Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Neogen Corp (NEOG)
A forensic read on Neogen Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.1
Distress distance
Clean
Earnings quality
2
Forensic signals
-0.4%
ROE
-2.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Neogen Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.1, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0.6%
FY2026
Return on invested capital.Return on invested capital is -0.6% in the latest fiscal year, against 1.1% in FY2024, having run between -22.7% and 1.1% across FY2024–FY2026 with no direction held. After-tax operating profit was $46M in FY2024 and ($17M) in FY2026, with operating income at 6.3% of revenue in FY2024, -118.6% in FY2025 and -2.5% in FY2026. The capital base behind it came down -27% across FY2024–FY2026, from $4.2B to $3.1B, so this return is struck on a smaller base than it started on. FY2024's operating profit carried a $4M restructuring charge and a $600,000 asset write-down that took about 0.1 points off that year's return, and FY2026's carried a $7M restructuring charge that took about 0.2 points off the latest; so, net of each other, the two charges take about 0.1 points off the -1.7-point change across FY2024–FY2026. FY2025's operating profit carried a $1.1B asset write-down, a $1.1B goodwill write-off and a $11M restructuring charge that alone took about 45.8 points off that year's return; FY2025 sits between the two ends of FY2024–FY2026, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
$1.1B
FY2025
Goodwill impairments.Took $1.1B of goodwill writedowns across 1 year (FY2025 ($1.1B)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$870.4M
Revenue Growth YoY-2.7%
Revenue CAGR (2yr)-3.0%
Net Margin-0.9%
Free Cash Flow$31.9M
Return on Equity-0.4%
Debt / Equity0.38x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Neogen Corp's actual 10-K/10-Q/8-K filings?