Quality Investor

Repligen Corporation

Rank #400Op. Leverage

RGEN · Nasdaq · Healthcare

Repligen Corporation (RGEN) — Rank #400 by gross profitability (GP/assets 0.13) · ROE 2.3% · Piotroski F-Score 7 / 9.

As-of 2026-09-28 · CIK 0000730272 · all metrics point-in-time as of the filing date.

About

Repligen Corporation, a life sciences company, develops and commercializes bioprocessing technologies and systems in North America, Europe, the Asia Pacific, and internationally.

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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.

Industry
Medical Instruments & Supplies
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

2,000

Industry

Medical Instruments & Supplies

Exchange

Nasdaq

Signal Flags

2 green
Revenue growth acceleratingGrowth rate increasing year over year
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.13
Return on equity
2.3%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.40
Current ratio
9.05×
Net cash
$259.40M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
4.4%

Growth

2/2 pass
Revenue growth
16.4%
Piotroski F-Score
7 / 9
Share dilution
1.1%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.13

Primary signal (Novy-Marx).

5th of 5 SIC 2836 peers

Return on equity

2.3%

Gross margin

52.3%

5th of 5 SIC 2836 peers

Revenue growth (YoY)

16.4%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-2.7%

Revenue CAGR (5Y)

15.0%

Earnings CAGR (3Y)

-35.9%

FCF CAGR (3Y)

2.5%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.40

Current ratio

9.05×

1st of 5 SIC 2836 peers

Quick ratio

7.30×

Net cash

$259.40M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 16 years of history

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
35.5%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-20.3%Significant decline

Cash-flow health

Free cash flow

$93.90M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.92

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

4.4%

Stock-based comp intensity.

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Op. Leverage
Decline
Startup