.5M	$37.2M	$29.2M	$32.1M
Net profit margin	17.48%	18.86%	18.60%	−7.30%	18.90%	17.46%	14.77%	−3.67%	32.61%	7.87%	12.39%	10.97%	12.19%	10.62%	8.44%	8.68%	10.98%
Basic EPSper basic share	$3.93	$4.32	$4.21	-$1.65	$4.09	$3.28	$2.81	-$0.69	$6.40	$1.31	$1.89	$1.50	$1.41	$1.29	$0.74	$0.58	$0.64
Diluted EPSper diluted share	$3.91	$4.29	$4.17	-$1.65	$4.04	$3.25	$2.78	-$0.69	$6.34	$1.30	$1.88	$1.49	$1.39	$1.27	$0.73	$0.58	$0.64

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of PBH
Holder	Shares held
BlackRock, Inc.	7.83M
ARIEL INVESTMENTS, LLC	4.87M
VANGUARD PORTFOLIO MANAGEMENT LLC	2.83M
DIMENSIONAL FUND ADVISORS LP	2.66M
FULLER & THALER ASSET MANAGEMENT, INC.	2.33M
VANGUARD CAPITAL MANAGEMENT LLC	2.14M
STATE STREET CORP	2.12M
BRANDES INVESTMENT PARTNERS, LP	2.05M
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	1.87M
GEODE CAPITAL MANAGEMENT, LLC	1.57M
Allspring Global Investments Holdings, LLC	1.27M
MORGAN STANLEY	1.24M
NORDEA INVESTMENT MANAGEMENT AB	828.63K
NORTHERN TRUST CORP	773.45K
WESTWOOD HOLDINGS GROUP INC	750.45K
RICE HALL JAMES & ASSOCIATES, LLC	689.69K
MANUFACTURERS LIFE INSURANCE COMPANY, THE	658.66K
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	654.17K
UBS Group AG	638.61K
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	629.84K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)21$14.07M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 11, 2026Form 4 · 10b5-1	Zerillo JeffreySenior VP Operations	SellCommon Stock, par value $0.01 per share	351	$52.28	$18.4K	41.8K
May 7, 2026Form 4 · 10b5-1	Zerillo JeffreySenior VP Operations	SellCommon Stock, par value $0.01 per share	305	$54.36	$16.6K	42.2K
May 5, 2026Form 4	Zerillo JeffreySenior VP Operations	SellCommon Stock, par value $0.01 per share	1.2K	$54.99	$66.4K	42.8K
May 5, 2026Form 4 · 10b5-1	Zerillo JeffreySenior VP Operations	SellCommon Stock, par value $0.01 per share	346	$55.32	$19.1K	44.3K
Feb 11, 2026Form 4	Zerillo JeffreySenior VP Operations	SellCommon Stock, par value $0.01 per share	1.0K	$65.93	$65.9K	41.0K

Review ownership filings at SEC.gov ↗

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Prestige Consumer Healthcare Inc. (PBH)

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