Neogen Corp key statistics and ratios

In fiscal 2026, Neogen Corp had return on equity of -0.4%, an operating margin of -2.5%, debt equal to 38.2% of equity and a current ratio of 3.82. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Neogen Corp: financial ratios, annual
Fiscal year	2010May 2010	2011May 2011	2012May 2012	2013May 2013	2014May 2014	2015May 2015	2016May 2016	2017May 2017	2018May 2018	2019May 2019	2020May 2020	2021May 2021	2022May 2022	2023May 2023	2024May 2024	2025May 2025	2026May 2026	LTMAug 2026
Gross margin	51.9%	50.8%	50.2%	52.8%	49.6%	49.3%	47.6%	47.1%	46.8%	46.3%	46.9%	45.9%	46.1%	49.4%	50.2%	47.1%	46.9%	47.4%
Operating margin	19.1%	20.8%	18.3%	19.6%	17.5%	18.8%	17.6%	18.1%	17.6%	16.4%	16.1%	15.8%	11.1%	4.6%	6.3%	−118.6%	−2.5%	−0.8%
Net margin	12.5%	13.2%	12.2%	13.1%	11.4%	11.8%	11.4%	12.2%	15.9%	14.5%	14.2%	13.0%	9.2%	−2.8%	−1.0%	−122.1%	−0.9%	−6.3%
Free-cash-flow margin	16.1%	12.2%	11.3%	8.5%	4.1%	12.1%	6.6%	12.8%	12.1%	11.9%	14.8%	11.6%	8.3%	−3.0%	−8.2%	−5.2%	3.7%	5.6%
Return on equity	11.4%	13.4%	11.0%	11.4%	10.0%	10.2%	9.7%	10.0%	12.2%	10.0%	8.7%	7.8%	5.6%	−1.1%	−0.3%	−41.9%	−0.4%	−2.7%
Return on assets	9.7%	11.4%	9.6%	10.0%	8.9%	9.1%	8.7%	9.0%	11.0%	9.2%	8.0%	7.1%	5.1%	−0.8%	−0.2%	−27.3%	−0.2%	−1.7%
Asset turnover	0.78	0.86	0.78	0.77	0.78	0.77	0.76	0.73	0.69	0.63	0.56	0.55	0.55	0.30	0.20	0.22	0.26	0.27
Current ratio	—	6.88	7.20	9.51	7.56	9.08	8.68	8.14	9.71	11.75	11.08	11.03	8.05	4.03	3.82	3.32	3.82	3.90
Debt to equity	0.0%	2.4%	1.2%	0.8%	0.6%	—	0.6%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	28.7%	28.7%	43.6%	38.2%	37.1%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	—	—	—	—	—	1.4x	1.4x	n/m	n/m	—
Effective tax rate	35.9%	35.2%	33.8%	34.3%	34.9%	35.5%	34.2%	34.0%	14.0%	17.5%	17.7%	19.1%	19.8%	—	—	—	—	—
R&D as % of revenue	4.5%	4.0%	3.6%	3.7%	3.4%	3.4%	3.1%	2.9%	2.7%	3.1%	3.5%	3.5%	3.2%	3.2%	2.4%	2.4%	2.1%	2.2%
Capital spending as % of revenue	3.9%	4.5%	0.8%	4.3%	4.7%	3.4%	4.4%	4.1%	5.3%	3.5%	5.8%	5.7%	4.6%	8.0%	12.1%	11.7%	5.9%	4.0%
Free cash flow ÷ net income	128.7%	92.2%	92.3%	65.0%	36.0%	101.9%	57.7%	104.3%	76.3%	81.7%	104.0%	89.3%	90.3%	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	6.4%	—	—	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Neogen Corp: financial ratios, quarterly
Quarter	2025 Q2Nov 2024	2025 Q3Feb 2025	2025 Q4May 2025	2026 Q1Aug 2025	2026 Q2Nov 2025	2026 Q3Feb 2026	2026 Q4May 2026	2027 Q1Aug 2026
Gross margin	49.0%	49.9%	41.2%	45.4%	47.5%	46.9%	47.8%	47.4%
Operating margin	−197.8%	2.4%	−271.0%	−7.7%	−2.4%	−1.6%	1.4%	−0.8%
Net margin	−197.3%	−4.9%	−271.5%	17.4%	−7.1%	−8.0%	−5.0%	−5.3%
Free-cash-flow margin	10.0%	−6.1%	0.1%	−6.3%	3.5%	5.2%	11.6%	2.1%
Current ratio	3.77	3.91	3.32	3.58	3.91	3.92	3.82	3.90
Debt to equity	33.3%	33.5%	43.2%	37.4%	37.7%	37.7%	37.9%	37.1%
R&D as % of revenue	2.2%	2.0%	2.8%	2.4%	2.0%	1.8%	2.2%	2.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · August 31, 2026

What it owns · $3.3bn

Short-term assets $583mLonger-term assets $2.7bn

What it owes, and who funded it · $3.3bn

Short-term liabilities $150mLonger-term liabilities $1.1bnShareholders' equity $2.1bn

Short-term assets cover short-term liabilities $582m of assets due within a year against $150m of liabilities due within a year.
Short-term assets cover long-term liabilities $582m short-term assets against $1.1bn of longer-dated liabilities.
More cash than debt $172m of cash against $774m of debt.
Debt below 40% of shareholders' equity Debt is 37% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $85m of operating cash flow against $774m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Neogen Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

44 /100

Weak moat

How hard Neogen's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 4 / 20

Cash operating profit has been a median 4.9% of total assets over 10 years.
Pricing power 16 / 20

Gross margin has been a median 46.6%, moving by 1.3 percentage points (standard deviation) across 10 years.
Durability 3 / 20

Operating margin has been a median 11.9%; its worst year was -121.7%.
Cash conversion 10 / 20

Free cash flow was positive in 6 of 10 years, at a median 8.5% of revenue.
Discipline 10 / 20

The diluted share count rose 102.5% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Neogen Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Neogen Corp.