Neogen Corporation
NEOG · Healthcare · $2.6B mkt cap · FY2026 filings · · No moat ·
Doesn't clear the bar
The five investor questions
2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $527M to $870M, increasing; diluted EPS 0.45 to -0.04, decreasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
Median gross margin 46.9% over 10y, very stable.
Median ROIC 6.7%, above the 12% hurdle in 10% of years.
Net debt/EBITDA 6.4x, interest coverage -1x.
Owner earnings changed +3.0%/yr over up to the ten most recent annual observations, share count n/a.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- Not reported
- Unavailable — insufficient owner-earnings data
- Unavailable — insufficient growth-model data
- $11.74
- No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Sep 4, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
Neogen Corporation booked $870M of revenue in FY2026 in the Healthcare sector and kept 46.9% of it as gross profit — a solid-margin business by that measure. After every other cost, −0.9% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $141M (FY2010) to $870M (FY2026) — about 12.1% a year compounded over 16 years.
It earned −0.6% on invested capital in the latest filed year, FY2026. Across the full 17-year measurable filed record, median ROIC was 10.6%. Over the v3 recent window (10 measurable filed years), median ROIC was 6.7%. The Returns on Capital filter above scores it 11/100.
The balance sheet carried $794M of total debt in FY2026 against $57.1M of owner earnings — roughly 13.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.
Put together: Pricing Power is the strongest of the five filters (80/100) and Balance-Sheet Safety the weakest (0/100), which is how NEOG lands at 40/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Exact FY and FY-1 financing invested-capital inputs are required.
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Shallow moatchanged toNo moatSep 4, 2026
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Sep 5, 2026.
Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (12 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
| Insider | Shares owned after | Date | Filing detail | ||||
|---|---|---|---|---|---|---|---|
| Moylan John PatrickChief Accounting Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Restricted Stock Units | 2,365 | $11.87 | $28,073 | 29,331 | Aug 19, 2026 | 1 filed lot
|
| Nassif MikhealDirector, CEO | Payment of exercise price or tax liability (F)Table I · Disposed · Restricted Stock Units | 20,397 | $11.87 | $242,112 | 25,655 | Aug 19, 2026 | 1 filed lot
|
| Moylan John PatrickChief Accounting Officer | Grant, award, or other acquisition (A)Table I · Acquired · Restricted Stock Units | 8,584 | $11.65 | $100,004 | 32,155 | Aug 14, 2026 | 1 filed lot
|
| Moylan John PatrickChief Accounting Officer | Grant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy) | 18,693 | —Grant, award, or other acquisition (A) | — | 18,693 | Aug 14, 2026 | 1 filed lot
|
| Ranalli Tamara A.Senior Vice President | Grant, award, or other acquisition (A)Table I · Acquired · Common Stock | 25,751 | $11.65 | $299,999 | 25,751 | Aug 14, 2026 | 1 filed lot
|
| Ranalli Tamara A.Senior Vice President | Grant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy) | 130,851 | —Grant, award, or other acquisition (A) | — | 130,851 | Aug 14, 2026 | 1 filed lot
|
| Stacey Jennifer EvansChief Legal Officer | Grant, award, or other acquisition (A)Table I · Acquired · Common Stock | 38,627 | $11.65 | $450,005 | 38,627 | Aug 14, 2026 | 1 filed lot
|
| Stacey Jennifer EvansChief Legal Officer | Grant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy) | 196,276 | —Grant, award, or other acquisition (A) | — | 196,276 | Aug 14, 2026 | 1 filed lot
|
| Riggsbee Richard BryanCFO | Grant, award, or other acquisition (A)Table I · Acquired · Common Stock | 51,502 | $11.65 | $599,998 | 51,502 | Aug 14, 2026 | 1 filed lot
|
| Riggsbee Richard BryanCFO | Grant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy) | 261,702 | —Grant, award, or other acquisition (A) | — | 261,702 | Aug 14, 2026 | 1 filed lot
|
| Nassif MikhealDirector, CEO | Grant, award, or other acquisition (A)Table I · Acquired · Common Stock | 141,631 | $11.65 | $1,650,001 | 141,631 | Aug 14, 2026 | 1 filed lot
|
| Nassif MikhealDirector, CEO | Grant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy) | 719,679 | —Grant, award, or other acquisition (A) | — | 719,679 | Aug 14, 2026 | 1 filed lot
|
| Nassif MikhealDirector, CEO | Open-market or private purchase (P)Table I · Acquired · Common Stock | 370 | $11.81 | $4,370 | 1,074 | Aug 4, 2026 | 1 filed lot
|
Source-event as of . Retrieved .
Healthcare context
#368 of 708 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #366ANGO AngioDynamics, Inc.39.8 out of 100, No moatNo moat
- #367STRO SUTRO BIOPHARMA, INC.39.8 out of 100, No moatNo moat
- #369LH LABCORP HOLDINGS INC.39.4 out of 100, No moatNo moat
- #370DAIO DATA I/O CORPORATION39.3 out of 100, No moatNo moat
Compare NEOG with its nearest peers →All Healthcare companies on the Index →
Common questions about NEOG
- Does Neogen Corporation have an economic moat?
- Based on its FY2026 SEC filings, the Moat Index scores Neogen Corporation (NEOG) 39.7 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 80, returns on capital 11, balance-sheet safety 0, capital allocation 48.
- How has NEOG's Moat Score changed over time?
- The record logs 17 readings since Jul 17, 2026; the latest reads 39.7 out of 100 (no moat). Tier changes so far: Shallow moat → No moat on Sep 4, 2026. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.