Neogen - Public Comps and Valuation Multiples

Neogen Overview

About Neogen

Neogen Corporation, headquartered in Lansing, Michigan, develops, manufactures, and markets various products for food and animal safety. In food safety, the company performs diagnostics to detect unintended substances in food and animal feed, to prevent contamination and foodborne illnesses such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, and ruminant by-products. In animal safety, the company segment is engaged in the development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodent control products, cleaners, disinfectants, insect control products and genomics testing services.

Founded

1981

HQ

Employees

975

Website

neogen.com

Sectors

Laboratory Services

Financials

LTM Revenue $868M

LTM EBITDA $176M

EV

$2.0B

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Neogen Financials

As of September 2025, Neogen reported last 12-month revenue of $868M and EBITDA of $176M.

In the same period, Neogen generated $409M in LTM gross profit and -$733M in net income.

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Neogen P&L

In the most recent fiscal year, Neogen reported revenue of $895M and EBITDA of -$936M.

Neogen expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$868M	XXX	$895M	XXX	XXX	XXX
Gross Profit	$409M	XXX	$421M	XXX	XXX	XXX
Gross Margin	47%	XXX	47%	XXX	XXX	XXX
EBITDA	$176M	XXX	-$936M	XXX	XXX	XXX
EBITDA Margin	20%	XXX	-105%	XXX	XXX	XXX
EBIT	-$697M	XXX	-$1.7M	XXX	XXX	XXX
EBIT Margin	-80%	XXX	0%	XXX	XXX	XXX
Net Profit	-$733M	XXX	-$1.1B	XXX	XXX	XXX
Net Margin	-84%	XXX	-122%	XXX	XXX	XXX
Net Debt	XXX	XXX	$765M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Neogen including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $868M. EBITDA for the last twelve months was $176M. In the most recent fiscal year, Neogen achieved $895M in revenue and -$936M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$868M	Analyst estimates available to subscribers	$895M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$409M	Analyst estimates available to subscribers	$421M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	47.2% gross margin	Analyst estimates available to subscribers	47.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$176M	Analyst estimates available to subscribers	-$936M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	20.3% EBITDA margin	Analyst estimates available to subscribers	-104.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$697M	Analyst estimates available to subscribers	-$1.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-80.3% EBIT margin	Analyst estimates available to subscribers	-0.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$733M	Analyst estimates available to subscribers	-$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-84.5% net profit margin	Analyst estimates available to subscribers	-122.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$765M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Neogen

This financial data table provides comprehensive performance metrics for Neogen, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Neogen generated $868M in revenue over the last twelve months.
The company achieved $176M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $409M.
Net income over the last twelve months reached -$733M.

Fiscal Year Performance

In the most recent fiscal year, Neogen reported $895M in total revenue.
Fiscal year EBITDA was -$936M.
The company maintained a gross profit margin of 47.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was -104.6%.
Net profit margin reached -122.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Neogen. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Neogen Stock Performance

Neogen has current market cap of $1.3B, and EV of $2.0B.

Market Cap Evolution

Neogen Stock Data

As of October 3, 2025, Neogen's stock price is $6.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.0B	$1.3B	XXX	XXX	XXX	XXX	$-3.38

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Neogen Valuation Multiples

Neogen's trades at 2.2x EV/Revenue multiple, and -4.3x EV/EBITDA.

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Neogen Financial Valuation Multiples

As of October 3, 2025, Neogen has market cap of $1.3B and EV of $2.0B.

Equity research analysts estimate Neogen's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Neogen has a P/E ratio of -1.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.3B	XXX	$1.3B	XXX	XXX	XXX
EV (current)	$2.0B	XXX	$2.0B	XXX	XXX	XXX
EV/Revenue	2.3x	XXX	2.2x	XXX	XXX	XXX
EV/EBITDA	11.5x	XXX	-4.3x	XXX	XXX	XXX
EV/EBIT	-2.9x	XXX	86.3x	XXX	XXX	XXX
EV/Gross Profit	4.9x	XXX	n/a	XXX	XXX	XXX
P/E	-1.7x	XXX	-2.0x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-34.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Neogen Margins & Growth Rates

Neogen's last 12 month revenue growth is -5%

Neogen's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.4M for the same period.

Neogen's rule of 40 is -57% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Neogen's rule of X is 7% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Neogen Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-5%	XXX	-5%	XXX	XXX	XXX
EBITDA Margin	20%	XXX	-52%	XXX	XXX	XXX
EBITDA Growth	-5%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-57%	XXX	-57%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	7%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	21%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	47%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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