Neogen Corp. (NEOG) intrinsic value & 10-year financials
Neogen Corp. (NEOG) has a Graham intrinsic value of $9.51 per share. At $11.81 on Oct 17, 2026, the stock trades 24% above that value. Over the last 10 fiscal years revenue grew 10.2% a year to $870.4M, with an average return on invested capital of 2.4%.
- Graham intrinsic value
- $9.51
- Share price (Oct 17, 2026)
- $11.81
- Price vs Graham value
- 24% above
- Market cap
- $2.6B
- Revenue (FY2026)
- $870.4M
- Revenue growth (10-yr CAGR)
- 10.2%
- ROIC (10-yr avg)
- 2.4%
- Free cash flow (FY2026)
- $31.9M
NEOG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $870.4M | -$7.9M | -$0.04 | $31.9M | -2.5% | -0.7% |
| FY2025 | $894.7M | -$1.1B | -$5.03 | -$46.4M | -118.6% | -30.4% |
| FY2024 | $924.2M | -$9.4M | -$0.04 | -$76.2M | 6.3% | 1.0% |
| FY2023 | $822.4M | -$22.9M | -$0.12 | -$24.7M | 4.6% | 1.6% |
| FY2022 | $527.2M | $48.3M | $0.45 | $43.6M | 11.1% | 5.8% |
| FY2021 | $468.5M | $60.9M | $0.57 | $54.4M | 15.8% | 8.4% |
| FY2020 | $418.2M | $59.5M | $0.56 | $61.8M | 16.1% | 8.4% |
| FY2019 | $414.2M | $60.2M | $0.57 | $49.2M | 16.4% | 9.4% |
| FY2018 | $402.3M | $63.1M | $0.60 | $48.2M | 17.5% | 11.7% |
| FY2017 | $361.6M | $43.8M | $0.57 | $45.7M | 18.0% | 9.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NEOGEN CORP is a consistent compounder, expanding top-line revenue at 10.3% annually over the past decade.
NEOGEN CORP has historically struggled to out-earn its cost of capital, averaging just -0.8% ROIC.
NEOGEN CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NEOGEN CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $9.51 per share.