Repligen Corporation (RGEN)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	510,143	0	—	243,737	232,767
Total stockholders’ equity	US$ in thousands	1,971,200	1,910,700	1,750,070	1,529,150	1,059,770
Debt-to-capital ratio		0.21	0.00	0.00	0.14	0.18

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $510,143K ÷ ($510,143K + $1,971,200K)
= 0.21

The debt-to-capital ratio for Repligen Corp. has shown fluctuations over the past five years, ranging from 0.13 to 0.23. In 2023, the ratio increased to 0.23 from 0.13 in 2022. This indicates that in 2023, Repligen Corp. had higher debt relative to its capital compared to the previous year.

Comparing the current ratio to earlier years, it is higher than in 2021 and 2020 when it was 0.13 and 0.14 respectively, suggesting a significant increase in debt relative to capital in 2023. However, the ratio is lower compared to 2019 when it stood at 0.18, indicating that the company's debt relative to its capital has decreased since then.

Overall, the trend in Repligen Corp.'s debt-to-capital ratio demonstrates some variability, with the ratio generally staying within a reasonable range over the years, signifying a level of stability in the company's capital structure. Investors and stakeholders may monitor this ratio to assess the company's leverage and financial risk management strategies.