Neogen Corporation operates in food safety diagnostics with significant international revenue exposure, but declining top-line growth, weak quality scores, and a high concentration in a single product segment create structural headwinds that outweigh its favorable momentum setup.
Thesis pillars
- Revenue Decline Quality Floor→Stable
- Food Safety Segment Concentration→Stable
- Earnings Consistency Mixed→Stable
- +1 more pillar — see the Why tab for full reasoning
Neogen Corporation (NEOG) Stock Analysis
Breakout setup
Healthcare · Medical Devices
Sell if holding. Engine safety override at $9.17: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.8/10. Specifically: Below-average business quality.
Neogen Corporation develops and markets diagnostic test kits for food safety (71.3% of FY2025 revenue) and animal safety products including veterinary instruments, pharmaceuticals, and genomics services. Products are sold to food processors, livestock producers, and... Read more
Sell if holding. Engine safety override at $9.17: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.8/10. Specifically: Below-average business quality. Chart setup: Golden cross, above all MAs, RSI 51, MACD bullish. Score 4.8/10, moderate confidence.
Passes 5/8 gates (clean insider activity, news events none recent, earnings proximity 26d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. Suitability: aggressive.
About Neogen Corporation
About Neogen Corporation
Neogen Corporation's Food Safety segment represented 71.3% of total revenues in fiscal year 2025 (ended May 31, 2025), selling diagnostic test kits for pathogen detection, allergen testing, and food quality analysis to processors, grain elevators, and regulatory agencies globally. The Animal Safety segment added 28.7% of revenues through veterinary instruments, pharmaceuticals, genomics services, and rodent control products. International customers in more than 100 countries contributed 50.2% of total revenues in fiscal 2025, with no individual foreign country exceeding 10%.
Neogen earns revenue primarily from consumable, single-use immunoassay and nucleic acid test kits carrying royalties on licensed technology at typical rates of 2% to 10% of product revenues, plus culture media, genomics genotyping services from six global labs, and veterinary pharmaceuticals including the USDA-approved BotVax B vaccine. Distribution reaches customers through a direct sales force, specialized distributors, and subsidiaries in 28 countries. The September 2022 Reverse Morris Trust combination with 3M's Food Safety Division roughly doubled scale by adding Petrifilm plate systems and Clean-Trace ATP sanitation products, though integration challenges contributed to impairment charges in the second and fourth quarters of fiscal 2025 and management disclosed material weaknesses in internal controls over financial reporting as of May 31, 2025. In April 2025, Neogen entered into an agreement to sell its global Cleaners and Disinfectants business, trimming the Animal Safety segment.
Show full overview
Certain food safety product lines depend on a sole or single source supplier or vendor, and some of those inputs are proprietary — meaning substitutes may not be readily available if a supplier experiences disruption. The 10-K notes that a sustained interruption in raw material supply could result in significant price increases or unavailability, leading to customer losses. In March 2026, Neogen disclosed via Form 8-K that Chief Legal and Administrative Officer Amy Rocklin departed effective March 31, 2026, with no successor named, adding leadership uncertainty during a critical phase of the 3M Food Safety integration.
See also: Healthcare · Medical Devices
From Neogen Corporation's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-07-05Recent Developments — Neogen Corporation
Latest news
- NEWS 12 Health Care Stocks Moving In Monday's Pre-Market Session — benzinga Jun 1, 2026 neutral
- NEWS Dow Surges 275 Points Amid Lebanon-Israel Talks: Investor Sentiment Improves, But Greed Index Remains In 'Fear' Zone — benzinga Apr 10, 2026 neutral
- NEWS Crude Oil Surges 3%; Neogen Shares Fall After Q3 Results — benzinga Apr 9, 2026 neutral
- NEWS 12 Health Care Stocks Moving In Thursday's Pre-Market Session — benzinga Apr 9, 2026 neutral
- NEWS Earnings Scheduled For April 9, 2026 — benzinga Apr 9, 2026 neutral
Generated 2026-07-05T11:40:24Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductFood Safety segment71%10-K Item 1: 'Revenues from Neogen's Food Safety segment accounted for 71.3%...of our total revenues for fiscal years ended May 31, 2025'
- HIGHGeographicinternational (outside U.S.)50%10-K Item 1A: 'In fiscal year 2025, sales to customers outside of the U.S. accounted for 50.2% of our total revenue'
- HIGHSuppliersole or single source supplier10-K Item 1A: 'Certain of our food safety product lines depend on a sole or single source supplier or vendor'
Material Events(8-K, last 90d)
- 2026-03-30Item 5.02MEDIUMChief Legal and Administrative Officer Amy Rocklin to leave Neogen effective March 31, 2026. No reason cited; no successor named.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Unprofitable operations — net margin -69.9%. Quality floor flags this regardless of sector context.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $9.17: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.8/10. Specifically: Below-average business quality. Chart setup: Golden cross, above all MAs, RSI 51, MACD bullish. Prior stop was $8.69. Score 4.8/10, moderate confidence.
Take-profit target: $10.20 (+9.2% upside). Prior stop was $8.69. Stop-loss: $8.69.
Concentration risk — Product: Food Safety segment (71.3%); Concentration risk — Geographic: international (outside U.S.) (50.2%); Quality below floor (3.1 < 4.0).
Neogen Corporation trades at a P/E of N/A (forward 31.1). TrendMatrix value score: 5.7/10. Verdict: Sell.
10 analysts cover NEOG with a consensus score of 4.0/5. Average price target: $12.
What does Neogen Corporation do?Neogen Corporation develops and markets diagnostic test kits for food safety (71.3% of FY2025 revenue) and animal...
Neogen Corporation develops and markets diagnostic test kits for food safety (71.3% of FY2025 revenue) and animal safety products including veterinary instruments, pharmaceuticals, and genomics services. Products are sold to food processors, livestock producers, and veterinarians in more than 100 countries, with international sales at 50.2% of FY2025 revenue. The September 2022 combination with 3M's Food Safety Division significantly expanded scale.