Neogen Corporation (NEOG)

Debt-to-capital ratio

		Nov 30, 2024	Aug 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019
Long-term debt	US$ in thousands	889,867	889,129	887,653	886,915	886,177	885,439	884,701	923,962	—	0	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,669,070	3,135,190	3,146,170	3,147,570	3,146,180	3,134,220	3,125,560	3,106,260	883,798	887,374	875,544	865,476	855,363	840,377	807,683	777,395	751,546	725,177	711,871	690,917
Debt-to-capital ratio		0.25	0.22	0.22	0.22	0.22	0.22	0.22	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

November 30, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $889,867K ÷ ($889,867K + $2,669,070K)
= 0.25

Neogen Corporation's debt-to-capital ratio has been consistently at 0.00 from November 2019 to May 2022, indicating that the company had no debt proportional to its total capital during this period. However, from November 2022 to November 2024, there has been a gradual increase in the debt-to-capital ratio, reaching 0.25 as of November 2024. This indicates that Neogen Corporation has started utilizing debt as part of its capital structure, which could signal a shift in the company's financing strategy towards incorporating debt to fund its operations or growth initiatives. It is important to closely monitor this trend in the debt-to-capital ratio to assess Neogen Corporation's financial leverage and risk profile.