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Immucell vs Neogen: revenue, profit, margins and growth compared

Immucell brought in $27.6M of revenue in fiscal 2025, Neogen $870.4M in fiscal 2026. Revenue changed by +4.3% at Immucell and -2.7% at Neogen on the year before, so Immucell grew faster. Immucell kept -3.8% of its revenue as net profit, Neogen -0.9%. Free cash flow was $1.2M at Immucell and $31.9M at Neogen.

Side by side, latest fiscal year

ICCCNEOG
Fiscal year endedFY2025 (December 31, 2025)FY2026 (May 31, 2026)
Revenue$27.6M$870.4M
Revenue growth+4.3%-2.7%
Net income-$1M-$7.9M
Net margin-3.8%-0.9%
Free cash flow$1.2M$31.9M
Free cash flow margin4.4%3.7%
Earnings per share (diluted)-$0.12-$0.04
Cash$3.8M$185.5M
Debt$9.1M$793.7M
Price to earningsn/an/a
Market value$90.1M$3B
Dividend yieldn/an/a
Rank by revenue in sector#396 of 523 · Health care#156 of 523 · Health care

Over the years

Revenue
ICCC FY2018: $11MICCC FY2019: $13.7MICCC FY2020: $15.3MICCC FY2021: $19.2MICCC FY2022: $18.6MICCC FY2023: $17.5MICCC FY2024: $26.5MICCC FY2025: $27.6MNEOG FY2019: $414.2MNEOG FY2020: $418.2MNEOG FY2021: $468.5MNEOG FY2022: $527.2MNEOG FY2023: $822.4MNEOG FY2024: $924.2MNEOG FY2025: $894.7MNEOG FY2026: $870.4MFY18FY19FY20FY21FY22FY23FY24FY25FY26
ICCC $27.6MNEOG $870.4M
Net income
ICCC FY2018: -$2.3MICCC FY2019: -$1.3MICCC FY2020: -$1MICCC FY2021: -$78.3KICCC FY2022: -$2.5MICCC FY2023: -$5.8MICCC FY2024: -$2.2MICCC FY2025: -$1MNEOG FY2019: $60.2MNEOG FY2020: $59.5MNEOG FY2021: $60.9MNEOG FY2022: $48.3MNEOG FY2023: -$22.9MNEOG FY2024: -$9.4MNEOG FY2025: -$1.1BNEOG FY2026: -$7.9MFY18FY19FY20FY21FY22FY23FY24FY25FY26
ICCC -$1MNEOG -$7.9M
Net margin
ICCC FY2018: -21.1%ICCC FY2019: -9.4%ICCC FY2020: -6.7%ICCC FY2021: -0.4%ICCC FY2022: -13.4%ICCC FY2023: -33.1%ICCC FY2024: -8.1%ICCC FY2025: -3.8%NEOG FY2019: 14.5%NEOG FY2020: 14.2%NEOG FY2021: 13.0%NEOG FY2022: 9.2%NEOG FY2023: -2.8%NEOG FY2024: -1.0%NEOG FY2025: -122.1%NEOG FY2026: -0.9%FY18FY19FY20FY21FY22FY23FY24FY25FY26
ICCC -3.8%NEOG -0.9%
Revenue growth
ICCC FY2019: +24.9%ICCC FY2020: +11.8%ICCC FY2021: +25.4%ICCC FY2022: -3.5%ICCC FY2023: -5.9%ICCC FY2024: +51.6%ICCC FY2025: +4.3%NEOG FY2020: +1.0%NEOG FY2021: +12.0%NEOG FY2022: +12.5%NEOG FY2023: +56.0%NEOG FY2024: +12.4%NEOG FY2025: -3.2%NEOG FY2026: -2.7%FY19FY20FY21FY22FY23FY24FY25FY26
ICCC +4.3%NEOG -2.7%
Free cash flow
ICCC FY2018: -$2.4MICCC FY2019: -$1.2MICCC FY2020: -$2.8MICCC FY2021: -$1.7MICCC FY2022: -$5.5MICCC FY2023: -$6.6MICCC FY2024: -$107.8KICCC FY2025: $1.2MNEOG FY2019: $49.2MNEOG FY2020: $61.8MNEOG FY2021: $54.4MNEOG FY2022: $43.6MNEOG FY2023: -$24.7MNEOG FY2024: -$76.1MNEOG FY2025: -$46.4MNEOG FY2026: $31.9MFY18FY19FY20FY21FY22FY23FY24FY25FY26
ICCC $1.2MNEOG $31.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Immucell and Neogen

Which is bigger by revenue, Immucell or Neogen?

Neogen is bigger by revenue: $870.4M in fiscal 2026, against $27.6M for Immucell in fiscal 2025.

Which keeps more of its revenue as profit, Immucell or Neogen?

Immucell had a net margin of -3.8% in fiscal 2025; Neogen had -0.9% in fiscal 2026.

Which grew revenue faster, Immucell or Neogen?

In their latest fiscal years revenue changed by +4.3% at Immucell and -2.7% at Neogen.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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