Repligen Corporation (RGEN)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	66,118	126,993	162,848	197,441	220,302	204,772	201,067	188,185	164,821	143,609	120,313	92,192	69,985	60,782	44,515	36,853	35,443	36,704	40,486	34,160
Long-term debt	US$ in thousands	510,143	—	—	—	0	—	—	—	—	—	249,423	246,561	243,737	240,942	238,183	235,458	232,767	230,182	—	—
Total stockholders’ equity	US$ in thousands	1,971,200	1,988,560	1,970,930	1,940,490	1,910,700	1,835,110	1,805,360	1,766,400	1,750,070	1,715,260	1,603,070	1,556,220	1,529,150	1,124,870	1,100,030	1,069,760	1,059,770	1,045,120	878,968	625,025
Return on total capital		2.66%	6.39%	8.26%	10.17%	11.53%	11.16%	11.14%	10.65%	9.42%	8.37%	6.49%	5.11%	3.95%	4.45%	3.33%	2.82%	2.74%	2.88%	4.61%	5.47%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $66,118K ÷ ($510,143K + $1,971,200K)
= 2.66%

The return on total capital for Repligen Corp. has shown a decreasing trend over the past four quarters. Starting at 9.48% in Q1 2022, it gradually increased to 9.79% by Q3 2022, but has since been declining. The most recent quarter, Q4 2023, recorded a return on total capital of 0.94%, the lowest among the reported periods. This decreasing trend indicates that the company's ability to generate returns from its total capital has been weakening. The management should closely monitor and assess the factors contributing to this decline to take necessary corrective actions and improve the overall financial performance of the company.