REPLIGEN CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data REPLIGEN CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	105	141	194	270	366	671	802	632	634	738
Cost of revenue	47.1	67.1	86.5	119	157	279	346	354	360	352
Gross profit	57.4	74.2	108	151	210	391	456	278	275	386
Research and development	7.36	8.67	15.8	19.5	20.2	34.3	43.9	42.7	43.2	54.2
Selling, general and administrative	30.9	51.5	65.7	95.6	120	184	216	219	263	291
Operating income	16	14	26	36.1	69.8	167	225	47.7	-35.1	55.2
Interest expense	3.77	6.44	6.71	9.29	10.8	11.3	1.16	1.95	20.7	21.5
Other non-operating income	-4.28	-6.76	-4.55	-9.93	-10.6	-13.7	-5.53	9	8.08	7.22
Pre-tax income	11.7	7.25	21.4	26.2	59.2	154	219	56.7	-27	62.4
Income tax	0.01	-21.1	4.82	4.74	-0.71	25.3	33.2	21.1	-1.52	13.5
Net income	11.7	28.4	16.6	21.4	59.9	128	186	35.6	-25.5	48.9
EBITDA	21.3	24.5	41.8	57	96.9	206	276	116	34.6	134
EPS, basic	0.35	0.74	0.38	0.44	1.14	2.33	3.35	0.64	-0.46	0.87
EPS, diluted	0.34	0.72	0.37	0.44	1.11	2.24	3.24	0.63	-0.46	0.86
Shares, basic (weighted)	0.03	38.2	43.8	48.3	0.05	0.06	0.06	0.06	0.06	0.06
Shares, diluted (weighted)	0.03	39.2	45.5	49.2	0.05	0.06	0.06	0.06	0.06	0.06

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	122	174	194	528	717	604	523	751	757	566
Short-term investments		0	0						0	202
Receivables	15.2	27.6	33	43.1	71.4	117	116	124	134	159
Inventory	24.7	39	42.3	54.8	95	184	238	202	143	170
Other current assets	0.07	0.22	0.7	1.46	9.49	8.41	10.3	13.3	12.1	21.6
Total current assets	184	243	276	642	902	932	998	1,111	1,066	1,137
Property, plant and equipment	15	22.4	32.2	48.5	66.9	125	191	207	198	187
Lease right-of-use assets				25.7	25.2	102	125	116	135	120
Goodwill	59.5	327	327	468	618	860	856	987	1,031	1,114
Intangible assets	29.8	145	135	213	287	337	361	407	398	386
Long-term investments	0
Other non-current assets		6.23	0.17	0.24	0.57	0.62	0.82	1.28	0.87	4.91
Total assets	289	744	775	1,400	1,903	2,358	2,532	2,831	2,830	2,950
Accounts payable	5.06	7.28	10.5	11.4	16.9	36.2	27.6	19.6	32.1	30
Accrued liabilities	16	17.9	15.9	33.3	53.1	75.5	71.1	57.3	62.4	79.2
Deferred revenue	0.41	0.96	1.29	5.01	15.3	14.7	19.3	17.1	13.2	14.6
Total current liabilities	21.1	25.2	130	48.3	319	375	404	165	127	136
Lease liabilities				27	26.4	102	131	127	146	126
Other non-current liabilities	1.7	2.34	4.13	2.33	1.32	2.82	10.8	11.3	16.6	15.6
Total liabilities	120	152	159	340	374	608	621	866	857	844
Total debt									526	542
Paid-in capital	242	629	643	1,068	1,461	1,572	1,547	1,569	1,617	1,652
Retained earnings	-59.9	-31.5	-0.68	5.84	65.8	194	397	433	407	456
Other comprehensive income	-13.7	-6.36	-11.9	-15	2.09	-16.9	-34.4	-37.8	-52.5	-2.53
Shareholders' equity	169	592	616	1,060	1,529	1,750	1,911	1,965	1,973	2,106
Total equity	169	592	616	1,060	1,529	1,750	1,911	1,965	1,973	2,106
Total liabilities and equity	289	744	775	1,400	1,903	2,358	2,532	2,831	2,830	2,950
Shares outstanding	33.8	43.6	43.9	52.1	54.8	55.3	55.6	55.8	56.1	56.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	11.7	28.4	16.6	21.4	59.9	128	186	35.6	-25.5	48.9
Depreciation and amortization	5.33	10.5	15.8	20.9	27.1	38.4	51	68.6	69.7	78.7
Stock-based compensation	4.6	6.75	10.2	12.8	17	27.5	27.3	25.6	48.1	32.6
Deferred income tax	-4.09	-24.7	0.07	-0.62	-3.99	6.52	-1.35	1.18	-16.8	-3.37
Change in receivables	-3.22	-6.89	-6.1	-7.83	-20.9	-46.5	-3.6	-3.31	-14	-17.2
Change in inventory	-6.16	0.61	-4.04	-10.8	-30	-89.8	-57.2	41	56.9	-14.9
Change in payables	-1.8	0.81	2.27	0.66	2.46	19.5	-8.2	-9.8	12.9	-4.15
Cash from operations	7.52	17.5	32.8	67.2	62.6	119	172	114	175	117
Capital expenditures	-4.33	-5.45	-10.6	-18.5	-22.5	-67.1	-84.8	-36.2	-25.7	-23.5
Acquisitions	-44.6	-113		-182	-175	-150	0	-187	-54.8	-70.3
Purchases of investments	-23.7	-0.05						0	0	-200
Sales and maturities of investments	23.4	19.6				0	0	102	0	0
Cash from investing	-49.2	-98.7	-14	-205	-201	-221	-233	-123	-86.4	-298
Stock issued	1.84	129	3.42	321	298	0	0	1.08	4.29	3.18
Share buybacks						0	0	-14.4	0	0
Cash from financing	112	130	3.41	485	306	0.96	-13.3	249	-82.9	-15.2
Exchange rate effect	-2.3	2.38	-2.08	-3.19	12.7	-12.3
Net change in cash	68.1	51.1	20.1	344	180	-113	-80.4	228	6.03	-191
Free cash flow	3.2	12	22.1	48.7	40.2	51.9	87.2	77.7	150	93.9
Interest paid	1.22	2.44	2.44	1.48	1.07	1.07	1.03	0.99	6.07
Income taxes paid	3.99	4.02	4.05	6.51	10.3	16.5	34.4	27	19.3	20.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $189.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	53.8%	Gross profit / revenue.
Operating margin	8.2%	Operating income / revenue.
EBITDA margin	18.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.6%	Pre-tax income / revenue.
Net margin	5.3%	Net income / revenue.
FCF margin	14.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.2%	Cash from operations / revenue.
Effective tax rate	20.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	2.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.2%	Research and development expense / revenue.
SG&A / revenue	38.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.9%	Capital expenditures / revenue.
D&A / revenue	10.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	40.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-37.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-4.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	287.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-21.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-35.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-35.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-5.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-33.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-12.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-37.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.05x	Current assets / current liabilities.
Quick ratio	7.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	6.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.7%	Total debt / total assets.
Liabilities / assets	28.4%	Total liabilities / total assets.
Net debt	-$259.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.81x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.92x	Operating income / interest expense.
Working capital	$1.07B	Current assets - current liabilities.
Goodwill and intangibles / assets	49.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$650.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	4.69x	Revenue / average property, plant and equipment.
Inventory turnover	1.94x	Cost of revenue / average inventory.
Days inventory	188 days	365 x average inventory / cost of revenue.
Receivables turnover	4.98x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
Days payables	33 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	228 days	Days inventory + days sales outstanding - days payables.
FCF conversion	269.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.73	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.86	Revenue / diluted weighted shares.
FCF per share	$1.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.38	Cash from operations / diluted weighted shares.
Book value per share	$37.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.52	Tangible book value / shares outstanding.
Cash per share	$14.36	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$10.70B	Share price x shares outstanding.
Enterprise value	$10.45B	Market cap + total debt - cash - short-term investments.
P/E	258x	Market cap / net income. Only when net income is positive.
P/S	13.6x	Market cap / revenue.
P/B	5.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	16.5x	Market cap / tangible book value, when positive.
P/FCF	95.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	79.4x	Market cap / cash from operations, when positive.
EV/Sales	13.3x	Enterprise value / revenue.
EV/EBIT	162x	Enterprise value / operating income, when both are positive.
EV/EBITDA	72.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	93.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.0%	Free cash flow / market cap.
Earnings yield	0.4%	Net income / market cap (the inverse of P/E).

What was REPLIGEN CORP's revenue in fiscal 2025?

REPLIGEN CORP reported revenue of $738.3M for fiscal 2025, 16.4% higher than the year before.

Was REPLIGEN CORP profitable in fiscal 2025?

Yes. Net income was $48.9M, a net margin of 6.6%.

How much free cash flow did REPLIGEN CORP generate in fiscal 2025?

Cash from operations of $117.4M minus capital expenditures of $23.5M left free cash flow of $93.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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