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).
FY2025's reported loss was dominated by a non-cash asset reset, even as operating cash flow stayed positive.
The gap between-$1.09B net income and$58.2M operating cash flow, alongside goodwill dropping from$2.14B in FY2024 to$1.06B in FY2025, indicates a large non-cash balance-sheet reset rather than a comparable deterioration in cash collections. Debt stayed near$875M and gross margin was still47.1% , so the accounting hit landed mainly on equity, not on the company’s ability to turn sales into gross profit.
Since FY2022, revenue scale-up has not produced better operating leverage: sales moved from
Liquidity still looks workable: the current ratio was 3.3x and cash was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Neogen Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 12/100, 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 48/100.
Neogen Corp has a moderate D/E ratio of 0.42. This balance of debt and equity financing earns a leverage score of 63/100.
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 80/100.
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 19/100, reflecting heavy capital investment rather than weak cash generation.
Neogen Corp generates a -52.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 16/100. This is down from -0.3% the prior year.
Neogen Corp scores 0.05, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.0B) relative to total liabilities ($1.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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
Earnings & Revenue
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 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.
Cash & Balance Sheet
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 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.
Margins & Returns
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's ROE was -52.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 52.4 percentage points from the prior year.
Capital Allocation
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 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $211.2M-6.0% | $224.7M+7.4% | $209.2M-7.2% | $225.4M+2.0% | $221.0M-4.4% | $231.3M+6.6% | $217.0M-8.4% | $236.8M |
| Cost of Revenue | $112.2M-4.9% | $118.0M+3.3% | $114.2M-13.9% | $132.6M+19.8% | $110.7M-6.1% | $117.9M+5.3% | $112.0M-9.1% | $123.3M |
| Gross Profit | $99.0M-7.2% | $106.7M+12.3% | $95.0M+2.3% | $92.8M-15.8% | $110.3M-2.7% | $113.3M+8.0% | $104.9M-7.5% | $113.5M |
| R&D Expenses | $3.8M-16.7% | $4.6M-11.0% | $5.1M-18.4% | $6.3M+39.6% | $4.5M-11.9% | $5.1M-1.8% | $5.2M+1.0% | $5.1M |
| SG&A Expenses | $60.3M-7.5% | $65.2M+7.1% | $60.9M+15.0% | $52.9M-5.2% | $55.8M-3.4% | $57.8M+11.8% | $51.7M+1.4% | $51.0M |
| Operating Income | -$3.3M+38.6% | -$5.4M+66.6% | -$16.1M+97.4% | -$611.2M-11418.0% | $5.4M+101.2% | -$457.5M-20369.6% | $2.3M-82.7% | $13.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $10.8M |
| Income Tax | -$3.3M+25.7% | -$4.4M-159.4% | $7.5M+139.4% | -$19.0M-1681.3% | $1.2M+105.9% | -$20.3M-576.3% | -$3.0M-204.9% | -$984K |
| Net Income | -$17.0M-6.8% | -$15.9M-143.8% | $36.3M+105.9% | -$612.3M-5517.0% | -$10.9M+97.6% | -$456.3M-3518.7% | -$12.6M-132.9% | -$5.4M |
| EPS (Diluted) | $-0.08-14.3% | $-0.07-141.2% | $0.17 | N/A | $-0.05+97.6% | $-2.10-3400.0% | $-0.06 | N/A |
NEOG Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.4B0.0% | $3.4B-0.5% | $3.4B-1.9% | $3.4B-14.7% | $4.0B-0.4% | $4.1B-10.0% | $4.5B-1.0% | $4.5B |
| Current Assets | $590.0M+2.7% | $574.6M+9.6% | $524.1M-9.2% | $576.9M+4.6% | $551.7M-3.3% | $570.4M+5.5% | $540.6M-8.2% | $589.2M |
| Cash & Equivalents | $159.9M+10.0% | $145.3M+4.6% | $138.9M+7.7% | $129.0M+1.0% | $127.7M-8.9% | $140.2M+16.4% | $120.5M-29.4% | $170.6M |
| Inventory | $161.7M-0.7% | $162.8M-15.8% | $193.4M+1.4% | $190.8M-7.1% | $205.4M+3.6% | $198.3M-0.2% | $198.6M+4.9% | $189.3M |
| Accounts Receivable | $137.1M+3.9% | $132.0M-4.7% | $138.5M-9.7% | $153.4M-4.2% | $160.1M-2.4% | $164.1M-2.1% | $167.6M-3.1% | $173.0M |
| Goodwill | $1.0B+0.2% | $1.0B-1.9% | $1.1B+0.1% | $1.1B-36.3% | $1.7B0.0% | $1.7B-21.8% | $2.1B+0.1% | $2.1B |
| Total Liabilities | $1.3B+0.1% | $1.3B-0.3% | $1.3B-8.2% | $1.4B-0.2% | $1.4B-0.7% | $1.4B+1.2% | $1.4B-2.6% | $1.4B |
| Current Liabilities | $150.6M+2.4% | $147.1M+0.6% | $146.2M-16.0% | $174.0M+23.2% | $141.2M-6.6% | $151.2M+23.2% | $122.7M-20.5% | $154.3M |
| Long-Term Debt | $793.3M0.0% | $792.9M0.0% | $792.5M-9.4% | $874.8M-1.8% | $890.6M+0.1% | $889.9M+0.1% | $889.1M+0.1% | $888.4M |
| Total Equity | $2.1B-0.1% | $2.1B-0.7% | $2.1B+2.3% | $2.1B-22.1% | $2.7B-0.3% | $2.7B-14.9% | $3.1B-0.3% | $3.1B |
| Retained Earnings | -$533.0M-3.3% | -$516.0M-3.2% | -$500.1M+6.8% | -$536.4M-807.9% | $75.8M-12.6% | $86.7M-84.0% | $543.0M-2.3% | $555.6M |
NEOG Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $22.7M+16.8% | $19.4M+79.2% | $10.9M-34.0% | $16.4M-15.5% | $19.5M-51.7% | $40.3M+324.7% | -$17.9M-167.0% | $26.7M |
| Capital Expenditures | $11.6M-0.3% | $11.7M-51.4% | $24.0M+49.1% | $16.1M-51.1% | $32.9M+91.8% | $17.2M-55.4% | $38.4M+58.5% | $24.3M |
| Free Cash Flow | $11.1M+42.4% | $7.8M+159.1% | -$13.1M-3867.6% | $349K+102.6% | -$13.4M-158.2% | $23.1M+141.0% | -$56.3M-2360.2% | $2.5M |
| Investing Cash Flow | -$11.6M+1.0% | -$11.7M-111.9% | $97.7M+714.8% | -$15.9M+51.1% | -$32.5M-89.3% | -$17.2M+49.0% | -$33.7M-92.1% | -$17.5M |
| Financing Cash Flow | $744K+265.0% | -$451K+99.5% | -$99.4M-4637.5% | -$2.1M-325.6% | $930K+166.0% | -$1.4M-243.9% | $979K+1308.6% | -$81K |
| 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 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.9%-0.6pp | 47.5%+2.1pp | 45.4%+4.2pp | 41.2%-8.7pp | 49.9%+0.9pp | 49.0%+0.7pp | 48.4%+0.4pp | 47.9% |
| Operating Margin | -1.6%+0.8pp | -2.4%+5.3pp | -7.7%+263.4pp | -271.1%-273.5pp | 2.4%+200.3pp | -197.8%-198.9pp | 1.0%-4.5pp | 5.5% |
| Net Margin | -8.1%-1.0pp | -7.1%-24.5pp | 17.4%+289.0pp | -271.6%-266.7pp | -4.9%+192.4pp | -197.3%-191.5pp | -5.8%-3.5pp | -2.3% |
| Return on Equity | -0.8%-0.0pp | -0.8%-2.5pp | 1.7%+31.3pp | -29.6%-29.2pp | -0.4%+16.7pp | -17.1%-16.7pp | -0.4%-0.2pp | -0.2% |
| Return on Assets | -0.5%-0.0pp | -0.5%-1.6pp | 1.1%+18.9pp | -17.8%-17.5pp | -0.3%+11.0pp | -11.3%-11.0pp | -0.3%-0.2pp | -0.1% |
| Current Ratio | 3.92+0.0 | 3.91+0.3 | 3.58+0.3 | 3.32-0.6 | 3.91+0.1 | 3.77-0.6 | 4.41+0.6 | 3.82 |
| Debt-to-Equity | 0.380.0 | 0.380.0 | 0.37-0.0 | 0.42+0.1 | 0.330.0 | 0.33+0.0 | 0.280.0 | 0.28 |
| FCF Margin | 5.2%+1.8pp | 3.5%+9.8pp | -6.3%-6.4pp | 0.1%+6.2pp | -6.1%-16.1pp | 10.0%+36.0pp | -26.0%-27.0pp | 1.1% |
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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 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 return on equity (ROE)?
Neogen Corp (NEOG) has a return on equity of -52.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
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.
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 Altman Z-Score?
Neogen Corp (NEOG) has an Altman Z-Score of 0.05, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 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 40 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.