Neogen Corp
NEOG—
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Neogen Corp AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill/intangibles of 2.5B represent 116% of equity - tangible book value is NEGATIVE (-336M), signaling impairment risk[Goodwill and Other Intangible Assets]
- Net loss of -1.04B TTM on 887M revenue (-118% net margin) driven by 1B+ EBIT loss - burning cash despite 46% gross margin[Net Income TTM]
- Interest expense of 69M TTM on 793M debt while operating income is -20M - debt service unsustainable without turnaround[Interest Expense TTM]
Watch Triggers
- Operating Income TTM: Turns positive for 2 consecutive quarters — Signals turnaround traction; currently -20M with 69M interest burden
- Goodwill: Impairment charge announced — 1.07B goodwill at risk given -1B EBIT; impairment would crush book value further
- Free Cash Flow TTM: Positive for 2+ quarters — Currently -3M; positive FCF needed to service 793M debt without dilution
Bull Case
Gross margin of 46% TTM near industry median (55%) shows core business viable - opex cuts could swing to profitability quickly
Gross Margin TTMOperating Expense TTM
EV of 2.2B at 2.4x revenue for 887M revenue business - if margins normalize to 10% operating, significant upside
Enterprise ValueP/S Ratio
Bear Case
Intangibles 116% of equity with -1B EBIT TTM suggests goodwill impairment likely - could wipe remaining equity cushion
Goodwill and Other Intangible AssetsTangible Book Value
FCF of -3M TTM with 90M capex and 69M interest - no margin for error; debt refinancing risk if losses persist
Free Cash Flow TTMTotal DebtInterest Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
30%
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Forward Thesis
Restructuring must deliver operating profitability within 12-18 months or equity value erodes further
1-3ylow
- 46% gross margin provides runway if opex rationalized
- 793M debt requires EBITDA coverage improvement
- Negative tangible equity limits financing options
Operating margin -2.3% TTM vs 46% gross marginInterest expense 69M vs operating income -20MTangible book value -336M
Valuation Context
Caveats
Public Strategies Rankings
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NEOG Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.05B | — | ||
$2.68B | — | ||
0.00 | — | ||
$870.56M | -3.9% | — | |
$-2.80 | — | ||
-4.36% | -7.1% | — | |
-69.9% | -16.4% | — | |
$6.05M | — | ||
-25.6% | -8.9% | — | |
Beta 5Y (Monthly) | unknown | — |
NEOG Dividend History
No dividends
NEOG Stock Splits
6 stock splits
06/07/211:2 split
01/02/183:4 split
10/31/130.666667:1 split
12/16/090.666667:1 split
09/05/070.666667:1 split
01/02/044:5 split
NEOG SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/09/26 | 02/28/26 | 10-Q | |
01/08/26 | 11/30/25 | 10-Q | |
10/09/25 | 08/31/25 | 10-Q | |
07/30/25 | 05/31/25 | 10-K | |
04/09/25 | 02/28/25 | 10-Q | |
01/15/25 | 11/30/24 | 10-Q | |
10/10/24 | 08/31/24 | 10-Q | |
07/30/24 | 05/31/24 | 10-K | |
04/09/24 | 02/29/24 | 10-Q | |
01/09/24 | 11/30/23 | 10-Q | |
10/10/23 | 08/31/23 | 10-Q | |
08/15/23 | 05/31/23 | 10-K | |
04/04/23 | 02/28/23 | 10-Q | |
01/09/23 | 11/30/22 | 10-Q | |
09/30/22 | 08/31/22 | 10-Q | |
07/27/22 | 05/31/22 | 10-K | |
04/01/22 | 02/28/22 | 10-Q | |
12/30/21 | 11/30/21 | 10-Q | |
09/30/21 | 08/31/21 | 10-Q | |
07/30/21 | 05/31/21 | 10-K | |
03/31/21 | 02/28/21 | 10-Q | |
12/29/20 | 11/30/20 | 10-Q | |
09/30/20 | 08/31/20 | 10-Q | |
07/30/20 | 05/31/20 | 10-K | |
04/03/20 | 02/29/20 | 10-Q | |
12/27/19 | 11/30/19 | 10-Q | |
09/26/19 | 08/31/19 | 10-Q | |
07/30/19 | 05/31/19 | 10-K | |
03/29/19 | 02/28/19 | 10-Q | |
12/28/18 | 11/30/18 | 10-Q | |
10/05/18 | 08/31/18 | 10-Q | |
07/27/18 | 05/31/18 | 10-K | |
03/29/18 | 02/28/18 | 10-Q | |
01/05/18 | 11/30/17 | 10-Q | |
09/29/17 | 08/31/17 | 10-Q | |
07/28/17 | 05/31/17 | 10-K | |
03/31/17 | 02/28/17 | 10-Q | |
12/29/16 | 11/30/16 | 10-Q | |
09/30/16 | 08/31/16 | 10-Q | |
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01/08/16 | 11/30/15 | 10-Q | |
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04/01/15 | 02/28/15 | 10-Q | |
12/30/14 | 11/30/14 | 10-Q | |
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04/04/14 | 02/28/14 | 10-Q | |
01/09/14 | 11/30/13 | 10-Q | |
09/30/13 | 08/31/13 | 10-Q | |
07/30/13 | 05/31/13 | 10-K | |
03/28/13 | 02/28/13 | 10-Q | |
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01/06/11 | 11/30/10 | 10-Q | |
10/08/10 | 08/31/10 | 10-Q | |
08/16/10 | 05/31/10 | 10-K | |
04/09/10 | 02/28/10 | 10-Q | |
01/05/10 | 11/30/09 | 10-Q | |
10/08/09 | 08/30/09 | 10-Q | |
08/14/09 | 05/30/09 | 10-K | |
04/09/09 | 02/28/09 | 10-Q | |
01/09/09 | 11/30/08 | 10-Q | |
10/10/08 | 08/30/08 | Unknown | -- |
08/14/08 | 05/30/08 | Unknown | -- |
04/08/08 | 02/29/08 | 10-Q | |
01/09/08 | 11/30/07 | 10-Q | |
10/10/07 | 08/30/07 | Unknown | -- |
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10/11/05 | 08/30/05 | Unknown | -- |
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10/12/04 | 08/30/04 | Unknown | -- |
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04/14/00 | 02/29/00 | 10-Q |