Neogen Corporation (NEOG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-121.0%

-$2.48

vs $11.82 price

Levered DCF

-$3.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.45

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-223×	-1.17×	-302.3×	-145.75×	58.8×	80.04×	63.02×	48.57×
P/B	0.93×	0.61×	0.91×	1.05×	3.21×	5.78×	5.21×	4.58×
P/S	2.23×	1.42×	3.08×	4.02×	5.41×	10.37×	9.03×	7.06×
EV / EBITDA	15.45×	-2.19×	19.62×	32.46×	33.26×	49.68×	40.9×	31.81×
Gross margin	46.9%	47.1%	50.1%	49.4%	46.1%	45.9%	46.9%	46.3%
Operating margin	-2.5%	1.1%	8.4%	4.6%	11.1%	15.8%	16.1%	16.4%
Net margin	-0.9%	-122.1%	-1.0%	-2.8%	9.2%	13.0%	14.2%	14.5%
Current ratio	3.82×	3.32×	3.82×	4.03×	8.05×	11.03×	11.08×	11.75×
Debt / equity	0.38×	0.44×	0.29×	0.29×	0×	0×	0×	0×
Interest coverage	-0.38×	0.13×	1.05×	0.67×	814.14×	950.88×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.4%	-52.7%	-0.3%	-0.7%	5.4%	7.2%	8.2%	9.4%
Return on invested capital	-0.6%	0.3%	1.2%	0.9%	5.1%	6.9%	7.4%	8.5%
Return on assets	-0.2%	-31.7%	-0.2%	-0.5%	4.9%	6.6%	7.5%	8.6%
Free cash flow yield	1.6%	-3.6%	-2.7%	-0.7%	1.5%	1.1%	1.6%	1.7%
Earnings yield	-0.4%	-85.9%	-0.3%	-0.7%	1.7%	1.3%	1.6%	2.1%
Enterprise value	$2.5B	$2.1B	$3.6B	$4B	$2.8B	$4.8B	$3.7B	$2.9B
Net debt / EBITDA	3.69×	-0.84×	4.03×	5.9×	-0.53×	-0.77×	-0.72×	-0.46×
Cash conversion cycle (days)	113	148	152	118	182	182	188	183