NEOGEN CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NEOGEN CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	362	398	414	418	468	527	822	924	895	870
Cost of revenue	190	212	222	222	253	284	416	460	473	462
Gross profit	169	186	192	196	215	243	406	464	421	409
Research and development	10.4	10.9	12.8	14.8	16.2	17	26	22.5	21.1	18.4
Selling and marketing	59.4	66.9	70.2	69.7	73.4	84.6	141	183	184	167
General and administrative	34.2	38.3	40.8	44.3	51.2	82.7	201	200	218	245
Operating expenses	104	116	124	129	141	184	368	405	1,482	430
Operating income	64.9	70.2	68.1	67.5	74.2	58.6	37.5	58.6	-1,061	-21.6
Interest expense							27.3	42.2	38.1	24.1
Interest income	0.84						3.17	6.36	3.11
Other non-operating income	1.73	3.27	4.87	4.78	1.1	1.59	-59.6	-72.9	-72.1	12.6
Pre-tax income	66.7	73.5	73	72.3	75.3	60.2	-22	-14.3	-1,133	-9
Income tax	22.7	10.3	12.8	12.8	14.4	11.9	0.83	-4.9	-41.1	-1.1
Net income to minority interests	0.18	0.07	0
Net income	43.8	63.1	60.2	59.5	60.9	48.3	-22.9	-9.4	-1,092	-7.9
EBITDA	79.6	87.3	85.7	85.9	95.2	82.3	126	175	-942	94.7
EPS, basic	0.43	0.61	0.58	0.57	0.57	0.45	-0.12	-0.04	-5.03	-0.04
EPS, diluted	0.43	0.60	0.57	0.56	0.57	0.45	-0.12	-0.04	-5.03	-0.04
Shares, basic (weighted)	102	104	104	105	106	108	189	217	217	218
Shares, diluted (weighted)	103	105	105	106	107	108	189	217	217	218

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	77.6	83.1	41.7	66.3	75.6	44.5	163	171	129	186
Short-term investments	66.1	128	226	277	305	337	82.3	0.33	0
Receivables	68.6	79.1	82.6	84.7	91.8	99.7	153	173	153	147
Inventory	73.1	76	86	95.1	101	122	134	189	191	144
Other current assets	7.61	9.89	13.4	14	17.8	23.8	53.3	56	53.3	60
Total current assets	293	376	450	537	591	627	586	589	577	605
Property, plant and equipment	61.7	73.1	74.8	78.7	100	111	199	277	339	330
Lease right-of-use assets				1.95	2.48	3.18	11.9	14.8	17.2	16.6
Goodwill	105	99.6	104	110	131	143	2,137	2,136	1,065	1,047
Intangible assets	54.6	54.7	52.1	51.4	76.8	92.1	1,605	1,512	1,411	1,318
Other non-current assets	174	169	171	2.23	2.02	2.16	15.2	20.4	35.2	29.8
Total assets	528	618	696	797	920	993	4,554	4,549	3,444	3,346
Accounts payable	16.2	20.8	19.1	25.7	23.9	34.6	76.7	83.1	79.6	79.1
Accrued liabilities	5	6.07	7.09	7.74	11.3	11.1	25.2	19.9	14.1	26.8
Deferred revenue					3.4	5.46	4.62	4.63	5.6	3.6
Short-term debt							900	2.45	19.3	0
Total current liabilities	36	38.7	38.3	48.5	53.6	77.8	145	154	174	158
Long-term debt						0	885	888	875	794
Lease liabilities				0.91	1.21	1.79	8.81	10.3	12.9	13.6
Other non-current liabilities	3.6	5.04	3.97	5.39	4.3	10.7	35.9	35.3	42.9	43.6
Total liabilities	56.7	57.8	57.8	72	79.8	106	1,420	1,405	1,373	1,253
Total debt						0	885	891	894	794
Paid-in capital	175	203	222	249	295	310	2,568	2,584	2,602	2,616
Retained earnings	296	359	419	479	540	588	565	556	-536	-544
Other comprehensive income	-7.2	-9.75	-11.6	-19.7	-11.4	-27.8	-33.3	-30	-28.9	-13.6
Shareholders' equity	472	560	638	725	840	887	3,134	3,144	2,071	2,093
Minority interests	0.14
Total equity	472	560	638	725	840	887	3,134	3,144	2,071	2,093
Total liabilities and equity	528	618	696	797	920	993	4,554	4,549	3,444	3,346
Shares outstanding	103	104	52.2	106	107	108	216	217	217	218

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	44	63.2	60.2	59.5	60.9	48.3	-22.9	-9.4	-1,092	-7.9
Depreciation and amortization	14.7	17.1	17.6	18.4	21	23.7	88.4	117	120	116
Stock-based compensation	5.26	4.91	5.54	6.47	6.44	7.15	10.2	13.8	17.3	13.4
Deferred income tax	-0.29	-3	1.2	1.6	-0.64	-4.7	-19.2	-27.4	-57.8	-24.3
Change in receivables	5.04	-10.2	-4.03	-2.88	-2.6	-7.8	-53.9	-20.1	11.6	6.8
Change in inventory	-6.97	-2.65	-10.4	-10	2.45	-21.1	9.96	-55.9	-16.1	38.2
Change in payables	-1.69	4.38	-1.46	6.75	-2.22	20.2	18.6	13.8	-0.4	19.8
Cash from operations	60.3	69.1	63.8	85.9	81.1	68	41	35.3	58.2	83.2
Capital expenditures	-14.6	-20.9	-14.7	-24.1	-26.7	-24.4	-65.8	-111	-105	-51.3
Acquisitions	-34	-0.47	-6.39	-13.2	-50.8	-38.7	11.7	0	0
Purchases of investments	-163	-361	-437	-458	-793	-416	-12.5	0	0
Sales and maturities of investments	149	300	339	407	765	382	267	82	0.3	0
Cash from investing	-62.1	-83.1	-119	-88.8	-106	-97.2	201	-29.3	-99.2	70.5
Debt issued							0	0	450	0
Debt repaid					0	0	-100	0	-550	-100
Stock issued	21.1	23.3
Share buybacks			-3.14
Cash from financing	25.1	22.8	13.9	29.4	33.5	6.81	-118	1.9	-1.6	-99.4
Exchange rate effect	-0.9	-3.38	0.02	-1.92	0.26
Net change in cash	22.3	5.51	-41.4	24.6	9.33	-31.1	119	7.4	-41.6	56.5
Free cash flow	45.7	48.2	49.2	61.8	54.4	43.6	-24.7	-76.1	-46.4	31.9
Interest paid					0.08	0.07	42.6	73.2	68.1	58.3
Income taxes paid	17.7	15	13	7.36	15	17.2	15.5	22.3	26.5	17.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $13.76 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.9%	Gross profit / revenue.
Operating margin	-2.5%	Operating income / revenue.
EBITDA margin	10.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.0%	Pre-tax income / revenue.
Net margin	-0.9%	Net income / revenue.
FCF margin	3.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.6%	Cash from operations / revenue.
Return on equity (ROE)	-0.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.2%	Net income / average total assets.
Return on invested capital (ROIC)	-0.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.1%	Research and development expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.9%	Capital expenditures / revenue.
D&A / revenue	13.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-9.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	43.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-10.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-12.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	20.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	29.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	15.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.82x	Current assets / current liabilities.
Quick ratio	2.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.7%	Total debt / total assets.
Liabilities / assets	37.5%	Total liabilities / total assets.
Net debt	$608.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.90x	Operating income / interest expense.
Working capital	$446.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	70.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$272.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	2.60x	Revenue / average property, plant and equipment.
Inventory turnover	2.76x	Cost of revenue / average inventory.
Days inventory	132 days	365 x average inventory / cost of revenue.
Receivables turnover	5.80x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	63 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	133 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	61.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.04	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.00	Revenue / diluted weighted shares.
FCF per share	$0.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.38	Cash from operations / diluted weighted shares.
Book value per share	$9.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.25	Tangible book value / shares outstanding.
Cash per share	$0.85	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.00B	Share price x shares outstanding.
Enterprise value	$3.61B	Market cap + total debt - cash - short-term investments.
P/S	3.45x	Market cap / revenue.
P/B	1.43x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	94.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	36.1x	Market cap / cash from operations, when positive.
EV/Sales	4.15x	Enterprise value / revenue.
EV/EBITDA	38.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	113x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.1%	Free cash flow / market cap.
Earnings yield	-0.3%	Net income / market cap (the inverse of P/E).

What was NEOGEN CORP's revenue in fiscal 2026?

NEOGEN CORP reported revenue of $870.4M for fiscal 2026, 2.7% lower than the year before.

Was NEOGEN CORP profitable in fiscal 2026?

No. It reported a net loss of $7.9M.

How much free cash flow did NEOGEN CORP generate in fiscal 2026?

Cash from operations of $83.2M minus capital expenditures of $51.3M left free cash flow of $31.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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