Neogen (NEOG)


Market Price (11/6/2026): $11.17 | Market Cap: $2.4 BilSector: Health Care | Industry: Health Care Supplies

Neogen (NEOG)


Market Price (11/6/2026): $11.17
Market Cap: $2.4 Bil
Sector: Health Care
Industry: Health Care Supplies

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 -53%, 3Y Excs Rtn is -105%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -7.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.8%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3%

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 -7.9%

Key risks
NEOG key risks include [1] the troubled integration of its 3M Food Safety acquisition, Show more.

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 -53%, 3Y Excs Rtn is -105%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -7.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.8%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3%
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 -7.9%
6 Key risks
NEOG key risks include [1] the troubled integration of its 3M Food Safety acquisition, Show more.

NEOG in ETFs

Weight = NEOG's share of each fund

VTI0.00%
ITOT0.00%
IWM0.09%
IJR0.15%
VB0.04%
VIOV0.31%
SLYV0.29%
IJS0.28%
+13 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Neogen (NEOG) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. FDA Warning Letter and Product Recall Caused Significant Stock Drop.

On September 29, 2026, the U.S. Food and Drug Administration (FDA) issued a warning letter to Neogen concerning its veterinary wound care product, Neogen Vet HYCOAT. An investigation linked this product, marketed as sterile, to serious infections and at least 20 horse deaths. This incident, cited as the largest number of horse fatalities associated with a quality defect in an FDA-regulated veterinary medical product, led to Neogen's stock price falling by $0.99 per share, or 7.22%, on the news.

2. Prolonged Uncertainty from Delayed Genomics Business Divestiture.

Neogen's previously announced definitive agreement to sell its global Genomics business to Zoetis Inc. (made on March 2, 2026) continues to face regulatory reviews. The company now expects this transaction to conclude in early 2027, extending the period of uncertainty for investors. This ongoing delay means Neogen's fiscal year 2027 financial guidance, including revenue projections of $885 million-$890 million and adjusted EBITDA of $181 million-$183 million, still incorporates the Genomics business, which will require future updates upon closing.

Show more
Updated on 11/5/2026

Neogen (NEOG) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. FDA Warning Letter and Product Recall Caused Significant Stock Drop.

On September 29, 2026, the U.S. Food and Drug Administration (FDA) issued a warning letter to Neogen concerning its veterinary wound care product, Neogen Vet HYCOAT. An investigation linked this product, marketed as sterile, to serious infections and at least 20 horse deaths. This incident, cited as the largest number of horse fatalities associated with a quality defect in an FDA-regulated veterinary medical product, led to Neogen's stock price falling by $0.99 per share, or 7.22%, on the news.

2. Prolonged Uncertainty from Delayed Genomics Business Divestiture.

Neogen's previously announced definitive agreement to sell its global Genomics business to Zoetis Inc. (made on March 2, 2026) continues to face regulatory reviews. The company now expects this transaction to conclude in early 2027, extending the period of uncertainty for investors. This ongoing delay means Neogen's fiscal year 2027 financial guidance, including revenue projections of $885 million-$890 million and adjusted EBITDA of $181 million-$183 million, still incorporates the Genomics business, which will require future updates upon closing.

3. Mixed Investor Reaction to Fiscal Q1 2027 Earnings Report.

Despite Neogen reporting better-than-expected financial results for its fiscal first quarter of 2027 (ended August 31, 2026) on October 6, 2026, investor sentiment remained subdued. The company announced adjusted earnings per share of $0.08, exceeding analyst estimates of $0.05, and revenue of $222.8 million, surpassing expectations of $208.18 million. However, management cautioned that fiscal Q2 2027 (September 1 - November 30, 2026) was anticipated to show the "lowest level of core growth" due to timing effects that benefited Q1. The company also reported a GAAP net loss of $11.9 million for the quarter.

4. Market Skepticism on Long-Term Profitability Despite Strategic Outlines.

At its Investor Day on October 7, 2026, Neogen outlined a strategic plan focusing on growth, innovation, and margin expansion, including a 50% increase in R&D spending for fiscal 2027. While these plans aim for long-term profitability, including adjusted gross margins in the high-50% range by 2031, the market's current valuation, with a Price-to-Sales (P/S) ratio of 2.88 significantly below its historical median of approximately 7.1x, reflects skepticism regarding the company's ability to achieve sustained profitability, as indicated by its negative price-to-earnings ratio.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -3.0% change in NEOG stock from 7/31/2026 to 11/5/2026 was primarily driven by a -4.3% change in the company's P/S Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)12.0411.68-3.0%
Change Contribution By: 
Total Revenues ($ Mil)8708841.6%
P/S Multiple3.02.9-4.3%
Shares Outstanding (Mil)218218-0.2%
Cumulative Contribution-3.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
NEOG-3.0% 
Market (SPY)-1.9%34.6%
Sector (XLV)13.8%38.3%

Fundamental Drivers

The 24.3% change in NEOG stock from 4/30/2026 to 11/5/2026 was primarily driven by a 22.6% change in the company's P/S Multiple.
(LTM values as of)430202611052026Change
Stock Price ($)9.4011.6824.3%
Change Contribution By: 
Total Revenues ($ Mil)8718841.5%
P/S Multiple2.42.922.6%
Shares Outstanding (Mil)218218-0.2%
Cumulative Contribution24.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
NEOG24.3% 
Market (SPY)2.3%33.7%
Sector (XLV)27.2%14.0%

Fundamental Drivers

The 89.3% change in NEOG stock from 10/31/2025 to 11/5/2026 was primarily driven by a 90.7% change in the company's P/S Multiple.
(LTM values as of)1031202511052026Change
Stock Price ($)6.1711.6889.3%
Change Contribution By: 
Total Revenues ($ Mil)887884-0.3%
P/S Multiple1.52.990.7%
Shares Outstanding (Mil)217218-0.4%
Cumulative Contribution89.3%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
NEOG89.3% 
Market (SPY)8.4%33.5%
Sector (XLV)29.8%16.7%

Fundamental Drivers

The -21.6% change in NEOG stock from 10/31/2023 to 11/5/2026 was primarily driven by a -17.8% change in the company's P/S Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)14.8911.68-21.6%
Change Contribution By: 
Total Revenues ($ Mil)919884-3.8%
P/S Multiple3.52.9-17.8%
Shares Outstanding (Mil)216218-0.8%
Cumulative Contribution-21.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
NEOG-21.6% 
Market (SPY)81.3%16.2%
Sector (XLV)55.5%19.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NEOG Return15%-66%32%-40%-42%67%-71%
Peers Return28%-27%29%-15%25%11%42%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
NEOG Win Rate50%17%58%42%33%55% 
Peers Win Rate62%40%57%43%47%53% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
NEOG Max Drawdown-19%-76%-39%-43%-66%-28% 
Peers Max Drawdown-19%-45%-27%-31%-33%-26% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRK, IDXX, ZTS, 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 11/5/2026 (YTD)

How Low Can It Go

EventNEOGS&P 500
2025 US Tariff Shock
  % Loss-57.3%-18.8%
  % Gain to Breakeven134.4%23.1%
  Time to Breakeven286 days79 days
2023 SVB Regional Banking Crisis
  % Loss-19.7%-6.7%
  % Gain to Breakeven24.5%7.1%
  Time to Breakeven63 days31 days
2020 COVID-19 Crash
  % Loss-25.7%-33.7%
  % Gain to Breakeven34.7%50.9%
  Time to Breakeven70 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.9%-19.2%
  % Gain to Breakeven33.2%23.8%
  Time to Breakeven217 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-19.7%-12.2%
  % Gain to Breakeven24.6%13.9%
  Time to Breakeven32 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-31.4%-17.9%
  % Gain to Breakeven45.8%21.8%
  Time to Breakeven273 days123 days

Compare to MRK, IDXX, ZTS, ELAN, COO

In The Past

Neogen's stock fell -57.3% during the 2025 US Tariff Shock. Such a loss loss requires a 134.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNEOGS&P 500
2025 US Tariff Shock
  % Loss-57.3%-18.8%
  % Gain to Breakeven134.4%23.1%
  Time to Breakeven286 days79 days
2020 COVID-19 Crash
  % Loss-25.7%-33.7%
  % Gain to Breakeven34.7%50.9%
  Time to Breakeven70 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.9%-19.2%
  % Gain to Breakeven33.2%23.8%
  Time to Breakeven217 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-31.4%-17.9%
  % Gain to Breakeven45.8%21.8%
  Time to Breakeven273 days123 days
2008-2009 Global Financial Crisis
  % Loss-32.2%-53.4%
  % Gain to Breakeven47.5%114.4%
  Time to Breakeven93 days1085 days

Compare to MRK, IDXX, ZTS, ELAN, COO

In The Past

Neogen's stock fell -57.3% during the 2025 US Tariff Shock. Such a loss loss requires a 134.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Neogen (NEOG)

Neogen Corporation is a global company dedicated to enhancing food and animal safety. It develops, manufactures, and markets a diverse range of products and services primarily through two core segments: Food Safety and Animal Safety. Its overarching goal is to help detect and prevent dangerous or unintended substances in various food sources and to support animal health and welfare.

In its Food Safety segment, Neogen provides critical diagnostic test kits and related solutions. These products are designed to identify a wide array of contaminants in food and animal feed, including foodborne pathogens, natural toxins, allergens, genetic modifications, and drug or pesticide residues. Additionally, they offer rapid sanitation tests for hygiene monitoring. Key customers for these solutions include food and feed processors, grain producers, dairies, and laboratories in industries ranging from processed foods to pharmaceuticals.

The Animal Safety segment offers a comprehensive suite of products for the animal safety market. This includes veterinary instruments, pharmaceuticals, vaccines, and a variety of cleaning, disinfecting, and pest control products to maintain sanitary conditions. Neogen also provides genomics testing services and specialized immunoassay test kits for detecting abused and therapeutic drugs in animals, with some applications extending to human forensic toxicology. These products serve a broad market, including researchers and various stakeholders in animal health and care.

AI Analysis | Feedback

```html

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.

AI Analysis | Feedback

null

AI Analysis | Feedback

Mike Nassif, Chief Executive Officer and President

Mike Nassif brings over two decades of global leadership experience across the healthcare, diagnostics, biopharma, and consumer goods sectors. Prior to joining Neogen, he served as Global President of Point of Care Diagnostics at Siemens Healthineers. He also held senior leadership roles at Baxter Healthcare, AB-InBev, and Johnson & Johnson, where he led business turnarounds, innovation strategies, digital transformations, and commercial operations on a global scale. Nassif was a Captain in the United States Army Corps of Engineers. He holds a Bachelor's in Civil Engineering from the United States Military Academy at West Point and an MBA in Finance from the Wharton School.

Bryan Riggsbee, Chief Financial Officer

Bryan Riggsbee has more than 25 years of financial leadership experience in the diagnostics and healthcare industries. He joined Neogen from bioMérieux, where he served as Chief Financial Officer of its North American business. Previously, he spent nearly a decade as CFO of Myriad Genetics, where he led finance, accounting, and investor relations, and helped expand the company's portfolio and international reach. His earlier career includes senior finance roles at LabCorp, GE, and KPMG. Riggsbee holds bachelor's degrees in political science from the University of North Carolina at Chapel Hill and in accounting from North Carolina State University, along with an MBA from Northwestern University's Kellogg School of Management. He is also a Certified Public Accountant (CPA).

Kevin Burke, Chief Human Resources Officer

Kevin Burke brings over two decades of global HR leadership experience across the manufacturing and life sciences sectors. Prior to Neogen, he held senior HR roles at Superior Industries, Valeo, Lear Corporation, and Dow Performance Silicones, where he led global talent management and organizational development initiatives. He holds a Bachelor of Arts in Organizational Communication, a Master's degree in Human Resources, and an MBA in General Management from Northwestern University's Kellogg School of Management.

Joe Freels, Senior Vice President and Chief Commercial Officer

Joe Freels has more than 20 years of leadership experience across diagnostics, life sciences, and global commercial operations. Before joining Neogen, he served as Senior Vice President of Global Commercial Operations at Cepheid, a Danaher Company, where he led worldwide commercial strategy and contributed to significant revenue and market share growth.

Dr. Tammi Ranalli, Senior Vice President and General Manager, Global Food Safety

Dr. Tammi Ranalli, who joined Neogen in January 2026, brings over 20 years of leadership experience across molecular and point-of-care diagnostics, product development, and global business operations. Most recently, she served as Senior Vice President of the Molecular Diagnostics and Point-of-Care Diagnostics Business Units at QuidelOrtho, managing a portfolio across infectious disease, cardiometabolic, and toxicology segments.

AI Analysis | Feedback

The key risks to Neogen Corporation (NEOG) primarily stem from its recent significant acquisition and the highly regulated and competitive nature of its operating sectors.

  1. Acquisition Integration Risks: Neogen faces substantial challenges related to the integration of the former 3M Food Safety business. This integration has resulted in persistent production inefficiencies, increased distribution and integration costs, and elevated inventory write-offs. The company has also recorded massive non-cash goodwill impairment charges, signifying that the acquired assets were not worth the initial valuation. These operational and financial difficulties have contributed to a decreased sales outlook and significant net losses, impacting overall profitability and financial flexibility. Furthermore, the integration process has been a subject of class-action lawsuits alleging misleading statements regarding its progress and negative financial impact.
  2. Intense Competition and Technological Obsolescence: Neogen operates in a dynamic and highly competitive market for both food and animal safety diagnostic solutions and genomics services. Competitors, including large multinational corporations and specialized firms, continually introduce technological advancements in rapid testing and leverage substantial research and development budgets. A failure to innovate, keep pace with emerging technologies, or effectively compete on pricing could erode Neogen's market share and profitability.
  3. Regulatory Changes and Product Liability: The food and animal safety industries are subject to stringent regulations. Changes in food safety standards, animal health regulations, or approval processes could significantly impact the demand for Neogen's products or require costly adaptations. Additionally, given that Neogen's products are designed to detect dangerous substances and ensure safety, there is a inherent risk of product liability claims, recalls, or reputational damage if a product fails or is alleged to cause harm. Recent events, such as a voluntary recall of a veterinary product due to microbial contamination and lawsuits alleging failure to warn about potential harm from a veterinary ointment, highlight these risks.

AI Analysis | Feedback

null

AI Analysis | Feedback

Neogen Corporation (NEOG) operates in two main segments: Food Safety and Animal Safety. The company's management has provided estimates for its addressable markets within these segments.

Food Safety

Neogen estimates its addressable market for the food safety category to be approximately $5 billion globally. This segment includes products for detecting foodborne pathogens, spoilage organisms, natural toxins, food allergens, and general sanitation concerns. For broader context, the global food safety testing market was estimated at approximately USD 26.90 billion in 2025 and is projected to reach around USD 51.88 billion by 2034.

Animal Safety

For its Animal Safety segment, which encompasses veterinary instruments, pharmaceuticals, vaccines, diagnostic products, and genomics testing services, Neogen's management anticipates a Total Addressable Market (TAM) of around $6 billion globally. The global animal health market was estimated to be between USD 68.7 billion in 2025 and USD 73.10 billion in 2025, with projections to grow to approximately USD 156.0 billion by 2033 or USD 172.08 billion by 2035.

Overall Addressable Market

Combined, Neogen's management estimates its overall addressable market for food and animal safety solutions to be approximately $11 billion globally.

AI Analysis | Feedback

Neogen Corporation (NEOG) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends: * **Successful Integration and Growth of Petrifilm Business:** The integration of the Petrifilm business, acquired from 3M, is a significant strategic project and a crucial value driver for Neogen. The company has completed late-stage production testing, with initial product validation underway, and is on track for the full integration and in-house manufacturing of Petrifilm plates by 2027. This progress is expected to reduce execution risk and bolster one of Neogen's most important growth and margin assets. Petrifilm products have already demonstrated high-single-digit growth within the Food Safety segment, contributing to its overall strong performance. * **New Product Launches and Innovation in Food Safety:** Neogen is committed to a robust product pipeline and continuous innovation, particularly within its Food Safety segment. Recent launches, such as the Molecular Detection Assay 2 – Quantitative Salmonella (MDA2QSAL96), Igenity® BCHF, and the Petrifilm® Bacillus cereus Count Plate, underscore its focus on enhancing food safety testing solutions. The Food Safety segment has been a strong performer, with growth driven by indicator testing, culture media, and sample collection, demonstrating successful capitalization on demand for testing and monitoring solutions in the global food supply chain. * **Strategic Market Expansion, especially in Asia-Pacific:** The company is actively pursuing market expansion by increasing its share in North America and strengthening international sales, with a particular focus on the Asia-Pacific region. This region is targeted for significant annual growth through 2026, driven by evolving food safety regulations and increasing demand for higher quality standards. Neogen's strategic investment in a new state-of-the-art manufacturing facility in China further supports its regional presence and reduces supply chain dependencies. * **Expansion of Genomics Testing Services:** Neogen is expanding its genomics testing services within the Animal Safety segment. The company is launching new genomic testing services for cattle and swine, tapping into a global market estimated to be worth over $500 million. The genomics business saw its core revenue grow by 6% in the second quarter of fiscal year 2026, with solid growth in the bovine market. * **Operational Discipline and Commercial Excellence Driving Volume Growth:** Neogen's strategic transformation emphasizes operational discipline, cost optimization, and a rigorous, data-driven approach to commercial excellence. Management has highlighted that volume growth, rather than just price increases, is a primary driver of core revenue growth. This focus on improving execution, streamlining operations, and fostering stronger customer relationships, including a shift towards solutions-based selling, is anticipated to increase customer stickiness and cross-portfolio penetration, thereby contributing to future revenue expansion.

AI Analysis | Feedback

Share Repurchases

  • Neogen reported net repurchases of common shares amounting to USD -451.0 thousand in fiscal year 2025.
  • Management has indicated openness to using proceeds from divestments for future share repurchases, alongside debt reduction.

Share Issuance

  • The merger with 3M's Food Safety business, completed in September 2022, resulted in 3M shareholders receiving approximately 50.1% of the combined company, representing a significant share issuance.
  • As of November 30, 2024, the company had 216,944,017 shares of Common Stock outstanding.
  • Share issuance in fiscal year 2025 included exercises of options, restricted stock units (RSUs), and shares under an employee stock purchase plan.

Outbound Investments

  • Neogen completed a significant merger with 3M's Food Safety business in September 2022, involving a payment of approximately $1 billion to 3M. This acquisition expanded Neogen's capabilities in food safety testing and global reach.
  • In July 2025, Neogen divested its global Cleaners & Disinfectants business for $130 million, with $100 million of the net proceeds designated for debt reduction.
  • Neogen announced in March 2026 its plan to divest its global animal genomics business to Zoetis for $160 million, with the net proceeds primarily intended for debt reduction.

Capital Expenditures

  • Capital expenditures for fiscal year 2025 were projected at approximately $105 million, largely driven by integration activities following the 3M Food Safety acquisition.
  • Capital expenditures are expected to decrease significantly to around $50 million in fiscal year 2026.
  • A key focus of recent capital expenditures includes investments in R&D, sales/marketing, and essential product lines such as Petrifilm, including the establishment of a new Petrifilm production facility in Lansing, Michigan, anticipated to be fully operational by November 2026.

Better Bets vs. Neogen (NEOG)

Peer Outperformance in Health Care Supplies

NEOG has trailed 70% of its 10 Health Care Supplies peers over 5Y. Among the peers that beat it is ICUI. Health Care Supplies ranks 7th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Health Care Supplies constituents that NEOG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
90%
of 10 industry peers · 88.1% return
3Y
20%
of 10 industry peers · -26.2% return
5Y
30%
of 10 industry peers · -74.2% return
Health Care Supplies peers with revenue growth within 4pp of NEOG's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
NEOG Neogen -1.3% -45.4x 88.1%-26.2%-74.2% —
ICUI ICU Medical -1.9% 139.3x 31.6%64.4%-30.5% +44pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Supplies is NEOG's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 7.6%56.6%93.6% CAH 498% · MCK 396% · COR 181%
Health Care Services 20 33.8%28.8%6.1% HIMS 189% · RDNT 125% · DGX 100%
Health Care Facilities 25 13.9%27.4%-1.4% THC 280% · NHC 210% · EHC 186%
Managed Health Care 8 47.9%1.6%-2.2% OSCR 95% · HQY 52% · ELV 10%
Health Care Equipment 50 11.0%17.8%-17.6% UFPT 355% · GKOS 286% · PLSE 127%
Pharmaceuticals 61 -12.9%10.6%-37.3% LQDA 977% · XERS 571% · KNSA 500%
Health Care Supplies ← 11 23.9%17.0%-40.1% LNTH 248% · HAE 66% · MMSI 29%
Life Sciences Tools & Services 108 -8.1%-18.9%-74.5% AXGN 255% · NTRA 214% · MEDP 181%
Biotechnology 364 -25.8%-36.1%-82.0% ELVN 1073% · TRVI 995% · DNTH 956%
Health Care Technology 21 -21.4%-50.4%-82.8% VEEV -3% · DOCS -51%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NEOGMRKIDXXZTSELANWSTMedian
NameNeogen Merck IDEXX La.Zoetis Elanco A.West Pha. 
Mkt Price11.59145.75665.1681.6223.68389.31113.69
Mkt Cap2.5359.752.433.611.827.430.5
Rev LTM88467,3784,6629,4945,0203,3974,841
Op Inc LTM-76,2011,5063,5793337641,135
FCF LTM5014,7461,3002,235379453877
FCF 3Y Avg-2614,2121,0112,275393385702
CFO LTM8518,7031,4192,7286176541,037
CFO 3Y Avg5618,0111,1412,878582684912

Growth & Margins

NEOGMRKIDXXZTSELANWSTMedian
NameNeogen Merck IDEXX La.Zoetis Elanco A.West Pha. 
Rev Chg LTM-0.3%4.9%11.9%0.9%12.0%12.6%8.4%
Rev Chg 3Y Avg-1.3%4.4%9.1%4.3%5.2%5.3%4.8%
Rev Chg Q6.5%4.7%9.9%-1.3%10.2%8.7%7.6%
QoQ Delta Rev Chg LTM1.6%1.2%2.4%-0.3%2.6%2.1%1.8%
Op Inc Chg LTM63.3%-72.3%15.3%2.0%59.3%21.2%18.2%
Op Inc Chg 3Y Avg-34.1%19.8%12.0%5.5%5.0%4.2%5.3%
Op Mgn LTM-0.8%9.2%32.3%37.7%6.6%22.5%15.9%
Op Mgn 3Y Avg0.5%22.2%30.9%37.1%6.0%21.3%21.7%
QoQ Delta Op Mgn LTM1.7%-1.3%0.3%-0.2%0.5%0.8%0.4%
CFO/Rev LTM9.6%27.8%30.4%28.7%12.3%19.3%23.5%
CFO/Rev 3Y Avg6.3%27.7%26.8%30.8%12.5%22.2%24.5%
FCF/Rev LTM5.6%21.9%27.9%23.5%7.5%13.3%17.6%
FCF/Rev 3Y Avg-2.8%21.9%23.7%24.3%8.5%12.4%17.1%

Valuation

NEOGMRKIDXXZTSELANWSTMedian
NameNeogen Merck IDEXX La.Zoetis Elanco A.West Pha. 
Mkt Cap2.5359.752.433.611.827.430.5
P/S2.95.311.23.52.48.14.4
P/Op Inc-342.758.034.89.435.535.935.2
P/EBIT-225.453.534.69.9144.234.434.5
P/E-45.0146.644.413.4-59.442.928.1
P/CFO29.619.237.012.319.241.924.4
Total Yield-2.2%3.0%2.2%10.0%-1.7%2.5%2.4%
Dividend Yield0.0%2.3%0.0%2.6%0.0%0.2%0.1%
FCF Yield 3Y Avg-0.6%5.2%2.3%4.6%4.3%1.7%3.3%
D/E0.30.10.00.30.30.00.2
Net D/E0.20.10.00.20.3-0.00.2

Returns

NEOGMRKIDXXZTSELANWSTMedian
NameNeogen Merck IDEXX La.Zoetis Elanco A.West Pha. 
1M Rtn-3.1%2.7%29.1%15.2%5.3%4.5%4.9%
3M Rtn2.6%14.2%12.7%6.3%-2.1%11.7%9.0%
6M Rtn25.3%31.5%16.2%-5.2%-1.4%21.0%18.6%
12M Rtn86.6%77.8%-7.6%-30.7%9.6%37.7%23.7%
3Y Rtn-26.7%53.1%57.2%-47.7%153.0%17.8%35.5%
1M Excs Rtn0.7%3.5%32.7%16.3%7.4%7.7%7.5%
3M Excs Rtn1.9%14.9%14.3%14.0%7.9%10.8%12.4%
6M Excs Rtn20.5%26.7%11.5%-10.0%-6.2%16.2%13.9%
12M Excs Rtn78.4%65.5%-21.3%-46.4%-8.3%22.7%7.2%
3Y Excs Rtn-104.9%-27.1%-16.1%-128.4%85.5%-59.4%-43.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Food Safety663660658547260
Animal Safety237267278276267
Corporate and Eliminations000 0
Intersegment Revenue-30-32-12  
Total870895924822527


Operating Income by Segment
$ Mil20262025202420232022
Food Safety63-986826039
Animal Safety247394353
Corporate and Eliminations-110-83-63-66-33
Total-22-1,061593859


Assets by Segment
$ Mil20262025202420232022
Food Safety2,8752,9924,0353,970304
Animal Safety285323343339307
Corporate and Eliminations186129171246381
Total3,3463,4444,5494,554993


Price Behavior

Price Behavior
Market Price$11.68 
Market Cap ($ Bil)2.5 
First Trading Date02/10/1994 
Distance from 52W High-16.5% 
   50 Days200 Days
DMA Price$12.25$10.47
DMA Trendupup
Distance from DMA-4.6%11.6%
 3M1YR
Volatility43.2%58.2%
Downside Capture63.19108.04
Upside Capture118.14177.87
Correlation (S&P 500)25.1%31.6%
NEOG Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.370.670.721.211.430.56
Up Beta7.063.920.692.391.74-0.63
Down Beta0.760.930.551.011.970.79
Up Capture-83%20%68%115%188%114%
Bmk +ve Days12182862130427
Stock +ve Days13293870140372
Down Capture41%2%87%71%84%109%
Bmk -ve Days10253664121325
Stock -ve Days9142656109367

[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
NEOG93.9%58.2%1.33-
Sector ETF (XLV)29.2%16.9%1.3316.9%
Equity (SPY)9.5%13.6%0.4133.0%
Gold (GLD)3.6%28.7%0.1113.8%
Commodities (DBC)37.7%21.2%1.40-13.5%
Real Estate (VNQ)12.0%14.2%0.5522.2%
Bitcoin (BTCUSD)-20.8%43.3%-0.4210.2%

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-22.4%50.9%-0.32-
Sector ETF (XLV)8.6%15.4%0.3627.0%
Equity (SPY)11.3%17.3%0.4827.4%
Gold (GLD)17.5%19.1%0.745.8%
Commodities (DBC)8.0%19.6%0.29-0.1%
Real Estate (VNQ)1.2%18.9%-0.0528.9%
Bitcoin (BTCUSD)5.9%51.5%0.2917.1%

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-4.8%42.7%0.03-
Sector ETF (XLV)12.2%16.8%0.6036.4%
Equity (SPY)14.9%18.0%0.7038.3%
Gold (GLD)12.0%16.5%0.593.9%
Commodities (DBC)7.6%18.1%0.337.6%
Real Estate (VNQ)5.7%20.7%0.2332.8%
Bitcoin (BTCUSD)61.3%66.2%1.0113.4%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity11.9 Mil
Short Interest: % Change Since 93020260.7%
Average Daily Volume4.8 Mil
Days-to-Cover Short Interest2.5 days
Basic Shares Quantity218.1 Mil
Short % of Basic Shares5.5%

Earnings Returns History

Updated 11/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/6/2026-2.3%-1.9%4.2%
7/30/202622.7%21.3%24.9%
4/9/2026-2.9%-8.9%-10.5%
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%
...
SUMMARY STATS   
# Positive8910
# Negative161514
Median Positive2.6%2.2%5.6%
Median Negative-4.4%-5.7%-10.3%
Max Positive31.6%27.2%46.3%
Max Negative-28.7%-29.7%-20.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/6/2026-2.3%-1.9%4.2%
7/30/202622.7%21.3%24.9%
4/9/2026-2.9%-8.9%-10.5%
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%
1/9/2024-8.4%-9.3%-19.3%
10/10/2023-6.8%-5.7%-3.4%
7/27/2023-1.5%0.1%0.2%
3/30/2023-5.6%-4.7%-6.9%
1/5/20231.4%10.1%23.2%
9/28/20221.1%0.8%-12.7%
7/27/2022-2.1%-4.6%-10.0%
3/24/20220.6%-0.6%-8.5%
12/22/2021-1.2%1.9%-18.5%
9/22/20213.5%6.3%-0.0%
7/21/2021-3.5%-1.6%-3.9%
3/23/2021-0.4%1.7%11.1%
12/22/2020-0.4%-2.3%4.9%
SUMMARY STATS   
# Positive8910
# Negative161514
Median Positive2.6%2.2%5.6%
Median Negative-4.4%-5.7%-10.3%
Max Positive31.6%27.2%46.3%
Max Negative-28.7%-29.7%-20.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
08/31/202610/07/202610-Q
05/31/202607/30/202610-K
02/28/202604/09/202610-Q
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
Collapse to Preview
Report DateFiling DateFiling
08/31/202610/07/202610-Q
05/31/202607/30/202610-K
02/28/202604/09/202610-Q
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
11/30/202112/30/202110-Q
08/31/202109/30/202110-Q
05/31/202107/30/202110-K
02/28/202103/31/202110-Q
11/30/202012/29/202010-Q
08/31/202009/30/202010-Q
05/31/202007/30/202010-K
02/29/202004/03/202010-Q
11/30/201912/27/201910-Q

Recent Forward Guidance

Updated 11/2/2026

Latest: Q1 2027 Earnings Reported 10/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 RevenueReported885.00 Mil887.50 Mil890.00 Mil0.6% RaisedGuidance: 882.50 Mil for 2027
2027 Adjusted EBITDAReported181.00 Mil182.00 Mil183.00 Mil0.6% RaisedGuidance: 181.00 Mil for 2027


Prior: Q4 2026 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 RevenueReported207.00 Mil208.00 Mil209.00 Mil   
Q1 2027 Adjusted EBITDAReported 37.00 Mil    
2027 RevenueReported880.00 Mil882.50 Mil885.00 Mil2.8% Higher NewActual: 858.50 Mil for 2026
2027 Adjusted EBITDAReported180.00 Mil181.00 Mil182.00 Mil3.4% Higher NewActual: 175.00 Mil for 2026

Q3 2026 Earnings Reported 4/9/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported857.00 Mil858.50 Mil860.00 Mil1.0% RaisedGuidance: 850.00 Mil for 2026
2026 Adjusted EBITDAReported 175.00 Mil 0 AffirmedGuidance: 175.00 Mil for 2026

Q2 2026 Earnings Reported 1/8/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported845.00 Mil850.00 Mil855.00 Mil2.4% RaisedGuidance: 830.00 Mil for 2026
2026 Adjusted EBITDAReported 175.00 Mil 2.9% RaisedGuidance: 170.00 Mil for 2026
2026 Capital ExpendituresReported 50.00 Mil 0 AffirmedGuidance: 50.00 Mil for 2026

Insider Activity

Updated 11/4/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Yarwood, JeremyChief Scientific OfficerDirectSell1104202612.679,051  Form
2Nassif, MikhealCEOsonBuy1009202611.955056,03518,869Form
3Nassif, MikhealCEOsonBuy806202611.813704,37012,684Form
4Nassif, MikhealCEOsonBuy217202610.94232527,702Form
5Nassif, MikhealCEOsonBuy202202610.00242406,810Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Yarwood, JeremyChief Scientific OfficerDirectSell1104202612.679,051  Form
2Nassif, MikhealCEOsonBuy1009202611.955056,03518,869Form
3Nassif, MikhealCEOsonBuy806202611.813704,37012,684Form
4Nassif, MikhealCEOsonBuy217202610.94232527,702Form
5Nassif, MikhealCEOsonBuy202202610.00242406,810Form
6Nassif, MikhealCEOsonBuy20220269.86252466,475Form
7Nassif, MikhealCEOsonBuy11620269.331371,2795,900Form
8Nassif, MikhealCEOsonBuy110720256.251771,1063,094Form

Investor Activity (13F)

Updated Nov 6, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Gates Capital Management, Inc.$58.1 Mil2.0%31TRIM -25.4%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Shapiro Capital Management LLC$12.8 Mil0.7%48ExitedDec 31, 202513F
Gates Capital Management, Inc.$58.1 Mil2.0%31TRIM -25.4%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Gates Capital Management, Inc.$58.1 Mil2.0%31TRIM -25.4%13F
Core Cache Last Updated: 11/5/2026