Repligen CorporationRGEN
NasdaqGS•Healthcare•Medical Instruments & Supplies
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.
Repligen Corporation (RGEN) reported trailing twelve months revenue of $763.34M as of March 2026, a 17.0% increase year-over-year. Quarterly revenue reached $194.25M, reflecting continued top-line momentum.
Repligen Corporation generated $51.40M in TTM net income, with quarterly EBITDA of $35.70M. The operating margin expanded from 3.9% to 8.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (8.2%) and net margin (4.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 3.4% a year ago, signaling stronger bottom-line efficiency.
RGEN trades at a P/E of 122.2x (a premium multiple) and a P/S of 8.2x. The price-to-book ratio of 3.0x reflects a moderate premium to book value.
The company generated $23.59M in free cash flow over the trailing twelve months, a 106.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.93B in total assets with $546.59M in long-term debt against $2.11B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 2.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~26.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by -5.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 100741.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation