NEOG Healthcare

Neogen Corporation

$12.10+2.37%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 2.6B USD
Enterprise value: 4.0B USD
Full-time employees: 2,636

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.79 vs a peer median of 0.63) and more debt relative to equity (0.74× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.79 vs peers 0.63) and more debt vs equity (0.74× vs peers 0.22×)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Profit lifted by an asset sale. FY May 2026 operating profit includes a $76M gain on selling assets; without it the operating margin was about -11%.
Neogen's FY May 2026 operating profit of -$22M includes a one-off $76M gain on selling assets or businesses. Without it, operations would have earned -$98M, an operating margin of about -11%.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Neogen looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to August 2026.
Neogen reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
More volatile share price. Beta 1.79: tends to move more than the market.
Neogen's shares have swung more with the market than most peers' (beta 1.79, above the market's 1.0).

StockQuotient Score

32/ 100

Oct 5 35 → Nov 4 32 (-3)

Valuation

Is the price right?

39/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.1%

SEC filings · 12 months to Aug 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield2.7%

SEC filings · 12 months to Aug 2026Reported value50% base weight · Z-score -0.33Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield1.9%

SEC filings · 12 months to Aug 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield79.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

36/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-1.3%

SEC filings · 3 years to Aug 2026Reported value33% base weight · Z-score -0.85Sector median: 0.0584 · MAD: 0.0840

Revenue growth-0.3%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.66Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

36/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-0.8%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.65Sector median: 0.0706 · MAD: 0.1217

Return on assets-1.7%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.63Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-0.2%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.49Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin47.4%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-2.7%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 96%

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.79

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.46Sector median: 0.6250 · MAD: 0.3380

Current ratio3.90×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.95Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.74×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.57Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Neogen

Is Neogen getting weaker?: Its latest SEC filing (Oct 7, 2026) showed no major changes: debt up 96%. Its overall score is unchanged at 32/100 since Oct 28, 2026.
How is Neogen valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 39/100 against 1,393 healthcare peers. Earnings yield -2.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.1% vs peers 1.5% (weaker than 100% of peers).
Is Neogen growing?: More slowly than most of its peers. Growth scores 36/100 against 1,393 healthcare peers. 3-year revenue growth -1.3% vs a peer median of 5.8% (weaker than 74% of peers).3-year revenue growth -1.3% vs peers 5.8% (weaker than 74% of peers).
How profitable is Neogen?: Less profitable than most of its peers. Profitability scores 36/100 against 1,393 healthcare peers. Operating margin -0.8% vs a peer median of 7.1% (weaker than 68% of peers).Operating margin -0.8% vs peers 7.1% (weaker than 68% of peers).
How risky is Neogen?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.90× vs a peer median of 2.59× (stronger than 65% of peers).Current ratio 3.90× vs peers 2.59× (stronger than 65% of peers). Beta 1.79 vs a peer median of 0.63 (weaker than 92% of peers).Beta 1.79 vs peers 0.63 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Aug 31, 2026 · filed Oct 7, 2026 · compared with the quarter ended May 31, 2026

No major changes

Debt up 96%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	870.4M USD	884.0M USD	+1.6%
Net income (12 months)	−7.9M USD	−56.1M USD	+610.1%
Operating margin	-2.5%	-0.8%	+1.7 pts
Free cash flow (12 months)	31.9M USD	49.8M USD	+56.1%
Debt	793.7M USD	1.6B USD	+95.8%
Cash	185.5M USD	172.0M USD	−7.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY May 2022	FY May 2023	FY May 2024	FY May 2025	FY May 2026	Change
Gross margin	46.1%	49.4%	50.2%	47.1%	46.9%	▼ 0.2 pts
Operating margin	11.1%	4.6%	6.3%	-118.6%	-2.5%	▲ 116 pts
Net margin	9.2%	-2.8%	-1.0%	-122.1%	-0.9%	▲ 121 pts
Return on assets (ROA)	4.9%	-0.5%	-0.2%	-31.7%	-0.2%	▲ 31 pts
Return on equity (ROE)	5.4%	-0.7%	-0.3%	-52.7%	-0.4%	▲ 52 pts
Free cash flow margin	8.3%	-3.0%	-8.2%	-5.2%	3.7%	▲ 8.9 pts
Current ratio	8.05×	4.03×	3.82×	3.32×	3.82×	▲ 15%
Quick ratio	6.48×	3.11×	2.59×	2.22×	2.91×	▲ 31%
Debt to equity	—	0.57×	0.28×	0.43×	0.38×	▼ 12%
Interest coverage	—	1.38×	1.39×	-27.85×	-0.90×	▲ 97%

NEOG price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.79 vs a peer median of 0.63) and more debt relative to equity (0.74× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.79 vs peers 0.63) and more debt vs equity (0.74× vs peers 0.22×)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Profit lifted by an asset sale. FY May 2026 operating profit includes a $76M gain on selling assets; without it the operating margin was about -11%.

Neogen's FY May 2026 operating profit of -$22M includes a one-off $76M gain on selling assets or businesses. Without it, operations would have earned -$98M, an operating margin of about -11%.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Neogen looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to August 2026.

Neogen reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

More volatile share price. Beta 1.79: tends to move more than the market.

Neogen's shares have swung more with the market than most peers' (beta 1.79, above the market's 1.0).

Questions investors ask about Neogen

Is Neogen getting weaker?

Its latest SEC filing (Oct 7, 2026) showed no major changes: debt up 96%. Its overall score is unchanged at 32/100 since Oct 28, 2026.

How is Neogen valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 39/100 against 1,393 healthcare peers. Earnings yield -2.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.1% vs peers 1.5% (weaker than 100% of peers).

Is Neogen growing?

More slowly than most of its peers. Growth scores 36/100 against 1,393 healthcare peers. 3-year revenue growth -1.3% vs a peer median of 5.8% (weaker than 74% of peers).3-year revenue growth -1.3% vs peers 5.8% (weaker than 74% of peers).

How profitable is Neogen?

Less profitable than most of its peers. Profitability scores 36/100 against 1,393 healthcare peers. Operating margin -0.8% vs a peer median of 7.1% (weaker than 68% of peers).Operating margin -0.8% vs peers 7.1% (weaker than 68% of peers).

How risky is Neogen?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.90× vs a peer median of 2.59× (stronger than 65% of peers).Current ratio 3.90× vs peers 2.59× (stronger than 65% of peers). Beta 1.79 vs a peer median of 0.63 (weaker than 92% of peers).Beta 1.79 vs peers 0.63 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

870.4M USD

884.0M USD

+1.6%

Net income (12 months)

−7.9M USD

−56.1M USD

+610.1%

Operating margin

-2.5%

-0.8%

+1.7 pts

Free cash flow (12 months)

31.9M USD

49.8M USD

+56.1%

Debt

793.7M USD

1.6B USD

+95.8%

Cash

185.5M USD

172.0M USD

−7.3%

Key ratios

FY May 2022

FY May 2023

FY May 2024

FY May 2025

FY May 2026

Change

Gross margin

46.1%

49.4%

50.2%

47.1%

46.9%

▼ 0.2 pts

Operating margin

11.1%

4.6%

6.3%

-118.6%

-2.5%

▲ 116 pts

Net margin

9.2%

-2.8%

-1.0%

-122.1%

-0.9%

▲ 121 pts

Return on assets (ROA)

4.9%

-0.5%

-0.2%

-31.7%

-0.2%

▲ 31 pts

Return on equity (ROE)

5.4%

-0.7%

-0.3%

-52.7%

-0.4%

▲ 52 pts

Free cash flow margin

8.3%

-3.0%

-8.2%

-5.2%

3.7%

▲ 8.9 pts

Current ratio

8.05×

4.03×

3.82×

3.32×

3.82×

▲ 15%

Quick ratio

6.48×

3.11×

2.59×

2.22×

2.91×

▲ 31%

Debt to equity

—

0.57×

0.28×

0.43×

0.38×

▼ 12%

Interest coverage

—

1.38×

1.39×

-27.85×

-0.90×

▲ 97%