Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

2.4

Distress distance

Clean

Earnings quality

Forensic signals

-345.5

P / E (ttm)

-0.4%

ROE

$2.5B

Market cap

0.00%

Dividend yield

-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 (red flags, auditor quality, say on pay, board independence). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.4, placing it in the Grey zone. 4 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 and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

+4.8%/yr

FY2023–FY2026

Share-count dilution. Diluted share count changed +15% over the last 3 years to FY2026 (+4.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~13%.

1.5% of rev

FY2026

Stock-based comp load. Stock-based compensation ran 1.5% of revenue and 42% of free cash flow in FY2026 — about $0.06 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 5.0% a year and is falling.

$1.1B

FY2025–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 (3yr)+1.9%

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?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.