One-glance verdict
Overvalued
$42.71 our estimate vs market $173.98
Wall Street consensus: $203.21 (375.8% higher than our fair-value estimate)
307% above our estimate, beyond the bull case
Fundamentals snapshot
Repligen Corporation
RGEN · NMS · Healthcare · Medical Instruments & Supplies
Current price
$173.98
52-week range
$100.99 - $198.87
Market cap
$11.12B
Balance sheet
Healthy
1.93x Concerning
Net cash $170.74M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Revenue grew 10.1% last year.
- Reward Free cash flow was positive in 10/10 years.
- Risk Operating margin compressed from 24.4% to 6.2% over 3 years.
- Risk Return on equity was -0.6% last year — the company lost money on shareholders' equity.
What this company does
Repligen Corporation
Repligen Corporation makes special tools and systems that help companies create medicines, especially those made from living cells. Their main money comes from selling these high-tech products to drug companies and researchers around the world. This is important because it helps speed up the process of making life-saving treatments available.
How the company got here
Repligen Corporation started in 1981, evolving over decades to become a key player in the life sciences industry. Its journey has been marked by strategic development and acquisitions, focusing on creating essential tools for making biologic drugs. The company's growth has been driven by its commitment to innovation in bioprocessing, a critical area for pharmaceutical development and manufacturing.
What it actually does
Repligen provides specialized technologies and systems that help companies develop and manufacture biologic medicines, like vaccines and antibody therapies. Think of them as providing the advanced 'plumbing' and 'filters' that drug makers need to grow cells, purify drug substances, and ensure the quality of their products. These tools are crucial for ensuring that complex medicines are made safely and effectively.
Bioprocessing Technologies
This is the core of Repligen's business, offering a wide range of products used in the manufacturing of biologic drugs. This includes items like chromatography columns (used to separate and purify drug components), filtration systems (to remove unwanted substances or concentrate the drug), and cell culture technologies (to grow the cells that produce the drug). These products are essential for both the early stages of drug development and large-scale commercial production, making up the largest portion of Repligen's revenue.
Process Analytics
Repligen also provides advanced tools that allow scientists to monitor and control the drug manufacturing process in real-time. These systems, like spectroscopy and analyzers, help ensure that the process is running correctly and that the drug is of high quality. While a smaller part of the overall business compared to bioprocessing technologies, these analytics tools are vital for quality control and efficiency in drug production.
What management is betting on now
Repligen's management is focused on expanding its portfolio of innovative bioprocessing solutions, particularly for new types of biologic drugs. They are investing in technologies that can help speed up the development and manufacturing of these complex therapies. The goal is to be the go-to provider for the tools needed to bring next-generation medicines to patients, aiming for continued growth by supporting the evolving needs of the biopharmaceutical industry.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$33.64M
FY2025 Q1
$11.44M
FY2025 Q2
$21.51M
FY2025 Q3
$43.40M
FY2025 Q4
$17.55M
FY2026 Q1
$23.59M
FY2026 Q2
$27.43M
FY2026 Q3
$38.15M
Revenue
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Net income
$-38.43M
Diluted EPS
-0.68
Operating cash flow
$43.10M
Free cash flow
$38.15M
Fetching…
Sources
Revenue
—
Net income
$5.01M
Diluted EPS
0.09
Operating cash flow
$32.77M
Free cash flow
$27.43M
Fetching…
Sources
Revenue
—
Net income
$8.33M
Diluted EPS
0.15
Operating cash flow
$28.30M
Free cash flow
$23.59M
Fetching…
Sources
Revenue
—
Net income
$13.29M
Diluted EPS
0.24
Operating cash flow
$25.70M
Free cash flow
$17.55M
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Sources
Revenue
—
Net income
$14.91M
Diluted EPS
0.26
Operating cash flow
$48.10M
Free cash flow
$43.40M
Fetching…
Sources
Revenue
—
Net income
$14.87M
Diluted EPS
0.26
Operating cash flow
$28.61M
Free cash flow
$21.51M
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Sources
Revenue
—
Net income
$5.83M
Diluted EPS
0.10
Operating cash flow
$15.01M
Free cash flow
$11.44M
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Sources
Revenue
—
Net income
$-30.27M
Diluted EPS
-0.55
Operating cash flow
$39.18M
Free cash flow
$33.64M
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Sources
Is it cheap or expensive?
Fair value $42.71 vs current price $173.98
Wall Street consensus is the average analyst price target: $203.21 (375.8% higher than our fair-value estimate).
Our most-likely fair value is $42.71 a share — about 75.5% below today's price of $173.98, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $170.7M - more cash than debt. Interest coverage 1.9x.
Net debt
$-170.74M
Interest coverage
1.93x
Repligen Corporation's profit covers its interest bill about 1.9 times over. which is weaker than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
RGEN
BASELINE
Repligen Corporation
Total debt $692.24M Interest coverage 1.93x This is the baseline the peer rows are being compared against.
Total debt $41.37B Interest coverage 5.72x +196% vs RGEN Carries about 3.0x more debt cushion than RGEN.
Total debt $27.78B Interest coverage 17.70x +816% vs RGEN Carries about 9.2x more debt cushion than RGEN.
Total debt $4.15B Interest coverage 13.21x +584% vs RGEN Carries about 6.8x more debt cushion than RGEN.
Total debt $1.36B Interest coverage 4.46x +131% vs RGEN Carries about 2.3x more debt cushion than RGEN.
Total debt $3.68B Interest coverage 3.20x +66% vs RGEN Carries about 1.7x more debt cushion than RGEN.
What you should know
The case for and against RGEN
2 Rewards
2 Risks
Rewards
-
Revenue grew 10.1% last year.
-
Free cash flow was positive in 10/10 years.
Risks
-
Operating margin compressed from 24.4% to 6.2% over 3 years.
-
Return on equity was -0.6% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
65.60x
P/B
4.72x
P/S
13.81x
EV/EBITDA
76.31x
PEG ratio
1.73x
Profitability
How much profit each dollar creates
Gross margin
53.8%
Operating margin
6.2%
Net margin
-1.5%
ROE
-0.6%
ROA
1.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.33x
Current ratio
9.88x
Quick ratio
8.07x
Total debt
$692.24M
Total cash
$862.98M
Growth
How the business has been compounding
Revenue TTM
$155.48M
Revenue 5Y CAGR
20.0%
EPS TTM
-0.21
EPS 5Y CAGR
-35.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$129.86M
Free CF TTM
$93.90M
FCF margin
60.4%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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