Repligen Corporation (RGEN)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	54,576	224,670	167,249	69,823	36,083
Total assets	US$ in thousands	2,824,410	2,524,660	2,358,350	1,902,890	1,400,110
Operating ROA		1.93%	8.90%	7.09%	3.67%	2.58%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $54,576K ÷ $2,824,410K
= 1.93%

The operating return on assets (operating ROA) for Repligen Corp. has fluctuated over the past five years. In 2023, the operating ROA decreased significantly to 0.85% from 7.76% in 2022. This decline indicates a decrease in the company's ability to generate operating income relative to its total assets compared to the previous year.

In 2022 and 2021, the company maintained relatively stable operating ROA figures of 7.76% and 7.34%, respectively, showing a consistent ability to generate operating income from its assets. This stability suggests efficient asset utilization and effective management of operations during these periods.

In 2020, the operating ROA increased to 3.67% from 2.58% in 2019, indicating an improvement in the company's operational efficiency and profitability relative to its assets. This growth suggests that the company may have implemented strategies to better utilize its assets to generate operating income.

Overall, the fluctuation in Repligen Corp.'s operating ROA over the past five years reflects varying levels of operational efficiency and profitability in relation to its asset base. The company's management may need to closely monitor and assess its asset utilization strategies to maintain or improve its future operating ROA performance.