Neogen Corporation (NEOG) 10-Year Financial Performance & Capital Metrics

NEOG • • Industrial / General

HealthcareDiagnostics & ResearchClinical Laboratory ServicesSpecialized Testing Laboratories

AboutNeogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells. This segment offers its products primarily to food and feed producers and processors; grain producers and processors; producers of cookies, crackers, candy, ice cream, and other processed foods; meat and poultry processors, seafood processors, fruit and vegetable producers, and dairies; laboratories; and producers of pharmaceuticals, cosmetics, and veterinary vaccines. The Animal Safety segment provides veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodenticides, cleaners, disinfectants, insecticides, and genomics testing services for the animal safety market. This segment offers various products for researchers to detect biologically active substances. Its drug detection immunoassay test kits are used for the detection of abused and therapeutic drugs in farm and racing animals; detection of drug residues in meat and meat products; and human forensic toxicology drug screening applications. In addition, this segment's products are used to maintain sanitary conditions and limit the potential hazards of bacteria, fungi, and viruses. Neogen Corporation was incorporated in 1981 and is headquartered in Lansing, Michigan.Show more

Revenue $895M -3.2%
EBITDA $135M -32.0%
Net Income -$1.09B -11491.6%
EPS (Diluted) -5.03 -11463.2%
Gross Margin 47.1% -5.9%
EBITDA Margin 15.1% -29.7%
Operating Margin 1.05% -87.4%
Net Margin -122.06% -11875.1%
ROE -41.88% -13854.6%
ROIC 0.21% -86.0%
Debt/Equity 0.44 +52.9%
Interest Coverage 0.13 -87.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 90 (top 10%)
✓Strong 5Y sales CAGR of 16.4%
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.2%

5Y16.43%

3Y19.28%

TTM-3.67%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-26.54%

EPS CAGR

10Y-

5Y-

3Y-

TTM-26.51%

ROCE

10Y Avg8.14%

5Y Avg3.84%

3Y Avg1.14%

Latest0.25%

Peer Comparison

Specialized Testing Laboratories

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDNTRadNet, Inc.	5.63B	72.90	1949.20	13.18%	-0.65%	-0.97%	0.8%	1.53
IDXXIDEXX Laboratories, Inc.	56.73B	710.48	66.59	6.46%	24.65%	65.81%	1.41%	0.62
CDNACareDx, Inc	1.05B	20.32	21.85	19.07%	16.97%	19.53%	3.02%	0.07
TRIBTrinity Biotech plc	13.04M	0.70	-0.40	8.31%	-73.78%
NEOGNeogen Corporation	2.04B	9.39	-1.87	-3.2%	-68.47%	-28.64%		0.44
STRRStar Equity Holdings, Inc.	37.03M	10.66	-2.69	-66.93%	-5.36%	-8.98%		0.03
BGLCBioNexus Gene Lab Corp.	8.89M	3.76	-4.18	-2.66%	-24.27%	-33.7%		0.03
NEONeoGenomics, Inc.	1.71B	13.22	-4.26	11.65%	-16%	-13.54%		0.67

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	321.27M	361.59M	397.93M	414.19M	418.17M	468.46M	527.16M	822.45M	924.22M	894.66M
Revenue Growth %	0.13%	0.13%	0.1%	0.04%	0.01%	0.12%	0.13%	0.56%	0.12%	-0.03%
Cost of Goods Sold+	168.21M	189.63M	211.66M	222.27M	221.89M	253.4M	284.15M	416.49M	461.59M	473.29M
COGS % of Revenue	0.52%	0.52%	0.53%	0.54%	0.53%	0.54%	0.54%	0.51%	0.5%	0.53%
Gross Profit+	153.06M	171.97M	186.27M	191.92M	196.28M	215.06M	243.01M	405.95M	462.63M	421.38M
Gross Margin %	0.48%	0.48%	0.47%	0.46%	0.47%	0.46%	0.46%	0.49%	0.5%	0.47%
Gross Profit Growth %	0.1%	0.12%	0.08%	0.03%	0.02%	0.1%	0.13%	0.67%	0.14%	-0.09%
Operating Expenses+	96.68M	107.02M	116.08M	123.83M	128.76M	140.89M	184.4M	368.44M	385.21M	411.96M
OpEx % of Revenue	0.3%	0.3%	0.29%	0.3%	0.31%	0.3%	0.35%	0.45%	0.42%	0.46%
Selling, General & Admin	86.79M	96.64M	105.22M	111.02M	114.01M	124.64M	167.35M	342.4M	382.76M	399.91M
SG&A % of Revenue	0.27%	0.27%	0.26%	0.27%	0.27%	0.27%	0.32%	0.42%	0.41%	0.45%
Research & Development	9.89M	10.38M	10.86M	12.8M	14.75M	16.25M	17.05M	26.04M	22.48M	21.09M
R&D % of Revenue	0.03%	0.03%	0.03%	0.03%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%
Other Operating Expenses	0	0	0	0	0	0	0	0	-20.03M	-9.04M
Operating Income+	56.39M	64.94M	70.19M	68.09M	67.52M	74.17M	58.62M	37.52M	77.43M	9.42M
Operating Margin %	0.18%	0.18%	0.18%	0.16%	0.16%	0.16%	0.11%	0.05%	0.08%	0.01%
Operating Income Growth %	0.06%	0.15%	0.08%	-0.03%	-0.01%	0.1%	-0.21%	-0.36%	1.06%	-0.88%
EBITDA+	68.57M	79.64M	87.25M	85.72M	85.92M	95.21M	82.31M	125.89M	198.65M	135.09M
EBITDA Margin %	0.21%	0.22%	0.22%	0.21%	0.21%	0.2%	0.16%	0.15%	0.21%	0.15%
EBITDA Growth %	0.08%	0.16%	0.1%	-0.02%	0%	0.11%	-0.14%	0.53%	0.58%	-0.32%
D&A (Non-Cash Add-back)	12.18M	14.69M	17.06M	17.62M	18.4M	21.04M	23.69M	88.38M	121.23M	125.67M
EBIT	55.51M	66.67M	73.47M	72.96M	72.31M	75.27M	60.21M	33.92M	61.37M	-1.06B
Net Interest Income+	322K	838K	2.04M	4.68M	5.99M	1.61M	1.27M	-52.8M	-67.03M	-68.51M
Interest Income	322K	838K	2.04M	4.68M	5.99M	1.69M	1.34M	3.17M	6.36M	3.11M
Interest Expense	0	0	0	0	0	78K	72K	55.96M	73.39M	71.62M
Other Income/Expense	-873K	1.73M	3.27M	4.87M	4.78M	1.1M	1.59M	-59.56M	-91.73M	-1.14B
Pretax Income+	55.51M	66.67M	73.47M	72.96M	72.31M	75.27M	60.21M	-22.04M	-14.3M	-1.13B
Pretax Margin %	0.17%	0.18%	0.18%	0.18%	0.17%	0.16%	0.11%	-0.03%	-0.02%	-1.27%
Income Tax+	18.98M	22.7M	10.25M	12.78M	12.83M	14.39M	11.9M	828K	-4.88M	-41.07M
Effective Tax Rate %	0.66%	0.66%	0.86%	0.82%	0.82%	0.81%	0.8%	1.04%	0.66%	0.96%
Net Income+	36.56M	43.79M	63.15M	60.18M	59.48M	60.88M	48.31M	-22.87M	-9.42M	-1.09B
Net Margin %	0.11%	0.12%	0.16%	0.15%	0.14%	0.13%	0.09%	-0.03%	-0.01%	-1.22%
Net Income Growth %	0.09%	0.2%	0.44%	-0.05%	-0.01%	0.02%	-0.21%	-1.47%	0.59%	-114.92%
Net Income (Continuing)	36.54M	43.97M	63.22M	60.18M	59.48M	60.88M	48.31M	-22.87M	-9.42M	-1.09B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-37K	143K	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.36	0.43	0.60	0.57	0.56	0.57	0.45	-0.12	-0.04	-5.03
EPS Growth %	0.06%	0.19%	0.4%	-0.05%	-0.02%	0.02%	-0.21%	-1.27%	0.64%	-114.63%
EPS (Basic)	0.36	0.43	0.61	0.58	0.57	0.57	0.45	-0.12	-0.04	-5.03
Diluted Shares Outstanding	101M	102.33M	104.37M	104.85M	105.72M	107.12M	108.02M	188.88M	216.48M	216.89M
Basic Shares Outstanding	100.18M	101.86M	103.47M	103.78M	105.1M	106.5M	107.68M	188.88M	216.48M	216.89M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	250M	292.96M	375.79M	449.53M	537.41M	591.45M	626.8M	585.93M	589.23M	576.94M
Cash & Short-Term Investments	107.8M	143.63M	210.81M	267.52M	343.67M	381.09M	381.05M	245.57M	170.94M	129M
Cash Only	55.26M	77.57M	83.07M	41.69M	66.27M	75.6M	44.47M	163.24M	170.61M	129M
Short-Term Investments	52.54M	66.07M	127.74M	225.84M	277.4M	305.49M	336.58M	82.33M	325K	0
Accounts Receivable	67.65M	68.58M	79.09M	82.58M	84.68M	91.82M	99.67M	153.25M	173M	153.38M
Days Sales Outstanding	76.86	69.22	72.54	72.78	73.91	71.54	69.01	68.01	68.32	62.58
Inventory	64.37M	73.14M	76M	85.99M	95.05M	100.7M	122.31M	133.81M	189.27M	190.86M
Days Inventory Outstanding	139.68	140.79	131.07	141.21	156.36	145.05	157.12	117.27	149.66	147.19
Other Current Assets	0	0	0	0	0	0	0	53.3M	56.02M	103.69M
Total Non-Current Assets+	201.71M	235.45M	242.22M	246.21M	259.78M	328.74M	366.13M	3.97B	3.96B	2.87B
Property, Plant & Equipment	54.68M	61.75M	73.07M	74.85M	78.67M	100.45M	110.58M	198.75M	291.89M	356.28M
Fixed Asset Turnover	5.88x	5.86x	5.45x	5.53x	5.32x	4.66x	4.77x	4.14x	3.17x	2.51x
Goodwill	88.51M	104.76M	99.56M	103.62M	110.34M	131.48M	142.7M	2.14B	2.14B	1.06B
Intangible Assets	58.52M	68.94M	69.59M	67.61M	66.58M	92.32M	107.5M	1.61B	1.51B	1.41B
Long-Term Investments	0	0	0	0	0	0	0	0	229K	0
Other Non-Current Assets	-1.77M	-6.77M	-3.97M	-15.48M	647K	620K	-1.59M	7.77M	20.2M	35.23M
Total Assets+	451.71M	528.41M	618.01M	695.74M	797.18M	920.19M	992.93M	4.55B	4.55B	3.44B
Asset Turnover	0.71x	0.68x	0.64x	0.60x	0.52x	0.51x	0.53x	0.18x	0.20x	0.26x
Asset Growth %	0.15%	0.17%	0.17%	0.13%	0.15%	0.15%	0.08%	3.59%	-0%	-0.24%
Total Current Liabilities+	28.6M	36M	38.69M	38.25M	48.49M	53.6M	77.84M	145.47M	154.32M	174.01M
Accounts Payable	15.8M	16.24M	20.75M	19.06M	25.65M	23.9M	34.61M	76.67M	83.06M	79.61M
Days Payables Outstanding	34.28	31.27	35.78	31.3	42.19	34.43	44.46	67.19	65.68	61.39
Short-Term Debt	0	0	0	0	0	1.28M	0	3.28M	2.45M	19.3M
Deferred Revenue (Current)	0	0	0	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	14.76M	11.87M	12.1M	0	0	11.12M	25.53M	26.24M	44.8M
Current Ratio	8.74x	8.14x	9.71x	11.75x	11.08x	11.03x	8.05x	4.03x	3.82x	3.32x
Quick Ratio	6.49x	6.11x	7.75x	9.50x	9.12x	9.16x	6.48x	3.11x	2.59x	2.22x
Cash Conversion Cycle	182.25	178.75	167.83	182.68	188.08	182.17	181.67	118.09	152.31	148.38
Total Non-Current Liabilities+	18.96M	20.65M	19.15M	19.59M	23.52M	26.22M	27.71M	1.27B	1.25B	1.2B
Long-Term Debt	0	0	0	0	0	0	0	885.44M	888.39M	874.81M
Capital Lease Obligations	0	0	0	0	913	0	0	8.81M	10.3M	12.86M
Deferred Tax Liabilities	16.53M	17.05M	14.1M	15.62M	18.13M	21.92M	17.01M	353.43M	326.72M	280.91M
Other Non-Current Liabilities	2.42M	3.6M	5.04M	3.97M	5.39M	4.3M	10.7M	27.07M	24.96M	29.99M
Total Liabilities	47.55M	56.65M	57.83M	57.84M	72M	79.81M	105.56M	1.42B	1.4B	1.37B
Total Debt+	0	0	0	0	1.05M	1.29M	0	897.53M	906.24M	912.61M
Net Debt	-55.26M	-77.57M	-83.07M	-41.69M	-65.21M	-74.32M	-44.47M	734.29M	735.63M	783.61M
Debt / Equity	-	-	-	-	0.00x	0.00x	-	0.29x	0.29x	0.44x
Debt / EBITDA	-	-	-	-	0.01x	0.01x	-	7.13x	4.56x	6.76x
Net Debt / EBITDA	-0.81x	-0.97x	-0.95x	-0.49x	-0.76x	-0.78x	-0.54x	5.83x	3.70x	5.80x
Interest Coverage	-	-	-	-	-	950.88x	814.14x	0.67x	1.05x	0.13x
Total Equity+	404.12M	471.9M	560.17M	637.9M	725.18M	840.38M	887.37M	3.13B	3.14B	2.07B
Equity Growth %	0.15%	0.17%	0.19%	0.14%	0.14%	0.16%	0.06%	2.53%	0%	-0.34%
Book Value per Share	4.00	4.61	5.37	6.08	6.86	7.85	8.21	16.59	14.52	9.55
Total Shareholders' Equity	404.16M	471.76M	560.17M	637.9M	725.18M	840.38M	887.37M	3.13B	3.14B	2.07B
Common Stock	6.01M	8.15M	8.28M	8.36M	16.94M	17.2M	17.25M	34.6M	34.66M	34.73M
Retained Earnings	252.13M	295.93M	359.07M	419.25M	478.72M	539.6M	587.91M	565.04M	555.62M	-536.42M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3.95M	-7.2M	-9.75M	-11.64M	-19.71M	-11.38M	-27.77M	-33.25M	-30.02M	-28.9M
Minority Interest	-37K	143K	0	0	0	0	0	0	0	0

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	35.33M	60.27M	69.13M	63.84M	85.88M	81.09M	68.04M	41.03M	35.26M	58.24M
Operating CF Margin %	0.11%	0.17%	0.17%	0.15%	0.21%	0.17%	0.13%	0.05%	0.04%	0.07%
Operating CF Growth %	-0.19%	0.71%	0.15%	-0.08%	0.35%	-0.06%	-0.16%	-0.4%	-0.14%	0.65%
Net Income	36.54M	43.97M	63.22M	60.18M	59.48M	60.88M	48.31M	-22.87M	-9.42M	-1.09B
Depreciation & Amortization	12.18M	14.69M	17.06M	17.62M	18.4M	21.04M	24.13M	90.47M	121.23M	125.67M
Stock-Based Compensation	5.47M	5.26M	4.91M	5.54M	6.47M	6.44M	7.15M	10.18M	13.77M	17.29M
Deferred Taxes	1.91M	-292K	-3M	1.2M	1.6M	-640K	-4.7M	-19.23M	-27.42M	-57.78M
Other Non-Cash Items	-2.94M	-3.92M	0	0	0	0	-2.44M	6.67M	9.8M	1.07B
Working Capital Changes	-17.82M	563K	-13.05M	-20.7M	-62K	-6.63M	-4.42M	-24.2M	-72.68M	-5.93M
Change in Receivables	-6M	5.04M	-10.23M	-4.03M	-2.88M	-2.6M	-7.8M	-53.88M	-20.1M	11.64M
Change in Inventory	-9.43M	-6.97M	-2.65M	-10.44M	-10.01M	2.45M	-21.07M	9.96M	-55.95M	-16.12M
Change in Payables	704K	-1.69M	4.38M	-1.46M	6.75M	-2.22M	20.24M	18.64M	13.75M	-402K
Cash from Investing+	-61.15M	-62.14M	-83.08M	-119.15M	-88.78M	-105.56M	-97.23M	201.04M	-29.31M	-99.19M
Capital Expenditures	-14.22M	-14.58M	-20.95M	-14.66M	-24.05M	-26.71M	-24.43M	-65.76M	-111.42M	-104.59M
CapEx % of Revenue	0.04%	0.04%	0.05%	0.04%	0.06%	0.06%	0.05%	0.08%	0.12%	0.12%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	15.31M	25.07M	22.84M	13.9M	29.41M	33.54M	6.81M	-118.08M	1.92M	-1.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.94M	3.92M	-423K	0	0	-1.09M	-1.12M	-19.28M	-118K	-3.52M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	21.11M	45.7M	48.19M	49.18M	61.83M	54.38M	43.61M	-24.73M	-76.16M	-46.35M
FCF Margin %	0.07%	0.13%	0.12%	0.12%	0.15%	0.12%	0.08%	-0.03%	-0.08%	-0.05%
FCF Growth %	-0.38%	1.16%	0.05%	0.02%	0.26%	-0.12%	-0.2%	-1.57%	-2.08%	0.39%
FCF per Share	0.21	0.45	0.46	0.47	0.58	0.51	0.40	-0.13	-0.35	-0.21
FCF Conversion (FCF/Net Income)	0.97x	1.38x	1.09x	1.06x	1.44x	1.33x	1.41x	-1.79x	-3.74x	-0.05x
Interest Paid	0	0	0	0	0	78K	72K	42.62M	73.17M	68.14M
Taxes Paid	0	0	0	0	0	14.97M	17.24M	15.47M	22.3M	26.54M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.68%	10%	12.24%	10.05%	8.73%	7.78%	5.59%	-1.14%	-0.3%	-41.88%
Return on Invested Capital (ROIC)	13.35%	13.11%	12.08%	9.52%	8.06%	7.8%	5.46%	1.19%	1.5%	0.21%
Gross Margin	47.64%	47.56%	46.81%	46.34%	46.94%	45.91%	46.1%	49.36%	50.06%	47.1%
Net Margin	11.38%	12.11%	15.87%	14.53%	14.22%	13%	9.16%	-2.78%	-1.02%	-122.06%
Debt / Equity	-	-	-	-	0.00x	0.00x	-	0.29x	0.29x	0.44x
Interest Coverage	-	-	-	-	-	950.88x	814.14x	0.67x	1.05x	0.13x
FCF Conversion	0.97x	1.38x	1.09x	1.06x	1.44x	1.33x	1.41x	-1.79x	-3.74x	-0.05x
Revenue Growth	13.5%	12.55%	10.05%	4.09%	0.96%	12.03%	12.53%	56.02%	12.37%	-3.2%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	335.55M	339.44M	335.54M	376.3M	424.66M	715.08M	821.82M	797.32M
Product Growth	-	-	-	1.16%	-1.15%	12.15%	12.85%	68.39%	14.93%	-2.98%
Service	-	-	66.7M	74.75M	82.63M	92.16M	102.5M	107.37M	102.4M	97.35M
Service Growth	-	-	-	12.07%	10.55%	11.53%	11.22%	4.76%	-4.63%	-4.94%
Animal Safety	35.55M	39.55M	-	-	-	-	-	-	-	-
Animal Safety Growth	-	11.26%	-	-	-	-	-	-	-	-
Food Safety	12.16M	15.53M	-	-	-	-	-	-	-	-
Food Safety Growth	-	27.76%	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Non-US	-	-	-	165.88M	164.71M	183.2M	209.34M	398.44M	458.98M	448.73M
Non-US Growth	-	-	-	-	-0.71%	11.22%	14.27%	90.33%	15.19%	-2.23%
UNITED STATES	-	-	-	248.3M	253.46M	285.26M	317.82M	424M	465.24M	445.94M
UNITED STATES Growth	-	-	-	-	2.08%	12.55%	11.41%	33.41%	9.73%	-4.15%
Foreign Operations	107.68M	129.32M	151.26M	-	-	-	-	-	-	-
Foreign Operations Growth	-	20.10%	16.97%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Neogen Corporation (NEOG) reported $880.3M in revenue for fiscal year 2025. This represents a 378% increase from $184.0M in 2012.

Neogen Corporation (NEOG) saw revenue decline by 3.2% over the past year.

Neogen Corporation (NEOG) reported a net loss of $602.7M for fiscal year 2025.

Dividend & Returns

Neogen Corporation (NEOG) has a return on equity (ROE) of -41.9%. Negative ROE indicates the company is unprofitable.

Neogen Corporation (NEOG) generated $17.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Neogen Corporation (NEOG) 10-Year Financial Performance & Capital Metrics

NEOG • • Industrial / General

HealthcareDiagnostics & ResearchClinical Laboratory ServicesSpecialized Testing Laboratories

Revenue $895M -3.2%
EBITDA $135M -32.0%
Net Income -$1.09B -11491.6%
EPS (Diluted) -5.03 -11463.2%
Gross Margin 47.1% -5.9%
EBITDA Margin 15.1% -29.7%
Operating Margin 1.05% -87.4%
Net Margin -122.06% -11875.1%
ROE -41.88% -13854.6%
ROIC 0.21% -86.0%
Debt/Equity 0.44 +52.9%
Interest Coverage 0.13 -87.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 90 (top 10%)
✓Strong 5Y sales CAGR of 16.4%
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y12.2%

5Y16.43%

3Y19.28%

TTM-3.67%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-26.54%

EPS CAGR

10Y-

5Y-

3Y-

TTM-26.51%

ROCE

10Y Avg8.14%

5Y Avg3.84%

3Y Avg1.14%

Latest0.25%

Peer Comparison

Specialized Testing Laboratories

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDNTRadNet, Inc.	5.63B	72.90	1949.20	13.18%	-0.65%	-0.97%	0.8%	1.53
IDXXIDEXX Laboratories, Inc.	56.73B	710.48	66.59	6.46%	24.65%	65.81%	1.41%	0.62
CDNACareDx, Inc	1.05B	20.32	21.85	19.07%	16.97%	19.53%	3.02%	0.07
TRIBTrinity Biotech plc	13.04M	0.70	-0.40	8.31%	-73.78%
NEOGNeogen Corporation	2.04B	9.39	-1.87	-3.2%	-68.47%	-28.64%		0.44
STRRStar Equity Holdings, Inc.	37.03M	10.66	-2.69	-66.93%	-5.36%	-8.98%		0.03
BGLCBioNexus Gene Lab Corp.	8.89M	3.76	-4.18	-2.66%	-24.27%	-33.7%		0.03
NEONeoGenomics, Inc.	1.71B	13.22	-4.26	11.65%	-16%	-13.54%		0.67

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	321.27M	361.59M	397.93M	414.19M	418.17M	468.46M	527.16M	822.45M	924.22M	894.66M
Revenue Growth %	0.13%	0.13%	0.1%	0.04%	0.01%	0.12%	0.13%	0.56%	0.12%	-0.03%
Cost of Goods Sold+	168.21M	189.63M	211.66M	222.27M	221.89M	253.4M	284.15M	416.49M	461.59M	473.29M
COGS % of Revenue	0.52%	0.52%	0.53%	0.54%	0.53%	0.54%	0.54%	0.51%	0.5%	0.53%
Gross Profit+	153.06M	171.97M	186.27M	191.92M	196.28M	215.06M	243.01M	405.95M	462.63M	421.38M
Gross Margin %	0.48%	0.48%	0.47%	0.46%	0.47%	0.46%	0.46%	0.49%	0.5%	0.47%
Gross Profit Growth %	0.1%	0.12%	0.08%	0.03%	0.02%	0.1%	0.13%	0.67%	0.14%	-0.09%
Operating Expenses+	96.68M	107.02M	116.08M	123.83M	128.76M	140.89M	184.4M	368.44M	385.21M	411.96M
OpEx % of Revenue	0.3%	0.3%	0.29%	0.3%	0.31%	0.3%	0.35%	0.45%	0.42%	0.46%
Selling, General & Admin	86.79M	96.64M	105.22M	111.02M	114.01M	124.64M	167.35M	342.4M	382.76M	399.91M
SG&A % of Revenue	0.27%	0.27%	0.26%	0.27%	0.27%	0.27%	0.32%	0.42%	0.41%	0.45%
Research & Development	9.89M	10.38M	10.86M	12.8M	14.75M	16.25M	17.05M	26.04M	22.48M	21.09M
R&D % of Revenue	0.03%	0.03%	0.03%	0.03%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%
Other Operating Expenses	0	0	0	0	0	0	0	0	-20.03M	-9.04M
Operating Income+	56.39M	64.94M	70.19M	68.09M	67.52M	74.17M	58.62M	37.52M	77.43M	9.42M
Operating Margin %	0.18%	0.18%	0.18%	0.16%	0.16%	0.16%	0.11%	0.05%	0.08%	0.01%
Operating Income Growth %	0.06%	0.15%	0.08%	-0.03%	-0.01%	0.1%	-0.21%	-0.36%	1.06%	-0.88%
EBITDA+	68.57M	79.64M	87.25M	85.72M	85.92M	95.21M	82.31M	125.89M	198.65M	135.09M
EBITDA Margin %	0.21%	0.22%	0.22%	0.21%	0.21%	0.2%	0.16%	0.15%	0.21%	0.15%
EBITDA Growth %	0.08%	0.16%	0.1%	-0.02%	0%	0.11%	-0.14%	0.53%	0.58%	-0.32%
D&A (Non-Cash Add-back)	12.18M	14.69M	17.06M	17.62M	18.4M	21.04M	23.69M	88.38M	121.23M	125.67M
EBIT	55.51M	66.67M	73.47M	72.96M	72.31M	75.27M	60.21M	33.92M	61.37M	-1.06B
Net Interest Income+	322K	838K	2.04M	4.68M	5.99M	1.61M	1.27M	-52.8M	-67.03M	-68.51M
Interest Income	322K	838K	2.04M	4.68M	5.99M	1.69M	1.34M	3.17M	6.36M	3.11M
Interest Expense	0	0	0	0	0	78K	72K	55.96M	73.39M	71.62M
Other Income/Expense	-873K	1.73M	3.27M	4.87M	4.78M	1.1M	1.59M	-59.56M	-91.73M	-1.14B
Pretax Income+	55.51M	66.67M	73.47M	72.96M	72.31M	75.27M	60.21M	-22.04M	-14.3M	-1.13B
Pretax Margin %	0.17%	0.18%	0.18%	0.18%	0.17%	0.16%	0.11%	-0.03%	-0.02%	-1.27%
Income Tax+	18.98M	22.7M	10.25M	12.78M	12.83M	14.39M	11.9M	828K	-4.88M	-41.07M
Effective Tax Rate %	0.66%	0.66%	0.86%	0.82%	0.82%	0.81%	0.8%	1.04%	0.66%	0.96%
Net Income+	36.56M	43.79M	63.15M	60.18M	59.48M	60.88M	48.31M	-22.87M	-9.42M	-1.09B
Net Margin %	0.11%	0.12%	0.16%	0.15%	0.14%	0.13%	0.09%	-0.03%	-0.01%	-1.22%
Net Income Growth %	0.09%	0.2%	0.44%	-0.05%	-0.01%	0.02%	-0.21%	-1.47%	0.59%	-114.92%
Net Income (Continuing)	36.54M	43.97M	63.22M	60.18M	59.48M	60.88M	48.31M	-22.87M	-9.42M	-1.09B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-37K	143K	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.36	0.43	0.60	0.57	0.56	0.57	0.45	-0.12	-0.04	-5.03
EPS Growth %	0.06%	0.19%	0.4%	-0.05%	-0.02%	0.02%	-0.21%	-1.27%	0.64%	-114.63%
EPS (Basic)	0.36	0.43	0.61	0.58	0.57	0.57	0.45	-0.12	-0.04	-5.03
Diluted Shares Outstanding	101M	102.33M	104.37M	104.85M	105.72M	107.12M	108.02M	188.88M	216.48M	216.89M
Basic Shares Outstanding	100.18M	101.86M	103.47M	103.78M	105.1M	106.5M	107.68M	188.88M	216.48M	216.89M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	250M	292.96M	375.79M	449.53M	537.41M	591.45M	626.8M	585.93M	589.23M	576.94M
Cash & Short-Term Investments	107.8M	143.63M	210.81M	267.52M	343.67M	381.09M	381.05M	245.57M	170.94M	129M
Cash Only	55.26M	77.57M	83.07M	41.69M	66.27M	75.6M	44.47M	163.24M	170.61M	129M
Short-Term Investments	52.54M	66.07M	127.74M	225.84M	277.4M	305.49M	336.58M	82.33M	325K	0
Accounts Receivable	67.65M	68.58M	79.09M	82.58M	84.68M	91.82M	99.67M	153.25M	173M	153.38M
Days Sales Outstanding	76.86	69.22	72.54	72.78	73.91	71.54	69.01	68.01	68.32	62.58
Inventory	64.37M	73.14M	76M	85.99M	95.05M	100.7M	122.31M	133.81M	189.27M	190.86M
Days Inventory Outstanding	139.68	140.79	131.07	141.21	156.36	145.05	157.12	117.27	149.66	147.19
Other Current Assets	0	0	0	0	0	0	0	53.3M	56.02M	103.69M
Total Non-Current Assets+	201.71M	235.45M	242.22M	246.21M	259.78M	328.74M	366.13M	3.97B	3.96B	2.87B
Property, Plant & Equipment	54.68M	61.75M	73.07M	74.85M	78.67M	100.45M	110.58M	198.75M	291.89M	356.28M
Fixed Asset Turnover	5.88x	5.86x	5.45x	5.53x	5.32x	4.66x	4.77x	4.14x	3.17x	2.51x
Goodwill	88.51M	104.76M	99.56M	103.62M	110.34M	131.48M	142.7M	2.14B	2.14B	1.06B
Intangible Assets	58.52M	68.94M	69.59M	67.61M	66.58M	92.32M	107.5M	1.61B	1.51B	1.41B
Long-Term Investments	0	0	0	0	0	0	0	0	229K	0
Other Non-Current Assets	-1.77M	-6.77M	-3.97M	-15.48M	647K	620K	-1.59M	7.77M	20.2M	35.23M
Total Assets+	451.71M	528.41M	618.01M	695.74M	797.18M	920.19M	992.93M	4.55B	4.55B	3.44B
Asset Turnover	0.71x	0.68x	0.64x	0.60x	0.52x	0.51x	0.53x	0.18x	0.20x	0.26x
Asset Growth %	0.15%	0.17%	0.17%	0.13%	0.15%	0.15%	0.08%	3.59%	-0%	-0.24%
Total Current Liabilities+	28.6M	36M	38.69M	38.25M	48.49M	53.6M	77.84M	145.47M	154.32M	174.01M
Accounts Payable	15.8M	16.24M	20.75M	19.06M	25.65M	23.9M	34.61M	76.67M	83.06M	79.61M
Days Payables Outstanding	34.28	31.27	35.78	31.3	42.19	34.43	44.46	67.19	65.68	61.39
Short-Term Debt	0	0	0	0	0	1.28M	0	3.28M	2.45M	19.3M
Deferred Revenue (Current)	0	0	0	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	14.76M	11.87M	12.1M	0	0	11.12M	25.53M	26.24M	44.8M
Current Ratio	8.74x	8.14x	9.71x	11.75x	11.08x	11.03x	8.05x	4.03x	3.82x	3.32x
Quick Ratio	6.49x	6.11x	7.75x	9.50x	9.12x	9.16x	6.48x	3.11x	2.59x	2.22x
Cash Conversion Cycle	182.25	178.75	167.83	182.68	188.08	182.17	181.67	118.09	152.31	148.38
Total Non-Current Liabilities+	18.96M	20.65M	19.15M	19.59M	23.52M	26.22M	27.71M	1.27B	1.25B	1.2B
Long-Term Debt	0	0	0	0	0	0	0	885.44M	888.39M	874.81M
Capital Lease Obligations	0	0	0	0	913	0	0	8.81M	10.3M	12.86M
Deferred Tax Liabilities	16.53M	17.05M	14.1M	15.62M	18.13M	21.92M	17.01M	353.43M	326.72M	280.91M
Other Non-Current Liabilities	2.42M	3.6M	5.04M	3.97M	5.39M	4.3M	10.7M	27.07M	24.96M	29.99M
Total Liabilities	47.55M	56.65M	57.83M	57.84M	72M	79.81M	105.56M	1.42B	1.4B	1.37B
Total Debt+	0	0	0	0	1.05M	1.29M	0	897.53M	906.24M	912.61M
Net Debt	-55.26M	-77.57M	-83.07M	-41.69M	-65.21M	-74.32M	-44.47M	734.29M	735.63M	783.61M
Debt / Equity	-	-	-	-	0.00x	0.00x	-	0.29x	0.29x	0.44x
Debt / EBITDA	-	-	-	-	0.01x	0.01x	-	7.13x	4.56x	6.76x
Net Debt / EBITDA	-0.81x	-0.97x	-0.95x	-0.49x	-0.76x	-0.78x	-0.54x	5.83x	3.70x	5.80x
Interest Coverage	-	-	-	-	-	950.88x	814.14x	0.67x	1.05x	0.13x
Total Equity+	404.12M	471.9M	560.17M	637.9M	725.18M	840.38M	887.37M	3.13B	3.14B	2.07B
Equity Growth %	0.15%	0.17%	0.19%	0.14%	0.14%	0.16%	0.06%	2.53%	0%	-0.34%
Book Value per Share	4.00	4.61	5.37	6.08	6.86	7.85	8.21	16.59	14.52	9.55
Total Shareholders' Equity	404.16M	471.76M	560.17M	637.9M	725.18M	840.38M	887.37M	3.13B	3.14B	2.07B
Common Stock	6.01M	8.15M	8.28M	8.36M	16.94M	17.2M	17.25M	34.6M	34.66M	34.73M
Retained Earnings	252.13M	295.93M	359.07M	419.25M	478.72M	539.6M	587.91M	565.04M	555.62M	-536.42M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3.95M	-7.2M	-9.75M	-11.64M	-19.71M	-11.38M	-27.77M	-33.25M	-30.02M	-28.9M
Minority Interest	-37K	143K	0	0	0	0	0	0	0	0

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	35.33M	60.27M	69.13M	63.84M	85.88M	81.09M	68.04M	41.03M	35.26M	58.24M
Operating CF Margin %	0.11%	0.17%	0.17%	0.15%	0.21%	0.17%	0.13%	0.05%	0.04%	0.07%
Operating CF Growth %	-0.19%	0.71%	0.15%	-0.08%	0.35%	-0.06%	-0.16%	-0.4%	-0.14%	0.65%
Net Income	36.54M	43.97M	63.22M	60.18M	59.48M	60.88M	48.31M	-22.87M	-9.42M	-1.09B
Depreciation & Amortization	12.18M	14.69M	17.06M	17.62M	18.4M	21.04M	24.13M	90.47M	121.23M	125.67M
Stock-Based Compensation	5.47M	5.26M	4.91M	5.54M	6.47M	6.44M	7.15M	10.18M	13.77M	17.29M
Deferred Taxes	1.91M	-292K	-3M	1.2M	1.6M	-640K	-4.7M	-19.23M	-27.42M	-57.78M
Other Non-Cash Items	-2.94M	-3.92M	0	0	0	0	-2.44M	6.67M	9.8M	1.07B
Working Capital Changes	-17.82M	563K	-13.05M	-20.7M	-62K	-6.63M	-4.42M	-24.2M	-72.68M	-5.93M
Change in Receivables	-6M	5.04M	-10.23M	-4.03M	-2.88M	-2.6M	-7.8M	-53.88M	-20.1M	11.64M
Change in Inventory	-9.43M	-6.97M	-2.65M	-10.44M	-10.01M	2.45M	-21.07M	9.96M	-55.95M	-16.12M
Change in Payables	704K	-1.69M	4.38M	-1.46M	6.75M	-2.22M	20.24M	18.64M	13.75M	-402K
Cash from Investing+	-61.15M	-62.14M	-83.08M	-119.15M	-88.78M	-105.56M	-97.23M	201.04M	-29.31M	-99.19M
Capital Expenditures	-14.22M	-14.58M	-20.95M	-14.66M	-24.05M	-26.71M	-24.43M	-65.76M	-111.42M	-104.59M
CapEx % of Revenue	0.04%	0.04%	0.05%	0.04%	0.06%	0.06%	0.05%	0.08%	0.12%	0.12%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	15.31M	25.07M	22.84M	13.9M	29.41M	33.54M	6.81M	-118.08M	1.92M	-1.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.94M	3.92M	-423K	0	0	-1.09M	-1.12M	-19.28M	-118K	-3.52M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	21.11M	45.7M	48.19M	49.18M	61.83M	54.38M	43.61M	-24.73M	-76.16M	-46.35M
FCF Margin %	0.07%	0.13%	0.12%	0.12%	0.15%	0.12%	0.08%	-0.03%	-0.08%	-0.05%
FCF Growth %	-0.38%	1.16%	0.05%	0.02%	0.26%	-0.12%	-0.2%	-1.57%	-2.08%	0.39%
FCF per Share	0.21	0.45	0.46	0.47	0.58	0.51	0.40	-0.13	-0.35	-0.21
FCF Conversion (FCF/Net Income)	0.97x	1.38x	1.09x	1.06x	1.44x	1.33x	1.41x	-1.79x	-3.74x	-0.05x
Interest Paid	0	0	0	0	0	78K	72K	42.62M	73.17M	68.14M
Taxes Paid	0	0	0	0	0	14.97M	17.24M	15.47M	22.3M	26.54M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.68%	10%	12.24%	10.05%	8.73%	7.78%	5.59%	-1.14%	-0.3%	-41.88%
Return on Invested Capital (ROIC)	13.35%	13.11%	12.08%	9.52%	8.06%	7.8%	5.46%	1.19%	1.5%	0.21%
Gross Margin	47.64%	47.56%	46.81%	46.34%	46.94%	45.91%	46.1%	49.36%	50.06%	47.1%
Net Margin	11.38%	12.11%	15.87%	14.53%	14.22%	13%	9.16%	-2.78%	-1.02%	-122.06%
Debt / Equity	-	-	-	-	0.00x	0.00x	-	0.29x	0.29x	0.44x
Interest Coverage	-	-	-	-	-	950.88x	814.14x	0.67x	1.05x	0.13x
FCF Conversion	0.97x	1.38x	1.09x	1.06x	1.44x	1.33x	1.41x	-1.79x	-3.74x	-0.05x
Revenue Growth	13.5%	12.55%	10.05%	4.09%	0.96%	12.03%	12.53%	56.02%	12.37%	-3.2%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	335.55M	339.44M	335.54M	376.3M	424.66M	715.08M	821.82M	797.32M
Product Growth	-	-	-	1.16%	-1.15%	12.15%	12.85%	68.39%	14.93%	-2.98%
Service	-	-	66.7M	74.75M	82.63M	92.16M	102.5M	107.37M	102.4M	97.35M
Service Growth	-	-	-	12.07%	10.55%	11.53%	11.22%	4.76%	-4.63%	-4.94%
Animal Safety	35.55M	39.55M	-	-	-	-	-	-	-	-
Animal Safety Growth	-	11.26%	-	-	-	-	-	-	-	-
Food Safety	12.16M	15.53M	-	-	-	-	-	-	-	-
Food Safety Growth	-	27.76%	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Non-US	-	-	-	165.88M	164.71M	183.2M	209.34M	398.44M	458.98M	448.73M
Non-US Growth	-	-	-	-	-0.71%	11.22%	14.27%	90.33%	15.19%	-2.23%
UNITED STATES	-	-	-	248.3M	253.46M	285.26M	317.82M	424M	465.24M	445.94M
UNITED STATES Growth	-	-	-	-	2.08%	12.55%	11.41%	33.41%	9.73%	-4.15%
Foreign Operations	107.68M	129.32M	151.26M	-	-	-	-	-	-	-
Foreign Operations Growth	-	20.10%	16.97%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Neogen Corporation (NEOG) reported $880.3M in revenue for fiscal year 2025. This represents a 378% increase from $184.0M in 2012.

Neogen Corporation (NEOG) saw revenue decline by 3.2% over the past year.

Neogen Corporation (NEOG) reported a net loss of $602.7M for fiscal year 2025.

Dividend & Returns

Neogen Corporation (NEOG) has a return on equity (ROE) of -41.9%. Negative ROE indicates the company is unprofitable.

Neogen Corporation (NEOG) generated $17.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.