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

Neogen brought in $870.4M of revenue in fiscal 2026, QuidelOrtho $2.7B in fiscal 2025. Revenue changed by -2.7% at Neogen and -1.9% at QuidelOrtho on the year before, so QuidelOrtho grew faster. Neogen kept -0.9% of its revenue as net profit, QuidelOrtho -41.5%. Free cash flow was $31.9M at Neogen and -$83M at QuidelOrtho.

Side by side, latest fiscal year

NEOGQDEL
Fiscal year endedFY2026 (May 31, 2026)FY2025 (December 28, 2025)
Revenue$870.4M$2.7B
Revenue growth-2.7%-1.9%
Net income-$7.9M-$1.1B
Net margin-0.9%-41.5%
Free cash flow$31.9M-$83M
Free cash flow margin3.7%-3.0%
Earnings per share (diluted)-$0.04-$16.69
Cash$185.5M$169.8M
Debt$793.7M$2.7B
Price to earningsn/an/a
Market value$3B$750.2M
Dividend yieldn/an/a
Rank by revenue in sector#156 of 523 · Health care#90 of 523 · Health care

Over the years

Revenue
NEOG FY2019: $414.2MNEOG FY2020: $418.2MNEOG FY2021: $468.5MNEOG FY2022: $527.2MNEOG FY2023: $822.4MNEOG FY2024: $924.2MNEOG FY2025: $894.7MNEOG FY2026: $870.4MQDEL FY2020: $1.7BQDEL FY2022: $1.7BQDEL FY2022: $3.3BQDEL FY2023: $3BQDEL FY2024: $2.8BQDEL FY2025: $2.7BFY19FY20FY21FY22FY23FY24FY25FY26
NEOG $870.4MQDEL $2.7B
Net income
NEOG FY2019: $60.2MNEOG FY2020: $59.5MNEOG FY2021: $60.9MNEOG FY2022: $48.3MNEOG FY2023: -$22.9MNEOG FY2024: -$9.4MNEOG FY2025: -$1.1BNEOG FY2026: -$7.9MQDEL FY2020: $810.3MQDEL FY2022: $704.2MQDEL FY2022: $548.7MQDEL FY2023: -$10.1MQDEL FY2024: -$2.1BQDEL FY2025: -$1.1BFY19FY20FY21FY22FY23FY24FY25FY26
NEOG -$7.9MQDEL -$1.1B
Net margin
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%QDEL FY2020: 48.8%QDEL FY2022: 41.5%QDEL FY2022: 16.8%QDEL FY2023: -0.3%QDEL FY2024: -73.7%QDEL FY2025: -41.5%FY19FY20FY21FY22FY23FY24FY25FY26
NEOG -0.9%QDEL -41.5%
Revenue growth
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%QDEL FY2022: +2.2%QDEL FY2022: +92.3%QDEL FY2023: -8.2%QDEL FY2024: -7.2%QDEL FY2025: -1.9%FY20FY21FY22FY23FY24FY25FY26
NEOG -2.7%QDEL -1.9%
Free cash flow
NEOG FY2019: $49.2MNEOG FY2020: $61.8MNEOG FY2021: $54.4MNEOG FY2022: $43.6MNEOG FY2023: -$24.7MNEOG FY2024: -$76.1MNEOG FY2025: -$46.4MNEOG FY2026: $31.9MQDEL FY2020: $564.8MQDEL FY2022: $513.1MQDEL FY2022: $744.4MQDEL FY2023: $70.9MQDEL FY2024: -$112.1MQDEL FY2025: -$83MFY19FY20FY21FY22FY23FY24FY25FY26
NEOG $31.9MQDEL -$83M

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

Questions about Neogen and QuidelOrtho

Which is bigger by revenue, Neogen or QuidelOrtho?

QuidelOrtho is bigger by revenue: $2.7B in fiscal 2025, against $870.4M for Neogen in fiscal 2026.

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

Neogen had a net margin of -0.9% in fiscal 2026; QuidelOrtho had -41.5% in fiscal 2025.

Which grew revenue faster, Neogen or QuidelOrtho?

In their latest fiscal years revenue changed by -2.7% at Neogen and -1.9% at QuidelOrtho.

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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