Neogen
NEOGNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $11.67 Prior regular-session close from the quote source.
- $11.59–$11.91 Regular-session low and high so far today.
- 3.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 7 projected Projected for 2027-01-07 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $5.37–$14.26 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NEOG if that demand converts back into organic growth, GAAP profitability, and cash-led balance-sheet repair.
NEOG price history
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Investment thesis
What must happen next
Food and animal safety testing remains mission-critical enough that customers keep NEOGEN in their operating workflows rather than treating its products as discretionary spend.WeakeningMateriality: High
NEOGEN’s profile describes the company as developing, manufacturing, and marketing products and services dedicated to food and animal safety. If this holds, revenue can stabilize and recover; if it breaks, the turnaround becomes a shrinking-revenue cost-cutting story.
Watch: Food processors or animal-safety customers standardize new testing workflows around competitors such as bioMérieux, Thermo Fisher, Hygiena, or Merck Millipore.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
NEOGEN’s profile describes the company as developing, manufacturing, and marketing products and services dedicated to food and animal safety.
Open source ↗NEOGEN’s specialized safety products retain enough pricing power and favorable mix to protect gross economics even when volumes are soft.HoldingMateriality: High
FY2026 GAAP annual gross profit was $408.5 million on $870.4 million of revenue, implying the business still earns a meaningful gross margin. Gross profit is the pool that funds sales coverage, R&D, integration work, debt service, and eventual earnings recovery.
Watch: Competitors use pricing or bundled laboratory solutions to force NEOGEN to discount core diagnostic products.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 GAAP annual gross profit was $408.5 million on $870.4 million of revenue, implying the business still earns a meaningful.
Open source ↗Management can convert NEOGEN’s enlarged revenue base into operating leverage by reducing integration, overhead, and execution drag rather than letting fixed costs absorb the gross profit pool.HoldingMateriality: Medium
FY2026 GAAP annual operating loss improved to $21.6 million from a FY2025 GAAP annual operating loss of $1.061 billion. This is the difference between a durable niche diagnostics company and a business that is commercially relevant but unable to earn acceptable returns.
Watch: Integration work continues to disrupt sales, service levels, manufacturing, or systems execution.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 GAAP annual operating loss improved to $21.6 million from a FY2025 GAAP annual operating loss of $1.061 billion.
Open source ↗The business can fund its turnaround from operating cash flow rather than relying on dilutive equity or balance-sheet stress.StrengtheningMateriality: Medium
FY2026 GAAP annual operating cash flow was positive at $83.2 million. Cash-funded repair preserves upside for owners; external financing or persistent cash burn would transfer value away from shareholders.
Watch: Working-capital needs rise because customers slow payments, inventory builds, or supply-chain complexity worsens.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 GAAP annual operating cash flow was positive at $83.2 million.
Open source ↗NEOGEN can continue reducing financial constraint so the food-and-animal-safety franchise is not forced into defensive capital allocation.StrengtheningMateriality: Medium
GAAP total liabilities declined from $1.405 billion at FY2024 year-end to $1.373 billion at FY2025 year-end and $1.253 billion at FY2026 year-end. A cleaner balance sheet would let management invest behind products and customers; renewed leverage pressure would limit strategic flexibility.
Watch: Refinancing conditions or higher interest rates make the liability structure more expensive.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP total liabilities declined from $1.405 billion at FY2024 year-end to $1.373 billion at FY2025 year-end and $1.253 billion at.
Open source ↗
Full investment case & evidence
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Original research
Food and animal safety testing remains mission-critical enough that customers keep NEOGEN in their operating workflows rather than treating its products as discretionary spend. If this holds, revenue can stabilize and recover; if it breaks, the turnaround becomes a shrinking-revenue cost-cutting story.
NEOGEN’s specialized safety products retain enough pricing power and favorable mix to protect gross economics even when volumes are soft. Gross profit is the pool that funds sales coverage, R&D, integration work, debt service, and eventual earnings recovery.
Management can convert NEOGEN’s enlarged revenue base into operating leverage by reducing integration, overhead, and execution drag rather than letting fixed costs absorb the gross profit pool. This is the difference between a durable niche diagnostics company and a business that is commercially relevant but unable to earn acceptable returns.
The business can fund its turnaround from operating cash flow rather than relying on dilutive equity or balance-sheet stress. Cash-funded repair preserves upside for owners; external financing or persistent cash burn would transfer value away from shareholders.
NEOGEN can continue reducing financial constraint so the food-and-animal-safety franchise is not forced into defensive capital allocation. A cleaner balance sheet would let management invest behind products and customers; renewed leverage pressure would limit strategic flexibility.
All standing thesis claims
Original report summary
that demand converts back into organic growth, GAAP profitability, and cash-led balance-sheet repair.
Bull case and bear case
Bull case and bear case for Neogen
Where the evidence on Neogen disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 2 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
NEOGEN’s specialized safety products retain enough pricing power and favorable mix to protect gross economics even when volumes are soft.
Management can convert NEOGEN’s enlarged revenue base into operating leverage by reducing integration, overhead, and execution drag rather than letting fixed costs absorb the gross profit pool.
The business can fund its turnaround from operating cash flow rather than relying on dilutive equity or balance-sheet stress.
NEOGEN can continue reducing financial constraint so the food-and-animal-safety franchise is not forced into defensive capital allocation.
Bear case: what the evidence questions
Food and animal safety testing remains mission-critical enough that customers keep NEOGEN in their operating workflows rather than treating its products as discretionary spend.
Thesis-Break Engine
Thesis-break watch · Neogen
No break has crossed Neogen’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Neogen filed an SEC 8-K on 2026-10-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Neogen filed an SEC 8-K on 2026-08-07: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Neogen filed an SEC 8-K on 2026-07-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Food processors or animal-safety customers standardize new testing workflows around competitors such as bioMérieux, Thermo Fisher, Hygiena, or Merck Millipore.
- Competitors use pricing or bundled laboratory solutions to force NEOGEN to discount core diagnostic products.
- Integration work continues to disrupt sales, service levels, manufacturing, or systems execution.
- Working-capital needs rise because customers slow payments, inventory builds, or supply-chain complexity worsens.
- Refinancing conditions or higher interest rates make the liability structure more expensive.
NEOG news
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Financial statements
NEOG income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
NEOG: quick answers
- When does Neogen (NEOG) report earnings next?
- Neogen's next results are projected for January 7, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 6, 2026. Earnings calendar
- What is NEOG's short interest?
- As of October 30, 2026, 12.7M NEOG shares were sold short, 5.82% of its shares outstanding, up 6.5% from the count before. At the stock's average daily volume that is 4.8 days to cover. FINRA publishes the count twice a month. NEOG short interest history
- Have members of Congress traded NEOG?
- 3 trades in NEOG have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed NEOG trade