Not exactly.
Tomalley is an organ rather than simply a collection of feces.
The lobster's digestive tract is responsible for moving food through the body and eliminating waste, while the hepatopancreas performs important digestive and metabolic functions.
So calling the entire green substance “lobster poop” is an oversimplification.
It is more accurate to think of tomalley as a digestive organ.
That said, because the organ is closely involved with digestion, it can contain material or contaminants from the lobster's environment. That's one reason food-safety authorities have raised concerns about consuming large amounts of tomalley.

Is Tomalley Edible?
Historically, many people have considered lobster tomalley a delicacy.
Some people describe it as rich, creamy, savory, and intensely “lobster-like.” In traditional lobster preparations, people may scoop it out of the shell and eat it alongside the meat.
However, edible does not necessarily mean that eating large quantities is advisable.
The hepatopancreas can accumulate environmental contaminants, including certain toxins and pollutants. Marine biotoxins can also be a concern depending on the location where the lobster was harvested.
This is why food-safety recommendations regarding lobster tomalley can be more cautious than recommendations regarding ordinary lobster meat.
In particular, people should pay attention to local seafood advisories.
If authorities have issued a warning about lobster tomalley from a particular area, it's best to follow that guidance rather than assuming that the green material is harmless simply because it looks normal.
What About Lobster Meat?
This is where an important distinction needs to be made.
The green material in the photograph is not the same thing as the white lobster meat found in the claws, tail, and other edible portions.
Lobster meat is muscle tissue.
Tomalley is an internal organ involved in digestion.
That means you shouldn't use the appearance of the tomalley alone to judge the quality of the lobster meat.
Instead, look at the lobster as a whole.
Fresh lobster should generally have a clean marine smell rather than a strong sour, ammonia-like, or rotten odor. The meat should have an appropriate texture and appearance for properly cooked lobster.
If something smells distinctly spoiled, has an unusual slimy texture, or otherwise seems questionable, don't rely on the tomalley's color to convince yourself that everything is fine.
When in doubt, it's safer not to eat it.