Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
-30.9
Distress distance
Clean
Earnings quality
5
Forensic signals
-6.4
P / E (ttm)
-1198.6%
ROE
$2.5B
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). 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 -30.9, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +323% against revenue +147%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 269% of net operating assets, diverging from the balance-sheet accrual read.
+16.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +56% over the last 3 years to FY2025 (+16.0%/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 ~16.0% 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 FY2022 has been diluted ~36%.
112% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 112% of revenue in FY2025 — about $0.03 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 16.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
91d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 85 to 91 days FY2024→FY2025 (receivables +323% vs revenue +147%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 228 → 16 → 55 → 85 → 91 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-80%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
Key fundamentals
Latest Revenue$9.7M
Revenue Growth YoY+146.7%
Revenue CAGR (3yr)-28.9%
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
Precigen, Inc. (PGEN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
$120M
FY2019–FY2025
Goodwill impairments.Took $120M of goodwill writedowns across 6 years (FY2023 ($10M), FY2024 ($7M), FY2025 ($4M)). Writedowns mean past acquisitions underperformed what was paid for them.