At a glance
Neogen Corporation is worth $2.65B. Revenue fell 2.7% to $870.4M in fiscal 2026, at a loss; over 5 years it has grown 13.2% a year. It pays no dividend. The stock returned +96.8% over the past year with dividends reinvested and −21.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 25.7% in the 2020 crash (S&P 500: 33.7%) and 73.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Neogen, based in Lansing, Michigan, makes tests and other products that help keep food and animals safe. Its larger unit, Food Safety, sells diagnostic test kits and culture media (the gels and broths labs use to grow and count bacteria) to food and feed producers, processors, laboratories and regulators. The kits check for bacteria such as Salmonella and Listeria, mycotoxins (toxins made by molds) in grain, and allergens such as peanut, milk and gluten. Products include Petrifilm plates, which came from 3M's Food Safety Division in 2022.
Animal Safety sells veterinary needles and instruments, animal medicines and vaccines, rodent and insect control products, and drug-detection tests. Most of these are sold through veterinarians, retailers, livestock producers and distributors. Neogen sold its cleaners and disinfectants business in July 2025. In March 2026 it agreed to sell its genomics (animal DNA testing) business to Zoetis for $160 million. In July 2026, regulators in Australia and New Zealand moved that deal into a second phase of review.
Most of Neogen's test kits are single-use, so customers reorder them. In the fiscal year ended May 31, 2026, revenue was $870.4 million. Food Safety brought in 73.7% and Animal Safety 26.3%. Products made up 88.3% of sales and services 11.7%. Sales were split almost evenly between the US (48.8%) and other countries (51.2%).
Price history
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NEOG +96.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $768.2M | 88.3% |
| Service | $102.2M | 11.7% |
By business segment
| Food Safety | $641.1M | 73.7% |
| Animal Safety | $229.3M | 26.3% |
By geography
| Non Us | $445.3M | 51.2% |
| US | $425.1M | 48.8% |
Latest results
- In Q1 FY2027 (ended Aug 31, 2026), revenue was $222.8M, up 6.5% from a year earlier, and net income was $-11.9M (-132.8%).
- For fiscal 2026, revenue was $870.4M (-2.7% year over year; +13.2% a year from FY2021 to FY2026) with a -0.9% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +13.2% good |
|---|---|
| Operating margin | -2.5% weak |
| Free cash flow margin | 3.7% watch |
| Return on equity (FY2026) | -0.4% weak |
| Return on assets (FY2026) | -0.2% weak |
| Net cash (cash minus debt) | $-1.38B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $468.5M | $60.9M | $54.4M |
| FY2022 | $527.2M | $48.3M | $43.6M |
| FY2023 | $822.4M | $-22.9M | $-24.7M |
| FY2024 | $924.2M | $-9.4M | $-76.1M |
| FY2025 | $894.7M | $-1.09B | $-46.4M |
| FY2026 | $870.4M | $-7.9M | $31.9M |
Valuation snapshot
| Market value | $2.65B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Neogen’s market value went from $3.77B at the end of 2016 to $2.65B on Oct 28, 2026, down 30%; since the end of 2025 it is up 74%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.65B | +74.0% |
| 2025 | $1.52B | -42.3% |
| 2024 | $2.63B | -39.5% |
| 2023 | $4.35B | +32.3% |
| 2022 | $3.29B | -66.4% |
| 2021 | $9.79B | +15.9% |
| 2020 | $8.44B | +22.7% |
| 2019 | $6.88B | +15.9% |
| 2018 | $5.94B | +25.6% |
| 2017 | $4.73B | +25.4% |
| 2016 | $3.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NEOG price data to Oct 28, 2026 | +73.4% | +96.8% | -7.5% | -21.8% | -4.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +73.4% |
| 2025 | -42.4% |
| 2024 | -39.6% |
| 2023 | +32.0% |
| 2022 | -66.5% |
| 2021 | +14.5% |
| 2020 | +21.5% |
| 2019 | +14.5% |
| 2018 | -7.8% |
| 2017 | +24.6% |
| 2016 | +16.8% |
| 2015 | +14.0% |
| 2014 | +8.5% |
| 2013 | +51.3% |
| 2012 | +47.9% |
| 2011 | -25.3% |
| 2010 | +73.8% |
| 2009 | +41.8% |
| 2008 | -5.9% |
| 2007 | +79.4% |
| 2006 | +5.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 26.9% over that stretch · deepest drop along the way 41.7%, back to its old high 5.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 18.5% over that stretch · deepest drop along the way 25.7%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 72.5% over that stretch · deepest drop along the way 73.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 2 open-market purchases ($10K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 9, 2026 | Mikheal Nassif CEO, Director | buy | $6K |
| Aug 4, 2026 | Mikheal Nassif CEO, Director | buy | $4K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.3% | Mar 31, 2025 |
| Neuberger Berman Group LLC | 7.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.93% | Mar 31, 2026 |
| Vanguard Capital Management | 5.13% | Mar 31, 2026 |
| BAILLIE GIFFORD & CO | 4.5% | Dec 31, 2024 |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 4.3% | Jun 30, 2025 |
| Select Equity Group, L.P. | 4.3% | Dec 31, 2024 |
| Norges Bank | 4.2% | Jun 30, 2025 |
| ING GROEP NV | 3.99% | Nov 28, 2025 |
| Gates Capital Management, L.P. | 3.9% | Dec 31, 2025 |
| Clarkston Capital Partners, LLC | 1.01% | Mar 31, 2026 |
ETFs with the most weight in NEOG
| MOO VanEck Agribusiness ETF | 0.36% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.31% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.3% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.26% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.24% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.18% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.17% |
| VTWV Vanguard Russell 2000 Value ETF | 0.17% |
What could go wrong
- Finishing the Petrifilm move from 3M. Neogen is moving Petrifilm production from 3M to its own operations and expects to mostly finish in fiscal 2027. It expects duplicate costs until then. Delays or quality slips could hurt sales and profits.
- Genomics sale could be delayed or fail. Neogen agreed to sell its Genomics business to Zoetis for $160 million. Australian and New Zealand regulators moved their reviews to a second phase in July 2026, so the deal could slip or fail.
- A heavy debt load. Neogen had about $1.55 billion of debt and $172 million of cash as of August 31, 2026. Breaking a covenant, a condition set by lenders, could hurt its finances and operations.
- Ongoing losses and possible write-downs. Neogen lost money in each fiscal year from 2023 through 2026. If its outlook weakens, it may have to write down (reduce the recorded value of) goodwill and intangible assets from past deals.
- Leadership changes at the top. Neogen has had significant management changes, with executive or board changes disclosed in October 2025, March 2026 and August 2026. If new leaders fail to settle in, its strategy could suffer.
- Tariffs and international exposure. About 51% of fiscal 2026 revenue came from outside the US. Tariffs and other trade measures could raise Neogen's costs or squeeze its profits and cash flow.
Recent events
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
Neogen pays no dividend. Its 10-K filed July 30, 2026 says it has no plans to start one in the near term. It also spent nothing on buybacks from fiscal 2022 through fiscal 2026, and its share count rose about 1.3% between November 2021 and August 2026. Free cash flow (the cash left after running the business and investing in equipment) was $31.9 million in fiscal 2026, after three straight negative years. Any return comes from the share price alone, so an investor who needs cash would have to sell shares.
The price has swung hard in downturns. In the 2008 financial crisis it fell about 42% but regained its peak by September 2009. In the 2020 COVID crash it dropped about 26% and recovered in about two months. In the 2022 bear market it fell about 74%, and as of October 28, 2026 it had not recovered. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Neogen pay a dividend?
No. Neogen pays no dividend, and its 10-K filed July 30, 2026 says it has no plans to start paying one in the near term. It also made no share buybacks from fiscal 2022 through fiscal 2026. Shareholders have relied entirely on the share price for returns, so the stock may not suit investors who need regular income from their holdings.
How does Neogen make money?
Neogen mainly sells single-use test kits and lab supplies that food and feed companies use to check for bacteria, allergens and natural toxins. Because the kits get used up, customers reorder them. In the fiscal year ended May 31, 2026, the Food Safety segment produced 73.7% of $870.4 million in revenue. Animal Safety, which sells veterinary instruments, animal medicines and vaccines, and rodent and insect control products, made up the other 26.3%.
Is Neogen profitable?
No. Neogen posted a net loss in every fiscal year from 2023 through 2026, including a $1.09 billion loss in fiscal 2025. For the year ended May 31, 2026, it lost $7.9 million on $870.4 million of revenue, which fell 2.7%. Free cash flow, the cash left after running the business and investing in equipment, turned positive at $31.9 million. In the quarter ended August 31, 2026, revenue rose 6.5% to $222.8 million, but the net loss was $11.9 million.
What was Neogen's deal with 3M?
Neogen merged with 3M's Food Safety Division on September 1, 2022, through a Reverse Morris Trust. In that structure, a company spins off a unit that then merges with another company, usually without a large tax bill. The deal brought products such as Petrifilm plates. Revenue rose from $527 million in fiscal 2022 to $822 million in fiscal 2023, the first year that included the 3M business. As of its July 2026 10-K, Neogen expected to mostly finish moving Petrifilm manufacturing from 3M in fiscal 2027.
Is Neogen stock volatile?
Yes, very. In the year to October 28, 2026, the stock's volatility (a measure of how widely its price swings) was about 55%. Its beta was 1.49, meaning it tended to move about one and a half times as much as the overall market. It gained about 97% over that year but was down about 71% over five years. Its worst peak-to-trough drop in about 21 years of price history was about 91%.