NEOGEN CORP (NEOG) FY2026 10-K Annual Report
NEOGEN CORP (NEOG) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jul 30, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
NEOGEN CORP FY2026 10-K Analysis
Business Overview
- • Core business model: Develop, manufacture, and market food and animal safety diagnostic products, veterinary instruments, pharmaceuticals, and related services worldwide
- • Significant divestiture: Announced agreement to sell Genomics business to Zoetis Inc. for $160 million, pending regulatory approval and closing by mid-fiscal 2027
- • Strategic shift: Divested global Cleaners and Disinfectants business in July 2025, streamlining focus on core Food Safety and Animal Safety segments
- • Employee count: 2,636 total employees globally as of May 31, 2026, with 817 in sales and marketing and 89 in R&D
- • Noteworthy fact: Sales outside the U.S. accounted for 51.2% of total revenues, showing continued international growth and geographic diversification
Management Discussion & Analysis
- • Revenue $870.4M, down 3% YoY ($24.3M decrease) due to $55.6M discontinued product lines partially offset by $17.3M organic growth
- • Gross margin 46.9% vs 47.1% YoY, slight decline due to volume decreases and duplicative costs; Food Safety operating income $63.4M vs loss $(985.7)M
- • Animal Safety segment revenues $229.3M, down 11% YoY; operating income $24.5M vs $7.3M, best margin improvement; Food Safety segment best revenue performer
- • Operating cash flow $83.2M, up $25.0M; investing cash inflow $70.5M due to $121.7M sale proceeds; financing cash outflow $99.4M driven by debt repayments
- • Management plans growth via innovation, commercial excellence, cost management; sale of Genomics business pending; supply chain and tariff risks to persist in FY2027
Risk Factors
- • Regulatory risk from Australian and New Zealand regulators reviewing $160M Genomics business sale to Zoetis, delaying expected closing beyond H1 FY2027
- • Geopolitical exposure with 51.2% revenue from international markets facing risks including Russia-Ukraine conflict sanctions and Middle East tensions impacting supply and costs
- • Operational risk in ongoing transition of Petrifilm manufacturing from 3M to Neogen with expected completion in FY2027, incurring duplicative costs and regulatory approvals
- • Competitive risk from AI and emerging technologies disrupting animal and food safety markets, requiring effective integration and risk management to maintain competitive position
- • Financial risk from $450M new senior secured term loan and $100M drawn on $250M revolving credit, with covenants restricting investments, dividends, and debt that may limit financial flexibility
NEOGEN CORP FY2026 Key Financial MetricsXBRL
Revenue
$870M
▼ -2.7% YoY
Net Income
-$8M
▲ +99.3% YoY
Gross Margin
46.9%
▼ -17bp YoY
Operating Margin
-2.5%
▲ +11611bp YoY
Net Margin
-0.9%
▲ +12115bp YoY
ROE
-0.4%
▲ +5235bp YoY
Total Assets
$3.3B
▼ -2.8% YoY
EPS (Diluted)
$-0.04
▲ +99.2% YoY
Operating Cash Flow
$83M
▲ +42.8% YoY
Source: XBRL data from NEOGEN CORP FY2026 10-K filing on SEC EDGAR. All figures in USD.
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