Neogen (NEOG) Stock Fundamentals, Analysis & Risk Signals

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

Neogen

NasdaqGS•Healthcare•Medical Devices

$12.12-0.35(-0.03%)After hours

Market Cap

$2.64B

P/S

3.0x

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. 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 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; 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. The company has a strategic collaboration with Hinalea Imaging Corp. to develop digital imaging solutions for food safety and quality inspection. Neogen Corporation was incorporated in 1981 and is headquartered in Lansing, Michigan.

How this company scores

WeakMetricSide Score: 48/100

Grade capped at D — Interest coverage below 1× (-0.1x) — earnings cannot cover interest. Strongest: Profitability (14/25); weakest: Growth (10/25).

Profitability14/25

Growth10/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality12/25

Strengths

Long cash runwayLow leverageProfit converts from growth

Grade capped at D

Interest coverage below 1× (-0.1x) — 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 59.0x – 2367.9x

Currently above its 7-quarter median.

P/S · 3.0x5y range 1.1x – 7.9x

Currently near its 20-quarter median.

P/B · 1.3x5y range 0.6x – 5.5x

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 $2.64B

Metrics at a Glance

as of August 2026

Revenue & Profit

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

TTM Revenue: $884.01M
Q. Revenue: $222.80M
TTM EBITDA: $109.04M
TTM Op. Income: $-7.31M
Q. Op. Income: $-1.80M
TTM Net Income: $-56.14M
Q. Net Income: $-11.90M
EPS: $-0.05
Shares Out.: $218.10M

$884.01M in TTM revenue declined 19.9% YoY, reaching $222.80M last quarter. TTM EBITDA of $109.04M and TTM operating income of $-7.31M show growth is flowing through to the bottom line. However, net income is negative at $56.14M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 20% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 47.4%
EBITDA Margin: 12.3%
Op. Margin: -0.8%
Net Margin: -5.3%

Op. margin of -0.8% is up 6.9% YoY — cost efficiency is improving. Net margin at -5.3% and gross margin of 47.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 89% — a weakening trend.

Price Ratios

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

P/E Ratio: N/A
P/S Ratio: 3.0x
P/B Ratio: 1.3x

P/S of 3.0x and P/B of 1.3x.

Assets & Liabilities

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

Total Assets: $3.30B
Cash: $172.00M
Long-Term Debt: $774.20M
Book Value: $2.09B
D/E Ratio: 0.4
Debt/EBITDA: 28.4

With $3.30B in assets and $774.20M in long-term debt, D/E is 0.4and book value is $2.09B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 1% — an improving trend.

Cash Flow

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

Op. Cash Flow: $12.90M
TTM Free Cash Flow: $49.75M
FCF Margin: 5.6%
FCF / Net Income: -0.9

TTM FCF of $49.75M on $12.90M in operating cash flow. The FCF / Net Income ratio of -0.9x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.