RGEN · Health care(biological products, (no diagnostic substances)) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Repligen Corp reported revenue of $738.3 million in fiscal 2025, after growing 20.2% a year over the previous 9 years. Its operating margin narrowed from 9.9% in 2017 to 7.5%, and it earned 1.6% on its invested capital in the latest year. Of the $877.9 million its operations generated over 10 years, 93.3% went to acquisitions and 33.5% back into the business; the share count fell 99.9%. On the accounting screens, it passes 7 of 9 Piotroski tests, its Altman Z'' of 5.48 is in the safe zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025738.3M+20.2% a year over 9 years
Operating margin7.5%gross margin 52.3%
Return on invested capital1.6%0.1% on average over 2 years
Free cash flow after stock pay61.3M8.3% of revenue
Net debt ÷ EBITDANet cash23.8M more cash than debt
Piotroski F-score7/9tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-250.0M0250.0M500.0M750.0M1.0B
2017Revenue 141.2MOperating income 14.0M
2018Revenue 194.0MOperating income 26.0M
2019Revenue 270.2MOperating income 36.1M
2020Revenue 366.3MOperating income 69.8M
2021Revenue 670.5MOperating income 167.2M
2022
2022Revenue 801.5MOperating income 224.7M
2023Revenue 632.4MOperating income 47.7M
2024Revenue 634.4MOperating income -35.1M
2025Revenue 738.3MOperating income 55.2M
2017201820192020202120222022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
-2.7%
+1.9%
+20.2%
Operating income
-37.4%
-19.9%
+16.5%
Net income
-35.9%
-17.5%
+6.2%
Earnings per share
-35.6%
-17.3%
+119.7%
Free cash flow per share
+3.0%
+12.9%
+159.9%
Shares
-0.5%
-0.2%
-51.6%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capitalCost of capital today · 8.9%
-5.0%0.0%5.0%10.0%
2017
2018
2019
2020
2021
2022
2022
2023
2024Return on invested capital -1.5%
2025Return on invested capital 1.6%
2017201820192020202120222022202320242025
Economic profit
Economic profit
-300.0M-200.0M-100.0M0
2017
2018
2019
2020
2021
2022
2022
2023
2024Economic profit -259.9M
2025Economic profit -192.9M
2017201820192020202120222022202320242025
(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.
Return on equity
2.3%
Return on assets
1.7%
Asset turnover
0.25×
Research & development
7.3% of revenue
Overheads (SG&A)
39.4% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-100.0M0100.0M200.0M
2017Net income 28.4MFree cash flow 12.0MAfter stock-based pay 5.2M
2018Net income 16.6MFree cash flow 22.1MAfter stock-based pay 11.9M
2019Net income 21.4MFree cash flow 48.7MAfter stock-based pay 35.9M
2020Net income 59.9MFree cash flow 40.2MAfter stock-based pay 23.2M
2021Net income 128.3MFree cash flow 51.9MAfter stock-based pay 24.4M
2022
2022Net income 186.0MFree cash flow 87.2MAfter stock-based pay 59.9M
2023Net income 35.6MFree cash flow 77.7MAfter stock-based pay 52.1M
2024Net income -25.5MFree cash flow 149.7MAfter stock-based pay 101.6M
2025Net income 48.9MFree cash flow 93.9MAfter stock-based pay 61.3M
2017201820192020202120222022202320242025
Where 10 years of operating cash went, 2017–2025
877.9M generated by the business. Each band is its share of that total.
Reinvested in the business 34%294.4M
Acquisitions 93%818.8M
Dividends 0%0
Share buybacks 2%14.4M
More than it generated: funded with cash or new debt -28%-249.7M
Over the same years it paid 207.9M in stock. The share count fell 99.9%. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
2017Earnings per share $0.72Free cash flow per share $0.31
2018Earnings per share $0.37Free cash flow per share $0.49
2019Earnings per share $0.44Free cash flow per share $0.99
2020Earnings per share $1,111.96Free cash flow per share $745.38
2021Earnings per share $2,240.34Free cash flow per share $906.80
2022
2022Earnings per share $3,236.60Free cash flow per share $1,518.56
2023Earnings per share $631.39Free cash flow per share $1,378.15
2024Earnings per share $-456.12Free cash flow per share $2,676.53
2025Earnings per share $864.45Free cash flow per share $1,660.12
2017201820192020202120222022202320242025
Shares outstanding
Diluted shares
020.0M40.0M60.0M
2017Diluted shares 39.1M
2018Diluted shares 45.5M
2019Diluted shares 49.2M
2020Diluted shares 53,892
2021Diluted shares 57,264
2022
2022Diluted shares 57,455
2023Diluted shares 56,377
2024Diluted shares 55,937
2025Diluted shares 56,561
2017201820192020202120222022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-300.0M-200.0M-100.0M0
2017
2018
2019
2020
2021
2022
2022
2023
2024Net debt -231.8M
2025Net debt -23.8M
2017201820192020202120222022202320242025
Net debt ÷ EBITDA
-0.2×
Interest coverage
2× operating income ÷ interest
Current ratio
8.37 current assets ÷ current liabilities
Cash conversion cycle
224 days collects in 78d, stock 177d, pays in 31d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
7of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
✓Better gross marginGross margin higher than a year beforepassed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
5.48safe zone
1.12.6
Working capital ÷ assets 0.34 × 6.56+2.23
Retained earnings ÷ assets 0.15 × 3.26+0.50
Operating income ÷ assets 0.02 × 6.72+0.13
Equity ÷ liabilities 2.50 × 1.05+2.62
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.52below the -1.78 line
-1.78
Receivables vs sales 1.02+0.93
Gross margin slipping 0.83+0.44
Soft assets 1.00+0.40
Sales growth 1.16+1.04
Slower depreciation 0.88+0.10
Overheads vs sales 0.95-0.16
Profit not in cash -0.02-0.11
Leverage rising 1.00-0.33
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (24M) is well below depreciation (79M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$9,709.33discounted at 8.9% a year · 54% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
11.2×
Enterprise value ÷ EBITDA
3.9×
Enterprise value ÷ revenue
0.7×
Free cash flow yield
11.2%
From cash flows to a value per share
10 years of cash flow, today239.1M
Everything after, today286.2M
The whole business525.4M
Plus net cash23.8M
What belongs to shareholders549.2M
Divided among 56,561 shares: <strong>$9,709.33</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
050.0M100.0M150.0M
2017Reported 5.2M
2018Reported 11.9M
2019Reported 35.9M
2020Reported 23.2M
2021Reported 24.4M
2022
2022Reported 59.9M
2023Reported 52.1M
2024Reported 101.6M
2025Reported 61.3M
2026Projected 33.7M
2027Projected 34.6M
2028Projected 35.4M
2029Projected 36.3M
2030Projected 37.2M
2031Projected 38.1M
2032Projected 39.1M
2033Projected 40.1M
2034Projected 41.1M
2035Projected 42.1M
2017201920212022202420262028203020322034
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
756.7M
775.6M
795.0M
814.9M
835.3M
856.2M
877.6M
899.5M
922.0M
945.0M
Growth
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
Cash margin
4.5%
4.5%
4.5%
4.5%
4.5%
4.5%
4.5%
4.5%
4.5%
4.5%
Free cash flow
33.7M
34.6M
35.4M
36.3M
37.2M
38.1M
39.1M
40.1M
41.1M
42.1M
Worth today
31.0M
29.1M
27.4M
25.8M
24.3M
22.8M
21.5M
20.2M
19.0M
17.9M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
7.9%
10,011
10,656
11,419
12,336
13,459
8.4%
9,314
9,856
10,490
11,239
12,140
8.9%
8,714
9,176
9,709
10,332
11,069
9.4%
8,184
8,581
9,035
9,558
10,169
9.9%
7,720
8,064
8,454
8,900
9,414
Year-one growth and the final margin
margin ↓ · growth →
-1.5%
0.5%
2.5%
4.5%
6.5%
3.6%
7,073
7,647
8,267
8,935
9,655
4.0%
7,673
8,307
8,992
9,730
10,526
4.5%
8,268
8,961
9,709
10,517
11,388
4.9%
8,861
9,613
10,425
11,302
12,248
5.3%
9,461
10,273
11,150
12,097
13,119
All the inputs moving at once
5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.0%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$5,467.74
Median$9,692.76
90th percentile$15,380.90
$5,000.00$10,000.00$15,000.00$20,000.00
Half of the simulations land between <b>$7,365.20</b> and <b>$12,422.15</b>; one in ten below $5,467.74, one in ten above $15,380.90.
Does the long run make sense?
3.9×The terminal value prices the business in year 10 at 3.9 times that year's EBITDA.
10%To grow 2.5% forever while reinvesting 24% of its after-tax operating profit, the business must earn 10% on the new capital — it has earned 0% on average over the last five years.
54%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 3 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$5.0M6 sale(s) by 2 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
