Neogen (NEOG) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Neogen

NasdaqGS•Healthcare•Medical Devices

$12.55+0.30(0.02%)Pre-market

Market Cap

$2.79B

P/S

3.2x

P/B

1.3x

Neogen Corporation develops, manufactures, and markets various products and services for food and animal safety in the United States and internationally. It operates through Food Safety and Animal Safety segments. The company offers diagnostic test kits and complementary products to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns for food producers and processors. It also provides reagents and test kits used in immunoassay production, forensic and animal toxicology, and life science research; unique colorimetric and chemiluminescent substrates for research use; veterinary instruments and delivery systems used for administering antibiotics and vaccines under the Ideal and Prima Tech brands; and precision instruments designed for injections, topical and oral administration, artificial insemination, and animal identification for farmers, ranchers, and veterinarian under the Prima Tech brand. In addition, the company offers digestive aids and nutritional supplements; Natural Vitamin E-AD to address vitamin deficiencies in swine, cattle, and sheep; RenaKare; companion animal parasiticides under Provecta brand; BotVax B; EqStim; ImmunoRegulin, used in dogs to assist in managing pyoderma; companion animal parasiticides under the Provecta brand; rodent and insect control products under the Ramik, CyKill, Havoc, Prozap, SureKill, and StandGuard brands. Further, it markets Uniprim, a veterinary antibiotic; operates sgenomics labs offering DNA genotyping, sequencing, and trait analysis for livestock and companion animals; and provides software systems that help testers to analyze and store results and perform analysis on the results from multiple locations over extended periods. Neogen Corporation was incorporated in 1981 and is headquartered in Lansing, Michigan.

How this company scores

WeakMetricSide Score: 55/100

Grade capped at D — Interest coverage below 1× (0.3x) — earnings cannot cover interest. Strongest: Profitability (17/25); weakest: Growth (11/25).

Profitability17/25

Growth11/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality12/25

Strengths

Long cash runwayLow leverageProfit converts from growthImproving leverage

Grade capped at D

Interest coverage below 1× (0.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 2367.9x5y range 118.1x – 2367.9x

Currently above its 8-quarter median.

P/S · 3.2x5y range 1.1x – 16.8x

Currently near its 20-quarter median.

P/B · 1.3x5y range 0.6x – 11.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.4x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $2.79B

Metrics at a Glance

as of May 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $870.40M
Q. Revenue: $225.32M
TTM EBITDA: $94.70M
TTM Op. Income: $-21.60M
Q. Op. Income: $3.17M
TTM Net Income: $-7.90M
Q. Net Income: $-11.31M
EPS: $-0.052
Shares Out.: $217.71M

$870.40M in TTM revenue declined 23.1% YoY, reaching $225.32M last quarter. TTM EBITDA of $94.70M and TTM operating income of $-21.60M show growth is flowing through to the bottom line. However, net income is negative at $7.90M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 4 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 47.9%
EBITDA Margin: 14.5%
Op. Margin: 1.4%
Net Margin: -5.0%

Op. margin of 1.4% is up 139.0% YoY — cost efficiency is improving. Net margin at -5.0% and gross margin of 47.9% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 4 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 3.2x
P/B Ratio: 1.3x

P/S of 3.2x and P/B of 1.3x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.35B
Cash: $185.50M
Long-Term Debt: $793.70M
Book Value: $2.09B
D/E Ratio: 0.4
Debt/EBITDA: 24.4

With $3.35B in assets and $793.70M in long-term debt, D/E is 0.4and book value is $2.09B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $30.20M
TTM Free Cash Flow: $31.90M
FCF Margin: 3.7%
FCF / Net Income: -4.0

TTM FCF of $31.90M on $30.20M in operating cash flow. The FCF / Net Income ratio of -4.0x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.