Neogen Corporation
NEOG Healthcare Medical Devices
Neogen Corporation’s revenue for fiscal 2026 (year ended May 2026) was $870.4 million, down 2.72% from fiscal 2025. In the quarter to August 2026, revenue grew 6.51%, EPS fell 132.1%, free cash flow grew 135.8% and total debt fell 2.31%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Neogen Corporation (NEOG) Altman Z-score
Neogen Corporation's Altman Z-score for fiscal 2026 is 1.11, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 1.11 | 1.38 |
| FY2025 | −0.28 | (2.03) |
| FY2024 | 1.75 | (0.15) |
| FY2023 | 1.89 | (16.52) |
| FY2022 | 18.41 | (20.83) |
| FY2021 | 39.25 | 5.68 |
| FY2020 | 33.57 | 0.77 |
| FY2019 | 32.80 | (10.02) |
| FY2018 | 42.83 | 14.96 |
| FY2017 | 27.87 | 1.16 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.16 | |
| Retained earnings / total assets | (0.16) | — | −0.23 | |
| EBIT / total assets | (0.01) | — | −0.02 | |
| Market value of equity / total liabilities | 1.56 | — | 0.93 | |
| Sales / total assets | 0.26 | — | 0.26 | |
| Altman Z-score | Distress zone | 1.11 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.06 | ||
Z and Z″ put Neogen Corporation 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 |
|---|---|
| INSP Inspire Medical Systems, Inc. compare | 14.5× |
| AXGN AxoGen, Inc. compare | 9.2× |
| UFPT UFP Technologies, Inc. compare | 6.9× |
| TMDX TransMedics Group, Inc. compare | 5.3× |
| IRTC iRhythm Holdings, Inc. compare | 4.0× |
| ESTA Establishment Labs Holdings Inc. compare | 2.7× |
| BFLY Butterfly Network, Inc. compare | 1.6× |
| NEOG Neogen Corporation | 1.1× |
| ATEC Alphatec Holdings, Inc. compare | 0.9× |
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