RGENREPLIGEN CORP

Biological Products, (no Diagnostic Substances)

Revenue: $738M; 16% YoY
Operating margin: 7.5%; 235% YoY
EBITDA: $134M; 287% YoY
Market cap: $10.0B
Employees: 2,000; $369K revenue each
Net debt / EBITDA: -1.3×; −$171M net debt
AI in 10-K: 4.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
240% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$369K · 49th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.2 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$671M	$802M	$632M	$634M	$738M	16%
Operating income	$167M	$225M	$48M	−$35M	$55M	257%
Net income	$128M	$186M	$36M	−$26M	$49M	292%
Operating cash flow	$119M	$172M	$114M	$175M	$117M	33%
Capex	$67M	$85M	$36M	$26M	$24M	8.4%
Stock-based comp	$28M	$27M	$26M	$48M	$33M	32%
Buybacks	$0	$0	$14M	$0	$0

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 25
Net: −$15M

Pay vs performance

No pay-versus-performance disclosure yet.