# Neogen Corporation (NEOG)

> Source: Nexqual · https://nexqual.com/NEOG · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Neogen Corporation (NEOG), nexqual.com/NEOG" · informational, not investment advice.

**Price:** USD 12.19 (+1.75% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 11.98 · day 11.82–12.33 · 52w 5.37–14.26 · market cap $2.66B · NMS

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $884M, net income -$56.1M (-6.3% margin), free cash flow $49.8M (SEC filings).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $10K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 14 (range 14–14).
- Total return with dividends: 1Y +96.9% vs S&P 500 +13.4%; 5Y -71.2% vs S&P 500 +76.9%.
- Next earnings: 2026-10-06, EPS estimate USD 0.06, revenue estimate $223M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $527M | $822M | $924M | $895M | $870M | $884M |
| Gross profit | $243M | $406M | $464M | $421M | $409M | — |
| Operating income | $58.6M | $37.5M | $58.6M | -$1.06B | -$21.6M | -$7.4M |
| Net income | $48.3M | -$22.9M | -$9.4M | -$1.09B | -$7.9M | -$56.1M |
| EPS (diluted) | $0.45 | -$0.12 | -$0.04 | -$5.03 | -$0.04 | — |
| Free cash flow | $43.6M | -$24.7M | -$76.1M | -$46.4M | $31.9M | $49.8M |
| Gross margin | 46.1% | 49.4% | 50.2% | 47.1% | 46.9% | — |
| Operating margin | 11.1% | 4.6% | 6.3% | -118.6% | -2.5% | -0.8% |
| Net margin | 9.2% | -2.8% | -1.0% | -122.1% | -0.9% | -6.3% |
| Revenue growth | +12.5% | +56.0% | +12.4% | -3.2% | -2.7% | — |
| Cash + short-term investments | $381M | $246M | $171M | $129M | — | — |
| Total debt | $0K | $885M | $891M | $894M | $794M | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/S 3.0x · P/FCF 53.4x · P/B 1.3x · FCF yield 1.87% · Earnings yield -2.11%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $10K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-10-09 | Nassif Mikheal | CEO | 505 | $6K | 11.95 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-04 | Nassif Mikheal | CEO | 370 | $4K | 11.81 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 14 (low 14, high 14).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | Guggenheim | Target raised | Buy | $12 → $14 |
| 2026-08-26 | Piper Sandler | Upgrade | Neutral → Overweight | $13 → $14 |
| 2026-08-03 | Piper Sandler | Target raised | Neutral | $11 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +96.9% | -71.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +97.4% | -22.1% |
| Volatility (annualized) | 55.2% | 52.5% |
| Max drawdown | -27.7% (Feb 2026→May 2026) | -90.3% (Dec 2021→Apr 2025) |

## Peers (Medical Devices)
TMDX (TransMedics Group, Inc.) USD 70.74 -1.83% · UFPT (UFP Technologies, Inc.) USD 295.78 -0.52% · AXGN (AxoGen, Inc.) USD 38.06 +3.76% · INSP (Inspire Medical Systems, Inc.) USD 71.11 -2.13% · ALMR (Alamar Biosciences, Inc.) USD 30.69 +3.26% · ESTA (Establishment Labs Holdings Inc) USD 63.8 +0.44%

## More
Full page: https://nexqual.com/NEOG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NEOG's own 10-K filed 2026-07-30 (https://www.sec.gov/Archives/edgar/data/711377/000119312526326092/neog-20260531.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | 3M (MMM) | "Further, in fiscal year 2025, we experienced negative impacts from delays in restarting full production of our sample collection product line, which we relocated from 3M into a Neogen facility." |
| Customer | Neogen Ireland | "Neogen Ireland Ltd, headquartered in Bray, Ireland, sells products and services to our network of customers and distributors throughout Europe, the Middle East and Africa." |
| Customer | UPS (UPS) | "We ship a significant portion of our products to customers through independent package delivery companies, such as UPS, Federal Express and DHL." |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Food Safety | $163.2M | 73.2% | +7.3% | $16.3M | 10.0% |
| Animal Safety | $59.6M | 26.8% | +4.4% | $7.5M | 12.6% |
| Total revenue | $222.8M | 100% | — | -$1.8M | -0.8% |

## Revenue by product line (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $196.0M | 88.0% | +6.5% |
| Indicator Testing & Culture Media | $85.6M | 38.4% | +11.5% |
| — Bacterial & General Sanitation (part of Indicator Testing & Culture Media) | $44.6M | 20.0% | +7.2% |
| — Service (part of Indicator Testing & Culture Media) | $26.8M | 12.0% | +6.8% |
| — Veterinary Instruments & Consumables (part of Indicator Testing & Culture Media) | $14.1M | 6.3% | +18.5% |
| Natural Toxins & Allergens | $19.3M | 8.7% | -3.5% |
| Animal Care & Other | $7.7M | 3.5% | +1.3% |
| Genomics Services | $6.7M | 3.0% | +19.6% |
| Biosecurity Products | $4.6M | 2.1% | -20.7% |
| Other | $2.4M | 1.1% | +4.3% |
| Life Sciences | $1.6M | 0.7% | -15.8% |
| Total revenue | $222.8M | 100% | — |
The lines above cover 145.4% of total revenue.

## Revenue by region (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $112.7M | 50.6% | +5.2% |
| United States | $110.1M | 49.4% | +7.8% |
| Total revenue | $222.8M | 100% | — |

## Customer concentration

Period ended 2026-05-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-07-30).

## Company outlook (8-K filed 2026-10-06)

- "Financial Guidance (in millions) Current FY27 Financial Guidance Previous FY27 Financial Guidance Revenue $885 – $890 $880 – $885 Adjusted EBITDA 1 $181 – $183 $180 – $182 • The Company is increasing its financial guidance for fiscal year 2027 and is now expecting total revenue in the range of $885 million to $890 million and Adjusted EBITDA in the range of $181 million to $183 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.06 | $0.10 | -34.5% | $223.1M | 3 |
| Next quarter (ends 2027-02-28) | $0.08 | $0.07 | +25.0% | $214.3M | 3 |
| Current fiscal year (ends 2027-05-31) | $0.33 | $0.30 | +11.1% | $888.1M | 3 |
| Next fiscal year (ends 2028-05-31) | $0.45 | $0.42 | +7.1% | $827.7M | 2 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 45.8% | ±11.1% |
| 2026-12-18 | 56 | 42.3% | ±14.1% |
| 2027-01-15 | 84 | 51.7% | ±20.6% |
| 2027-04-16 | 175 | 51.5% | ±29.0% |