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Neogen cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$4.7M in Q1 FY27 · $49.8M over twelve months

Operating cash flow$12.9M
Capital spending−$8.2M
Free cash flow+$4.7M
Cash conversion cycle111 days

Analysis

In Q1 FY27, Neogen generated $12.9M of operating cash flow and spent $8.2M on capital projects, leaving free cash flow of $4.7M. That is $17.9M more than in Q1 FY26 (−$13.2M).

Over the twelve months to Aug 31, 2026, operating cash flow was $85.3M; the largest uses were capital spending ($35.5M), net borrowing (+) / repaid (−) ($20.0M), taxes on employees’ shares ($1.9M); besides operations, cash came from shares issued ($2.9M), other investing ($100K); the cash balance rose by $33.2M.

Operating cash flow was $12.9M against net income of −$11.9M. The largest differences: depreciation & amortization +$29.1M, receivables +$10.4M, deferred taxes −$5.2M.

Its cash conversion cycle was 111 days (receivables 58 + inventory 114 − payables 61).

Free cash flow

Neogen: free cash flow by quarterNeogen: free cash flow by quarter$23.1MQ2 FY25−$13.4MQ3 FY25$300KQ4 FY25−$13.2MQ1 FY26$7.8MQ2 FY26$11.1MQ3 FY26$26.2MQ4 FY26$4.7MQ1 FY27
Operating cash flow less capital spending.
Neogen: operating cash flow against capital spendingNeogen: operating cash flow against capital spendingOperating cash flowCapital spending$40.3M$17.2MQ2 FY25$19.5M$32.9MQ3 FY25$16.4M$16.1MQ4 FY25$10.8M$24.0MQ1 FY26$19.5M$11.7MQ2 FY26$22.7M$11.6MQ3 FY26$30.2M$4.0MQ4 FY26$12.9M$8.2MQ1 FY27
Latest (Q1 FY27): Operating cash flow $12.9M, Capital spending $8.2M.

Capital allocation, year by year

Neogen: where the cash came from (up) and went (down), by fiscal yearNeogen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow $68.0MFY22: Shares issued $7.9MFY22: Capital spending −$24.4MFY22: Acquisitions −$38.7M$76.0MFY22FY23: Operating cash flow $41.0MFY23: Net borrowing −$100MFY23: Shares issued $1.2MFY23: Asset sales $826KFY23: Capital spending −$65.8MFY23: Acquisitions $11.7M$54.8MFY23FY24: Operating cash flow $35.3MFY24: Net borrowing −$200KFY24: Shares issued $2.4MFY24: Asset sales $100KFY24: Capital spending −$111M$37.8MFY24FY25: Operating cash flow $58.2MFY25: Net borrowing −$300KFY25: Shares issued $2.2MFY25: Asset sales $5.1MFY25: Capital spending −$105M$65.5MFY25FY26: Operating cash flow $83.2MFY26: Net borrowing −$100MFY26: Shares issued $1.6MFY26: Asset sales $122MFY26: Capital spending −$51.3M$207MFY26
Over these 5 years operating cash flow totalled $286M; the largest uses were capital spending ($357M) and net borrowing ($201M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$172M
Debt$1.6B
Net debt$1.4B
Due within a year$780M

Neogen funds itself: free cash flow was $49.8M over the last twelve months, and $172M of cash and investments stands against $1.6B of debt ($780M due within a year, 0.2× covered by cash).

Neogen: debt maturities by year (FY26)Neogen: debt maturities by year (FY26)$16.9MYear 2$22.5MYear 3$414MYear 4$346MYear 5
Principal due in each year as disclosed in the annual report, against $172M of cash and investments now.

Where the cash came from and went

Neogen: sources (+) and uses (−) of cash, Q1 FY27Neogen: sources (+) and uses (−) of cash, Q1 FY27Net borrowing (+) / repaid (−)−$20.0MCash drawn (+) / kept (−)$13.5MOperating cash flow$12.9MCapital spending−$8.2MShares issued$2.2MTaxes on employees’ shares−$1.2MExchange rates$800K
Neogen: sources (+) and uses (−) of cash, TTM to Q1 FY27Neogen: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$85.3MCapital spending−$35.5MCash drawn (+) / kept (−)−$33.2MNet borrowing (+) / repaid (−)−$20.0MShares issued$2.9MExchange rates$2.3MTaxes on employees’ shares−$1.9MOther investing$100K

From profit to cash

Neogen: net income to operating cash flow, Q1 FY27Neogen: net income to operating cash flow, Q1 FY27Net income−$11.9MDepreciation & amortization$29.1MStock-based pay$3.1MDeferred taxes−$5.2MGains on disposals$100KOther non-cash$500KReceivables$10.4MInventory−$3.8MPayables−$1.2MPrepaid and other assets$1.7MOperating cash flow$12.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY275811461111
Q4 FY265812060117
Q3 FY265713055132
Q2 FY265513754138
Q1 FY266415563156
Q4 FY256413753149
Q3 FY256616462168
Q2 FY256515354164

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$12.9M−$8.2M−$20.0M$2.2M$13.5M$4.7M
Q4 FY26$30.2M−$4.0M—−$100K−$25.6M$26.2M
Q3 FY26$22.7M−$11.6M−$25K$822K−$14.6M$11.1M
Q2 FY26$19.5M−$11.7M$25K−$22K−$6.5M$7.8M
Q1 FY26$10.8M−$24.0M−$100M$900K−$9.8M−$13.2M
Q4 FY25$16.4M−$16.1M−$550M—−$1.3M$300K
Q3 FY25$19.5M−$32.9M−$27K$1.0M$12.5M−$13.4M
Q2 FY25$40.3M−$17.2M$98K$105K−$19.8M$23.1M

Neogen: income statement and cash flow

Neogen, Q1 FY27: revenue $223M (+6% year over year), operating margin -0.8%. The chart follows the revenue to costs, profit and cash.

Neogen: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.