Neogen Corporation (NEOG) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, NEOG scores 50 out of 100, grade D, labeled "Roarable Sell — Underperform / Distribution Warning." The five pillars are:

• Fundamental Cash Engine: 7 / 20. Per the RQD rating, ROIC is -0.6% and FCF yield is 3.11%. This is the weakest pillar relative to its weight, reflecting that the business is not currently generating returns on invested capital above zero, even though free cash flow remains positive.
• Whale 13F Flow: 13 / 20. Per the RQD rating, this pillar reflects institutional accumulation and options positioning. The underlying holder records are not provided in the source data, so the drivers of this score cannot be independently traced here.
• Insider Conviction: 8 / 20. Per the RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow. Individual transactions are not itemized in the source data.
• Macro Regime Fit: 12 / 20. Per the RQD rating, beta is 1.0 and sector sensitivity is factored in. This indicates market-like sensitivity to broad moves rather than a defensive or high-volatility profile.
• Forensic Balance Sheet: 10 / 20. Per the RQD rating, Altman Z is 1.45, Piotroski F is 7/9, and Debt/Equity is 0.38. The Piotroski reading is comparatively solid, while the Altman Z sits in a range that the source does not interpret for us.

For a prospective investor evaluating the stock today, the practical implication is that the score's weakest components (cash engine and insider conviction) point toward caution, while the balance-sheet and institutional-flow components are mixed rather than decisively negative. The overall grade reflects that the upside case must rest on an earnings or margin recovery that the current return metrics do not yet show. Valuation tradeoffs are difficult to assess because P/E and EV/EBITDA are not available in the source data; an investor cannot benchmark the current price against earnings-based multiples from this dataset alone.

Per the SEC financials, revenue declined from $924.2M in FY 2023 to $870.4M in FY 2025, and operating income moved from $58.6M in FY 2023 to $-21.6M in FY 2025. The source reports a net margin of -0.9% and an operating margin of -2.5%, with a gross margin of 46.9%. Per the RQD rating, ROIC is -0.6%, and the Altman Z-Score is 1.45 and the Piotroski F-Score is 7/9; the source does not explain how these were computed. Debt of $792.9M against cash of $145.3M in FY 2025 is consistent with the reported Debt/Equity of 0.38, though the equity figure itself is not provided.

• What is the composition of the reported revenue decline from $924.2M to $870.4M, and how much is attributable to specific product lines or customer segments?
• What drove the FY 2024 net loss of $-1092.0M, and is it a non-recurring charge or a structural issue?
• What are the EPS and P/E figures on a trailing and forward basis, given that the source data omits them?
• What is the current share count and equity base used to derive the reported Debt/Equity of 0.38?
• Which institutional holders and insiders account for the Whale and Insider pillar scores, and what is the direction and size of their recent transactions?