Neogen Corporation
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Range $13 – $13
Price Chart
About the company
Neogen Corporation, including its affiliated companies, is a global leader in creating, manufacturing, and distributing a wide range of products crucial for maintaining food quality and animal health. The enterprise is structured into two primary divisions: Food Safety and Animal Safety. The Food Safety segment delivers advanced diagnostic test kits and associated solutions to identify detrimental or unintended contaminants in food and animal feed.
- CEO
- Mikhael Nassif
- IPO
- 1989
- Employees
- 2,636
- HQ
- Lansing, MI, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.58B
- P/E
- -356.33
- Fwd P/E
- 38.16
- PEG
- -1.85
- P/S
- 2.96
- P/B
- 1.23
- EV/EBITDA
- 18.53
- Div Yield
- 0.00%
- Gross Margin
- 46.93%
- Op Margin
- -2.49%
- Net Margin
- -0.91%
- ROE
- -0.37%
- ROIC
- -0.60%
Latest fiscal year · YoY change
- Revenue
- $870.40M-2.7%
- Gross Profit
- $408.50M-3.1%
- Op Income
- $-21,600,000
- Net Income
- $-7,900,000+99.3%
- EPS
- $-0.04+99.2%
- OCF Growth
- +42.8%
- FCF Growth
- +168.8%
- 52W High
- $12.85
- 52W Low
- $4.90
- 50D MA
- $10.11
- 200D MA
- $9.04
- Beta
- 1.77
- RSI (14)
- 61
- Avg Volume
- 2.26M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Neogen closed fiscal 2026 with improving core growth, better margins and cash flow, and a more aggressive fiscal 2027 investment plan centered on commercialization, R&D and operational fixes.· July 30, 2026
- Fourth-quarter revenue was $225.3 million, with 4.3% core growth; Food Safety core growth reached 5.8%, its best level since 2023, and Animal Safety returned to 0.5% core growth.
- Adjusted EBITDA in Q4 was $45.4 million, a 20.2% margin and 12% growth year over year; adjusted gross margin was 49.7%, up 330 basis points year over year.
- Management is guiding fiscal 2027 revenue to $880 million-$885 million and adjusted EBITDA to $180 million-$182 million, with Q1 revenue of $207 million-$209 million and adjusted EBITDA of about $37 million.
- The company plans to raise R&D spending by about 50% in fiscal 2027, while also investing in e-commerce, strategic accounts, analytics and enterprise systems.
- Petrifilm transfer milestones remain on track, including first SKU validation expected in August and a multi-quarter manufacturing transition starting in November 2026.
Neogen reported fourth-quarter revenue of $225.3 million, up 4.3% on a core basis. Food Safety revenue was $166.8 million, up 5.8% core, while Animal Safety grew 0.5% core year over year and 7% sequentially. Gross margin was 47.8%, adjusted gross margin was 49.7%, up 330 basis points year over year, adjusted EBITDA was $45.4 million at a 20.2% margin, and adjusted EPS was $0.09. Cash flow from operations was over $30 million and free cash flow was over $26 million; cash at quarter-end was $185.5 million and gross debt was approximately $794 million. For fiscal 2027, management guided to revenue of $880 million-$885 million and adjusted EBITDA of $180 million-$182 million, including approximately $92 million of revenue and $13 million of adjusted EBITDA from genomics; the guide implies about 3% core growth, roughly 20.5% adjusted EBITDA margin at the midpoint, and a negative 1% FX impact. Q1 fiscal 2027 guidance is revenue of $207 million-$209 million and adjusted EBITDA of about $37 million.
Mike Nassif framed the quarter as evidence that the business is turning the corner after fiscal 2025 weakness, emphasizing improving core growth across both segments and restored product availability. He said Neogen is shifting from a defensive posture to offense, with three priorities: commercial prowess, high-impact innovation and operational efficiency. His tone was confident but measured, stressing that fiscal 2027 is about investing for a stronger long-term growth profile while remaining disciplined on costs and execution.
Bryan Riggsbee highlighted that Q4 adjusted gross margin improved to 49.7% and adjusted EBITDA reached $45.4 million, despite higher freight and material costs and $3 million of higher adjusted operating expenses year over year. He said operating cash flow was over $30 million and free cash flow over $26 million, aided by working capital and timing of interest payments. On the balance sheet, he cited approximately $794 million of gross debt, $185.5 million of cash, and a $20 million term-loan paydown in late June, and said the company expects to end calendar 2026 below 3x net leverage and fiscal 2027 near its 2.5x target after genomics proceeds. He also noted fiscal 2027 transformation investments of $25 million, versus about $22 million in fiscal 2026, and said these are excluded from adjusted financials.
Analysts pressed management on why fiscal 2027 EBITDA expansion looks modest despite stronger Food Safety growth and whether the guidance was conservative. Riggsbee said the year-over-year EBITDA profile is only slightly up because of planned investments, and Nassif added that the company is focused on rebuilding investor credibility and that the guide sits above Street consensus. Questions also focused on whether the commercial reorganization and e-commerce push are catch-up moves or competitive advantages; management said the actions are mainly about reallocating resources to the highest-return opportunities, while also admitting there is some catch-up in capability. On Petrifilm and R&D, management said the first SKU validation is expected in August, the manufacturing transition begins in November 2026, and R&D spending is being increased because innovation lead times are long and the company needs to start now for future launches.
The call showed accelerating core growth in both Food Safety and Animal Safety, with Food Safety at a multi-year high and supply issues easing. Management sounded increasingly confident that commercial changes, R&D investment and Petrifilm-related innovation could support stronger growth later in the transformation.
Near-term EBITDA expansion is limited by deliberate spending on R&D, commercialization and enterprise systems, and Q1 guidance was below some expectations. Management also flagged ongoing macro pressure from inflation, freight and materials, and said the full financial benefit from Petrifilm and other investments will likely not show up until later fiscal years.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.3%
- Shares Outstanding
- 218.06M
- Float Shares
- 216.50M
of shares held by institutions
314 13F filers
Buy/sell ratio 5.50. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for NEOG, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 33.43M | ▲ 810.01K |
| Vanguard Group Inc | 23.80M | ▼ 161.32K |
| Neuberger Berman Group LLC | 16.57M | ▲ 8.82M |
| Dimensional Fund Advisors LP | 9.83M | ▲ 696.15K |
| Vanguard Capital Management LLC | 9.66M | ▲ 90.20K |
| Sg Americas Securities, LLC | 9.35M | ▲ 3.09M |
| T. Rowe Price Investment Management, Inc. | 9.33M | ▼ 829.45K |
| Ing Groep Nv | 9.10M | ▲ 198.00K |
| State Street Corp | 8.95M | ▲ 356.03K |
| Gates Capital Management, Inc. | 8.74M | ▲ 2.48M |
| Cibc World Markets Corp | 6.86M | ▲ 6.86M |
| Hudson Bay Capital Management LP | 6.50M | ▼ 180 |
Held by 269 ETFs
Biggest fund positions in NEOG by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 19, 26 | Moylan John Patrick | other | 2,365 |
| Aug 19, 26 | Nassif Mikheal | other | 20,397 |
| Aug 14, 26 | Moylan John Patrick | other | 8,584 |
| Aug 14, 26 | Moylan John Patrick | other | 18,693 |
| Aug 14, 26 | Ranalli Tamara A. | other | 130,851 |
| Aug 14, 26 | Ranalli Tamara A. | other | 25,751 |
| Aug 14, 26 | Stacey Jennifer Evans | other | 196,276 |
| Aug 14, 26 | Stacey Jennifer Evans | other | 38,627 |
| Aug 14, 26 | Riggsbee Richard Bryan | other | 261,702 |
| Aug 14, 26 | Riggsbee Richard Bryan | other | 51,502 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NEOG coverage
Recent articles, reports, and earnings notes.
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