NeoGenomics, Inc.

NEO

HealthcareMedical - Diagnostics & ResearchNASDAQ

$8.66

Market Cap: $225.53M

NeoGenomics, Inc. (NEO) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$11.24 – $877,919,838,958,636,300.00	$42.36	+428.2%
Revenue DCF 10Y	$6.79 – $1,158,272,761,651,070,200.00	$77.64	+868.0%
▸ Trading Multiples
EV/Revenue	$23.85 – $1,258.16	$78.69	+881.1%

Valuation History

DCF Analysis

NeoGenomics, Inc. (NEO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$77.64

Market Price

$8.66

Upside / Downside

+796.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -9.1% to a target of 13.3% over 5 years, discounted at a WACC of 5.0%, NeoGenomics, Inc. (NEO) has an intrinsic value of $77.64 per share (range: $6.79 – $1,158,272,761,651,070,200.00).

Key Assumptions

Current Operating Margin

-9.1%

Target Operating Margin

13.3%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.8%

Target CapEx/Rev

17.2%

D&A/Revenue

11.4%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	797	9.5%	-4.6%	-37	-37	91	(63)	23	-31	-30
2027	874	9.7%	-0.1%	-1	-1	100	(78)	18	3	3
2028	954	9.1%	4.4%	42	33	109	(95)	19	29	25
2029	1,025	7.5%	8.8%	91	72	117	(112)	17	60	51
2030	1,107	8.0%	13.3%	148	117	127	(133)	19	91	73
2031	1,211	9.4%	13.3%	162	128	139	(158)	25	84	64
2032	1,310	8.1%	13.3%	175	138	150	(184)	23	81	59
2033	1,400	6.8%	13.3%	187	147	160	(211)	21	75	52
2034	1,478	5.6%	13.3%	197	156	169	(238)	18	68	45
2035	1,541	4.3%	13.3%	206	162	176	(264)	15	59	37

Enterprise Value Bridge

Sum of PV(FCFF)380

Terminal Value (Gordon Growth at 3.0%)3,055

PV of Terminal Value1,922

Enterprise Value2,302

(–) Net Debt313

Equity Value1,989

(÷) Shares Outstanding26

Fair Value per Share$77.64

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
3.0%	$-11	$199628004119912064	$519176256630298688	$838724509140684160	$1158272761651070208
4.0%	$-11	$59	$168	$276	$385
5.0%	$-11	$25	$78	$131	$184
6.0%	$-11	$13	$47	$82	$117
7.0%	$-11	$7	$32	$58	$83

Current price: $8.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

NeoGenomics, Inc. (NEO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$42.36

Market Price

$8.66

Upside / Downside

+389.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -9.1% to a target of 13.3% over 5 years, discounted at a WACC of 5.0%, NeoGenomics, Inc. (NEO) has an intrinsic value of $42.36 per share (range: $11.24 – $877,919,838,958,636,300.00).

Key Assumptions

Current Operating Margin

-9.1%

Target Operating Margin

13.3%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.8%

Target CapEx/Rev

17.2%

D&A/Revenue

11.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	797	9.5%	-4.6%	-37	-37	91	(71)	23	-39	-38
2027	874	9.7%	-0.1%	-1	-1	100	(96)	18	-15	-14
2028	954	9.1%	4.4%	42	33	109	(124)	19	-1	-1
2029	1,025	7.5%	8.8%	91	72	117	(155)	17	17	15
2030	1,107	8.0%	13.3%	148	117	127	(190)	19	34	27

Enterprise Value Bridge

Sum of PV(FCFF)-11

Terminal Value (Gordon Growth at 3.0%)1,754

PV of Terminal Value1,409

Enterprise Value1,398

(–) Net Debt313

Equity Value1,085

(÷) Shares Outstanding26

Fair Value per Share$42.36

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
3.0%	$-18	$79404252151362256	$345576114420454016	$611747976689544576	$877919838958636288
4.0%	$-18	$11	$102	$193	$284
5.0%	$-18	$-2	$42	$87	$132
6.0%	$-18	$-7	$22	$52	$81
7.0%	$-17	$-9	$13	$34	$56

Current price: $8.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$78.90

Market Price

$8.66

Upside / Downside

+811.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), NeoGenomics, Inc. (NEO) has a fair value of $78.90 based on 10 comparable companies in the Medical - Diagnostics & Research industry.

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
NeoGenomics, Inc.NEO	222	0.7x	0.7x
Aclaris Therapeutics, Inc.ACRS	458	56.3x	97.4x
Arcturus Therapeutics Holdings Inc.ARCT	234	0.4x	0.7x
Stereotaxis, Inc.STXS	183	5.4x	7.4x
Quanterix CorporationQTRX	169	1.3x	1.0x
Alpha Teknova, Inc.TKNO	167	4.4x	4.4x
Sagimet Biosciences Inc.SGMT	165	44.7x	—
Sanara MedTech Inc.SMTI	158	1.8x	3.0x
MDxHealth S.A.MDXH	105	1.6x	1.6x
Humacyte, Inc.HUMA	102	57.0x	8.5x
Exagen Inc.XGN	74	0.7x	0.7x
Industry Median		3.1x	3.0x
(*) Revenue		727	800
= Enterprise Value		2,251	2,417
(-) Net Debt		313	313
Equity Value		1,938	2,105
(/) Outstanding shares		26	26
Fair Price		$76	$82

Selected Fair Value (avg of trailing + forward)

$78.90

+811.1%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$11.24 – $877,919,838,958,636,300.00

$42.36

+428.2%

Revenue DCF 10Y

$6.79 – $1,158,272,761,651,070,200.00

$77.64

+868.0%

▸ Trading Multiples

EV/Revenue

$23.85 – $1,258.16

$78.69

+881.1%

DCF Analysis

NeoGenomics, Inc. (NEO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$77.64

Market Price

$8.66

Upside / Downside

+796.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-9.1%

Target Operating Margin

13.3%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.8%

Target CapEx/Rev

17.2%

D&A/Revenue

11.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	797	9.5%	-4.6%	-37	-37	91	(63)	23	-31	-30
2027	874	9.7%	-0.1%	-1	-1	100	(78)	18	3	3
2028	954	9.1%	4.4%	42	33	109	(95)	19	29	25
2029	1,025	7.5%	8.8%	91	72	117	(112)	17	60	51
2030	1,107	8.0%	13.3%	148	117	127	(133)	19	91	73
2031	1,211	9.4%	13.3%	162	128	139	(158)	25	84	64
2032	1,310	8.1%	13.3%	175	138	150	(184)	23	81	59
2033	1,400	6.8%	13.3%	187	147	160	(211)	21	75	52
2034	1,478	5.6%	13.3%	197	156	169	(238)	18	68	45
2035	1,541	4.3%	13.3%	206	162	176	(264)	15	59	37

Enterprise Value Bridge

Sum of PV(FCFF)380

Terminal Value (Gordon Growth at 3.0%)3,055

PV of Terminal Value1,922

Enterprise Value2,302

(–) Net Debt313

Equity Value1,989

(÷) Shares Outstanding26

Fair Value per Share$77.64

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
3.0%	$-11	$199628004119912064	$519176256630298688	$838724509140684160	$1158272761651070208
4.0%	$-11	$59	$168	$276	$385
5.0%	$-11	$25	$78	$131	$184
6.0%	$-11	$13	$47	$82	$117
7.0%	$-11	$7	$32	$58	$83

Current price: $8.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$78.90

Market Price

$8.66

Upside / Downside

+811.1%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
NeoGenomics, Inc.NEO	222	0.7x	0.7x
Aclaris Therapeutics, Inc.ACRS	458	56.3x	97.4x
Arcturus Therapeutics Holdings Inc.ARCT	234	0.4x	0.7x
Stereotaxis, Inc.STXS	183	5.4x	7.4x
Quanterix CorporationQTRX	169	1.3x	1.0x
Alpha Teknova, Inc.TKNO	167	4.4x	4.4x
Sagimet Biosciences Inc.SGMT	165	44.7x	—
Sanara MedTech Inc.SMTI	158	1.8x	3.0x
MDxHealth S.A.MDXH	105	1.6x	1.6x
Humacyte, Inc.HUMA	102	57.0x	8.5x
Exagen Inc.XGN	74	0.7x	0.7x
Industry Median		3.1x	3.0x
(*) Revenue		727	800
= Enterprise Value		2,251	2,417
(-) Net Debt		313	313
Equity Value		1,938	2,105
(/) Outstanding shares		26	26
Fair Price		$76	$82

Selected Fair Value (avg of trailing + forward)

$78.90

+811.1%