PRECIGEN, INC. (PGEN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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
-50.4
Altman Z-score
Clean
Earnings quality
6
Forensic signals
-642.5%
ROE
$2.1B
Market cap
PRECIGEN, INC. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -50.4, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+77.0%Accruals ratio.Net operating assets grew +77.0% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran behind operating cash by -269% of net operating assets.
148d DSOReceivables 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.
-99%Return on invested capital.Return on invested capital is -99% and slipping from -36% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+18.7%/yrShare-count dilution.Diluted share count changed +56% over the last 3 years to FY2025 (+18.7%/yr). The count is GROWING — existing holders are being diluted. That's ~18.7% 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 ~56%.
112% of revStock-based comp load.Stock-based compensation ran 112% of revenue in FY2025 — about $0.03 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$120MGoodwill impairments.Took $120M of goodwill writedowns across 6 year(s) (FY2023 ($10M), FY2024 ($7M), FY2025 ($4M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-2588.2%
Debt / Equity4.46x
Free Cash Flow$-89.8M
Latest Revenue$9.7M
Return on Equity-1198.6%
Revenue Growth YoY+146.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on PRECIGEN, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PGEN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown