Is the business good?
How good a business is NEOG?
Neogen Corporation earns −14% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−14%
Return on invested capital · cost of capital 9.0% · 23 points below what the capital costs: growth destroys value
- Operating margin
- −73%
Operating margin · Medical Devices median 11% · 12 months to Q3 2026
- Share count, year on year
- +0.29%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 2.3%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 16% |
| FY2021 | 16% |
| FY2022 | 11% |
| FY2023 | 4.6% |
| FY2024 | 6.3% |
| FY2025 | −119% |
Details›
- Gross margin12 months to Q3 2026
- 45%
- Operating margin12 months to Q3 2026
- −73%
- Net margin12 months to Q3 2026
- −70%
- Free cash flow margin
- 0.69%
- R&D as % of revenue
- 2.3%
- Revenue, trailing twelve months
- $871M
- Free cash flow, trailing twelve months
- $6.0M
- Net income, trailing twelve months
- −$609M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −14%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.