At a glance
NeoGenomics Inc is worth $2.33B. Revenue grew 10.1% to $727.3M in fiscal 2025, at a loss; over 5 years it has grown 10.4% a year. It pays no dividend. The stock returned +81.4% over the past year with dividends reinvested and −17.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.5% in the 2020 crash (S&P 500: 33.7%) and 80.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
NeoGenomics runs a network of cancer-testing laboratories. Doctors and hospitals send it blood, bone marrow and tissue samples. Its lab staff, pathologists and molecular experts then work out what kind of cancer is present and which treatments may fit. As of December 31, 2025, it had accredited labs in Florida, California, North Carolina, New Jersey and Texas, plus a full-service lab in Cambridge, United Kingdom.
Its tests range from looking at chromosomes and cells under a microscope to next-generation sequencing (NGS), which reads many genes at once from a small sample. It also offers molecular residual disease (MRD) tests, which look for tiny traces of cancer left after treatment. These include its RaDaR blood test for solid tumors. Pathology practices and hospital labs can buy only the technical lab work and interpret the results themselves, so NeoGenomics presents itself as a partner rather than a rival. Drug companies pay it for testing in their clinical trials and for licensed, anonymized patient data.
NeoGenomics reports a single business segment. For the year ended December 31, 2025, revenue was $727 million, up 10.1%, but the company still posted a net loss of $108 million. By who pays the bill, 71.3% of revenue was billed directly to clients, 16.2% came from commercial insurers and 12.5% from Medicare and other government programs.
Price history
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NEO +81.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Client direct billing | $518.8M | 71.3% |
| Commercial insurance | $117.5M | 16.2% |
| Medicare and other government | $90.9M | 12.5% |
| Self-pay | $114K | 0% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $209.3M, up 11.4% from a year earlier, and net income was $-7.5M.
- For fiscal 2025, revenue was $727.3M (+10.1% year over year; +10.4% a year from FY2020 to FY2025) with a -14.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.4% good |
|---|---|
| Operating margin | -15.9% weak |
| Free cash flow margin | -3% weak |
| Return on equity (FY2025) | -12.9% weak |
| Return on assets (FY2025) | -7.9% weak |
| Net cash (cash minus debt) | $-235.4M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $444.4M | $4.2M | $-27.6M |
| FY2021 | $484.3M | $-8.3M | $-90.9M |
| FY2022 | $509.7M | $-144.3M | $-96.9M |
| FY2023 | $591.6M | $-88.0M | $-30.7M |
| FY2024 | $660.6M | $-78.7M | $-34.0M |
| FY2025 | $727.3M | $-108.0M | $-21.8M |
Valuation snapshot
| Market value | $2.33B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
NeoGenomics’s market value went from $672.9M at the end of 2016 to $2.33B on Oct 28, 2026, about 3.5 times as much; since the end of 2025 it is up 53%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.33B | +53.0% |
| 2025 | $1.52B | -28.1% |
| 2024 | $2.12B | +2.6% |
| 2023 | $2.06B | +76.7% |
| 2022 | $1.17B | -72.2% |
| 2021 | $4.20B | -29.7% |
| 2020 | $5.98B | +95.7% |
| 2019 | $3.05B | +160.4% |
| 2018 | $1.17B | +64.6% |
| 2017 | $712.4M | +5.9% |
| 2016 | $672.9M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NEO price data to Oct 28, 2026 | +53.0% | +81.4% | +9.7% | -17.1% | +8.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +53.0% |
| 2025 | -28.6% |
| 2024 | +1.9% |
| 2023 | +75.1% |
| 2022 | -72.9% |
| 2021 | -36.6% |
| 2020 | +85.4% |
| 2019 | +132.0% |
| 2018 | +42.3% |
| 2017 | +3.4% |
| 2016 | +8.9% |
| 2015 | +88.7% |
| 2014 | +15.2% |
| 2013 | +46.0% |
| 2012 | +77.1% |
| 2011 | +7.7% |
| 2010 | -13.3% |
| 2009 | +145.9% |
| 2008 | -43.5% |
| 2007 | -28.0% |
| 2006 | +689.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 40.7% over that stretch · deepest drop along the way 62.7%, back to its old high 6.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.8% over that stretch · deepest drop along the way 40.5%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 78.6% over that stretch · deepest drop along the way 80%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($440K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Greg D Aunan Chief Accounting Officer | sell | $321K |
| Jun 9, 2026 | Lynn A. Tetrault Director | sell (plan) | $60K |
| Jun 15, 2026 | Lynn A. Tetrault Director | sell (plan) | $59K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.6% | Jun 30, 2026 |
| First Light Asset Management, LLC | 8.37% | Jun 30, 2026 |
| First Trust Portfolios L.P. | 7.77% | Jun 30, 2026 |
| Greenhouse Funds LLLP | 7.1% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.91% | Mar 31, 2026 |
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
| JANUS HENDERSON GROUP PLC | 4.8% | Dec 31, 2024 |
| Integrated Core Strategies (US) LLC | 2.8% | Jun 30, 2025 |
| T. Rowe Price Investment Management, Inc. | 2.6% | Mar 31, 2025 |
| Millennium Management LLC | 1.7% | Mar 31, 2026 |
ETFs with the most weight in NEO
| XHS SPDR S&P Health Care Services ETF | 1.5% |
| WDNA WisdomTree BioRevolution Fund | 0.95% |
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 0.48% |
| SOVF Sovereign's Capital Flourish Fund | 0.33% |
| ISMD Inspire Small/Mid Cap ETF | 0.21% |
| OASC OneAscent Small Cap Core ETF | 0.2% |
| IHF iShares U.S. Healthcare Providers ETF | 0.17% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.12% |
What could go wrong
- Debt and convertible notes. Debt was $375 million against $139 million of cash and investments as of September 30, 2026. It includes convertible notes, bonds that can become shares. Repaying them takes cash, and conversion could shrink owners' stakes.
- Losses could last longer than expected. NeoGenomics lost $108 million in 2025, and free cash flow (cash left after investment spending) was negative every year from 2020 to 2025. The company warns that costs may run higher than planned, prolonging losses.
- Insurers and Medicare may pay less. Revenue depends on payments from clients, commercial insurers and government programs. Payers trying to control costs can cut prices, deny coverage or limit testing, and healthcare reform could change what its tests earn.
- Stricter FDA rules for lab tests. Lab-developed tests are designed and run within one lab. If the FDA began regulating them as medical devices, NeoGenomics could need extra clinical trials and approvals for its tests, adding cost and delay.
- Fast-moving science and price competition. Cancer-testing science moves fast, and rivals also compete on price. If NeoGenomics cannot develop or license newer tests in time, its competitive position, revenue and profits could suffer.
- Switching to a new lab system. NeoGenomics is implementing a Laboratory Information Management System (LIMS), the software that tracks samples and results. Problems with the rollout could disrupt operations and hurt financial results.
Recent events
- Quarterly results released
- Quarterly results released; Executive or board change; Bylaws or fiscal year changed
- Executive or board change
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
For income and retirement investors
NeoGenomics pays no dividend and made no share buybacks from 2021 through 2025. Free cash flow, the cash left after running and investing in the business, was negative every year from 2020 to 2025, leaving nothing to return. The share count rose 5.1% between November 2021 and October 2026, so each share represents a slightly smaller slice of the company. An income investor would receive no cash payouts and would have to sell shares to raise cash.
Downturns have hit the stock hard. It fell about 63% from its October 2007 peak to its December 2008 low, then regained that level by July 2009. In the 2020 COVID crash it dropped about 41% and recovered by July 2020. The 2022 bear market hit harder: the shares fell 80% between January and June 2022 and had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does NeoGenomics make money?
NeoGenomics makes money by running cancer tests and interpreting the results. Pathology practices, hospital labs, oncology practices, academic centers and drug companies send it patient samples for tests that range from chromosome analysis to next-generation sequencing. It also earns fees from drug companies for clinical-trial testing and data licensing. For the year ended December 31, 2025, 71.3% of its $727 million in revenue was billed directly to clients, 16.2% to commercial insurers and 12.5% to Medicare and other government programs.
Is NeoGenomics profitable?
No. NeoGenomics posted a net loss of $108 million for the year ended December 31, 2025, on revenue of $727 million. Its operating margin was -15.9%, meaning it lost about 16 cents on operations for every dollar of sales. It had a net loss every year from 2021 through 2025, and free cash flow was negative each year from 2020 to 2025. In the quarter ended September 30, 2026, revenue rose 11.4% from a year earlier to $209 million, and the net loss was $7.5 million.
Does NeoGenomics pay a dividend?
No. NeoGenomics does not pay a dividend, and its dividend yield was 0% as of October 28, 2026. It also made no share buybacks from 2021 through 2025. The company posted net losses in each of those years and had negative free cash flow, so it had no surplus cash to hand back. Income-focused investors would receive no regular payouts from this stock. Any return would come only from changes in the share price.
How much debt does NeoGenomics have?
As of September 30, 2026, NeoGenomics had $375 million of total debt and $139 million in cash and investments, leaving net debt of about $235 million. Its annual report, filed February 17, 2026, describes convertible notes, which are bonds that can be exchanged for shares. It warns that repaying them takes significant cash and that conversion could shrink existing shareholders' stakes. A June 22, 2026, filing also reported a new debt obligation. For scale, the company's stock market value was about $2.3 billion as of October 28, 2026.
How has NeoGenomics stock performed?
Strongly over the past year, poorly over five years. As of October 28, 2026, the shares were up 81.4% over one year and 53% year to date, but down 61% over five years, or about 17.1% a year. Over ten years they gained 125% in total, or 8.5% a year. The stock lost 72.9% in 2022 and 28.6% in 2025. Its deepest peak-to-trough fall in about 21 years of price history was 91.9%.