NEOG

MKT CAP:$2B

Neogen Corporation

Market Cap

$2B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$9.52+$2.52 (+36.00%)

Apr 22, 2026

Company Details

Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers d...

CEO

Mikhael Nassif

IPO Date

Aug 23, 1989

Website

www.neogen.com

Key Metrics TTM

Revenue

$871M

-3.9% YoY

Net Income

-$609M

EPS (Diluted)

-$2.80

Free Cash Flow

$42M

Revenue / Share

$4.00

Gross Margin

39.9%

Operating Margin

-3.7%

Net Margin

-69.9%

FCF Margin

4.8%

P/S

2.4x

P/E

—

Earnings Reports

Q3 2026

Apr 9, 2026

$211M-4.4%EPS -$0.08

Q2 2026

Jan 8, 2026

$225M-2.8%EPS -$0.07

Q1 2026

Oct 9, 2025

$209M-3.6%EPS $0.17

FY 2025

Jul 30, 2025

$895M-3.2%EPS -$5.03

Q4 2025

Jul 30, 2025

$225M-4.8%EPS -$2.82

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$140M	$65M	$18M
Q1 23	$132M	$62M	$6M
Q2 23	$230M	$113M	-$8M
Q3 23	$218M	$108M	$16M
Q4 23	$242M	$123M	$23M
Q1 24	$229M	$117M	$19M
Q2 24	$230M	$117M	$21M
Q3 24	$229M	$116M	$12M
Q4 24	$237M	$113M	$18M
Q1 25	$217M	$86M	$9M
Q2 25	$231M	$90M	$17M
Q3 25	$221M	$87M	$12M
Q4 25	$225M	$69M	-$8M
Q1 26	$209M	$72M	-$16M
Q2 26	$225M	$107M	-$5M
Q3 26	$211M	$99M	-$3M

Valuation

Quarter	P/S	P/E
Q4 22	5.3x	57.5x
Q1 23	4.4x	63.7x
Q2 23	5.2x	—
Q3 23	5.6x	—
Q4 23	4.8x	—
Q1 24	5.4x	—
Q2 24	4.0x	308.3x
Q3 24	3.9x	2332.0x
Q4 24	3.2x	—
Q1 25	4.0x	—
Q2 25	3.3x	—
Q3 25	2.3x	—
Q4 25	1.4x	—
Q1 26	1.4x	—
Q2 26	1.5x	—
Q3 26	2.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$20M	$8M
Q1 23	-$14M	-$27M
Q2 23	-$19M	-$31M
Q3 23	-$17M	-$32M
Q4 23	$91M	$65M
Q1 24	$23M	-$8M
Q2 24	$16M	-$9M
Q3 24	-$30M	-$62M
Q4 24	$27M	$2M
Q1 25	-$18M	-$56M
Q2 25	$40M	$23M
Q3 25	$19M	-$14M
Q4 25	$17M	$406.0K
Q1 26	$11M	-$13M
Q2 26	$19M	$43M
Q3 26	$23M	$11M

Capital Expenditures

Quarter	CapEx
Q4 22	$13M
Q1 23	$13M
Q2 23	$12M
Q3 23	$15M
Q4 23	$26M
Q1 24	$31M
Q2 24	$24M
Q3 24	$32M
Q4 24	$24M
Q1 25	$38M
Q2 25	$17M
Q3 25	$33M
Q4 25	$16M
Q1 26	$24M
Q2 26	$24M
Q3 26	$12M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+9.9%	+13.9%
Q1 23	+3.2%	+18.5%
Q2 23	+76.2%	+101.3%
Q3 23	+70.2%	+66.2%
Q4 23	+72.6%	+78.9%
Q1 24	+73.0%	+66.2%
Q2 24	-0.2%	-12.2%
Q3 24	+4.8%	+7.2%
Q4 24	-2.1%	+0.4%
Q1 25	-5.3%	-0.7%
Q2 25	+0.7%	+2.6%
Q3 25	-3.4%	-3.7%
Q4 25	-4.8%	+6.4%
Q1 26	-3.6%	+8.1%
Q2 26	-2.8%	+7.4%
Q3 26	-4.4%	+2.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$2M	1.5%
Q1 23	$2M	1.4%
Q2 23	$3M	1.1%
Q3 23	$3M	1.3%
Q4 23	$3M	1.2%
Q1 24	$3M	1.2%
Q2 24	$4M	1.5%
Q3 24	$4M	1.6%
Q4 24	$4M	1.7%
Q1 25	$4M	1.8%
Q2 25	$5M	2.1%
Q3 25	$4M	1.9%
Q4 25	$4M	1.9%
Q1 26	$5M	2.4%
Q2 26	$4M	1.9%
Q3 26	$1M	0.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 22	$4M	—	—	$43M
Q1 23	$5M	—	—	$51M
Q2 23	$7M	—	—	$113M
Q3 23	$7M	—	—	$85M
Q4 23	$7M	—	—	$93M
Q1 24	$7M	—	—	$91M
Q2 24	$6M	—	—	$90M
Q3 24	$5M	$52M	$48M	—
Q4 24	$5M	$51M	$44M	—
Q1 25	$5M	$52M	$46M	—
Q2 25	$5M	$58M	$47M	—
Q3 25	$4M	$56M	$45M	—
Q4 25	$6M	$51M	$47M	—
Q1 26	$5M	$61M	$45M	—
Q2 26	$5M	$65M	$42M	—
Q3 26	$4M	$60M	$38M	—

Revenue Segments

Quarter	Product	Service
Q4 22	$113M	$27M
Q1 23	$107M	$26M
Q2 23	$203M	$27M
Q3 23	$191M	$28M
Q4 23	$214M	$28M
Q1 24	$204M	$25M
Q2 24	$204M	$26M
Q3 24	$202M	$27M
Q4 24	$211M	$25M
Q1 25	$193M	$24M
Q2 25	$208M	$24M
Q3 25	$196M	$24M
Q4 25	$201M	$25M
Q1 26	$184M	$25M
Q2 26	$199M	$26M
Q3 26	$186M	$25M

Revenue by Geography

Quarter	Non-US	United States
Q4 22	$54M	$86M
Q1 23	$52M	$81M
Q2 23	$116M	$114M
Q3 23	$108M	$110M
Q4 23	$123M	$119M
Q1 24	$118M	$111M
Q2 24	$116M	$114M
Q3 24	$105M	$124M
Q4 24	$120M	$116M
Q1 25	$113M	$104M
Q2 25	$117M	$114M
Q3 25	$106M	$115M
Q4 25	$113M	$112M
Q1 26	$107M	$102M
Q2 26	$114M	$110M
Q3 26	$109M	$102M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$44M	$337M	$381M
Q1 23	$107M	$241M	$348M
Q2 23	$100M	$176M	$276M
Q3 23	$67M	$116M	$183M
Q4 23	$163M	$82M	$246M
Q1 24	$179M	$60M	$239M
Q2 24	$206M	$25M	$230M
Q3 24	$161M	$7M	$168M
Q4 24	$171M	$325.0K	$171M
Q1 25	$120M	$0	$120M
Q2 25	$140M	$0	$140M
Q3 25	$128M	$0	$128M
Q4 25	$129M	$0	$129M
Q1 26	$139M	$0	$139M
Q2 26	$145M	$0	$145M
Q3 26	$160M	$0	$160M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	108M	-0.3%	-0.2%
Q1 23	108M	-0.0%	-0.2%
Q2 23	220M	+104.2%	+103.7%
Q3 23	216M	-1.7%	+100.1%
Q4 23	216M	+0.0%	+100.7%
Q1 24	217M	+0.2%	+101.0%
Q2 24	216M	-0.2%	-1.7%
Q3 24	217M	+0.1%	+0.1%
Q4 24	217M	+0.0%	+0.1%
Q1 25	217M	+0.0%	-0.1%
Q2 25	217M	+0.1%	+0.2%
Q3 25	217M	+0.1%	+0.2%
Q4 25	217M	+0.0%	+0.2%
Q1 26	217M	0.0%	+0.2%
Q2 26	217M	+0.2%	+0.3%
Q3 26	218M	+0.1%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$66.5K	2K
Q1 23	$62.8K	2K
Q2 23	$109.1K	2K
Q3 23	$103.5K	2K
Q4 23	$91.6K	3K
Q1 24	$86.7K	3K
Q2 24	$87.0K	3K
Q3 24	$86.7K	3K
Q4 24	$81.2K	3K
Q1 25	$74.4K	3K
Q2 25	$79.3K	3K
Q3 25	$75.8K	3K
Q4 25	$75.8K	3K
Q1 26	$70.3K	3K
Q2 26	$75.6K	3K
Q3 26	$71.0K	3K

Revenue / Employee