Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Precigen, Inc. (PGEN)
A forensic read on Precigen, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-29.8
Distress distance
Clean
Earnings quality
5
Forensic signals
-6.9
P / E (ttm)
-1198.6%
ROE
$2.7B
Market cap
0.00%
Dividend yield
146.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Precigen, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -29.8, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+77.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +77.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +323% against revenue +147%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 269% of net operating assets, against an accruals ratio of 77.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
148d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 86 to 148 days FY2024→FY2025 (receivables +323% vs revenue +147%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 53 → 86 → 148 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (-80%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
+13.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +28% over the last 2 years to FY2025 (+13.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~13.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~22%.
Key fundamentals
Latest Revenue$9.7M
Revenue Growth YoY+146.7%
Revenue CAGR (2yr)+24.7%
Net Margin-2588.2%
Free Cash Flow-$89.8M
Return on Equity-1198.6%
Debt / Equity4.46x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Precigen, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
112% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 112% of revenue in FY2025 — about $0.03 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 13.2% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$22M
FY2023–FY2025
Goodwill impairments.Took $22M of goodwill writedowns across 3 years (FY2023 ($10M), FY2024 ($7M), FY2025 ($4M)). Writedowns mean past acquisitions underperformed what was paid for them.
Precigen, Inc. (PGEN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy