Repligen Corporation (RGEN)

Debt-to-equity ratio

		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
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
Debt-to-equity ratio		0.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.16	0.16	0.16	0.21	0.22	0.22	0.22	0.22	0.00	0.00

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $510,143K ÷ $1,971,200K
= 0.26

The debt-to-equity ratio of Repligen Corp. has been relatively stable over the past eight quarters, ranging from 0.14 to 0.29. This ratio indicates that the company relies more on equity financing rather than debt financing to fund its operations and growth. A lower debt-to-equity ratio suggests a lower level of financial risk as the company has less debt in relation to its equity.

The increase in the ratio from Q3 2023 to Q4 2023 (0.14 to 0.29) may signify a significant change in the capital structure of the company during that period, as the proportion of debt relative to equity has risen substantially. This could indicate an increased reliance on debt to finance operations or expansions, which may lead to higher interest payments and financial risk.

On the other hand, the relatively low and stable ratios in the previous quarters (ranging from 0.14 to 0.16) indicate a conservative approach to capital structure management, with a focus on maintaining a healthy balance between debt and equity. It suggests that Repligen Corp. has been managing its debt levels prudently, balancing the benefits of debt financing with the associated risks.

Overall, the trend and level of the debt-to-equity ratio for Repligen Corp. reflect a balanced approach to capital structure management, with the company maintaining a relatively low level of debt compared to equity, which may indicate financial stability and a lower level of financial risk.