TakeoverPE & activists

NEOGNEOGEN CORP

In Vitro & In Vivo Diagnostic Substances · $2.6B market cap · 817 employees

1.3×

More likely than average to be taken private

Top 12% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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
  • 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
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $12K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 18, 2022DEFM14A3M Company——
Mar 18, 2022PREM14A3M Company$40.12—

Key numbers

Revenue
$870MFY2022: $527MFY2023: $822MFY2024: $924MFY2025: $895MFY2026: $870M
2.7% YoY
Operating margin
-2.5%FY2022: 11.1%FY2023: 4.6%FY2024: 6.3%FY2025: -118.6%FY2026: -2.5%
98% YoY
EBITDA
$95MFY2022: $82MFY2023: $126MFY2024: $175MFY2025: −$942MFY2026: $95M
110% YoY
Net debt / EBITDA
6.4×
$602M net debt

Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Revenue$527M$822M$924M$895M$870M 2.7% FY2022: $527MFY2023: $822MFY2024: $924MFY2025: $895MFY2026: $870M
Operating income$59M$38M$59M−$1.1B−$22M 98% FY2022: $59MFY2023: $38MFY2024: $59MFY2025: −$1.1BFY2026: −$22M
Net income$48M−$23M−$9M−$1.1B−$8M 99% FY2022: $48MFY2023: −$23MFY2024: −$9MFY2025: −$1.1BFY2026: −$8M
Operating cash flow$68M$41M$35M$58M$83M 43% FY2022: $68MFY2023: $41MFY2024: $35MFY2025: $58MFY2026: $83M
Capex$24M$66M$111M$105M$51M 51% FY2022: $24MFY2023: $66MFY2024: $111MFY2025: $105MFY2026: $51M
Stock-based comp$7M$10M$14M$17M$13M 23% FY2022: $7MFY2023: $10MFY2024: $14MFY2025: $17MFY2026: $13M

13D filers

None on file.

Insider trading

+$12Knet buying by insiders, open market, last 12 months
Bought $12K · 6 tradesSold $0 · 0 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2026——1996
FY2025——1379
FY2024——2984
FY2023——3881
FY2022——5785