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Neogen Corporation NEOG

In Vitro & In Vivo Diagnostic Substances · SIC 2835 · Vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)

12.46USD+2.98% · 1 dayClose 04 Nov 2026

Neogen Corporation develops, manufactures and markets diagnostic and solutions for food and animal safety, with an animal safety unit and a genomics business that is being sold. In the first quarter of fiscal 2027 revenue reached 222.8 million USD, and full-year guidance was raised to a range of 885 to 890 million USD.

At the close of 04 Nov 2026, Neogen Corporation (NEOG) stock was 12.46 USD (+2.98% on the day), with market capitalisation 2.7 bn USD, beta 0.39, 52-week range 5.41–13.98 USD. Latest reported quarter (Q1 2027): revenue of 222.8 m USD (+6.5% YoY), net income of -11.9 m USD (−132.8% YoY), diluted EPS -0.05 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.7 bn USD
shares as of 31 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.25 · TTM to 31 Aug 2026
E/P (TTM)
-2.02%
TTM to 31 Aug 2026
Dividend yield
unavailable
Beta (2y)
0.39
Volatility (1y) 55%
52-week range
5.4113.98

Price history

Loading chart…

Technical reading

RSI (14)
55.0
neutral
Bollinger (20, 2)
11.51 – 12.50
in the upper half of the band · %B 0.96 · band width 8.3%
SMA 50 / 200
12.24 / 10.45
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
-0.02 / -0.05
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−4.2%−1.1%−3.1 pp—
3 months+9.3%−0.5%+9.8 pp—
6 months+35.7%+4.4%+31.3 pp—
Year to date+78.3%+12.3%+65.9 pp—
1 year+106.3%+13.5%+92.7 pp−26.8%
3 years−21.2%+76.4%−97.7 pp−63.5%
5 years−72.5%+63.7%−136.2 pp—
Max drawdown (1y)
−27.7%
20 Feb 2026 → 15 May 2026
Max drawdown (5y)
−90.6%
27 Dec 2021 → 17 Apr 2025
Compound annual growth (5y)
−22.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2027 · 31 Aug 2026

Revenue
222.8 m USD
+6.5% YoY
Net income
-11.9 m USD
−132.8% YoY
Diluted EPS
-0.05
−129.4% YoY
net / operating
-5.3% / -0.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Revenue231.3 m221.0 m225.5 m209.2 m224.7 m211.2 m225.3 m222.8 m
Cost of revenue117.9 m110.7 m132.6 m114.2 m118.0 m112.2 m117.5 m117.3 m
Gross profit113.3 m110.3 m92.9 m95.0 m106.7 m99.0 m107.8 m105.5 m
Research & development5.1 m4.5 m6.3 m5.1 m4.6 m3.8 m4.9 m6.5 m
Operating income-457.5 m5.4 m-611.2 m-16.1 m-5.4 m-3.3 m3.1 m-1.8 m
Depreciation & amortisation30.0 m ≈29.4 m ≈30.3 m29.1 m28.9 m ≈28.9 m ≈29.4 m29.1 m
Pre-tax income-476.6 m-9.7 m-631.2 m43.8 m-20.4 m-20.3 m-12.1 m-14.9 m
Income tax-20.3 m1.2 m-19.0 m7.5 m-4.4 m-3.3 m-800.0 k-3.0 m
Net income-456.3 m-10.9 m-612.2 m36.3 m-15.9 m-17.0 m-11.3 m-11.9 m
Diluted EPS-2.10-0.05-2.82 ≈0.17-0.07-0.08-0.05 ≈-0.05
Operating cash flow40.3 m ≈19.5 m ≈16.4 m10.8 m19.5 m ≈22.7 m ≈30.2 m12.9 m
Capex17.2 m ≈32.9 m ≈16.1 m24.0 m11.7 m ≈11.6 m ≈4.0 m8.2 m

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20192020202120222023202420252026
Revenue414.2 m418.2 m468.5 m527.2 m822.4 m924.2 m894.7 m870.4 m
Revenue YoY+4.1%+1.0%+12.0%+12.5%+56.0%+12.4%−3.2%−2.7%
Net income60.2 m59.5 m60.9 m48.3 m-22.9 m-9.4 m-1.1 bn-7.9 m
Net income YoY−4.7%−1.2%+2.4%−20.7%−147.3%unavailableunavailableunavailable
Diluted EPS0.570.560.570.45-0.12-0.04-5.03-0.04
Diluted EPS YoY−52.9%−1.8%+1.8%−21.1%−126.7%unavailableunavailableunavailable
net %14.5%14.2%13.0%9.2%-2.8%-1.0%-122.1%-0.9%
Free cash flow49.2 m61.8 m54.4 m43.6 m-24.7 m-76.1 m-46.4 m31.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 May 2026

Cash
185.5 m USD
Financial debt
793.7 m USD
Net debt
608.2 m USD
Equity
2.1 bn USD
Total assets
3.3 bn USD
Debt / equity
0.38x
Current ratio
3.82x
ROE
-0.4%
ROA
-0.2%
FCF margin
3.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
924.2 m
2025
894.7 m
2026
870.4 m

SEC (XBRL)· 30 Jul 2026verified

Cost of revenue
2024
460.3 m
2025
473.3 m
2026
461.9 m

SEC (XBRL)· 30 Jul 2026verified

Gross profit
2024
463.9 m
2025
421.4 m
2026
408.5 m

SEC (XBRL)· 30 Jul 2026verified

Research & development
2024
22.5 m
2025
21.1 m
2026
18.4 m

SEC (XBRL)· 30 Jul 2026verified

Operating income
2024
58.6 m
2025
-1.1 bn
2026
-21.6 m

SEC (XBRL)· 30 Jul 2026verified

Depreciation & amortisation
2024
116.7 m
2025
119.5 m
2026
116.3 m

SEC (XBRL)· 30 Jul 2026verified

EBITDA
2024
175.3 m ≈
2025
-941.5 m ≈
2026
94.7 m ≈

SEC (XBRL)· 30 Jul 2026derived

Interest expense
2024
42.2 m
2025
38.1 m
2026
24.1 m

SEC (XBRL)· 30 Jul 2026verified

Pre-tax income
2024
-14.3 m
2025
-1.1 bn
2026
-9.0 m

SEC (XBRL)· 30 Jul 2026verified

Income tax
2024
-4.9 m
2025
-41.1 m
2026
-1.1 m

SEC (XBRL)· 30 Jul 2026verified

Net income
2024
-9.4 m
2025
-1.1 bn
2026
-7.9 m

SEC (XBRL)· 30 Jul 2026verified

Diluted EPS
2024
-0.04
2025
-5.03
2026
-0.04

SEC (XBRL)· 30 Jul 2026verified

Weighted average diluted shares
2024
216.5 m
2025
216.9 m
2026
217.5 m

SEC (XBRL)· 30 Jul 2026verified

Balance sheet · USD

Cash
2024
170.6 m
2025
129.0 m
2026
185.5 m

SEC (XBRL)· 30 Jul 2026verified

Receivables
2024
173.0 m
2025
153.4 m
2026
146.8 m

SEC (XBRL)· 30 Jul 2026verified

Inventories
2024
189.3 m
2025
190.8 m
2026
144.3 m

SEC (XBRL)· 30 Jul 2026verified

Current assets
2024
589.2 m
2025
576.9 m
2026
604.6 m

SEC (XBRL)· 30 Jul 2026verified

Property, plant & equipment, net
2024
277.1 m
2025
339.1 m
2026
329.8 m

SEC (XBRL)· 30 Jul 2026verified

Goodwill
2024
2.1 bn
2025
1.1 bn
2026
1.0 bn

SEC (XBRL)· 30 Jul 2026verified

Intangibles (excl. goodwill)
2024
1.5 bn
2025
1.4 bn
2026
1.3 bn

SEC (XBRL)· 30 Jul 2026verified

Total assets
2024
4.5 bn
2025
3.4 bn
2026
3.3 bn

SEC (XBRL)· 30 Jul 2026verified

Accounts payable
2024
83.1 m
2025
79.6 m
2026
79.1 m

SEC (XBRL)· 30 Jul 2026verified

Short-term debt
2024
2.4 m
2025
19.3 m
2026
0

SEC (XBRL)· 30 Jul 2026verified

Long-term debt
2024
888.4 m
2025
874.8 m
2026
793.7 m

SEC (XBRL)· 30 Jul 2026verified

Current liabilities
2024
154.3 m
2025
174.0 m
2026
158.2 m

SEC (XBRL)· 30 Jul 2026verified

Total liabilities
2024
1.4 bn
2025
1.4 bn
2026
1.3 bn

SEC (XBRL)· 30 Jul 2026verified

Equity
2024
3.1 bn
2025
2.1 bn
2026
2.1 bn

SEC (XBRL)· 30 Jul 2026verified

Cash flow · USD

Operating cash flow
2024
35.3 m
2025
58.2 m
2026
83.2 m

SEC (XBRL)· 30 Jul 2026verified

Capex
2024
111.4 m
2025
104.6 m
2026
51.3 m

SEC (XBRL)· 30 Jul 2026verified

Free cash flow
2024
-76.1 m ≈
2025
-46.4 m ≈
2026
31.9 m ≈

SEC (XBRL)· 30 Jul 2026derived

Investing cash flow
2024
-29.3 m
2025
-99.2 m
2026
70.5 m

SEC (XBRL)· 30 Jul 2026verified

Financing cash flow
2024
1.9 m
2025
-1.6 m
2026
-99.4 m

SEC (XBRL)· 30 Jul 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-2.7%
computed by olivLawFY 2026
Revenue CAGR 3Y
1.9%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
13.2%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
47.4%
computed by olivLawTTM to 31 Aug 2026
EBITDA margin
12.3%
computed by olivLawTTM to 31 Aug 2026
EBIT margin
-0.8%
computed by olivLawTTM to 31 Aug 2026
Net margin
-6.3%
computed by olivLawTTM to 31 Aug 2026
FCF margin
5.6%
computed by olivLawTTM to 31 Aug 2026

Returns

ROE
-2.7%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
ROA
-1.7%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
ROIC
-0.2%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
ROCE
-0.2%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
1.4 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
Net debt / EBITDA
12.7x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Debt / equity
0.7x
computed by olivLawbalance sheet at 31 Aug 2026
Interest coverage
-0.3x
computed by olivLawTTM to 31 Aug 2026

Liquidity

Current ratio
3.9x
computed by olivLawbalance sheet at 31 Aug 2026
Quick ratio
2.9x
computed by olivLawbalance sheet at 31 Aug 2026
Cash ratio
1.2x
computed by olivLawbalance sheet at 31 Aug 2026

Cash

Operating cash flow
85.3 m USD
computed by olivLawTTM to 31 Aug 2026
Capital expenditure
35.5 m USD
computed by olivLawTTM to 31 Aug 2026
Free cash flow
49.8 m USD
computed by olivLawTTM to 31 Aug 2026
FCF conversion
unavailable
insufficient data
Cash conversion
78.3%
computed by olivLawTTM to 31 Aug 2026

Efficiency

Days sales outstanding
57 days
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Days inventory outstanding
133 days
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Days payables outstanding
61 days
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Cash conversion cycle
129 days
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026

Market and valuation

Market capitalisation
2.7 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
Enterprise value
4.1 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-2.0%
computed by olivLawTTM to 31 Aug 2026
P/B
1.3x
computed by olivLawbalance sheet at 31 Aug 2026
P/S
3.1x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
EV/EBITDA
37.7x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
EV/EBIT
unavailable
insufficient data
EV/Sales
4.6x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
P/FCF
54.6x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
FCF yield
1.8%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 27 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

12.46 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.7 bn USD

Key indicators

Market capitalisation
2.7 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.3x
computed by olivLawbalance sheet at 31 Aug 2026
EV/EBITDA
37.7x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
ROE
-2.7%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Net margin
-6.3%
computed by olivLawTTM to 31 Aug 2026
Revenue growth (YoY)
-2.7%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 31 Aug 2026
Latest balance sheet date: 31 Aug 2026
Share count (cover of the latest filing), as of: 31 Aug 2026
Source: SEC (XBRL)published 07 Oct 2026
verified 2469derived 169

Score by group

  • Balance sheet20
  • Growth16
  • Valuation10
  • Quality59

Estimated value range

Low
0.00
USD per share
Mid
1.22
USD per share
High
3.56
USD per share
Price: 12.46 USD
The price is above the range
Potential to the central value: -90.2% (value / price − 1)
Margin of safety: -921.8% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 3.56 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
  • Peers: EV/EBITDA0.00 – 3.56 (Mid 1.22)
    4 companies used · median multiple 15.1x · quartiles 12.1x – 19.8x
    ICCC, IDXX, LNTH, QDEL
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 27/100

FactorValueScoreWeight used
ROIC · Quality-0.2%50 (vs peers)16%
Net margin · Quality-6.3%73 (vs peers)10%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth1.9%16 (on a fixed band)13%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet12.7x0 (on a fixed band)16%
Interest coverage · Balance sheet-0.3x0 (on a fixed band)10%
Current ratio · Balance sheet3.9x100 (on a fixed band)6%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation37.7x0 (on a fixed band)16%
FCF yield · Valuation1.8%23 (on a fixed band)13%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet20/100 · 3/3 factors with a value
  • Growth· partial16/100 · 1/2 factors with a value
  • Quality59/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation10/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Neogen Corporation (NEOG). Latest full fiscal year: 2026; data up to 2026-08-31.

Figures computed from the financial statements: revenue 870.4 m USD in 2026; YoY growth -2.7%; net margin -6.3%; ROE -2.7%; net debt/EBITDA 12.7x.

The estimated value range is 0.00–3.56 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.22 USD, the price of 12.46 USD leaves a potential of -90.2% (value / price − 1) and a margin of safety of -921.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 27/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: -6.3%
  • Current ratio: 3.9x

What contradicts it

  • Revenue CAGR 3Y: 1.9%
  • Net debt / EBITDA: 12.7x
  • Interest coverage: -0.3x
  • EV/EBITDA: 37.7x
  • FCF yield: 1.8%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

In Vitro & In Vivo Diagnostic Substances (SIC 2835) · same industry (4-digit SIC) · compared with 17 companies

Multiples and returns vs the median

P/E
—
vertical median 36.1x
EV/EBITDA
37.7x
vertical median 15.1x
above median (+148.9%)
P/S
3.1x
vertical median 10.4x
below median (−70.5%)
P/B
1.3x
vertical median 2.3x
below median (−42.8%)
ROE
-2.7%
vertical median -38.2%
above median
Net margin
-6.3%
vertical median -51.6%
above median
EBIT margin
-0.8%
vertical median -36.2%
above median
Revenue YoY
-2.7%
vertical median 2.4%
below median (−212.1%)
Net debt/EBITDA
12.7x
vertical median 0.0x
above median (+141,565.0%)
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
IDXXIdexx Laboratories Inc55.0 bn47.168.9%25.4%+10.4%−7% / +50%
LNTHLantheus Holdings, Inc.6.6 bn24.522.2%17.7%+0.5%+72% / +41%
NEOGNeogen Corporation2.7 bn—-2.7%-6.3%−2.7%+106% / −21%
TRIBTrinity Biotech PLC2.4 bn——-51.6%+8.3%−80% / −91%
CLDXCelldex Therapeutics, Inc.2.4 bn—-43.9%-190,220.9%−78.0%+11% / −1%
NTLAIntellia Therapeutics, Inc.1.7 bn—-6,424.8%-672.2%+16.9%+37% / −58%
QDELQuidelortho Corp984.6 m—-19.3%-14.2%−1.9%−48% / −79%
ACHVAchieve Life Sciences, Inc.718.3 m—-845.0%—unavailable+43% / +21%
MYGNMyriad Genetics, Inc.575.8 m—-32.5%-14.0%−1.6%−21% / −68%
TKNOAlpha Teknova, Inc.395.7 m—-24.2%-38.4%+7.4%+57% / +261%
ICCCImmuCell Corporation94.2 m138.22.6%2.6%+4.3%+114% / +128%
IMDXInsight Molecular Diagnostics Inc.86.7 m——-2,955.6%+115.6%−57% / −30%
BMRABiomerica, Inc.8.0 m—-113.8%-115.5%−16.2%−27% / −77%
CDIOCardio Diagnostics Holdings, Inc.4.9 m—-75.4%-44,771.8%−57.5%−43% / −97%
QCLSQ/C Technologies, Inc.3.2 m—-155.0%—−5.3%−89% / −100%
VNRXVolitionRx Limited2.8 m——-1,043.1%+40.0%−97% / −99%
VRAXVirax Biolabs Group Ltd695.1 k—-109.6%-95,739.2%−96.0%−88% / −98%
NNNNAnbio Biotechnology—25.027.0%74.1%+5.6%−84% / unavailable

1- and 3-year price returns: for NEOG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
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What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Neogen Corporation develops, manufactures and markets diagnostic and solutions for food and animal safety, with an animal safety unit and a genomics business that is being sold. In the first quarter of fiscal 2027 revenue reached 222.8 million USD, and full-year guidance was raised to a range of 885 to 890 million USD 3.

    SWOT

    Strengths

    • A diverse portfolio of food and animal safety products with a broad international customer base 1.
    • Its own sales organisation and long-standing distribution partnerships in many countries 1.
    • Revenue growth and better margins in the first quarter of fiscal 2027 3.

    Weaknesses

    • Inventory write-offs, supplier quality problems and production inefficiencies in recent years 1.
    • Costly debt, with interest rates still high compared with the past 2.
    • Restructuring costs and duplicate costs during the manufacturing transition 1.

    Opportunities

    • A recovery in food demand and growing animal herds could support sales 2.
    • Digital imaging through the announced collaboration could widen the offering 3.
    • Completing the genomics sale could focus resources on the core segments 1.

    Threats

    • Tariffs and trade retaliation could raise costs and reduce demand 1.
    • Geopolitical risks and sanctions could affect raw material prices and availability 1.
    • Delayed or refused regulatory approval of the genomics sale could affect the company's plans 1.

    Risks

    • Petrifilm manufacturing transitionhigh

      Moving manufacturing from 3M to Neogen is complex, and delays or extra costs could reduce the expected benefits 1.

    • Genomics divestituremedium

      Closing the sale to Zoetis depends on regulatory approvals, and closing could be delayed or might not happen 1.

    • Tariffs and international tradehigh

      Sales outside the U.S. are a large part of the business, and trade measures could affect sales and costs 1.

    • Internal controlmedium

      Maintaining effective internal controls is essential, and errors could affect financial reporting 1.

    • Dependence on acquisitionslow

      The growth strategy relies partly on acquisitions, and integrating them could prove difficult 1.

    Investment thesis

    What would need to be true (bull case)

    • Revenue and adjusted EBITDA growth in the first quarter, together with raised guidance, suggest progress in execution 3.
    • A recovery in the food sector and rising animal herds could support sales over the medium term 2.
    • The diverse portfolio and international network give a solid base for organic growth 1.

    What would break the thesis

    • Revenue fell in fiscal 2026 and losses persisted, showing that the recovery is not yet complete 1.
    • The Petrifilm transition and the genomics sale could delay or reduce the expected benefits 1.
    • Interest rates and tariffs could keep pressing on margins and expenses 2.

    What to watch

    • Completion of the genomics sale to Zoetis and regulatory approvalsQ4 2026
    • Start of Petrifilm manufacturing at Lansing and full transition2027
    • Delivery against the raised revenue and adjusted EBITDA guidanceQ2 2027
    • Evolution of tariffs and their impact on international salesnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Neogen develops, manufactures and markets a diverse line of products and services dedicated to food and animal safety 1. The Food Safety segment consists mainly of diagnostic test kits and complementary products, such as culture media, sold to food and feed producers to detect pathogens, allergens and natural toxins 1. The Animal Safety segment covers veterinary instruments, pharmaceuticals, vaccines, rodent and insect control products and genomics services, sold mainly through veterinarians, retailers and distributors 1.

    The growth strategy rests on increasing sales of existing products, introducing innovative products, growing international sales and making acquisitions or strategic alliances 1. In fiscal 2026 sales outside the U.S. made up a major share of total revenue 1. The company divested its Cleaners and Disinfectants business in July 2025 1.

    On October 6, 2026, the company said it remained on track to manufacture saleable Petrifilm product, with the planned manufacturing transition starting in November 2026 3. For the first quarter of fiscal 2027 it reported a net loss of 11.9 million USD, compared with net income in the prior-year quarter 3.

    Segments

    Animal Safety

    The Animal Safety segment fell to 229.3 million USD in fiscal 2026, hit by supplier quality problems and weak demand 1. In the first quarter of fiscal 2027 revenue rose to 59.6 million USD, with gains in veterinary instruments and biosecurity products 3.

    Market context

    The food market has been hurt by inflation and lower production, but the company sees signs of improvement and expects gradually rising growth in fiscal 2027 1. The animal market has stayed near cyclical lows, though indicators have improved, with U.S. herd sizes near multi-decade lows and favorable cattle pricing 2.

    International revenue remains a major part of the business, and the company sells through distributor networks in more than 100 countries 1. Sensitivity to tariffs and exchange rates remains a factor affecting demand and costs 1.

    Trends

    • Tariffs and trade policyheadwind

      Higher tariffs have raised the cost of imported materials and hurt sales abroad, and further measures could amplify these effects 1.

    • Recovery in food productiontailwind

      Signs of improving volumes in the food industry and rising sales of indicator products could support growth in fiscal 2027 2.

    • Petrifilm production in-sourcingmixed

      Moving Petrifilm manufacturing from 3M to Neogen could reduce duplicate costs if completed without delays 3.

    • Cost of financingheadwind

      High interest rates raise borrowing costs, although refinancing and debt repayments have reduced the effect 2.

    Competitive position

    The company competes in food diagnostics and veterinary products with other specialised suppliers, and competitive pressure is felt most in consumer-facing product areas. The source documents do not explicitly name competitors, so these positions cannot be verified from the materials provided.

    • ZoetisZTS

      Named buyer of Neogen's genomics business in a deal of 160.0 million USD awaiting regulatory clearance 1.

    • 3MMMM

      Former owner of the Food Safety division whose Petrifilm production is being transferred to Neogen, a relationship still relevant to the transition 1.

    • Regional veterinary product distributors

      Neogen's external distribution channels, which are partners but could become competitors in consumer-facing products.

    • Food testing laboratories

      Direct competition for detection services and test kits, not individually identified in the source documents.

    News & filings

    In the press

    The latest news item in our archive is from 07 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2026-05-31 · SEC / Neogen Corporation · 30 Jul 2026
    2. [2] Form 10-Q, quarter ended 2026-08-31 · SEC / Neogen Corporation · 07 Oct 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Neogen Corporation · 06 Oct 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.