Repligen Corporation
RGEN Healthcare Medical Instruments & Supplies
Repligen Corporation’s revenue for fiscal 2025 (year ended December 2025) was $738.3 million, up 16.4% from fiscal 2024. In the quarter to June 2026, revenue grew 11.9%, EPS fell 65.4%, free cash flow grew 27.1% and total debt rose 3.25%, each against the same quarter a year earlier.
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Repligen Corporation (RGEN) Beneish M-score
Repligen Corporation's Beneish M-score for fiscal 2025 is −2.52; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.52 | 0.23 |
| FY2024 | −2.76 | (0.33) |
| FY2023 | −2.42 | (0.01) |
| FY2022 | −2.42 | (0.66) |
| FY2021 | −1.75 | 0.20 |
| FY2020 | −1.96 | 0.57 |
| FY2019 | −2.53 | (0.17) |
| FY2018 | −2.36 | (1.11) |
| FY2017 | −1.25 | 1.27 |
| FY2016 | −2.52 | 0.10 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.02 | — | 0.93 | |
| Gross margin index | 0.83 | — | 0.44 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.16 | — | 1.04 | |
| Depreciation index | 0.89 | — | 0.10 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.52 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AVTR Avantor, Inc. compare | −2.9× |
| BAX Baxter International Inc. compare | −2.7× |
| RGEN Repligen Corporation | −2.5× |
| BLCO Bausch + Lomb Corporation compare | −2.5× |
| ALGN Align Technology, Inc. compare | −2.5× |
| COO The Cooper Companies, Inc. compare | −2.5× |
| ATR AptarGroup, Inc. compare | −2.5× |
| TFX Teleflex Incorporated compare | −2.2× |
| SOLV Solventum Corporation compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI