TacticScaleWhat Neogen Does & How It Makes Money (NEOG)
Updated October 2026 · reflects Neogen's latest reported financials
Maker of food safety tests and animal health products. It earns revenue by selling diagnostic test kits, reagents and related software to food producers and labs, and by selling veterinary instruments, animal health and pest control products and genomics lab services to farmers, ranchers and veterinarians.
How Neogen makes money
It earns revenue by selling diagnostic test kits, reagents and related software to food producers and labs, and by selling veterinary instruments, animal health and pest control products and genomics lab services to farmers, ranchers and veterinarians.
What Neogen does
Neogen Corporation, founded in 1981 and headquartered in Lansing, Michigan, runs two segments: Food Safety and Animal Safety. On the food side, it supplies diagnostic test kits and complementary products that detect foodborne pathogens, spoilage organisms, natural toxins, allergens, meat species, drug and pesticide residues, and sanitation problems for food and feed producers. It also sells reagents and substrates for immunoassays, toxicology and life science research, plus software for storing and analyzing test results across locations. On the animal side, Neogen sells veterinary instruments and delivery systems under the Ideal and Prima Tech brands, nutritional supplements, animal health products such as Uniprim and Provecta parasiticides, and rodent and insect control under brands like Ramik, Prozap and StandGuard. Its genomics labs provide DNA genotyping, sequencing and trait analysis for livestock and companion animals. Customers range from food processors and labs to farmers, ranchers and veterinarians in the US and internationally.
Products & services
- Food safety diagnostic test kits
- Prima Tech and Ideal veterinary instruments
- Ramik and Prozap rodent and insect control
- Provecta companion animal parasiticides
- Uniprim veterinary antibiotic
- Neogen genomics DNA testing services
What is Neogen worth?
On an owner-earnings DCF, Neogen's most-likely value is about $4 versus a recent price near $12 (66% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$2) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 13.4× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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