Value Investor
Start free

Neogen

NEOG on Nasdaq. Neogen sells food and animal safety tests and products to food producers and veterinarians. Market value $2.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to May 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to May 2026
1.2%low

For every $100 of what the whole company costs, it produced $1.22 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to May 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to May 2026
0.1%five-year median

Each dollar kept in the business earns 0 cents a year. Above 10 is good.

Quality score: 54 of 100. Price score: 6 of 100. Our list needs 70 on quality and 60 on price.

$11.96 a share, 123% above its 1-year low

Over the past year the price has ranged from $5.37 to $14.26.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
-0.0
-0.1
-0.0
0.0
20222023202420252026
Revenue
$527m$822m$924m$895m$870m
Operating margin
11.1%4.6%6.3%-118.6%-2.5%
Debt to equity
n/a0.280.280.430.38
Shares outstanding
0.22bn0.22bn0.22bn0.22bn0.22bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.38× equity
  • Revenue growth, five yearsStrong, 13.2% a year
  • Buying back its own sharesRoughly flat

The quarter to May 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $225 million last quarter, about the same as a year ago.
  • A loss of $11 million, compared with a loss of $612 million a year ago.
  • It loses 2 cents on each $1 of sales, compared with 119 cents a year earlier.
  • Spare cash over the past 12 months: $32 million. A year earlier it spent $46 million more than it brought in.
  • Debt is $608 million more than cash, down from $768 million a year ago.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
August 2024$217m
November 2024$231m
February 2025$221m
May 2025$226m
August 2025$209m
November 2025$225m
February 2026$211m
May 2026$225m
Profit by quarter
Profit by quarter
Quarter toAmount
August 2024-$13m
November 2024-$456m
February 2025-$11m
May 2025-$612m
August 2025$36m
November 2025-$16m
February 2026-$17m
May 2026-$11m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
30 July 2026
Next quarterly (estimated, 10-Q)
9 July 2026

Who owns it

5 long-term investors we follow own it, up from 4 last quarter. 316 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $7,492 of shares on the open market.

  • Nassif Mikheal
    CEO, Director
    Bought
    Date
    4 August 2026
    Shares
    370
    Price
    $11.81
    Value
    $4,370
  • Nassif Mikheal
    CEO, Director
    Bought
    Date
    17 February 2026
    Shares
    23
    Price
    $10.94
    Value
    $252
  • Nassif Mikheal
    CEO, Director
    Bought
    Date
    2 February 2026
    Shares
    24
    Price
    $10.00
    Value
    $240
  • Nassif Mikheal
    CEO, Director
    Bought
    Date
    26 January 2026
    Shares
    25
    Price
    $9.86
    Value
    $247
  • Nassif Mikheal
    CEO, Director
    Bought
    Date
    16 January 2026
    Shares
    137
    Price
    $9.33
    Value
    $1,278
  • Nassif Mikheal
    CEO, Director
    Bought
    Date
    3 November 2025
    Shares
    177
    Price
    $6.25
    Value
    $1,106

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Jul 2026, plus 1 later 8-K.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.