Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, and Personalized Diagnostics.
Weak multi-year price returns
2Y Excs Rtn is -77%, 3Y Excs Rtn is -121%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.3%
1   Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.7%, Rev Chg QQuarterly Revenue Change % is -2.8%
3   Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.1%
4   Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
5   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35%
0 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, and Personalized Diagnostics.
1 Weak multi-year price returns
2Y Excs Rtn is -77%, 3Y Excs Rtn is -121%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.3%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.7%, Rev Chg QQuarterly Revenue Change % is -2.8%
5 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.1%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Neogen (NEOG) stock has gained about 50% since 11/30/2025 because of the following key factors:

1. Strong Q2 2026 Earnings Beat and Raised Guidance. Neogen reported Q2 2026 adjusted earnings per share (EPS) of $0.10, exceeding analysts' expectations of $0.06 by 66.67%. Quarterly revenue of $224.69 million also surpassed analyst forecasts of $208.50 million. This strong performance was coupled with a raised full-year fiscal 2026 revenue and Adjusted EBITDA guidance, indicating a more optimistic financial outlook.

2. Sequential Improvement in Core Revenue Growth and Profitability. The company demonstrated significant operational improvements in the second quarter of fiscal 2026, achieving a 2.9% increase in core revenue growth. Furthermore, Neogen's Adjusted EBITDA margin improved by 470 basis points sequentially, and Adjusted Net Income reached $22.6 million, signaling a positive trajectory in profitability and financial stabilization.

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Stock Movement Drivers

Fundamental Drivers

The 52.0% change in NEOG stock from 11/30/2025 to 3/14/2026 was primarily driven by a 53.3% change in the company's P/S Multiple.
(LTM values as of)113020253142026Change
Stock Price ($)5.989.0952.0%
Change Contribution By: 
Total Revenues ($ Mil)887880-0.7%
P/S Multiple1.52.253.3%
Shares Outstanding (Mil)217217-0.1%
Cumulative Contribution52.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026
ReturnCorrelation
NEOG52.0% 
Market (SPY)-3.1%23.4%
Sector (XLV)-5.0%4.6%

Fundamental Drivers

The 58.1% change in NEOG stock from 8/31/2025 to 3/14/2026 was primarily driven by a 60.9% change in the company's P/S Multiple.
(LTM values as of)83120253142026Change
Stock Price ($)5.759.0958.1%
Change Contribution By: 
Total Revenues ($ Mil)895880-1.6%
P/S Multiple1.42.260.9%
Shares Outstanding (Mil)217217-0.2%
Cumulative Contribution58.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026
ReturnCorrelation
NEOG58.1% 
Market (SPY)3.0%29.1%
Sector (XLV)9.5%16.5%

Fundamental Drivers

The -9.6% change in NEOG stock from 2/28/2025 to 3/14/2026 was primarily driven by a -5.9% change in the company's P/S Multiple.
(LTM values as of)22820253142026Change
Stock Price ($)10.059.09-9.6%
Change Contribution By: 
Total Revenues ($ Mil)914880-3.7%
P/S Multiple2.42.2-5.9%
Shares Outstanding (Mil)217217-0.3%
Cumulative Contribution-9.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026
ReturnCorrelation
NEOG-9.6% 
Market (SPY)12.4%-1.8%
Sector (XLV)1.9%9.5%

Fundamental Drivers

The -48.6% change in NEOG stock from 2/28/2023 to 3/14/2026 was primarily driven by a -63.0% change in the company's P/S Multiple.
(LTM values as of)22820233142026Change
Stock Price ($)17.699.09-48.6%
Change Contribution By: 
Total Revenues ($ Mil)63188039.6%
P/S Multiple6.12.2-63.0%
Shares Outstanding (Mil)216217-0.6%
Cumulative Contribution-48.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026
ReturnCorrelation
NEOG-48.6% 
Market (SPY)73.4%13.1%
Sector (XLV)23.3%19.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NEOG Return15%-66%32%-40%-42%41%-75%
Peers Return28%-27%29%-15%25%-3%24%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
NEOG Win Rate50%17%58%42%33%67% 
Peers Win Rate62%40%57%43%47%40% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
NEOG Max Drawdown-2%-76%-4%-42%-64%0% 
Peers Max Drawdown-10%-43%-10%-21%-28%-6% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRK, ZTS, IDXX, ELAN, WST. See NEOG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventNEOGS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-77.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven348.0%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-25.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven34.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven70 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-45.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven83.0%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven848 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-42.5%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven74.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven175 days1,480 days

Compare to MRK, ZTS, IDXX, ELAN, WST

In The Past

Neogen's stock fell -77.7% during the 2022 Inflation Shock from a high on 4/20/2021. A -77.7% loss requires a 348.0% gain to breakeven.

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Asset Allocation

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About Neogen (NEOG)

Neogen 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 for adenosine triphosphate, a chemical found in living cells. This segment offers its products primarily to food and feed 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, veterinary vaccines, and nutraceutical products. The Animal Safety segment provides veterinary instruments, pharmaceuticals, vaccines, topicals, 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. The company sells its products directly, as well as through distributors and retail chains. Neogen Corporation was incorporated in 1981 and is headquartered in Lansing, Michigan.

AI Analysis | Feedback

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Here are 1-3 brief analogies for Neogen:

  • Labcorp for food safety diagnostics.
  • IDEXX Laboratories for animal health, plus farm and vet supplies.
```

AI Analysis | Feedback

  • Food & Feed Safety Diagnostic Test Kits: Kits designed to detect a wide range of dangerous or unintended substances in food and animal feed, including pathogens, allergens, and toxins.
  • Rapid Sanitation Tests: Products like AccuPoint Advanced that quickly assess sanitation levels by detecting adenosine triphosphate (ATP).
  • Veterinary Instruments: A variety of tools and equipment used in animal care and veterinary practices.
  • Animal Pharmaceuticals & Vaccines: Medications and immunological agents for treating and preventing diseases in animals.
  • Animal Hygiene & Pest Control Products: Products such as cleaners, disinfectants, insecticides, and rodenticides to maintain sanitary conditions and manage pests in animal environments.
  • Animal Genomics Testing Services: Services providing genetic analysis for various animal safety and improvement applications.
  • Drug Detection Test Kits: Immunoassay kits used to detect abused, therapeutic, or residual drugs in animals and for human forensic toxicology.

AI Analysis | Feedback

Based on the provided company description, Neogen Corporation primarily sells its products to other companies and organizations, rather than individuals. The background information describes various categories of business customers but does not list specific customer company names.

Neogen's major customer categories include:

  • Food and Feed Processors: This broad category encompasses a wide range of businesses, including grain producers and processors, producers of various processed foods (such as cookies, crackers, candy, ice cream), meat and poultry processors, seafood processors, fruit and vegetable producers, and dairies.
  • Laboratories and Producers of Related Products: This includes laboratories in general, as well as producers of pharmaceuticals, cosmetics, veterinary vaccines, and nutraceutical products that utilize Neogen's diagnostic and sanitation testing products.
  • Animal Safety Market Participants: This segment serves researchers, professionals in the veterinary field, and facilities involved with farm and racing animals, for products ranging from veterinary instruments and pharmaceuticals to genomics testing and drug detection kits.
  • Distributors and Retail Chains: Neogen sells its products directly to these entities, which then distribute or resell the products to end-users.

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Better Bets vs. Neogen (NEOG)

Trade Ideas

Select ideas related to NEOG.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K02282026QDELQuidelOrthoInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
CHE_2272026_Dip_Buyer_FCFYield02272026CHEChemedDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026LLYEli LillyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.0%0.0%0.0%
HAE_2202026_Dip_Buyer_FCFYield02202026HAEHaemoneticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.5%3.5%0.0%
IQV_2132026_Dip_Buyer_ValueBuy02132026IQVIQVIADip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
7.1%7.1%-3.0%
NEOG_9302022_Dip_Buyer_HighCashEquity_ExInd09302022NEOGNeogenDip BuyDB | Cash/EquityDip Buyer with High Net Cash % Equity
Buying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation
32.6%32.7%-22.8%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NEOGMRKZTSIDXXELANWSTMedian
NameNeogen Merck Zoetis IDEXX La.Elanco A.West Pha. 
Mkt Price9.09115.61115.62573.8222.94235.46115.62
Mkt Cap2.0286.850.745.811.417.031.4
Rev LTM88065,0119,4674,3044,7153,0744,509
Op Inc LTM-2922,1083,5971,360252636998
FCF LTM-1812,3602,2831,044284469756
FCF 3Y Avg-3213,2002,067872270387629
CFO LTM6616,4722,9041,182560755968
CFO 3Y Avg6616,9822,7371,006457728867

Growth & Margins

NEOGMRKZTSIDXXELANWSTMedian
NameNeogen Merck Zoetis IDEXX La.Elanco A.West Pha. 
Rev Chg LTM-3.7%1.3%2.3%10.4%6.2%6.3%4.2%
Rev Chg 3Y Avg13.8%3.2%5.5%8.5%2.3%2.2%4.3%
Rev Chg Q-2.8%5.0%3.0%14.3%12.2%7.5%6.2%
QoQ Delta Rev Chg LTM-0.7%1.2%0.7%3.3%2.7%1.9%1.5%
Op Mgn LTM-3.3%34.0%38.0%31.6%5.3%20.7%26.1%
Op Mgn 3Y Avg2.7%23.5%36.9%30.2%6.1%21.7%22.6%
QoQ Delta Op Mgn LTM-1.1%-0.9%0.4%0.3%0.1%-0.2%-0.1%
CFO/Rev LTM7.5%25.3%30.7%27.5%11.9%24.6%24.9%
CFO/Rev 3Y Avg7.3%26.8%30.0%25.4%10.1%24.5%24.9%
FCF/Rev LTM-2.1%19.0%24.1%24.2%6.0%15.3%17.1%
FCF/Rev 3Y Avg-3.5%20.8%22.6%21.9%6.0%13.0%16.9%

Valuation

NEOGMRKZTSIDXXELANWSTMedian
NameNeogen Merck Zoetis IDEXX La.Elanco A.West Pha. 
Mkt Cap2.0286.850.745.811.417.031.4
P/S2.24.45.410.72.45.54.9
P/EBIT-3.612.814.133.6-2,850.328.313.5
P/E-3.315.719.043.3-49.134.517.3
P/CFO29.917.417.438.820.422.621.5
Total Yield-30.5%9.2%7.0%2.3%-2.0%3.1%2.7%
Dividend Yield0.0%2.9%1.8%0.0%0.0%0.2%0.1%
FCF Yield 3Y Avg-1.5%5.1%3.0%2.0%3.6%1.7%2.5%
D/E0.40.20.20.00.40.00.2
Net D/E0.30.10.10.00.3-0.00.1

Returns

NEOGMRKZTSIDXXELANWSTMedian
NameNeogen Merck Zoetis IDEXX La.Elanco A.West Pha. 
1M Rtn-15.7%-3.0%-8.0%-7.0%-7.5%-3.3%-7.2%
3M Rtn32.5%15.3%-2.1%-18.5%7.8%-11.9%2.8%
6M Rtn65.3%42.2%-21.4%-10.5%23.8%-7.0%8.4%
12M Rtn0.4%26.8%-27.3%38.2%119.7%2.7%14.8%
3Y Rtn-49.5%16.9%-26.9%23.4%142.8%-27.1%-5.0%
1M Excs Rtn-13.1%-0.7%-7.8%-9.2%-8.4%-2.0%-8.1%
3M Excs Rtn31.8%20.0%-0.0%-16.6%9.3%-10.1%4.6%
6M Excs Rtn55.5%35.4%-25.5%-13.9%19.3%-13.4%2.9%
12M Excs Rtn-25.1%7.5%-48.5%18.1%99.8%-15.6%-4.1%
3Y Excs Rtn-120.6%-52.7%-98.8%-50.7%45.9%-95.5%-74.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Food Safety655547260234213
Animal Safety269276267234205
Corporate and Eliminations 00  
Total924822527468418


Operating Income by Segment
$ Mil20252024202320222021
Food Safety8260393434
Animal Safety3943534939
Corporate and Eliminations-63-66-33-8-5
Total5938597468


Assets by Segment
$ Mil20252024202320222021
Food Safety4,0353,970304295222
Animal Safety343339307244231
Corporate and Eliminations171246381381344
Total4,5494,554993920797


Price Behavior

Price Behavior
Market Price$9.09 
Market Cap ($ Bil)2.0 
First Trading Date02/10/1994 
Distance from 52W High-19.8% 
   50 Days200 Days
DMA Price$10.00$6.80
DMA Trendupup
Distance from DMA-9.1%33.6%
 3M1YR
Volatility74.4%72.8%
Downside Capture-43.81117.09
Upside Capture130.4496.47
Correlation (SPY)20.9%-3.2%
NEOG Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.670.840.951.47-0.140.44
Up Beta0.802.162.521.18-1.72-0.77
Down Beta-0.022.242.293.440.610.68
Up Capture153%201%227%190%93%75%
Bmk +ve Days9203170142431
Stock +ve Days16283971129368
Down Capture10%-243%-256%-19%101%107%
Bmk -ve Days12213054109320
Stock -ve Days5132152117371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NEOG
NEOG0.7%72.6%0.32-
Sector ETF (XLV)5.0%17.5%0.129.1%
Equity (SPY)19.6%18.9%0.81-3.1%
Gold (GLD)71.9%26.3%2.05-8.6%
Commodities (DBC)19.3%17.3%0.89-5.1%
Real Estate (VNQ)6.2%16.3%0.191.0%
Bitcoin (BTCUSD)-15.3%44.2%-0.252.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NEOG
NEOG-24.8%48.0%-0.43-
Sector ETF (XLV)7.5%14.5%0.3327.5%
Equity (SPY)13.1%17.0%0.6126.7%
Gold (GLD)24.1%17.3%1.143.3%
Commodities (DBC)11.2%19.0%0.475.1%
Real Estate (VNQ)4.8%18.8%0.1630.1%
Bitcoin (BTCUSD)6.3%56.7%0.3316.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NEOG
NEOG-7.0%41.3%-0.03-
Sector ETF (XLV)10.1%16.5%0.5038.2%
Equity (SPY)14.5%17.9%0.7039.0%
Gold (GLD)14.4%15.6%0.771.8%
Commodities (DBC)8.6%17.6%0.4012.2%
Real Estate (VNQ)5.6%20.7%0.2334.1%
Bitcoin (BTCUSD)67.4%66.8%1.0713.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity9.9 Mil
Short Interest: % Change Since 2152026-5.3%
Average Daily Volume2.4 Mil
Days-to-Cover Short Interest4.2 days
Basic Shares Quantity217.4 Mil
Short % of Basic Shares4.6%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/8/202631.6%27.2%46.3%
10/9/202516.5%2.2%2.7%
7/29/2025-10.9%-13.7%3.9%
4/9/2025-28.7%-29.7%-14.9%
1/10/2025-5.4%-11.2%-20.3%
10/10/2024-7.1%-1.6%6.3%
7/30/20241.6%-6.6%-0.6%
4/9/2024-9.3%-16.5%-13.7%
...
SUMMARY STATS   
# Positive679
# Negative151412
Median Positive3.7%2.2%6.3%
Median Negative-5.5%-6.0%-9.3%
Max Positive31.6%27.2%46.3%
Max Negative-28.7%-29.7%-20.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
11/30/202501/08/202610-Q
08/31/202510/09/202510-Q
05/31/202507/30/202510-K
02/28/202504/09/202510-Q
11/30/202401/15/202510-Q
08/31/202410/10/202410-Q
05/31/202407/30/202410-K
02/29/202404/09/202410-Q
11/30/202301/09/202410-Q
08/31/202310/10/202310-Q
05/31/202308/15/202310-K
02/28/202304/04/202310-Q
11/30/202201/09/202310-Q
08/31/202209/30/202210-Q
05/31/202207/27/202210-K
02/28/202204/01/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Nassif, MikhealCEOsonBuy110720256.251771,1063,094Form
2Gupta, Aashima DirectBuy51220256.2516,00099,987136,964Form
3Woteki, Catherine E DirectBuy42520255.175,77029,83168,471Form
4Borel, James C DirectBuy42520254.9930,000149,700451,465Form
5Boehm, William T DirectBuy42420255.245,00026,175189,580Form