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Diagnostics & research · Healthcare · Fiscal year ends May 31
Neogen reported revenue of $870M in the fiscal year ended May 2026, down 2.7% from the year before. Operating income was −$22M, an operating margin of −2.5%, and net income was −$8M. Operating cash flow of $83M less capital expenditure of $51M left free cash flow of $32M. Net debt was $608M.
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | 527 | 822 | 924 | 895 | 870 |
| Cost of revenue | 284 | 416 | 460 | 473 | 462 |
| Gross profit | 243 | 406 | 464 | 421 | 409 |
| Research & development | 17.0 | 26.0 | 22.5 | 21.1 | 18.4 |
| Selling, general & admin | 167 | 342 | 383 | 402 | 412 |
| Operating income | 58.6 | 37.5 | 58.6 | −1,061 | −21.6 |
| Interest expense | – | 27.3 | 42.2 | 38.1 | 24.1 |
| Pre-tax income | 60.2 | −22.0 | −14.3 | −1,133 | −9.0 |
| Income tax | 11.9 | 0.8 | −4.9 | −41.1 | −1.1 |
| Net income | 48.3 | −22.9 | −9.4 | −1,092 | −7.9 |
| Diluted EPS | 0.45 | −0.12 | −0.04 | −5.03 | −0.04 |
| Diluted shares | 108 | 189 | 217 | 217 | 218 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 44.5 | 163 | 171 | 129 | 186 |
| Receivables | 99.7 | 153 | 173 | 153 | 147 |
| Inventory | 122 | 134 | 189 | 191 | 144 |
| Current assets | 627 | 586 | 589 | 577 | 605 |
| Net PP&E | 111 | 199 | 277 | 339 | 330 |
| Goodwill | 143 | 2,137 | 2,136 | 1,065 | 1,047 |
| Total assets | 993 | 4,554 | 4,549 | 3,444 | 3,346 |
| Payables | 34.6 | 76.7 | 83.1 | 79.6 | 79.1 |
| Deferred revenue | 5.5 | 4.6 | 4.6 | 5.6 | 3.6 |
| Current liabilities | 77.8 | 145 | 154 | 174 | 158 |
| Short-term debt | – | – | 2.4 | 19.3 | 0.0 |
| Long-term debt | 0.0 | 885 | 888 | 875 | 794 |
| Total liabilities | 106 | 1,420 | 1,405 | 1,373 | 1,253 |
| Shareholders' equity | 887 | 3,134 | 3,144 | 2,071 | 2,093 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 68.0 | 41.0 | 35.3 | 58.2 | 83.2 |
| Capital expenditure | 24.4 | 65.8 | 111 | 105 | 51.3 |
| Free cash flow | 43.6 | −24.7 | −76.1 | −46.4 | 31.9 |
| Depreciation & amortisation | 23.7 | 88.4 | 117 | 120 | 116 |
| Stock-based compensation | 7.2 | 10.2 | 13.8 | 17.3 | 13.4 |
| Acquisitions | 38.7 | −11.7 | 0.0 | 0.0 | – |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 56.0% | 12.4% | −3.2% | −2.7% |
| Operating income growth (YoY) | – | −36.0% | 56.2% | −1910.6% | – |
| EPS growth (YoY) | – | −126.7% | – | – | – |
| Gross margin | 46.1% | 49.4% | 50.2% | 47.1% | 46.9% |
| Operating margin | 11.1% | 4.6% | 6.3% | −118.6% | −2.5% |
| Net margin | 9.2% | −2.8% | −1.0% | −122.1% | −0.9% |
| Return on equityBlank when equity is negative | 5.4% | −0.7% | −0.3% | −52.7% | −0.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.4% | 0.9% | 1.3% | −32.4% | −0.7% |
| Free cash flow margin | 8.3% | −3.0% | −8.2% | −5.2% | 3.7% |
| Cash conversion (CFO ÷ net income) | 1.41x | −1.79x | −3.76x | −0.05x | −10.5x |
| Receivable days | 69 | 68 | 68 | 63 | 62 |
| Inventory days | 157 | 117 | 150 | 147 | 114 |
| Payable days | 44 | 67 | 66 | 61 | 63 |
| Interest cover | – | 1.38x | 1.39x | −27.8x | −0.90x |
| Debt ÷ equity | 0.00x | 0.28x | 0.28x | 0.43x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −44.5 | 722 | 720 | 765 | 608 |
| Current ratio | 8.05x | 4.03x | 3.82x | 3.32x | 3.82x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.