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↑Improving
- Earnings Consistency Mixed→Stable
- +1 more pillar — see the Why tab for full reasoning
Neogen Corporation (NEOG) Stock Analysis
Range Bound setup · Catalyst-Driven edge
Healthcare · Medical Devices
Sell if holding. Engine safety override at $11.78: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10. Specifically: Below-average business quality.
Neogen Corporation develops, manufactures and markets diagnostic test kits and animal health products dedicated to food and animal safety, organized into Food Safety (pathogen, allergen and toxin test kits, culture media) and Animal Safety (veterinary instruments,... Read more
Sell if holding. Engine safety override at $11.78: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10. Specifically: Below-average business quality. Chart setup: RSI 44 mid-range, Bollinger mid-band. Score 5.0/10, moderate confidence.
Passes 6/8 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 24d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Neogen Corporation
About Neogen Corporation
Neogen's Food Safety segment -- diagnostic test kits and culture media sold to food and feed producers -- generated 71.3% of total revenue in fiscal 2025, up from 66.5% two years earlier following the 2022 Reverse Morris Trust combination with 3M's Food Safety Division, while the Animal Safety segment contributed the remaining 28.7%. Sales to customers outside the United States accounted for 50.2% of fiscal 2025 revenue, and the company manufactures products across facilities in the U.S., U.K., Ireland and Brazil.
Neogen earns Food Safety revenue mainly from single-use diagnostic test kits and culture media that detect pathogens, allergens, toxins and sanitation issues, sold to food and feed processors and regulatory agencies, with royalty payments of 2% to 10% of revenue owed on products using licensed detection technology. The Animal Safety segment sells veterinary instruments, pharmaceuticals, vaccines, parasiticides, rodent and insect control products, and genomics testing services through veterinarians, retailers, livestock producers and distributors, and in April 2025 the company agreed to sell its global Cleaners and Disinfectants business. Neogen distributes through its own sales force in 28 countries outside the U.S. plus a network of distributors reaching more than 100 countries, and it operates genomics labs in six countries. Certain Food Safety product lines depend on a sole or single-source supplier or vendor for raw materials, a dependency the company flags directly in its risk factors.
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Neogen's sole-source supplier risk is compounded by proprietary sourcing: the 10-K discloses that it currently purchases some raw materials and products from sole or single sources, and that some of these inputs are proprietary and therefore cannot be readily or easily replaced by alternative sources. That combination -- single-source plus non-substitutable -- sits alongside a separate risk that the company's Food Safety reporting unit took goodwill impairment charges in the second and fourth quarters of fiscal 2025 tied to difficulties integrating the 3M Food Safety business, a transaction that made pre-merger Neogen Food Safety Corporation stockholders owners of roughly 50.1% of combined shares in September 2022.
See also: Healthcare · Medical Devices
From Neogen Corporation's most recent 10-K filing, extracted September 6, 2026.
Recent developments
updated 2026-09-14Recent 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 2026-09-14T06:49:19Z.
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.'
- 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 will leave Neogen effective March 31, 2026, as announced March 30, 2026. No successor named; no reason cited.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 $11.78: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10. Specifically: Below-average business quality. Chart setup: RSI 44 mid-range, Bollinger mid-band. Prior stop was $11.03. Score 5.0/10, moderate confidence.
Take-profit target: $12.11 (-3.8% upside). Prior stop was $11.03. Stop-loss: $11.03.
Concentration risk — Product: Food Safety segment (71.3%); Concentration risk — Geographic: sales outside the U.S. (50.2%); Target reached (-3.8% upside).
Neogen Corporation trades at a P/E of N/A (forward 31.0). 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 diagnostic test kits and animal health products dedicated to food...
Neogen Corporation develops, manufactures and markets diagnostic test kits and animal health products dedicated to food and animal safety, organized into Food Safety (pathogen, allergen and toxin test kits, culture media) and Animal Safety (veterinary instruments, pharmaceuticals, vaccines, genomics services) segments. Following its 2022 Reverse Morris Trust combination with 3M's Food Safety Division, the Food Safety segment generated 71.3% of Neogen's fiscal 2025 revenue, with sales outside the United States accounting for 50.2% of the total. The company manufactures across facilities in the