Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Regeneron Pharmaceuticals, Inc. (REGN)
A forensic read on Regeneron Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
9.2
Distress distance
Clean
Earnings quality
2
Forensic signals
14.9%
ROE
1.0%
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 (auditor quality, say on pay, board independence, going concern). 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.
Regeneron Pharmaceuticals, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 9.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
9.6%
FY2025
Return on invested capital.Return on invested capital is 9.6% in the latest fiscal year and slipping across FY2023–FY2025 from 13.5%. After-tax operating profit was $3.6B in FY2023 and $3.1B in FY2025, with operating income at 30.9% of revenue in FY2023, 28.1% in FY2024 and 24.9% in FY2025. The capital base behind it grew +20% across FY2023–FY2025, from $26.9B to $32.2B, while the return fell 3.9 points, so the dollars added over that window earned less than the 13.5% the older base was already earning. $15.6B of the $32.2B base at FY2025 is short-term investments and long-term marketable securities (48.4%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
93% of FCF
FY2025
Shareholder returns.Returned $3.8B to shareholders (buybacks + dividends) in FY2025 — 93% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 58% of free cash flow two years back — not just sitting there. Counting the $994M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 118%.
Key fundamentals
Latest Revenue$14.34B
Revenue Growth YoY+1.0%
Revenue CAGR (2yr)+4.6%
Net Margin31.4%
Free Cash Flow$4.08B
Return on Equity14.9%
Debt / Equity0.06x
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 Regeneron Pharmaceuticals, Inc.'s actual 10-K/10-Q/8-K filings?