Neogen (NEOG) Financials

$9.25 +0.07 (+0.76%)

Closing price 04:00 PM Eastern

Extended Trading

$9.26 +0.01 (+0.05%)

As of 07:30 PM Eastern

Annual Income Statements for Neogen

This table shows Neogen's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Net Income / (Loss) Attributable to Common Shareholders	34	37	44	63	60	59	61	48	-23	-9.42	-1,092
Consolidated Net Income / (Loss)	34	37	44	63	60	59	61	48	-23	-9.42	-1,092
Net Income / (Loss) Continuing Operations	34	37	44	63	60	59	61	48	-23	-9.42	-1,092
Total Pre-Tax Income	52	56	67	73	73	72	75	60	-22	-14	-1,133
Total Operating Income	53	56	65	70	68	68	74	59	38	59	-1,061
Total Gross Profit	140	153	169	186	192	196	215	243	406	464	421
Total Revenue	283	321	358	398	414	418	468	527	822	924	895
Operating Revenue	283	321	358	398	414	418	468	527	822	924	895
Total Cost of Revenue	143	168	189	212	222	222	253	284	416	460	473
Operating Cost of Revenue	143	168	189	212	222	222	253	284	416	460	473
Total Operating Expenses	87	97	104	116	124	129	141	184	368	405	1,482
Selling, General & Admin Expense	25	29	34	38	41	44	51	83	201	200	218
Marketing Expense	52	58	59	67	70	70	73	85	141	183	184
Research & Development Expense	9.58	9.89	10	11	13	15	16	17	26	22	21
Impairment Charge	-	-	-	-	-	-	-	-	0.00	0.00	1,059
Total Other Income / (Expense), net	-1.04	-0.87	1.73	3.27	4.87	4.78	1.10	1.59	-60	-73	-72
Interest Expense	-	-	-	-	-	-	0.08	0.07	56	73	72
Interest & Investment Income	0.38	0.54	1.01	2.19	4.83	5.99	1.69	1.34	3.17	6.36	3.11
Other Income / (Expense), net	-1.42	-1.41	0.72	1.08	0.03	-1.21	-0.52	0.32	-6.76	-5.94	-3.60
Income Tax Expense	19	19	23	10	13	13	14	12	0.83	-4.88	-41
Basic Earnings per Share	$0.91	$0.73	$0.87	$1.23	$0.58	$0.57	$0.57	$0.45	($0.12)	($0.04)	($5.03)
Weighted Average Basic Shares Outstanding	36.95M	37.40M	50.54M	51.36M	103.78M	105.10M	106.50M	107.68M	188.88M	216.48M	216.89M
Diluted Earnings per Share	$0.90	$0.72	$0.86	$1.21	$0.57	$0.56	$0.57	$0.45	($0.12)	($0.04)	($5.03)
Weighted Average Diluted Shares Outstanding	36.95M	37.40M	50.54M	52.15M	104.85M	105.72M	107.12M	108.02M	188.88M	216.48M	216.89M
Weighted Average Basic & Diluted Shares Outstanding	36.95M	37.40M	50.54M	51.36M	51.89M	52.96M	107.48M	107.84M	216.31M	216.69M	217.21M

This table shows Neogen's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	5/31/2023	8/31/2024	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	8/31/2025	11/30/2025	2/28/2026
Net Income / (Loss) Attributable to Common Shareholders	5.57	-13	-3.49	-2.02	-5.42	-13	-456	-11	36	-16	-17
Consolidated Net Income / (Loss)	5.57	-13	-3.49	-2.02	-5.42	-13	-456	-11	36	-16	-17
Net Income / (Loss) Continuing Operations	5.57	-13	-3.49	-2.02	-5.42	-13	-456	-11	36	-16	-17
Total Pre-Tax Income	7.65	-16	-3.75	-5.82	-6.40	-16	-477	-9.70	44	-20	-20
Total Operating Income	23	2.26	14	12	13	2.26	-457	5.40	-16	-5.38	-3.30
Total Gross Profit	123	105	117	117	113	105	113	110	95	107	99
Total Revenue	242	217	230	229	237	217	231	221	209	225	211
Operating Revenue	242	217	230	229	237	217	231	221	209	225	211
Total Cost of Revenue	119	112	113	112	123	112	118	111	114	118	112
Operating Cost of Revenue	119	112	113	112	123	112	118	111	114	118	112
Total Operating Expenses	100	103	102	105	100	103	571	105	111	112	102
Selling, General & Admin Expense	50	52	52	52	51	52	58	56	61	65	60
Marketing Expense	43	46	45	48	44	46	47	45	45	42	38
Research & Development Expense	7.05	5.20	5.76	4.85	5.15	5.20	5.11	4.50	5.13	4.56	3.80
Impairment Charge	-	-	0.00	0.00	-	-	461	0.00	-	0.00	0.00
Total Other Income / (Expense), net	-16	-18	-18	-18	-19	-18	-19	-15	60	-15	-17
Interest Expense	18	19	18	18	19	19	18	17	16	15	14
Other Income / (Expense), net	1.18	-0.24	-2.04	-1.17	-1.92	-0.24	-1.72	1.90	75	-0.73	-3.10
Income Tax Expense	2.08	-3.00	-0.26	-3.80	-0.98	-3.00	-20	1.20	7.47	-4.44	-3.30
Basic Earnings per Share	$0.03	($0.06)	($0.02)	($0.01)	($0.02)	($0.06)	($2.10)	($0.05)	$0.17	($0.07)	($0.08)
Weighted Average Basic Shares Outstanding	188.88M	216.70M	216.41M	216.60M	216.48M	216.70M	216.81M	217.03M	217.22M	217.41M	217.67M
Diluted Earnings per Share	$0.03	($0.06)	($0.02)	($0.01)	($0.02)	($0.06)	($2.10)	($0.05)	$0.17	($0.07)	($0.08)
Weighted Average Diluted Shares Outstanding	188.88M	216.70M	216.41M	216.60M	216.48M	216.70M	216.81M	217.03M	217.33M	217.41M	217.67M
Weighted Average Basic & Diluted Shares Outstanding	216.31M	216.70M	216.52M	216.61M	216.69M	-	216.94M	217.04M	217.30M	217.53M	217.67M

This table details how cash moves in and out of Neogen's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Net Change in Cash & Equivalents	25	-11	22	5.51	-41	25	9.33	-31	119	7.37	-42
Net Cash From Operating Activities	44	35	60	69	64	86	81	68	41	35	58
Net Cash From Continuing Operating Activities	44	35	60	69	64	86	81	68	41	35	58
Net Income / (Loss) Continuing Operations	34	37	44	63	60	59	61	48	-23	-9.42	-1,092
Consolidated Net Income / (Loss)	34	37	44	63	60	59	61	48	-23	-9.42	-1,092
Depreciation Expense	11	12	15	17	18	18	21	24	88	117	119
Amortization Expense	-	-	-	-	-	-	0.00	0.44	4.82	7.95	9.41
Non-Cash Adjustments To Reconcile Net Income	1.98	2.52	1.34	4.91	5.54	6.47	6.44	0.02	14	20	1,085
Changes in Operating Assets and Liabilities, net	-2.41	-16	0.27	-16	-20	1.54	-7.27	-4.42	-43	-100	-64
Net Cash From Investing Activities	-28	-61	-62	-83	-119	-89	-106	-97	201	-29	-99
Net Cash From Continuing Investing Activities	-28	-61	-62	-83	-119	-89	-106	-97	201	-29	-99
Purchase of Property, Plant & Equipment	-9.62	-14	-15	-21	-15	-24	-27	-24	-66	-111	-105
Acquisitions	-6.55	-42	-34	-0.47	-6.39	-13	-51	-39	12	0.00	0.00
Purchase of Investments	-106	-152	-163	-361	-437	-458	-793	-416	-13	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	0.83	0.11	5.08
Sale and/or Maturity of Investments	94	147	149	300	339	407	765	382	267	82	0.33
Net Cash From Financing Activities	11	15	25	23	14	29	34	6.81	-118	1.92	-1.60
Net Cash From Continuing Financing Activities	11	15	25	23	14	29	34	6.81	-118	1.92	-1.60
Repayment of Debt	-	-	-	-	-	-	0.00	0.00	-119	0.00	-552
Issuance of Debt	-	-	-	-	-	-	-	-	0.00	0.00	550
Issuance of Common Equity	-	-	21	23	17	29	35	7.93	1.20	2.46	2.24
Other Financing Activities, net	11	15	3.92	-0.42	0.00	0.00	-1.09	-1.12	0.00	-0.54	-1.82
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-5.22	-0.50	0.94
Cash Interest Paid	-	-	-	-	-	-	0.08	0.07	43	73	68
Cash Income Taxes Paid	10	13	18	15	13	7.36	15	17	15	22	27

This table details how cash moves in and out of Neogen's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
Net Change in Cash & Equivalents	16	27	-44	9.17	-50	20	-13	1.30	9.88	6.46	15
Net Cash From Operating Activities	23	16	-30	27	-18	40	19	17	11	19	23
Net Cash From Continuing Operating Activities	23	16	-30	27	-18	40	19	17	11	19	23
Net Income / (Loss) Continuing Operations	1.50	-3.49	-2.02	-5.42	-13	-456	-11	-612	36	-16	-17
Consolidated Net Income / (Loss)	1.50	-3.49	-2.02	-5.42	-13	-456	-11	-612	36	-16	-17
Depreciation Expense	29	29	30	29	30	30	29	30	29	29	29
Amortization Expense	0.86	0.86	0.86	5.37	0.86	0.86	0.86	6.83	0.54	0.48	0.48
Non-Cash Adjustments To Reconcile Net Income	2.64	4.27	3.69	9.64	3.80	474	6.18	602	-71	4.56	1.56
Changes in Operating Assets and Liabilities, net	-11	-15	-62	-12	-40	-8.00	-6.09	-9.86	16	1.40	8.76
Net Cash From Investing Activities	-8.68	12	-15	-18	-34	-17	-32	-16	98	-12	-12
Net Cash From Continuing Investing Activities	-8.68	12	-15	-18	-34	-17	-32	-16	98	-12	-12
Purchase of Property, Plant & Equipment	-31	-24	-32	-24	-38	-17	-33	-16	-24	-12	-12
Sale of Property, Plant & Equipment	0.04	0.03	-0.01	0.05	4.45	-	0.42	0.21	0.00	-	0.10
Divestitures	-	-	-	-	0.00	-	-	-	122	-	-0.02
Net Cash From Financing Activities	1.06	-0.31	1.25	-0.08	0.98	-1.41	0.95	-2.11	-99	-0.45	0.74
Net Cash From Continuing Financing Activities	1.06	-0.31	1.25	-0.08	0.98	-1.41	0.95	-2.11	-99	-0.45	0.74
Issuance of Common Equity	1.06	0.17	1.30	0.01	1.08	0.11	1.06	-	0.91	-0.03	0.82
Other Financing Activities, net	-	-	-	-	0.00	-1.61	-0.12	-0.09	-0.30	-0.42	-0.08
Other Net Changes in Cash	0.21	-0.01	-0.73	-	-	-	-	-	0.69	-0.87	2.67

This table presents Neogen's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Total Assets	392	450	528	618	696	797	920	993	4,554	4,549	3,444
Total Current Assets	231	248	293	376	450	537	591	627	586	589	577
Cash & Equivalents	66	55	78	83	42	66	76	44	163	171	129
Accounts Receivable	59	68	69	79	83	85	92	100	153	173	153
Inventories, net	52	64	73	76	86	95	101	122	134	189	191
Prepaid Expenses	4.23	8.41	7.61	9.89	13	14	18	24	53	56	53
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	50
Plant, Property, & Equipment, net	44	55	62	73	75	79	100	111	199	277	339
Total Noncurrent Assets	117	147	174	169	171	181	228	256	3,770	3,682	2,528
Goodwill	70	89	105	100	104	110	131	143	2,137	2,136	1,065
Intangible Assets	46	59	69	15	16	67	92	108	1,605	1,512	1,411
Other Noncurrent Operating Assets	-	-	-	55	52	4.18	4.50	5.34	27	35	52
Total Liabilities & Shareholders' Equity	392	450	528	618	696	797	920	993	4,554	4,549	3,444
Total Liabilities	41	46	57	58	58	72	80	106	1,420	1,405	1,373
Total Current Liabilities	25	29	36	39	38	48	54	78	145	154	174
Short-Term Debt	-	-	-	-	-	-	-	-	-	2.45	19
Accounts Payable	14	16	16	21	19	26	24	35	77	83	80
Current Deferred Revenue	-	-	-	-	-	-	3.40	5.46	4.62	4.63	5.60
Current Deferred & Payable Income Tax Liabilities	1.28	0.00	0.94	0.17	0.60	1.46	1.85	2.13	6.95	10	5.60
Current Employee Benefit Liabilities	4.14	4.99	5.00	6.07	7.09	7.74	11	11	25	20	14
Other Current Liabilities	-	-	-	-	-	-	-	-	21	23	32
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	0.00	11	11	18
Total Noncurrent Liabilities	16	17	21	19	20	24	26	28	1,275	1,250	1,199
Long-Term Debt	2.05	-	-	-	-	-	-	0.00	885	888	875
Noncurrent Deferred & Payable Income Tax Liabilities	14	15	17	14	16	18	22	17	353	327	281
Other Noncurrent Operating Liabilities	-	2.42	3.60	5.04	3.97	5.39	4.30	11	36	35	43
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	351	404	472	560	638	725	840	887	3,134	3,144	2,071
Total Preferred & Common Equity	351	404	472	560	638	725	840	887	3,134	3,144	2,071
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	351	404	472	560	638	725	840	887	3,134	3,144	2,071
Common Stock	138	156	183	211	230	266	312	327	2,602	2,619	2,637
Retained Earnings	216	252	296	359	419	479	540	588	565	556	-536
Accumulated Other Comprehensive Income / (Loss)	-2.44	-3.95	-7.20	-9.75	-12	-20	-11	-28	-33	-30	-29

This table presents Neogen's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2022	11/30/2022	2/28/2023	8/31/2024	11/30/2023	2/29/2024	11/30/2024	2/28/2025	8/31/2025	11/30/2025	2/28/2026
Total Assets	977	4,563	4,509	4,503	4,602	4,582	4,054	4,036	3,378	3,360	3,359
Total Current Assets	608	643	555	541	624	602	570	552	524	575	590
Cash & Equivalents	107	100	67	120	206	161	140	128	139	145	160
Accounts Receivable	93	143	146	168	150	174	164	160	138	132	137
Inventories, net	129	136	144	199	161	182	198	205	193	163	162
Prepaid Expenses	38	88	82	54	83	78	68	58	53	58	63
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	0.00	77	68
Plant, Property, & Equipment, net	121	148	165	301	244	272	311	328	346	332	332
Total Noncurrent Assets	246	3,772	3,789	3,662	3,734	3,708	3,173	3,157	2,508	2,453	2,437
Goodwill	140	2,122	2,135	2,137	2,138	2,136	1,673	1,672	1,066	1,046	1,048
Intangible Assets	15	1,642	1,634	1,490	1,565	1,540	1,463	1,439	1,389	1,359	1,342
Other Noncurrent Operating Assets	91	7.61	19	34	31	32	37	46	53	48	48
Total Liabilities & Shareholders' Equity	977	4,563	4,509	4,503	4,602	4,582	4,054	4,036	3,378	3,360	3,359
Total Liabilities	94	1,457	1,383	1,368	1,455	1,436	1,385	1,376	1,260	1,255	1,257
Total Current Liabilities	67	153	107	123	177	158	151	141	146	147	151
Short-Term Debt	-	-	-	-	2.57	-	2.58	-	0.00	0.00	0.00
Accounts Payable	27	79	60	61	112	90	80	72	77	63	75
Current Deferred Revenue	5.46	5.08	6.77	5.64	4.68	5.49	5.65	5.77	5.82	3.87	3.90
Current Deferred & Payable Income Tax Liabilities	3.92	9.05	1.65	11	10	12	11	13	9.45	8.96	9.90
Current Employee Benefit Liabilities	8.30	15	17	16	16	20	16	18	20	20	24
Other Current Liabilities	-	-	-	25	-	2.52	25	28	31	31	28
Other Current Nonoperating Liabilities	-	14	3.44	3.55	11	3.44	11	3.44	3.56	20	9.90
Total Noncurrent Liabilities	27	1,304	1,276	1,245	1,278	1,278	1,234	1,235	1,113	1,108	1,106
Long-Term Debt	-	924	885	889	887	888	890	891	793	793	793
Noncurrent Deferred & Payable Income Tax Liabilities	16	364	363	318	355	354	302	301	277	274	269
Other Noncurrent Operating Liabilities	11	16	29	39	36	37	42	43	44	42	44
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	884	3,106	3,126	3,135	3,148	3,146	2,669	2,660	2,119	2,104	2,102
Total Preferred & Common Equity	884	3,106	3,126	3,135	3,148	3,146	2,669	2,660	2,119	2,104	2,102
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	884	3,106	3,126	3,135	3,148	3,146	2,669	2,660	2,119	2,104	2,102
Common Stock	330	2,595	2,599	2,624	2,610	2,615	2,627	2,632	2,642	2,646	2,648
Retained Earnings	593	551	559	543	563	561	87	76	-500	-516	-533
Accumulated Other Comprehensive Income / (Loss)	-39	-40	-33	-31	-25	-29	-45	-48	-23	-26	-13

This table displays calculated financial ratios and metrics derived from Neogen's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.42%	13.50%	11.52%	11.07%	4.09%	0.96%	12.03%	12.53%	56.02%	12.37%	-3.20%
EBITDA Growth	20.21%	7.71%	19.66%	9.93%	-2.92%	-1.21%	11.79%	-12.27%	49.20%	43.12%	-627.47%
EBIT Growth	21.12%	6.34%	19.45%	8.55%	-4.42%	-2.66%	11.07%	-19.98%	-47.82%	71.45%	-2,119.08%
NOPAT Growth	21.16%	8.36%	15.41%	41.01%	-7.01%	-1.11%	8.01%	-21.60%	-44.16%	56.37%	-1,908.63%
Net Income Growth	19.78%	8.82%	20.35%	43.76%	-4.81%	-1.16%	2.37%	-20.65%	-147.34%	58.81%	-11,491.59%
EPS Growth	18.42%	8.82%	20.35%	40.70%	-4.81%	-1.16%	2.37%	-21.05%	-126.67%	66.67%	-12,475.00%
Operating Cash Flow Growth	102.10%	-19.32%	70.60%	14.69%	-7.65%	34.52%	-5.58%	-16.09%	-39.70%	-14.05%	65.17%
Free Cash Flow Firm Growth	195.37%	-175.34%	154.29%	253.52%	-9.87%	25.45%	-140.19%	99.99%	-349,034,399.41%	98.58%	774.63%
Invested Capital Growth	3.09%	24.08%	10.72%	6.47%	5.97%	3.04%	20.39%	10.24%	647.59%	2.31%	-27.65%
Revenue Q/Q Growth	4.18%	3.70%	1.54%	3.27%	0.40%	-0.16%	4.08%	2.46%	14.11%	-0.54%	0.00%
EBITDA Q/Q Growth	5.86%	2.15%	5.69%	0.89%	-0.98%	2.26%	1.74%	-1.60%	33.81%	-5.66%	0.00%
EBIT Q/Q Growth	6.58%	1.58%	5.94%	0.57%	-1.55%	2.49%	0.73%	-2.84%	25.35%	-20.36%	0.00%
NOPAT Q/Q Growth	6.81%	1.16%	6.08%	8.61%	-3.86%	0.36%	0.82%	-3.29%	16.81%	-15.04%	0.00%
Net Income Q/Q Growth	5.93%	1.07%	6.47%	8.69%	-2.79%	0.90%	-0.96%	-1.63%	-69.62%	-701.60%	0.00%
EPS Q/Q Growth	4.65%	1.07%	6.47%	7.08%	-2.79%	0.90%	-0.96%	-2.17%	-100.00%	-500.00%	0.00%
Operating Cash Flow Q/Q Growth	29.34%	-16.78%	14.79%	12.11%	-2.56%	5.86%	-4.32%	-2.27%	238.85%	-64.55%	-14.91%
Free Cash Flow Firm Q/Q Growth	35.71%	-339.24%	144.13%	8.37%	0.94%	-0.79%	-63.45%	-100.02%	1.76%	-563.02%	0.00%
Invested Capital Q/Q Growth	0.92%	11.91%	-0.66%	-0.12%	-0.80%	-0.64%	1.09%	1.85%	-1.18%	0.10%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.35%	47.64%	47.15%	46.81%	46.34%	46.94%	45.91%	46.10%	49.36%	50.19%	47.10%
EBITDA Margin	22.03%	20.90%	22.43%	22.20%	20.70%	20.26%	20.21%	15.76%	15.07%	19.19%	-104.59%
Operating Margin	18.76%	17.55%	18.13%	17.64%	16.44%	16.15%	15.83%	11.12%	4.56%	6.35%	-118.59%
EBIT Margin	18.26%	17.11%	18.33%	17.91%	16.45%	15.86%	15.72%	11.18%	3.74%	5.71%	-118.99%
Profit (Net Income) Margin	11.86%	11.37%	12.27%	15.89%	14.53%	14.22%	13.00%	9.16%	-2.78%	-1.02%	-122.06%
Tax Burden Percent	64.48%	65.82%	65.95%	86.05%	82.48%	82.26%	80.89%	80.23%	103.76%	65.86%	96.38%
Interest Burden Percent	100.73%	100.98%	101.54%	103.07%	107.09%	109.04%	102.19%	102.15%	-71.67%	-27.13%	106.44%
Effective Tax Rate	35.53%	34.18%	34.05%	13.95%	17.52%	17.74%	19.11%	19.77%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	14.56%	13.87%	13.72%	17.83%	15.61%	14.78%	14.27%	9.74%	1.22%	1.07%	-22.24%
ROIC Less NNEP Spread (ROIC-NNEP)	15.28%	14.39%	12.81%	16.24%	13.93%	13.49%	14.03%	9.41%	-35.17%	-6.25%	-69.99%
Return on Net Nonoperating Assets (RNNOA)	-4.34%	-4.19%	-3.68%	-5.58%	-5.56%	-6.05%	-6.49%	-4.15%	-2.36%	-1.37%	-19.64%
Return on Equity (ROE)	10.22%	9.68%	10.04%	12.25%	10.05%	8.73%	7.78%	5.59%	-1.14%	-0.30%	-41.88%
Cash Return on Invested Capital (CROIC)	11.51%	-7.62%	3.55%	11.56%	9.81%	11.78%	-4.23%	0.00%	-151.58%	-1.21%	9.84%
Operating Return on Assets (OROA)	14.02%	13.06%	13.42%	12.43%	10.37%	8.88%	8.58%	6.16%	1.11%	1.16%	-26.64%
Return on Assets (ROA)	9.11%	8.68%	8.99%	11.03%	9.16%	7.97%	7.09%	5.05%	-0.82%	-0.21%	-27.33%
Return on Common Equity (ROCE)	10.22%	9.68%	10.04%	12.25%	10.05%	8.73%	7.78%	5.59%	-1.14%	-0.30%	-41.88%
Return on Equity Simple (ROE_SIMPLE)	9.57%	9.04%	9.32%	11.28%	9.43%	8.20%	7.24%	5.44%	-0.73%	-0.30%	0.00%
Net Operating Profit after Tax (NOPAT)	34	37	43	60	56	56	60	47	26	41	-743
NOPAT Margin	12.10%	11.55%	11.96%	15.18%	13.56%	13.28%	12.81%	8.92%	3.19%	4.44%	-83.01%
Net Nonoperating Expense Percent (NNEP)	-0.72%	-0.52%	0.91%	1.59%	1.68%	1.29%	0.25%	0.33%	36.40%	7.32%	47.75%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	-25.05%
Cost of Revenue to Revenue	50.65%	52.36%	52.85%	53.19%	53.66%	53.06%	54.09%	53.90%	50.64%	49.81%	52.90%
SG&A Expenses to Revenue	8.91%	9.09%	9.55%	9.62%	9.85%	10.60%	10.93%	15.70%	24.46%	21.63%	24.39%
R&D to Revenue	3.38%	3.08%	2.90%	2.73%	3.09%	3.53%	3.47%	3.23%	3.17%	2.43%	2.36%
Operating Expenses to Revenue	30.58%	30.09%	29.02%	29.17%	29.90%	30.79%	30.07%	34.98%	44.80%	43.85%	165.69%
Earnings before Interest and Taxes (EBIT)	52	55	66	71	68	66	74	59	31	53	-1,065
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	62	67	80	88	86	85	95	83	124	177	-936
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.93	4.58	5.12	6.97	4.60	5.20	5.88	3.22	1.21	0.91	0.61
Price to Tangible Book Value (P/TBV)	7.38	7.20	8.10	8.76	5.66	6.87	8.01	4.48	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.12	5.77	6.73	9.81	7.09	9.01	10.54	5.41	4.60	3.08	1.42
Price to Earnings (P/E)	51.64	50.67	55.09	61.85	48.81	63.36	81.13	59.06	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.94%	1.97%	1.82%	1.62%	2.05%	1.58%	1.23%	1.69%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.78	5.89	6.92	10.58	7.21	8.98	9.93	4.88	1.17	0.92	0.73
Enterprise Value to Revenue (EV/Rev)	5.72	5.43	6.33	9.28	6.45	8.19	9.73	4.69	5.38	3.86	2.28
Enterprise Value to EBITDA (EV/EBITDA)	25.97	25.98	28.24	41.83	31.13	40.43	48.14	29.76	35.67	20.10	0.00
Enterprise Value to EBIT (EV/EBIT)	31.32	31.74	34.56	51.84	39.18	51.64	61.89	41.94	143.78	67.63	0.00
Enterprise Value to NOPAT (EV/NOPAT)	47.28	47.01	52.97	61.17	47.53	61.66	75.98	52.56	168.37	86.84	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	36.98	49.38	37.65	53.44	41.81	39.88	56.22	36.33	107.77	101.12	34.97
Enterprise Value to Free Cash Flow (EV/FCFF)	59.79	0.00	204.86	94.35	75.64	77.35	0.00	0.00	0.00	0.00	6.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.28	0.28	0.43
Long-Term Debt to Equity	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.28	0.28	0.42
Financial Leverage	-0.28	-0.29	-0.29	-0.34	-0.40	-0.45	-0.46	-0.44	0.07	0.22	0.28
Leverage Ratio	1.12	1.12	1.12	1.11	1.10	1.10	1.10	1.11	1.38	1.45	1.53
Compound Leverage Factor	1.13	1.13	1.13	1.15	1.17	1.19	1.12	1.13	-0.99	-0.39	1.63
Debt to Total Capital	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.03%	22.03%	30.15%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.65%
Long-Term Debt to Total Capital	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.03%	22.03%	29.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-0.01%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.42%	100.01%	99.97%	100.00%	100.00%	100.00%	100.00%	100.00%	77.97%	77.97%	69.85%
Debt to EBITDA	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.14	5.01	-0.96
Net Debt to EBITDA	-1.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.16	4.04	-0.82
Long-Term Debt to EBITDA	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.14	5.01	-0.93
Debt to NOPAT	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33.72	21.63	-1.20
Net Debt to NOPAT	-3.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.37	17.47	-1.03
Long-Term Debt to NOPAT	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33.72	21.63	-1.18
Altman Z-Score	27.76	26.77	28.01	43.01	32.94	33.78	39.43	18.44	2.09	1.74	-0.28
Noncontrolling Interest Sharing Ratio	-0.01%	-0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	9.08	8.68	8.14	9.71	11.75	11.08	11.03	8.05	4.03	3.82	3.32
Quick Ratio	6.81	6.14	5.89	7.49	9.15	8.83	8.82	6.18	2.74	2.23	1.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	27	-20	11	39	35	44	-18	-0.00	-3,253	-46	329
Operating Cash Flow to CapEx	455.27%	248.43%	413.46%	330.04%	435.45%	357.05%	303.57%	278.51%	63.19%	31.68%	58.52%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	-228.11	-0.01	-58.12	-0.63	4.59
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	1,039.60	944.97	0.73	0.48	0.81
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	697.14	605.68	-0.43	-1.04	-0.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.76	0.73	0.69	0.63	0.56	0.55	0.55	0.30	0.20	0.22
Accounts Receivable Turnover	5.10	5.07	5.26	5.39	5.12	5.00	5.31	5.51	6.50	5.67	5.48
Inventory Turnover	2.79	2.90	2.75	2.84	2.74	2.45	2.59	2.55	3.25	2.85	2.49
Fixed Asset Turnover	6.55	6.48	6.15	5.90	5.60	5.45	5.23	5.00	5.32	3.88	2.90
Accounts Payable Turnover	10.59	11.41	11.82	11.44	11.17	9.93	10.23	9.71	7.49	5.76	5.82
Days Sales Outstanding (DSO)	71.63	72.06	69.39	67.72	71.23	73.00	68.76	66.30	56.12	64.42	66.58
Days Inventory Outstanding (DIO)	130.81	125.82	132.54	128.60	133.01	148.91	140.98	143.24	112.23	128.09	146.58
Days Payable Outstanding (DPO)	34.48	32.00	30.88	31.90	32.69	36.78	35.69	37.58	48.76	63.33	62.72
Cash Conversion Cycle (CCC)	167.97	165.89	171.05	164.43	171.56	185.13	174.06	171.95	119.59	129.19	150.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	239	296	328	349	370	382	459	506	3,785	3,873	2,804
Invested Capital Turnover	1.20	1.20	1.15	1.17	1.15	1.11	1.11	1.09	0.38	0.24	0.27
Increase / (Decrease) in Invested Capital	7.17	58	32	21	21	11	78	47	3,279	87	-1,071
Enterprise Value (EV)	1,619	1,745	2,269	3,695	2,669	3,425	4,559	2,472	4,422	3,566	2,037
Market Capitalization	1,731	1,853	2,413	3,905	2,937	3,768	4,940	2,853	3,782	2,848	1,272
Book Value per Share	$9.48	$10.77	$12.37	$10.86	$12.24	$13.71	$15.70	$8.23	$14.50	$14.52	$9.54
Tangible Book Value per Share	$6.33	$6.85	$7.82	$8.64	$9.95	$10.36	$11.52	$5.91	($2.81)	($2.32)	($1.86)
Total Capital	353	404	472	560	638	725	840	887	4,020	4,033	2,965
Total Debt	2.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	885	888	894
Total Long-Term Debt	2.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	885	888	875
Net Debt	-112	-108	-144	-211	-268	-344	-381	-381	640	717	765
Capital Expenditures (CapEx)	9.62	14	15	21	15	24	27	24	65	111	100
Debt-free, Cash-free Net Working Capital (DFCFNWC)	92	112	113	126	144	145	157	168	195	264	293
Debt-free Net Working Capital (DFNWC)	206	220	257	337	411	489	538	549	440	435	422
Net Working Capital (NWC)	206	220	257	337	411	489	538	549	440	435	403
Net Nonoperating Expense (NNE)	0.67	0.57	-1.14	-2.81	-4.01	-3.93	-0.89	-1.27	49	50	349
Net Nonoperating Obligations (NNO)	-112	-108	-144	-211	-268	-344	-381	-381	651	728	732
Total Depreciation and Amortization (D&A)	11	12	15	17	18	18	21	24	93	125	129
Debt-free, Cash-free Net Working Capital to Revenue	32.35%	34.81%	31.63%	31.74%	34.71%	34.73%	33.46%	31.85%	23.70%	28.56%	32.77%
Debt-free Net Working Capital to Revenue	72.68%	68.36%	71.72%	84.71%	99.30%	116.92%	114.81%	104.13%	53.55%	47.06%	47.19%
Net Working Capital to Revenue	72.68%	68.36%	71.72%	84.71%	99.30%	116.92%	114.81%	104.13%	53.55%	47.06%	45.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.37	$0.43	$0.62	$0.58	$0.57	$0.57	$0.45	($0.12)	($0.04)	($5.03)
Adjusted Weighted Average Basic Shares Outstanding	99.02M	100.20M	101.90M	103.51M	104.56M	105.10M	106.50M	107.68M	188.88M	216.48M	216.89M
Adjusted Diluted Earnings per Share	$0.34	$0.36	$0.43	$0.61	$0.58	$0.57	$0.57	$0.45	($0.12)	($0.04)	($5.03)
Adjusted Weighted Average Diluted Shares Outstanding	99.02M	100.20M	101.90M	103.51M	104.56M	105.72M	107.12M	108.02M	188.88M	216.48M	216.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.02M	100.20M	101.90M	103.51M	104.56M	105.93M	107.48M	107.84M	216.31M	216.69M	217.21M
Normalized Net Operating Profit after Tax (NOPAT)	34	37	43	60	56	56	60	47	26	41	-1.17
Normalized NOPAT Margin	12.10%	11.55%	11.96%	15.18%	13.56%	13.28%	12.81%	8.92%	3.19%	4.44%	-0.13%
Pre Tax Income Margin	18.40%	17.28%	18.61%	18.46%	17.62%	17.29%	16.07%	11.42%	-2.68%	-1.55%	-126.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	944.28	818.61	0.55	0.72	-14.86
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	769.14	653.22	0.47	0.56	-10.37
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	601.82	479.32	-0.61	-0.80	-16.25
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	426.68	313.93	-0.69	-0.96	-11.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	5.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Neogen's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	8/31/2025	11/30/2025	2/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	217,673,041.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	217,673,041.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	72.61%	73.02%	-0.18%	4.84%	-2.07%	0.00%	0.71%	-3.42%	-3.58%	-2.84%	-4.43%
EBITDA Growth	126.88%	319.68%	213.47%	-3.57%	-19.00%	-31.82%	-1,174.14%	-9.23%	172.17%	105.44%	-38.73%
EBIT Growth	33.83%	222.13%	188.11%	-25.47%	-54.78%	-89.02%	-3,796.71%	-32.62%	2,847.44%	98.67%	-187.67%
NOPAT Growth	19.64%	264.70%	288.94%	-23.34%	-46.50%	-90.86%	-3,262.70%	-54.96%	-944.81%	98.82%	-161.11%
Net Income Growth	-62.75%	-71.15%	91.67%	-124.69%	-197.18%	0.00%	-12,985.23%	-441.89%	388.19%	96.51%	-55.96%
EPS Growth	-78.57%	-80.00%	89.47%	-125.00%	-166.67%	0.00%	-10,400.00%	-400.00%	383.33%	96.67%	-60.00%
Operating Cash Flow Growth	346.13%	262.69%	183.92%	-76.96%	-70.60%	-177.86%	0.00%	164.10%	160.58%	-51.70%	16.66%
Free Cash Flow Firm Growth	-9,853.24%	-4,392.45%	98.79%	99.10%	97.60%	216.47%	263.78%	1,590.29%	-171.35%	1,025.21%	67.49%
Invested Capital Growth	647.59%	631.82%	1.32%	1.00%	2.31%	0.00%	-10.09%	-11.43%	0.00%	-21.47%	-21.86%
Revenue Q/Q Growth	10.79%	-5.30%	0.28%	-0.36%	3.49%	-8.37%	0.00%	-4.44%	0.00%	7.41%	-6.00%
EBITDA Q/Q Growth	30.56%	-14.42%	-10.79%	-3.25%	9.66%	-27.97%	0.00%	108.18%	0.00%	-73.80%	-1.30%
EBIT Q/Q Growth	68.97%	-25.50%	-32.23%	-12.65%	2.53%	-81.91%	0.00%	101.59%	0.00%	-110.29%	-4.78%
NOPAT Q/Q Growth	55.41%	1.36%	-41.45%	-16.88%	8.46%	-82.69%	0.00%	101.18%	0.00%	71.80%	38.63%
Net Income Q/Q Growth	-31.97%	-73.03%	-332.00%	42.01%	-167.80%	-132.85%	0.00%	97.60%	0.00%	-143.82%	-6.76%
EPS Q/Q Growth	-25.00%	-66.67%	-300.00%	50.00%	-100.00%	-200.00%	0.00%	97.62%	0.00%	-141.18%	-14.29%
Operating Cash Flow Q/Q Growth	632.93%	-74.71%	-31.71%	-292.22%	188.55%	-166.98%	0.00%	0.00%	-34.39%	79.16%	16.76%
Free Cash Flow Firm Q/Q Growth	1.82%	-2.89%	98.81%	24.79%	-161.41%	4,945.94%	0.00%	584.37%	0.00%	126.29%	1.87%
Invested Capital Q/Q Growth	-1.18%	3.23%	-2.29%	1.34%	0.10%	-100.00%	0.00%	-0.17%	0.00%	-2.90%	-0.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.94%	50.99%	50.85%	51.08%	47.92%	48.36%	49.01%	49.90%	45.40%	47.48%	46.88%
EBITDA Margin	23.16%	20.93%	18.62%	18.08%	19.16%	15.06%	-198.57%	16.99%	42.51%	10.37%	10.89%
Operating Margin	9.69%	8.36%	6.30%	5.25%	5.51%	1.04%	-197.82%	2.45%	-7.69%	-2.39%	-1.56%
EBIT Margin	10.17%	8.00%	5.41%	4.74%	4.70%	0.93%	-198.57%	3.31%	28.36%	-2.72%	-3.03%
Profit (Net Income) Margin	2.30%	0.66%	-1.52%	-0.88%	-2.29%	-5.81%	-197.30%	-4.96%	17.37%	-7.09%	-8.05%
Tax Burden Percent	72.84%	90.38%	93.06%	34.73%	84.62%	80.78%	95.74%	112.65%	82.95%	78.20%	83.74%
Interest Burden Percent	31.10%	9.07%	-30.16%	-53.65%	-57.52%	-775.41%	103.78%	-133.05%	73.84%	333.40%	317.19%
Effective Tax Rate	27.16%	9.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.05%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.70%	3.08%	1.05%	0.89%	0.93%	0.00%	0.00%	0.00%	-4.08%	-0.48%	-0.31%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.81%	-4.39%	-0.99%	-0.57%	-1.18%	0.00%	0.00%	0.00%	11.04%	-2.28%	-2.50%
Return on Net Nonoperating Assets (RNNOA)	-0.39%	-0.46%	-0.21%	-0.13%	-0.26%	0.00%	0.00%	0.00%	3.43%	-0.65%	-0.70%
Return on Equity (ROE)	2.31%	2.62%	0.84%	0.76%	0.67%	0.00%	0.00%	0.00%	-0.65%	-1.13%	-1.02%
Cash Return on Invested Capital (CROIC)	-151.58%	-150.85%	-0.29%	0.26%	-1.21%	0.00%	0.00%	0.00%	-254.44%	9.72%	9.96%
Operating Return on Assets (OROA)	3.02%	2.65%	1.07%	0.97%	0.95%	0.00%	0.00%	0.00%	7.45%	-0.65%	-0.71%
Return on Assets (ROA)	0.68%	0.22%	-0.30%	-0.18%	-0.46%	0.00%	0.00%	0.00%	4.56%	-1.68%	-1.90%
Return on Common Equity (ROCE)	2.31%	2.62%	0.84%	0.76%	0.67%	0.00%	0.00%	0.00%	-0.65%	-1.13%	-1.02%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.30%	-0.07%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	17	17	10	8.42	9.13	1.58	-320	3.79	-13	-3.76	-2.31
NOPAT Margin	7.06%	7.55%	4.41%	3.68%	3.85%	0.73%	-138.48%	1.72%	-6.38%	-1.68%	-1.09%
Net Nonoperating Expense Percent (NNEP)	8.51%	7.48%	2.04%	1.46%	2.11%	0.00%	18.98%	1.98%	-15.12%	1.80%	2.19%
Return On Investment Capital (ROIC_SIMPLE)	-	0.43%	0.25%	0.21%	-	-	-8.99%	0.11%	-0.46%	-0.13%	-0.08%
Cost of Revenue to Revenue	49.06%	49.01%	49.15%	48.92%	52.08%	51.64%	50.99%	50.10%	54.60%	52.52%	53.13%
SG&A Expenses to Revenue	20.60%	19.70%	22.52%	22.76%	21.52%	23.82%	24.98%	25.24%	29.11%	29.02%	28.55%
R&D to Revenue	2.92%	2.94%	2.51%	2.12%	2.17%	2.40%	2.21%	2.02%	2.45%	2.03%	1.80%
Operating Expenses to Revenue	41.25%	42.63%	44.55%	45.83%	42.42%	47.32%	246.83%	47.45%	53.09%	49.87%	48.44%
Earnings before Interest and Taxes (EBIT)	25	18	12	11	11	2.01	-459	7.31	59	-6.11	-6.40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	56	48	43	41	45	33	-459	38	89	23	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.21	1.60	1.17	1.18	0.91	0.00	1.15	0.82	0.59	0.62	1.16
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.60	5.51	4.05	4.01	3.08	4.04	0.00	0.00	1.41	1.48	2.81
Price to Earnings (P/E)	0.00	0.00	0.00	2,376.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.17	1.48	1.13	1.15	0.92	0.00	1.11	0.86	0.69	0.72	1.15
Enterprise Value to Revenue (EV/Rev)	5.38	6.36	4.78	4.78	3.86	0.00	0.00	0.00	2.15	2.21	3.53
Enterprise Value to EBITDA (EV/EBITDA)	35.67	39.74	24.99	23.62	20.10	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	143.78	213.09	80.79	67.08	67.63	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	168.37	244.51	110.79	91.89	86.84	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	107.77	73.80	38.45	44.64	101.12	0.00	202.59	43.00	21.87	29.41	44.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	444.31	0.00	0.00	0.00	0.00	0.00	6.54	10.12
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.28	0.28	0.28	0.28	0.00	0.33	0.33	0.37	0.38	0.38
Long-Term Debt to Equity	0.28	0.28	0.28	0.28	0.28	0.00	0.33	0.33	0.37	0.38	0.38
Financial Leverage	0.07	0.11	0.21	0.23	0.22	0.00	0.25	0.26	0.31	0.28	0.28
Leverage Ratio	1.38	1.36	1.47	1.45	1.45	0.00	1.49	1.48	1.59	1.55	1.55
Compound Leverage Factor	0.43	0.12	-0.44	-0.78	-0.83	0.00	1.54	-1.97	1.18	5.18	4.93
Debt to Total Capital	22.03%	22.09%	22.03%	22.01%	22.03%	0.00%	25.06%	25.08%	27.22%	27.37%	27.40%
Short-Term Debt to Total Capital	0.00%	0.00%	0.06%	0.00%	0.00%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	22.03%	22.09%	21.97%	22.01%	22.03%	0.00%	24.99%	25.08%	27.22%	27.37%	27.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.97%	77.91%	77.97%	77.99%	77.97%	0.00%	74.94%	74.92%	72.78%	72.63%	72.60%
Debt to EBITDA	7.14	6.12	5.13	4.72	5.01	0.00	0.00	0.00	-0.90	-1.85	-1.79
Net Debt to EBITDA	5.16	5.29	3.81	3.82	4.04	0.00	0.00	0.00	-0.74	-1.51	-1.43
Long-Term Debt to EBITDA	7.14	6.12	5.12	4.72	5.01	0.00	0.00	0.00	-0.90	-1.85	-1.79
Debt to NOPAT	33.72	37.68	22.76	18.37	21.63	0.00	0.00	0.00	-1.05	-1.81	-1.78
Net Debt to NOPAT	24.37	32.57	16.87	14.88	17.47	0.00	0.00	0.00	-0.87	-1.47	-1.42
Long-Term Debt to NOPAT	33.72	37.68	22.69	18.37	21.63	0.00	0.00	0.00	-1.05	-1.81	-1.78
Altman Z-Score	2.09	2.69	2.01	2.05	1.71	0.00	0.00	0.00	0.84	0.81	1.35
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.03	4.41	3.54	3.82	3.82	0.00	3.77	3.91	3.58	3.91	3.92
Quick Ratio	2.74	2.35	2.16	2.17	2.23	0.00	2.01	2.04	1.90	1.89	1.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,262	-3,356	-40	-30	-78	3,909	65	446	-2,789	733	747
Operating Cash Flow to CapEx	358.70%	75.22%	64.44%	-94.01%	110.49%	-52.71%	0.00%	59.68%	45.22%	166.63%	196.87%
Free Cash Flow to Firm to Interest Expense	-181.68	-181.85	-2.21	-1.64	-4.20	209.99	3.59	25.14	-169.64	49.38	53.73
Operating Cash Flow to Interest Expense	5.07	1.25	0.87	-1.65	1.44	-0.96	0.00	1.09	0.66	1.31	1.63
Operating Cash Flow Less CapEx to Interest Expense	3.65	-0.41	-0.48	-3.41	0.14	-2.79	0.00	-0.74	-0.80	0.52	0.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.33	0.20	0.20	0.20	0.00	0.00	0.00	0.26	0.24	0.24
Accounts Receivable Turnover	6.50	6.96	6.18	5.81	5.67	0.00	0.00	0.00	6.41	5.95	5.86
Inventory Turnover	3.25	2.80	3.06	2.79	2.85	0.00	0.00	0.00	2.46	2.63	2.60
Fixed Asset Turnover	5.32	4.30	4.62	4.25	3.88	0.00	0.00	0.00	2.56	2.74	2.64
Accounts Payable Turnover	7.49	10.36	4.74	6.07	5.76	0.00	0.00	0.00	6.21	6.67	6.47
Days Sales Outstanding (DSO)	56.12	52.46	59.02	62.84	64.42	0.00	0.00	0.00	56.98	61.38	62.30
Days Inventory Outstanding (DIO)	112.23	130.42	119.28	130.68	128.09	0.00	0.00	0.00	148.48	138.55	140.46
Days Payable Outstanding (DPO)	48.76	35.22	76.99	60.18	63.33	0.00	0.00	0.00	58.80	54.73	56.41
Cash Conversion Cycle (CCC)	119.59	147.67	101.31	133.34	129.19	0.00	0.00	0.00	146.66	145.20	146.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,785	3,907	3,818	3,869	3,873	0.00	3,432	3,427	2,776	2,695	2,678
Invested Capital Turnover	0.38	0.41	0.24	0.24	0.24	0.00	0.00	0.00	0.64	0.29	0.29
Increase / (Decrease) in Invested Capital	3,279	3,373	50	38	87	-3,907	-385	-442	2,776	-737	-749
Enterprise Value (EV)	4,422	5,770	4,330	4,441	3,566	0.00	3,825	2,943	1,903	1,947	3,076
Market Capitalization	3,782	5,001	3,671	3,722	2,848	3,738	3,073	2,180	1,249	1,299	2,443
Book Value per Share	$14.50	$14.49	$14.55	$14.53	$14.52	$0.00	$12.32	$12.26	$9.75	$9.68	$9.67
Tangible Book Value per Share	($2.81)	($2.27)	($2.57)	($2.45)	($2.32)	$0.00	($2.15)	($2.08)	($1.55)	($1.38)	($1.32)
Total Capital	4,020	4,024	4,037	4,034	4,033	0.00	3,562	3,551	2,911	2,897	2,896
Total Debt	885	889	889	888	888	0.00	892	891	793	793	793
Total Long-Term Debt	885	889	887	888	888	0.00	890	891	793	793	793
Net Debt	640	769	659	719	717	0.00	752	763	654	648	633
Capital Expenditures (CapEx)	25	31	24	32	24	34	0.00	32	24	12	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	195	297	220	276	264	0.00	282	283	239	282	280
Debt-free Net Working Capital (DFNWC)	440	418	450	445	435	0.00	422	411	378	428	439
Net Working Capital (NWC)	440	418	448	445	435	0.00	419	411	378	428	439
Net Nonoperating Expense (NNE)	11	16	14	10	15	14	136	15	-50	12	15
Net Nonoperating Obligations (NNO)	651	772	670	723	728	0.00	763	766	657	591	575
Total Depreciation and Amortization (D&A)	31	30	30	31	34	31	0.00	30	30	29	29
Debt-free, Cash-free Net Working Capital to Revenue	23.70%	32.80%	24.27%	29.72%	28.56%	0.00%	0.00%	0.00%	26.95%	32.06%	32.11%
Debt-free Net Working Capital to Revenue	53.55%	46.08%	49.67%	47.85%	47.06%	0.00%	0.00%	0.00%	42.60%	48.56%	50.48%
Net Working Capital to Revenue	53.55%	46.08%	49.39%	47.85%	47.06%	0.00%	0.00%	0.00%	42.60%	48.56%	50.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	$0.01	($0.02)	($0.01)	($0.02)	$0.00	($2.10)	($0.05)	$0.17	($0.07)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	188.88M	216.31M	216.41M	216.60M	216.48M	0.00	216.81M	217.03M	217.22M	217.41M	217.67M
Adjusted Diluted Earnings per Share	$0.03	$0.01	($0.02)	($0.01)	($0.02)	$0.00	($2.10)	($0.05)	$0.17	($0.07)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	188.88M	216.85M	216.41M	216.60M	216.48M	0.00	216.81M	217.03M	217.33M	217.41M	217.67M
Adjusted Basic & Diluted Earnings per Share	$0.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	216.31M	216.70M	216.52M	216.61M	216.69M	0.00	216.94M	217.04M	217.30M	217.53M	217.67M
Normalized Net Operating Profit after Tax (NOPAT)	17	17	10	8.42	9.13	1.58	2.73	3.79	-13	-3.76	-2.31
Normalized NOPAT Margin	7.06%	7.55%	4.41%	3.68%	3.85%	0.73%	1.18%	1.72%	-6.38%	-1.68%	-1.09%
Pre Tax Income Margin	3.16%	0.73%	-1.63%	-2.54%	-2.70%	-7.19%	-206.08%	-4.40%	20.94%	-9.06%	-9.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.37	0.99	0.69	0.59	0.60	0.11	-25.31	0.41	3.61	-0.41	-0.46
NOPAT to Interest Expense	0.95	0.94	0.56	0.46	0.49	0.08	-17.65	0.21	-0.81	-0.25	-0.17
EBIT Less CapEx to Interest Expense	-0.04	-0.66	-0.66	-1.16	-0.70	-1.72	0.00	-1.42	2.15	-1.20	-1.29
NOPAT Less CapEx to Interest Expense	-0.46	-0.72	-0.79	-1.30	-0.81	-1.74	0.00	-1.62	-2.27	-1.04	-1.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s MarketBeat’s quick trend analysis of NEOGEN Corp (NEOG) using the latest four years of quarterly cash flow statements, income statements, and balance sheets. The data show a fairly stable top line with steady gross margins and generally positive operating cash flow, but earnings have been volatile due to large one-time charges and restatements in a few quarters. The balance sheet remains solid with a meaningful equity base and modest leverage, while cash on hand provides a liquidity cushion for near-term needs.

Stable revenue scale with a mature top line. Operating revenue consistently sits in the low-to-mid $200 millions per quarter (examples: 2026 Q2: $224.7M; 2024 Q4: $236.8M; 2025 Q2: $231.3M; 2025 Q3: $221.0M), indicating durable demand and scale over the last four years.
Gross margins remain solid and relatively consistent. Total gross profit typically represents about 46–50% of revenue (e.g., 2026 Q2 gross profit $106.7M on $224.7M revenue ≈ 47.5%; 2024 Q4 $113.48M on $236.79M ≈ 48%).
Operating cash flow generally positive, supporting liquidity. Net cash from continuing operating activities has been positive in most quarters, including notable positives like 2025 Q2 (~$40.3M) and 2026 Q2 (~$19.4M).
Liquidity appears solid with consistent cash on hand. Cash & equivalents in early 2026 sit around $138.9M (Q1 2026) to $145.3M (Q2 2026), providing a cushion for near-term obligations and capex.
Balanced balance sheet with an adequate equity base. Recent periods show total liabilities around $1.25B and total equity around $2.1B, supporting a modestly leveraged but still solid financial position.
Short-term data noise from irregular quarterly items. 2025 Q4 shows an unusually negative operating revenue reading in the income statement, and several quarters include restatements or unusual adjustments that make quarterly comparisons less clean.
Notable one-time non-cash and impairment effects observed. 2025 Q2 includes a large impairment expense (approximately $461.39M), which weighs earnings but is a one-off non-cash charge rather than an ongoing operating cost.
Persistent accumulated deficits on retained earnings. Retained earnings are negative across multiple periods, signaling cumulative losses despite positive equity, which can affect long-term earnings growth visibility.
Earnings have been volatile with meaningful quarterly losses. Several quarters show net income loss (e.g., 2025 Q2 net income around -$456.3M; 2025 Q4 around -$612.2M; 2026 Q2 around -$15.9M), raising questions about earnings quality and the impact of non-operating charges.
Rising long-term debt and ongoing financing pressures. Long-term debt stood around $792.9M by 2026 Q2, and financing activities often show negative net cash from financing, suggesting ongoing debt repayments and equity actions rather than sustained cash inflows from financing.

05/07/26 08:41 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Neogen's Financials

When does Neogen's financial year end?

According to the most recent income statement we have on file, Neogen's fiscal year ends in May. Their fiscal year 2025 ended on May 31, 2025.

How has Neogen's net income changed over the last 10 years?

Neogen's net income appears to be on an upward trend, with a most recent value of -$1.09 billion in 2025, falling from $33.58 million in 2015. The previous period was -$9.42 million in 2024. Check out Neogen's forecast to explore projected trends and price targets.

What is Neogen's operating income?

Neogen's total operating income in 2025 was -$1.06 billion, based on the following breakdown:

Total Gross Profit: $421.38 million
Total Operating Expenses: $1.48 billion

How has Neogen's revenue changed over the last 10 years?

Over the last 10 years, Neogen's total revenue changed from $283.07 million in 2015 to $894.66 million in 2025, a change of 216.1%.

How much debt does Neogen have?

Neogen's total liabilities were at $1.37 billion at the end of 2025, a 2.3% decrease from 2024, and a 3,230.1% increase since 2015.

How much cash does Neogen have?

In the past 10 years, Neogen's cash and equivalents has ranged from $41.69 million in 2019 to $170.61 million in 2024, and is currently $129 million as of their latest financial filing in 2025.

How has Neogen's book value per share changed over the last 10 years?

Over the last 10 years, Neogen's book value per share changed from 9.48 in 2015 to 9.54 in 2025, a change of 0.7%.

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Financial statements for NASDAQ:NEOG last updated on 4/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Neogen (NEOG) Financials

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