Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
B · Sound & dependable
Forensic grade
Distress
Financial health
-0.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-29.0%
ROE
$2.1B
Market cap
NEOGEN CORP earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is -0.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-27%Return on invested capital.Return on invested capital is -27% and slipping from 5% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+33.6%/yrShare-count dilution.Diluted share count changed +101% over the last 3 years to FY2025 (+33.6%/yr). The count is GROWING — existing holders are being diluted. That's ~33.6% 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 FY2022 has been diluted ~101%.
$1.1BGoodwill impairments.Took $1.1B of goodwill writedowns across 1 year(s) (FY2025 ($1.1B)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-122.1%
Debt / Equity0.43x
Free Cash Flow$-46.4M
Latest Revenue$894.7M
Return on Equity-52.7%
Revenue Growth YoY-3.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on NEOGEN CORP:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NEOG's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown