# Repligen (RGEN.US)

Canonical: https://gigainvestors.com/s/RGEN

Analysis as of: 2026-10-16T07:31:33.436Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $184.17 per share; close as of 2026-10-15.

Estimated value: low $39.28 per share, central $42.75 per share, high $47.38 per share. Buy at or below the central value $42.75 per share. Valuation as of 2026-10-16T07:31:33.436Z; scenarios are not confidence intervals.

Expected annual return: 4.1% at the stated quote. About 4.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.66×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.10×

- FY2018: 0.13×

- FY2019: 0.15×

- FY2020: 0.22×

- FY2021: 0.25×

- FY2022: 0.28×

- FY2023: 0.09×

- FY2024: -0.06×

- FY2025: 0.08×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 8.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.7%

- ROIC, second-lowest year: 3.8%

- Typical minus recent gross margin: 8.3 pp

- Typical gross margin (annual median): 52.8%

- Recent gross margin (lower of latest and 3-year median): 44.5%

- Years with nonpositive capital: 1

- Capital spending / revenue: 6.6%

- ROIC including acquisitions, ten-year median: 5.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 25.4%

- FY2017: 20.7%

- FY2018: 10.1%

- FY2019: 10.1%

- FY2020: 17.3%

- FY2021: 21.4%

- FY2022: 22.3%

- FY2023: 3.8%

- FY2024: -3.2%

- FY2025: 5.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.31×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $496M

- Net income, five-year total: $379M

- Return on incremental invested capital: 17.0%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.4 pp

- Working capital / revenue, final three-year average: 42.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.79×

- FY2023: 1.70×

- FY2024: -1.10×

- FY2025: 2.50×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.7% vs 3.8%

- Per-share earnings: 0.34 to 0.74 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.4%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: $8.2B

- Cumulative retained earnings: $516M

- Diluted shares, 10-year annual growth: 5.4%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.1%

- Per-share value change: $0.39

- Per-share value, starting three-year median: $0.34

- Per-share value, ending three-year median: $0.74

- Buybacks concentrated in cheaper years (correlation): 0.03

- Average buyback yield: 0.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: $517M

- ROIC, first three-year median: 20.7%

- ROIC, last three-year median: 3.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.34

- FY2017: $0.72

- FY2018: $0.37

- FY2019: $0.44

- FY2020: $1.11

- FY2021: $2.24

- FY2022: $3.24

- FY2023: $0.74

- FY2024: -$0.46

- FY2025: $0.86

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 27.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.40×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.71×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.4%

- FY2017: 9.1%

- FY2018: -2.1%

- FY2019: -3.3%

- FY2020: -0.1%

- FY2021: 0.4%

- FY2022: 0.5%

- FY2023: -2.6%

- FY2024: -7.1%

- FY2025: -2.3%

## Holders

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 37% since Oct 2021 · "Repligen (RGEN) Is Up 16.2% After Revenue Rises But Profitability Compresses In Q2 2026" (finance.yahoo.com, Aug 2026) · sales +16.4%

Story as of 2026-10-16T09:59:29.846Z; price observation 2026-10-15.

Price needs cash profits to grow 23.8% a year for ten years

- 2025-04-30: RGEN Q1 Earnings Call: Repligen Delivers Above-Consensus Revenue, Raises Sales Outlook Amid Tariff Uncertainty ([finance.yahoo.com](https://finance.yahoo.com/news/rgen-q1-earnings-call-repligen-201952808.html))

- 2025-10-29: RGEN Q3 Deep Dive: Robust Product Demand Offset by Margin Pressures and Guidance Reset ([finance.yahoo.com](https://finance.yahoo.com/news/rgen-q3-deep-dive-robust-134047761.html))

- 2025-11-05: Repligen (RGEN): Assessing Valuation After Q3 Profits and Raised 2025 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/repligen-rgen-assessing-valuation-q3-121547460.html))

- 2026-07-29: Repligen Beats Q2 Earnings Estimates, Raises 2026 View, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/repligen-beats-q2-earnings-estimates-162300941.html))

- 2026-08-10: Repligen (RGEN) Is Up 16.2% After Revenue Rises But Profitability Compresses In Q2 2026 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/repligen-rgen-16-2-revenue-031937912.html))

### Sales · FY2024–2025

sales +16.4%; source https://www.sec.gov/Archives/edgar/data/730272/000119312526076528/rgen-20251231.htm; observed 2026-02-26.

- FY2016: $105M 

- FY2017: $141M 

- FY2018: $194M 

- FY2019: $270M 

- FY2020: $366M 

- FY2021: $671M 

- FY2022: $802M 

- FY2023: $639M 

- FY2024: $634M 

- FY2025: $738M 

### Gross margin · FY2025

gross margin 47.1%; source https://www.sec.gov/Archives/edgar/data/730272/000119312526076528/rgen-20251231.htm; observed 2026-02-26.

- FY2016: 54.9% 

- FY2017: 52.5% 

- FY2018: 55.7% 

- FY2019: 51.1% 

- FY2020: 53.1% 

- FY2021: 58.3% 

- FY2022: 56.9% 

- FY2023: 44.5% 

- FY2024: 43.3% 

- FY2025: 47.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are USD 738.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/730272/000119312526076528/rgen-20251231.htm (filed 2026-02-26); FY2025: revenue 738256000; grossProfit 347624000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RGEN.US: Repligen Corporation, a life sciences company, develops and commercializes bioprocessing technologies and systems in North America, Europe, the Asia Pacific, and internationally. The company's products include hollow fiber consumables, KRM chromatography system, resins for new modalities, PATsmart MAVERICK and PATsmart MAVEN for real-time monitoring and control of critical bioprocess parameters, PATsmart REBEL, an at-line cell culture media analyzer; and PATsmart ZipChip, a high-resolution sample separations device, PATsmart SoloVPE slope spectroscopy system, and SoloVPE PLUS System. It offers Protien A ligands that are the binding components of Protein A affinity chromatography resins; and cell culture growth factor products. The company also provides chromatography products, including OPUS pre-packed chromatography columns, which are used in the purification and quality control of biological drugs, as well as ELISA test kits. In addition, it offers filtration products, such as XCell ATF Cell Retention Systems that are filtration devices used in upstream perfusion and cell culture processing; TangenX flat sheet cassettes, which are used in downstream biologic drug concentration, buffer exchange, and formulation processes; KrosFlo tangential flow filtration and tangential flow depth filtration systems; and ProConnex TFDF flow paths. Further, it provides process analytics products, such as slope spectroscopy systems. The company offers its products under the OPUS, XCell, XCell ATF, TFDF, KrosFlo, SIUS, ProConnex, Spectra/Por, NGL-Impact, SoloVPE, FlowVPE, RPM, XO, Metenova MixOne, and AVIPure and FlowVPX brands. The company sells its products to life sciences, biopharmaceutical, and diagnostics companies; laboratory researchers; and contract manufacturing organizations. Repligen Corporation has a collaboration agreement with Navigo Proteins GmbH to develop multiple affinity ligands. The company was incorporated in 1981 and is headquartered in Waltham, Massachusetts.

### Why customers stay

Margins ranged from 43.3% to 47.1% during 2023–25; it earns 13.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 44.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 43.3%.

- Source: https://www.sec.gov/Archives/edgar/data/730272/000119312526076528/rgen-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 47.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.2544965783226825],[2017,0.2067402792949721],[2018,0.10149003595740463],[2019,0.10058095474555051],[2020,0.17333341862681756],[2021,0.2143479851553579],[2022,0.22314335842375363],[2023,0.03781088588220497],[2024,-0.03186260287268195],[2025,0.051086900618983265]]; median 0.1374117272921111. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 57.5% of cash earnings; earns 17% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 4325000; owner earnings 12690000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 5454000; owner earnings 33351000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 14037000; owner earnings 18358000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 2286000; upkeep 20868000; cash acquisitions 182154000; owner earnings 21411000. Growth capex plus acquisitions / owner earnings = 8.614263696230909.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 26344000; cash acquisitions 175041000; owner earnings 60649000. Growth capex plus acquisitions / owner earnings = 2.886131675707761.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 28642000; upkeep 38447000; cash acquisitions 149893000; owner earnings 128291000. Growth capex plus acquisitions / owner earnings = 1.3916408789392865.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 37290395.94105992; upkeep 96055604.05894008; cash acquisitions 0; owner earnings 146915395.94105992. Growth capex plus acquisitions / owner earnings = 0.2538222471661188.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 38988000; cash acquisitions 186642000; owner earnings 70674000. Growth capex plus acquisitions / owner earnings = 2.6408863231174124.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 32905000; cash acquisitions 54765000; owner earnings 28143000. Growth capex plus acquisitions / owner earnings = 1.9459545890629997.

- Source: https://www.sec.gov/Archives/edgar/data/730272/000119312526076528/rgen-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 23519000; cash acquisitions 70328000; owner earnings 122331000. Growth capex plus acquisitions / owner earnings = 0.5748992487595131.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Incremental return on capital 0.16953132654123512, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,490000],[2020,0],[2021,2897000],[2022,17018000],[2023,565682000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RGEN.US SharesStats.PercentInsiders = 4.662999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 23.8% yearly over ten years; actual growth was 20.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.33414900128985636. Price 184.17; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3368665856133874 → FY2025 2.1628153674793587. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.57 per share

- 2016-11: $32.20 per share

- 2016-12: $30.82 per share

- 2017-01: $30.04 per share

- 2017-02: $31.51 per share

- 2017-03: $35.20 per share

- 2017-04: $36.79 per share

- 2017-05: $39.24 per share

- 2017-06: $41.44 per share

- 2017-07: $40.27 per share

- 2017-08: $43.67 per share

- 2017-09: $38.32 per share

- 2017-10: $37.20 per share

- 2017-11: $35.45 per share

- 2017-12: $36.28 per share

- 2018-01: $35.37 per share

- 2018-02: $34.29 per share

- 2018-03: $36.18 per share

- 2018-04: $37.00 per share

- 2018-05: $43.68 per share

- 2018-06: $47.04 per share

- 2018-07: $48.33 per share

- 2018-08: $54.88 per share

- 2018-09: $55.46 per share

- 2018-10: $54.22 per share

- 2018-11: $64.67 per share

- 2018-12: $52.74 per share

- 2019-01: $57.01 per share

- 2019-02: $59.52 per share

- 2019-03: $59.08 per share

- 2019-04: $67.38 per share

- 2019-05: $69.47 per share

- 2019-06: $85.95 per share

- 2019-07: $94.39 per share

- 2019-08: $92.81 per share

- 2019-09: $76.69 per share

- 2019-10: $79.49 per share

- 2019-11: $88.75 per share

- 2019-12: $92.50 per share

- 2020-01: $100.39 per share

- 2020-02: $85.60 per share

- 2020-03: $96.54 per share

- 2020-04: $116.15 per share

- 2020-05: $130.97 per share

- 2020-06: $123.61 per share

- 2020-07: $150.91 per share

- 2020-08: $154.91 per share

- 2020-09: $147.54 per share

- 2020-10: $166.57 per share

- 2020-11: $189.67 per share

- 2020-12: $191.63 per share

- 2021-01: $200.00 per share

- 2021-02: $212.39 per share

- 2021-03: $194.41 per share

- 2021-04: $211.71 per share

- 2021-05: $182.61 per share

- 2021-06: $199.62 per share

- 2021-07: $245.70 per share

- 2021-08: $282.98 per share

- 2021-09: $288.99 per share

- 2021-10: $290.50 per share

- 2021-11: $286.50 per share

- 2021-12: $264.84 per share

- 2022-01: $198.34 per share

- 2022-02: $196.70 per share

- 2022-03: $188.09 per share

- 2022-04: $157.24 per share

- 2022-05: $164.47 per share

- 2022-06: $162.40 per share

- 2022-07: $213.36 per share

- 2022-08: $219.37 per share

- 2022-09: $187.11 per share

- 2022-10: $182.49 per share

- 2022-11: $178.84 per share

- 2022-12: $169.31 per share

- 2023-01: $185.30 per share

- 2023-02: $174.37 per share

- 2023-03: $168.36 per share

- 2023-04: $151.63 per share

- 2023-05: $167.92 per share

- 2023-06: $141.46 per share

- 2023-07: $171.56 per share

- 2023-08: $173.91 per share

- 2023-09: $159.01 per share

- 2023-10: $134.56 per share

- 2023-11: $157.25 per share

- 2023-12: $179.80 per share

- 2024-01: $189.40 per share

- 2024-02: $193.99 per share

- 2024-03: $183.92 per share

- 2024-04: $164.20 per share

- 2024-05: $149.09 per share

- 2024-06: $126.06 per share

- 2024-07: $167.35 per share

- 2024-08: $150.93 per share

- 2024-09: $148.82 per share

- 2024-10: $134.27 per share

- 2024-11: $150.54 per share

- 2024-12: $143.94 per share

- 2025-01: $166.21 per share

- 2025-02: $159.26 per share

- 2025-03: $127.24 per share

- 2025-04: $137.99 per share

- 2025-05: $118.07 per share

- 2025-06: $124.38 per share

- 2025-07: $117.07 per share

- 2025-08: $122.32 per share

- 2025-09: $133.67 per share

- 2025-10: $149.06 per share

- 2025-11: $171.02 per share

- 2025-12: $163.86 per share

- 2026-01: $149.37 per share

- 2026-02: $128.73 per share

- 2026-03: $117.82 per share

- 2026-04: $118.31 per share

- 2026-05: $123.95 per share

- 2026-06: $136.44 per share

- 2026-07: $141.01 per share

- 2026-08: $180.98 per share

- 2026-09: $192.23 per share

- 2026-10: $184.17 per share

## Annual estimated value (USD per share)

- FY2016: low $8.63 per share, central $9.26 per share, high $10.09 per share

- FY2017: low $9.71 per share, central $10.44 per share, high $11.42 per share

- FY2018: low $11.22 per share, central $14.24 per share, high $15.99 per share

- FY2019: low $19.69 per share, central $23.58 per share, high $25.84 per share

- FY2020: low $24.39 per share, central $29.20 per share, high $31.99 per share

- FY2021: low $31.50 per share, central $34.43 per share, high $38.32 per share

- FY2022: low $41.98 per share, central $55.44 per share, high $63.28 per share

- FY2023: low $35.70 per share, central $41.58 per share, high $46.35 per share

- FY2024: low $33.84 per share, central $36.67 per share, high $40.44 per share

- FY2025: low $36.95 per share, central $40.21 per share, high $44.55 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/730272/000119312526076528/rgen-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.