Neogen Corporation (NEOG)

Debt-to-capital ratio

		May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	3,144,140	3,134,220	887,374	840,377	725,177
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00

May 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $3,144,140K)
= 0.00

The debt-to-capital ratio of Neogen Corporation over the past five years has consistently remained at 0.00. This indicates that the company has not utilized debt financing as a significant source of capital relative to its total capital structure. A low debt-to-capital ratio typically signifies a lower level of financial risk and liability for the company. Neogen Corporation's consistent 0.00 debt-to-capital ratio suggests that it has been largely relying on equity financing rather than debt to fund its operations and growth.