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↓Deteriorating
- Earnings Consistency Mixed↑Improving
- +1 more pillar — see the Why tab for full reasoning
Neogen Corporation (NEOG) Stock Analysis
Range Bound setup
Healthcare · Medical Devices
Sell if holding. Engine safety override at $11.56: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.9/10. Specifically: Below-average business quality.
Neogen Corporation develops, manufactures, and markets food and animal safety products through two segments: Food Safety (diagnostic test kits and culture media for detecting foodborne pathogens, allergens, and toxins) and Animal Safety (veterinary instruments, pharmaceuticals,... Read more
Sell if holding. Engine safety override at $11.56: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.9/10. Specifically: Below-average business quality. Chart setup: RSI 48 mid-range, Bollinger mid-band. Score 4.9/10, moderate confidence.
Passes 6/9 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 34d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Neogen Corporation
About Neogen Corporation
Neogen Corporation's Food Safety segment — diagnostic test kits and culture media sold under brands including Petrifilm, Reveal, and ANSR — generated 71.3% of fiscal 2025 revenue, up from 66.5% in fiscal 2023 following the 2022 Reverse Morris Trust combination with 3M's Food Safety Division. The remaining 28.7% came from the Animal Safety segment, which spans veterinary instruments, pharmaceuticals, vaccines, and genomics testing across six global genomics labs. Sales outside the U.S. accounted for 50.2% of fiscal 2025 revenue, with no single foreign country reaching the 10% disclosure threshold.
Neogen earns revenue mainly from consumable, single-use diagnostic test kits — culture, immunoassay, and nucleic-acid detection products — sold to food and feed producers, processors, and regulatory agencies, plus veterinary instruments, pharmaceuticals, and genomics services sold through veterinarians, retailers, and animal-health distributors. The company licenses certain technologies, primarily for its allergen and pathogen product lines, paying royalties generally ranging from 2% to 10% of revenue on products containing licensed technology, some of which is exclusive to Neogen and some non-exclusive. Research and development spending is expected to run 2% to 3% of total revenue annually, supporting a pipeline that management expects to yield new commercial products in fiscal 2026 and 2027. In April 2025, Neogen agreed to sell its global Cleaners and Disinfectants business, narrowing the Animal Safety portfolio, and maintains direct sales operations in 28 countries outside the U.S. alongside a distributor network spanning more than 100 countries.
Show full overview
Neogen's risk profile splits along two different axes: geographically, the 10-K discloses genuine diversification — sales outside the U.S. reached 50.2% of fiscal 2025 revenue and no single foreign country contributed 10% or more, and no single customer or distributor reached that threshold either. But by product line, the company is far more concentrated: Food Safety has grown to nearly three-quarters of total revenue since the 2022 3M FSD combination, up from 66.5% just two fiscal years earlier, meaning a sector-specific shock — a regulatory change in food-safety testing standards, for instance — would weigh far more heavily on Neogen than a shock confined to animal health or to any single country's market.
See also: Healthcare · Medical Devices
From Neogen Corporation's most recent 10-K filing, extracted August 23, 2026.
Recent developments
updated 2026-09-03Recent Developments — Neogen Corporation
Latest news
- NEWS Piper Sandler Upgrades Neogen to Overweight, Raises Price Target to $14 — benzinga Aug 26, 2026 positive
- NEWS Piper Sandler Reiterates Neutral on Neogen, Raises Price Target to $13 — benzinga Aug 3, 2026 neutral
- NEWS Neogen Sees Q1 Sales $207.000M-$209.000M vs $204.710M Est — benzinga Jul 30, 2026 positive
- NEWS Neogen Q4 Adj. EPS $0.09 Beats $(0.07) Estimate, Sales $225.300M Beat $212.355M Estimate — benzinga Jul 30, 2026 positive
- NEWS Neogen Sees FY2027 Sales $880.000M-$885.000M vs $849.644M Est — benzinga Jul 30, 2026 positive
Generated 2026-09-03T18:22:48Z.
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%, 70.9%, and 66.5% of our total revenues for fiscal years ended May 31, 2025, 2024 and 2023, respectively.'
- HIGHGeographicsales outside the U.S.50%10-K Item 1: 'Sales to customers outside the U.S. accounted for 50.2%, 49.7%, and 48.4% of our total revenues for fiscal years ended May 31, 2025, 2024 and 2023, respectively.'
Material Events(8-K, last 90d)
- 2026-03-30Item 5.02MEDIUMChief Legal and Administrative Officer Amy Rocklin will leave the company 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
Revenue shrinking — -0.1% YoY. Growth thesis broken unless recovery story develops.static
Unprofitable operations — net margin -0.9%. 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 $11.56: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.9/10. Specifically: Below-average business quality. Chart setup: RSI 48 mid-range, Bollinger mid-band. Prior stop was $10.87. Score 4.9/10, moderate confidence.
Take-profit target: $12.01 (-1.8% upside). Prior stop was $10.87. Stop-loss: $10.87.
Concentration risk — Product: Food Safety segment (71.3%); Concentration risk — Geographic: sales outside the U.S. (50.2%); Target reached (-1.8% upside).
Neogen Corporation trades at a P/E of N/A (forward 31.1). TrendMatrix value score: 5.2/10. Verdict: Sell.
11 analysts cover NEOG with a consensus score of 4.0/5. Average price target: $13.
What does Neogen Corporation do?Neogen Corporation develops, manufactures, and markets food and animal safety products through two segments: Food...
Neogen Corporation develops, manufactures, and markets food and animal safety products through two segments: Food Safety (diagnostic test kits and culture media for detecting foodborne pathogens, allergens, and toxins) and Animal Safety (veterinary instruments, pharmaceuticals, vaccines, diagnostics, and genomics testing). The Food Safety segment, expanded by the 2022 combination with 3M's Food Safety Division, generated 71.3% of fiscal 2025 revenue, with sales outside the U.S. accounting for 50.2% of total revenue.