NEOGEN CORP

Food/animal-safety diagnostics company with an impairment-driven net loss but positive operating cash flow.

Strengths

• Positive operating cash flow — OCF margin 7%
• Adequate liquidity — current ratio 3.3 (66th)

Risks

• Large impairment-driven GAAP loss (3M food-safety integration) — operating margin -119%
• Negative interest coverage (-27.8) — per 10-K
• Integration execution — per 10-K

Notable findings

• No interest coverageInterest coverage -27.83 (cannot cover interest)
• Net lossNet loss (net margin -122.1%)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Customer concentration~50% of revenue from one customer/distributor — accounted for 50
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
• Strong balance sheetStrong balance sheet — $129M cash & investments
• New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
• Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
• China exposure• government export controls, economic sanctions, embargoes or trade restrictions; • the imposition of duties and tariffs and other trade barriers; • limitations on ownership and on repatriation