NEOGNEOGEN CORP

In Vitro & In Vivo Diagnostic Substances

Revenue: $870M; 2.7% YoY
Operating margin: -2.5%; 98% YoY
EBITDA: $95M; 110% YoY
Market cap: $2.6B
Employees: 817; $1M revenue each
Net debt / EBITDA: 6.4×; $602M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
4% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 76th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 42nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$14K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$527M	$822M	$924M	$895M	$870M	2.7%
Operating income	$59M	$38M	$59M	−$1.1B	−$22M	98%
Net income	$48M	−$23M	−$9M	−$1.1B	−$8M	99%
Operating cash flow	$68M	$41M	$35M	$58M	$83M	43%
Capex	$24M	$66M	$111M	$105M	$51M	51%
Stock-based comp	$7M	$10M	$14M	$17M	$13M	23%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jul 18, 2022	DEFM14A	3M Company	—	—
Mar 18, 2022	PREM14A	3M Company	$40.12	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $14K · 7
Open-market sells, 12 mo: $0 · 0
Net: $14K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	19	96
FY2025	—	—	13	79
FY2024	—	—	29	84
FY2023	—	—	38	81
FY2022	—	—	57	85