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Neogen Corporation

NEOG · Healthcare · $2.0B mkt cap · FY2025 filings · · not refreshed in 37 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

55

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $468M to $895M, increasing; diluted EPS 0.57 to -5.03, 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%.

80

Median gross margin 47.0% over 10y, very stable.

17

Median ROIC 8.1%, above the 12% hurdle in 10% of years.

28

Net debt/EBITDA n/ax, interest coverage -28x.

44

Owner earnings changed trend unclear 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.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$9.40
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 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

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.

17 years of fundamentals

The business, in plain English

Neogen Corporation booked $895M of revenue in FY2025 in the Healthcare sector and kept 47.1% of it as gross profit — a solid-margin business by that measure. After every other cost, −122.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $141M (FY2010) to $895M (FY2025) — about 13.1% a year compounded over 15 years.

It earned −29.6% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was 10.6%. Over the v3 recent window (10 measurable filed years), median ROIC was 8.1%. The Returns on Capital filter above scores it 17/100.

The balance sheet carried $894M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

Put together: Pricing Power is the strongest of the five filters (80/100) and Returns on Capital the weakest (17/100), which is how NEOG lands at 45/100 — a Shallow 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.

FY2009–FY2025 · 17 fiscal years, normalized from NEOG’s SEC filings

Sales, as filed$895M FY2025
$0$500M2009201520212025
Revenue kept after cost of goods47.1% FY2025
0%20%40%2009201520212025
Standard ROIC or separately labeled Operating ROICROIC −29.6% FY2025
−20%0%2009201520212025
Cash an owner could take out−$1.1B FY2025
−$1B−$500M$02009201520212025

Gaps in a line mean that item isn’t in NEOG’s 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.

Flagship explainer

How Neogen Corporation makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$895M · 100%Cost of revenue$473M · 53%Gross profit$421M · 47%Operating income−$1.1B · −119%Income before tax−$1.1B · −127%Income tax−$41.1M · −5%Net income−$1.1B · −122%As of 2025-05-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$895M100%
Cost of revenue$473M53%
$421M47%
−$1.1B−119%
Income before tax−$1.1B−127%
Income tax−$41.1M−5%
−$1.1B−122%
Source: · event May 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What Neogen Corporation owns — and owes

Neogen Corporation's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$3.4B100%
Cash and equivalents$129M4%
$894M26%
Stockholders’ equity$2.1B60%
Source: · event May 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Neogen Corporation’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−42%Tax burden96%net income ÷ pretax incomeInterest burden107%pretax ÷ operating incomeOperating margin−119%operating income ÷ revenueAsset turnover0.22×revenue ÷ average assetsEquity multiplier1.53×average assets ÷ average equityAs of 2025-05-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$1.1BFY2025
Income before tax−$1.1BFY2025
Operating income−$1.1BFY2025
$895MFY2025
Ending assets$3.4BFY2025
Beginning assets$4.5BFY2024
$2.1BFY2025
$3.1BFY2024
Source:
  • SEC filingFiling detailsAccession 0000950170-25-100064
· event May 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Neogen Corporation's cash went

Neogen Corporation’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$58.2M100%
Depreciation and amortization$119M205%
Source: · event May 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Neogen Corporation

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Neogen Corporation insiders reported

Records still being gathered — partial as of retrieval Sep 1, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-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 1, 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.

InsiderShares owned afterDateFiling detail
Moylan John PatrickChief Accounting OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Restricted Stock Units2,365$11.87$28,07329,331Aug 19, 2026
1 filed lot
  • Table I · Restricted Stock Units: 2,365 shares at $11.87 · code F · owned after 29,331 ·
Nassif MikhealDirector, CEOPayment of exercise price or tax liability (F)Table I · Disposed · Restricted Stock Units20,397$11.87$242,11225,655Aug 19, 2026
1 filed lot
  • Table I · Restricted Stock Units: 20,397 shares at $11.87 · code F · owned after 25,655 ·
Moylan John PatrickChief Accounting OfficerGrant, award, or other acquisition (A)Table I · Acquired · Restricted Stock Units8,584$11.65$100,00432,155Aug 14, 2026
1 filed lot
  • Table I · Restricted Stock Units: 8,584 shares at $11.65 · code A · owned after 32,155 ·
Moylan John PatrickChief Accounting OfficerGrant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy)18,693—Grant, award, or other acquisition (A)—18,693Aug 14, 2026
1 filed lot
  • Table II · Common Stock (Right to Buy): 18,693 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 18,693 ·
Ranalli Tamara A.Senior Vice PresidentGrant, award, or other acquisition (A)Table I · Acquired · Common Stock25,751$11.65$299,99925,751Aug 14, 2026
1 filed lot
  • Table I · Common Stock: 25,751 shares at $11.65 · code A · owned after 25,751 ·
Ranalli Tamara A.Senior Vice PresidentGrant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy)130,851—Grant, award, or other acquisition (A)—130,851Aug 14, 2026
1 filed lot
  • Table II · Common Stock (Right to Buy): 130,851 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 130,851 ·
Stacey Jennifer EvansChief Legal OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock38,627$11.65$450,00538,627Aug 14, 2026
1 filed lot
  • Table I · Common Stock: 38,627 shares at $11.65 · code A · owned after 38,627 ·
Stacey Jennifer EvansChief Legal OfficerGrant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy)196,276—Grant, award, or other acquisition (A)—196,276Aug 14, 2026
1 filed lot
  • Table II · Common Stock (Right to Buy): 196,276 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 196,276 ·
Riggsbee Richard BryanCFOGrant, award, or other acquisition (A)Table I · Acquired · Common Stock51,502$11.65$599,99851,502Aug 14, 2026
1 filed lot
  • Table I · Common Stock: 51,502 shares at $11.65 · code A · owned after 51,502 ·
Riggsbee Richard BryanCFOGrant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy)261,702—Grant, award, or other acquisition (A)—261,702Aug 14, 2026
1 filed lot
  • Table II · Common Stock (Right to Buy): 261,702 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 261,702 ·
Nassif MikhealDirector, CEOGrant, award, or other acquisition (A)Table I · Acquired · Common Stock141,631$11.65$1,650,001141,631Aug 14, 2026
1 filed lot
  • Table I · Common Stock: 141,631 shares at $11.65 · code A · owned after 141,631 ·
Nassif MikhealDirector, CEOGrant, award, or other acquisition (A)Table II · Acquired · Common Stock (Right to Buy)719,679—Grant, award, or other acquisition (A)—719,679Aug 14, 2026
1 filed lot
  • Table II · Common Stock (Right to Buy): 719,679 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 719,679 ·
Nassif MikhealDirector, CEOOpen-market or private purchase (P)Table I · Acquired · Common Stock370$11.81$4,3701,074Aug 4, 2026
1 filed lot
  • Table I · Common Stock: 370 shares at $11.81 · code P · owned after 1,074 ·

Source-event as of . Retrieved .

Track record

How Neogen Corporation’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored NEOG on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200500Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 3 years NEOG rated Wide-moat (2012, 2013 and 2016), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year 22% vs the S&P 500’s 19% (price basis) · median over 3 years
  • 3 years 49% vs the S&P 500’s 38% (price basis) · median over 3 years
  • 5 years 80% vs the S&P 500’s 84% (price basis) · median over 3 years

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Healthcare context

#261 of 710 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #259OCUL Ocular Therapeutix, Inc.44.8Shallow moat
  2. #260LGVN Longeveron Inc.44.8Shallow moat
  3. #262ANAB ANAPTYSBIO, INC.44.7Shallow moat
  4. #263CRNX Crinetics Pharmaceuticals, Inc.44.6Shallow 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 FY2025 SEC filings, the Moat Index scores Neogen Corporation (NEOG) 44.7 out of 100 — a Shallow 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 55, pricing power 80, returns on capital 17, balance-sheet safety 28, capital allocation 44.
How has NEOG's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 44.7 out of 100 (shallow moat). No tier changes on record yet. (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.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NEOG. See the disclaimer.