NeoGenomics, Inc.
NEO Healthcare Diagnostics & Research
NeoGenomics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $727.3 million, up 10.1% from fiscal 2024. In the quarter to June 2026, revenue grew 11.2%, EPS grew 105.7%, free cash flow fell 16.2% and total debt rose 10.9%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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NeoGenomics, Inc. (NEO) Altman Z-score
NeoGenomics, Inc.'s Altman Z-score for fiscal 2025 is 1.79, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.79 | (0.07) |
| FY2024 | 1.86 | (0.08) |
| FY2023 | 1.94 | 0.79 |
| FY2022 | 1.15 | (2.50) |
| FY2021 | 3.64 | (9.13) |
| FY2020 | 12.78 | 3.06 |
| FY2019 | 9.72 | 5.55 |
| FY2018 | 4.17 | 1.06 |
| FY2017 | 3.11 | 0.17 |
| FY2016 | 2.94 | 0.63 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.21 | — | 0.25 | |
| Retained earnings / total assets | (0.32) | — | −0.45 | |
| EBIT / total assets | (0.09) | — | −0.28 | |
| Market value of equity / total liabilities | 2.88 | — | 1.73 | |
| Sales / total assets | 0.53 | — | 0.53 | |
| Altman Z-score | Distress zone | 1.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.46 | ||
Z and Z″ put NeoGenomics, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| VCYT Veracyte, Inc. compare | 21.1× |
| WGS GeneDx Holdings Corp. compare | 7.8× |
| CSTL Castle Biosciences, Inc. compare | 6.7× |
| BLLN BillionToOne, Inc. compare | 6.0× |
| CDNA CareDx, Inc. compare | 4.1× |
| PSNL Personalis, Inc. compare | 3.4× |
| ADPT Adaptive Biotechnologies Corporation compare | 2.1× |
| NEO NeoGenomics, Inc. | 1.8× |
| OPK OPKO Health, Inc. compare | −0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets