Neogen vs Varex Imaging
Neogen and Varex Imaging are similar in size: $870m and $845m of revenue in their latest fiscal years. Varex Imaging grew faster (4.1% against -2.7%). Neogen kept more of each dollar of sales as profit: a net margin of -0.9% against -8.3%. Neogen carries less debt relative to equity (38.2% against 78.3%).
| Latest fiscal year | NeogenNEOG, 2026 | Varex ImagingVREX, 2025 |
|---|---|---|
| Revenue | $870m | $845m |
| Revenue growth | -2.7% | 4.1% |
| Net income | −$7.9m | −$70.3m |
| Operating margin | -2.5% | -3.3% |
| Net margin | -0.9% | -8.3% |
| Return on equity | -0.4% | -14.0% |
| Free cash flow | $31.9m | $18.8m |
| Cash | $186m | $145m |
| Total debt | $800m | $370m |
| Debt to equity | 38.2% | 78.3% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 2,636 | 2,400 |
| Market value | $2.64bn | $781m |
| Price vs our value range | — | Above our value range |
| Moat score | 44 (Weak) | 52 (Moderate) |
| Insider trades, 12 months | 7 buys, 0 sales | 0 buys, 3 sales |