Does Neogen Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Neogen Corporation (NEOG) 46.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 80, returns on capital 28, balance-sheet safety 28, capital discipline 44.

How has NEOG's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 46.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Neogen Corporation

NEOG · Healthcare · $2.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power80

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

Returns on capital28

Median ROIC 8.1%, above the 9% hurdle in 40% of years.

Balance-sheet safety28

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

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $10.27
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

17 years of fundamentals

The business, in plain English

Neogen Corporation booked $894.7M 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 $140.5M (FY2010) to $894.7M (FY2025) — about 13.1% a year compounded over 15 years.

It earned −29.6% on invested capital in FY2025, with a median of 10.6% across 16 filed years. The Returns on Capital filter above scores it 28/100.

The balance sheet carried $894.1M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 830.1% between FY2011 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Pricing Power is the strongest of the four filters (80/100) and Balance-Sheet Safety the weakest (28/100), which is how NEOG lands at 47/100 — 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.

RevenueSales, as filed$894.7M FY2025

Gross marginRevenue kept after cost of goods47.1% FY2025

Return on invested capitalOperating profit on the capital employed−29.6% FY2025

Owner earningsCash an owner could take out−$1.1B FY2025

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.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale46.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NEOG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#149 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#147CSTL CASTLE BIOSCIENCES, INC.46.9 out of 100, Shallow moatShallow moat
#148QURE uniQure N.V.46.6 out of 100, Shallow moatShallow moat
#150LIFD LFTD PARTNERS INC.46.5 out of 100, Shallow moatShallow moat
#151PTPI Petros Pharmaceuticals, Inc.46.3 out of 100, Shallow moatShallow 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) 46.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 80, returns on capital 28, balance-sheet safety 28, capital discipline 44.
How has NEOG's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 46.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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