Neogen Corp Financials
This page shows Neogen Corp (NEOG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Neogen Corp has an operating margin of -118.6%, meaning the company retains $-119 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 6.3% the prior year.
Neogen Corp's revenue declined 3.2% year-over-year, from $924.2M to $894.7M. This contraction results in a growth score of 19/100.
Neogen Corp carries a low D/E ratio of 0.42, meaning only $0.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.32, Neogen Corp holds $3.32 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Neogen Corp generated $58.2M in operating cash flow, capex of $104.6M consumed most of it, leaving -$46.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Neogen Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Neogen Corp generates $-0.05 in operating cash flow ($58.2M OCF vs -$1.1B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Neogen Corp earns $-27.8 in operating income for every $1 of interest expense (-$1.1B vs $38.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Neogen Corp generated $894.7M in revenue in fiscal year 2025. This represents a decrease of 3.2% from the prior year.
Neogen Corp's EBITDA was -$941.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 636.8% from the prior year.
Neogen Corp generated -$46.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 39.1% from the prior year.
Neogen Corp reported -$1.1B in net income in fiscal year 2025. This represents a decrease of 11491.6% from the prior year.
Neogen Corp earned $-5.03 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 12475.0% from the prior year.
Neogen Corp held $129.0M in cash against $874.8M in long-term debt as of fiscal year 2025.
Neogen Corp had 217M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.
Neogen Corp's gross margin was 47.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.1 percentage points from the prior year.
Neogen Corp's operating margin was -118.6% in fiscal year 2025, reflecting core business profitability. This is down 124.9 percentage points from the prior year.
Neogen Corp's net profit margin was -122.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 121.0 percentage points from the prior year.
Neogen Corp invested $21.1M in research and development in fiscal year 2025. This represents a decrease of 6.2% from the prior year.
Neogen Corp invested $104.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 6.1% from the prior year.
NEOG Income Statement
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $224.7M+7.4% | $209.2M-5.3% | $221.0M-4.4% | $231.3M+6.6% | $217.0M-5.2% | $228.8M-0.4% | $229.6M+0.3% | $229.0M |
| Cost of Revenue | $118.0M+3.3% | $114.2M+3.2% | $110.7M-6.1% | $117.9M+5.3% | $112.0M+0.1% | $111.9M-0.8% | $112.9M+0.6% | $112.2M |
| Gross Profit | $106.7M+12.3% | $95.0M-13.9% | $110.3M-2.7% | $113.3M+8.0% | $104.9M-10.2% | $116.9M+0.1% | $116.8M0.0% | $116.8M |
| R&D Expenses | $4.6M-11.0% | $5.1M+14.6% | $4.5M-12.4% | $5.1M-1.8% | $5.2M+7.1% | $4.9M-15.7% | $5.8M-14.4% | $6.7M |
| SG&A Expenses | $65.2M+7.1% | $60.9M+9.2% | $55.8M-3.4% | $57.8M+11.8% | $51.7M-0.8% | $52.1M+0.7% | $51.7M+14.6% | $45.1M |
| Operating Income | -$5.4M+66.6% | -$16.1M-397.2% | $5.4M+101.2% | -$457.5M-20369.6% | $2.3M-81.2% | $12.0M-16.9% | $14.5M-24.4% | $19.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $10.5M+2.2% | $10.3M-3.2% | $10.6M |
| Income Tax | -$4.4M-159.4% | $7.5M+507.3% | $1.2M+106.1% | -$20.3M-576.3% | -$3.0M+21.1% | -$3.8M-1361.5% | -$260K-262.5% | $160K |
| Net Income | -$15.9M-143.8% | $36.3M+431.6% | -$11.0M+97.6% | -$456.3M-3518.7% | -$12.6M-523.6% | -$2.0M+42.0% | -$3.5M-332.0% | $1.5M |
| EPS (Diluted) | $-0.07-141.2% | $0.17+440.0% | $-0.05+97.6% | $-2.10-3400.0% | $-0.06-500.0% | $-0.01+50.0% | $-0.02-300.0% | $0.01 |
NEOG Balance Sheet
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.4B-0.5% | $3.4B-16.3% | $4.0B-0.4% | $4.1B-10.0% | $4.5B-1.7% | $4.6B-0.4% | $4.6B+0.9% | $4.6B |
| Current Assets | $574.6M+9.6% | $524.1M-5.0% | $551.7M-3.3% | $570.4M+5.5% | $540.6M-10.3% | $602.5M-3.5% | $624.4M+7.0% | $583.8M |
| Cash & Equivalents | $145.3M+4.6% | $138.9M+8.8% | $127.7M-8.9% | $140.2M+16.4% | $120.5M-25.4% | $161.4M-21.5% | $205.8M+15.1% | $178.8M |
| Inventory | $162.8M-15.8% | $193.4M-5.9% | $205.4M+3.6% | $198.3M-0.2% | $198.6M+8.9% | $182.4M+13.6% | $160.5M+14.1% | $140.7M |
| Accounts Receivable | $132.0M-4.7% | $138.5M-13.5% | $160.1M-2.4% | $164.1M-2.1% | $167.6M-3.4% | $173.6M+15.3% | $150.5M+9.3% | $137.7M |
| Goodwill | $1.0B-1.9% | $1.1B-36.2% | $1.7B0.0% | $1.7B-21.8% | $2.1B+0.1% | $2.1B-0.1% | $2.1B0.0% | $2.1B |
| Total Liabilities | $1.3B-0.3% | $1.3B-8.5% | $1.4B-0.7% | $1.4B+1.2% | $1.4B-4.8% | $1.4B-1.3% | $1.5B+2.8% | $1.4B |
| Current Liabilities | $147.1M+0.6% | $146.2M+3.5% | $141.2M-6.6% | $151.2M+23.2% | $122.7M-22.3% | $157.8M-10.6% | $176.6M+27.9% | $138.1M |
| Long-Term Debt | $792.9M0.0% | $792.5M-11.0% | $890.6M+0.1% | $889.9M+0.1% | $889.1M+0.2% | $887.7M+0.1% | $886.9M+0.1% | $886.2M |
| Total Equity | $2.1B-0.7% | $2.1B-20.4% | $2.7B-0.3% | $2.7B-14.9% | $3.1B-0.3% | $3.1B0.0% | $3.1B0.0% | $3.1B |
| Retained Earnings | -$516.0M-3.2% | -$500.1M-760.0% | $75.8M-12.6% | $86.7M-84.0% | $543.0M-3.2% | $561.0M-0.4% | $563.1M-0.6% | $566.5M |
NEOG Cash Flow Statement
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $19.4M+79.2% | $10.9M-43.9% | $19.4M-51.9% | $40.3M+324.7% | -$17.9M+40.7% | -$30.2M-292.2% | $15.7M-31.7% | $23.0M |
| Capital Expenditures | $11.7M-51.4% | $24.0M-27.0% | $32.9M+91.6% | $17.2M-55.4% | $38.4M+19.7% | $32.1M+31.6% | $24.4M-20.3% | $30.6M |
| Free Cash Flow | $7.8M+159.1% | -$13.1M+2.6% | -$13.5M-158.5% | $23.1M+141.0% | -$56.3M+9.6% | -$62.3M-616.2% | -$8.7M-14.2% | -$7.6M |
| Investing Cash Flow | -$11.7M-111.9% | $97.7M+401.2% | -$32.4M-89.1% | -$17.2M+49.0% | -$33.7M-130.0% | -$14.6M-226.9% | $11.5M+232.8% | -$8.7M |
| Financing Cash Flow | -$451K+99.5% | -$99.4M-10617.8% | $945K+167.1% | -$1.4M-243.9% | $979K-21.5% | $1.2M+502.3% | -$310K-129.2% | $1.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NEOG Financial Ratios
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.5%+2.1pp | 45.4%-4.5pp | 49.9%+0.9pp | 49.0%+0.7pp | 48.4%-2.7pp | 51.1%+0.2pp | 50.8%-0.1pp | 51.0% |
| Operating Margin | -2.4%+5.3pp | -7.7%-10.1pp | 2.5%+200.3pp | -197.8%-198.9pp | 1.0%-4.2pp | 5.3%-1.1pp | 6.3%-2.1pp | 8.4% |
| Net Margin | -7.1%-24.5pp | 17.4%+22.3pp | -5.0%+192.3pp | -197.3%-191.5pp | -5.8%-4.9pp | -0.9%+0.6pp | -1.5%-2.2pp | 0.7% |
| Return on Equity | N/A | 1.7% | N/A | N/A | N/A | N/A | N/A | 0.1% |
| Return on Assets | -0.5%-1.6pp | 1.1%+1.4pp | -0.3%+11.0pp | -11.3%-11.0pp | -0.3%-0.2pp | -0.0%+0.0pp | -0.1%-0.1pp | 0.0% |
| Current Ratio | 3.91+0.3 | 3.58-0.3 | 3.91+0.1 | 3.77-0.6 | 4.41+0.6 | 3.82+0.3 | 3.54-0.7 | 4.23 |
| Debt-to-Equity | 0.380.0 | 0.37+0.0 | 0.330.0 | 0.33+0.0 | 0.280.0 | 0.280.0 | 0.280.0 | 0.28 |
| FCF Margin | 3.5%+9.8pp | -6.3%-0.2pp | -6.1%-16.1pp | 10.0%+36.0pp | -26.0%+1.3pp | -27.2%-23.4pp | -3.8%-0.5pp | -3.3% |
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Frequently Asked Questions
What is Neogen Corp's annual revenue?
Neogen Corp (NEOG) reported $894.7M in total revenue for fiscal year 2025. This represents a -3.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Neogen Corp's revenue growing?
Neogen Corp (NEOG) revenue declined by 3.2% year-over-year, from $924.2M to $894.7M in fiscal year 2025.
Is Neogen Corp profitable?
No, Neogen Corp (NEOG) reported a net income of -$1.1B in fiscal year 2025, with a net profit margin of -122.1%.
What is Neogen Corp's earnings per share (EPS)?
Neogen Corp (NEOG) reported diluted earnings per share of $-5.03 for fiscal year 2025. This represents a -12475.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Neogen Corp's EBITDA?
Neogen Corp (NEOG) had EBITDA of -$941.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Neogen Corp have?
As of fiscal year 2025, Neogen Corp (NEOG) had $129.0M in cash and equivalents against $874.8M in long-term debt.
What is Neogen Corp's gross margin?
Neogen Corp (NEOG) had a gross margin of 47.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Neogen Corp's operating margin?
Neogen Corp (NEOG) had an operating margin of -118.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Neogen Corp's net profit margin?
Neogen Corp (NEOG) had a net profit margin of -122.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Neogen Corp's free cash flow?
Neogen Corp (NEOG) generated -$46.4M in free cash flow during fiscal year 2025. This represents a 39.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Neogen Corp's operating cash flow?
Neogen Corp (NEOG) generated $58.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Neogen Corp's total assets?
Neogen Corp (NEOG) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Neogen Corp's capital expenditures?
Neogen Corp (NEOG) invested $104.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Neogen Corp spend on research and development?
Neogen Corp (NEOG) invested $21.1M in research and development during fiscal year 2025.
How many shares does Neogen Corp have outstanding?
Neogen Corp (NEOG) had 217M shares outstanding as of fiscal year 2025.
What is Neogen Corp's current ratio?
Neogen Corp (NEOG) had a current ratio of 3.32 as of fiscal year 2025, which is generally considered healthy.
What is Neogen Corp's debt-to-equity ratio?
Neogen Corp (NEOG) had a debt-to-equity ratio of 0.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Neogen Corp's return on assets (ROA)?
Neogen Corp (NEOG) had a return on assets of -31.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Neogen Corp's Piotroski F-Score?
Neogen Corp (NEOG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Neogen Corp's earnings high quality?
Neogen Corp (NEOG) has an earnings quality ratio of -0.05x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Neogen Corp cover its interest payments?
Neogen Corp (NEOG) has an interest coverage ratio of -27.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Neogen Corp?
Neogen Corp (NEOG) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.