Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.5
Distress distance
Clean
Earnings quality
3
Forensic signals
2.4%
ROE
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 (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.
Repligen Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.5, 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
2.1%
FY2025
Return on invested capital.Return on invested capital is 2.1% in the latest fiscal year, against 1.6% in FY2023, having run between -1.4% and 2.1% across FY2023–FY2025 with no direction held. After-tax operating profit was $31M in FY2023 and $43M in FY2025, with operating income at 7.5% of revenue in FY2023, -5.5% in FY2024 and 7.5% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
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.
+14.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +14.1% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $71.7M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by inventory up +19% against -2% in cost of sales and receivables up +18% against revenue +16%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 14.1%. 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$738.3M
Revenue Growth YoY+16.4%
Revenue CAGR (2yr)+8.0%
Net Margin6.6%
Free Cash Flow$93.9M
Return on Equity2.4%
Debt / Equity0.26x
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 Repligen Corp's actual 10-K/10-Q/8-K filings?