Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 9, 2026

Repligen Corp (RGEN)

A forensic read on Repligen Corp 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

14.4

Distress distance

Clean

Earnings quality

Forensic signals

220.5

P / E (ttm)

2.3%

ROE

$9.2B

Market cap

16.4%

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.

Repligen Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 14.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

1.9%

FY2025

Return on invested capital. Return on invested capital is 1.9% in the latest fiscal year and slipping from 12% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

stopped

FY2023→FY2025

Shareholder returns — halted. Capital returns have STOPPED — $14M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.

+17.9%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +17.9% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +19% against -2% in cost of sales and receivables up +18% against revenue +16%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.

Key fundamentals

Latest Revenue$738.3M

Revenue Growth YoY+16.4%

Revenue CAGR (3yr)-2.7%

Net Margin6.6%

Free Cash Flow$93.9M

Return on Equity2.3%

Debt / Equity0.26x

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Data from SEC EDGAR public filings · metrics as of Aug 9, 2026. Forensic signals flag probability, not certainty.