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Codexis, Inc. CDXS

Healthcare — Biotechnology

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Insider Decisions

Total sells
4.93
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell 2 5 — 1 4 — — — 1 — — —
Insider Ownership
0.00%

Capital & Financial Ratios

Market Cap
148.93
Revenue
77.68
Net Income
(30.72)
Free Cash Flow
(12.16)
Net Debt
(21.52)
Current Ratio
3.06
Debt/Equity
1.03
P/E ratio
0.00
P/S ratio
1.59
P/B ratio
3.76
Past 5Y EPS Growth
(33.31%)
This Y EPS Growth
26.67%
Next Y EPS Growth
26.91%
Next 5Y EPS Growth
53.58%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 65.64 73.96 78.69 55.34
Receivables 19.11 14.51 10.19 7.31
Inventory 2.69 1.80 1.82 1.60
Other 0.82 4.38 0.49 4.34
93.47 98.77 96.82 71.92
2023 2024 2025 Q'26
Payables 5.95 2.84 1.55 2.61
ST’ Debt — — — —
Other 4.74 6.22 2.77 3.37
35.83 23.65 25.32 23.51
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡ ‡‡‡ ‡‡‡
Earnings ‡‡‡ ‡‡‡ ‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 15.25 14.92 — —
—
’25 7.54 15.33 8.60 38.92
70.39
’24 17.07 7.98 12.83 21.46
59.35
’23 12.98 21.32 9.28 26.56
70.14
’22 35.34 38.41 34.47 30.37
138.59
’21 18.03 25.45 36.77 24.50
104.75
’20 14.67 14.97 18.39 21.03
69.06
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 (13.15) (9.64) — —
—
’25 (13.80) (17.97) (7.70) 20.09
(19.38)
’24 (7.79) (12.17) (12.98) (16.47)
(49.41)
’23 (9.21) (16.09) (16.30) (11.04)
(52.64)
’22 (11.19) (2.18) 19.73 4.92
11.28
’21 (6.44) (8.29) (0.19) 0.66
(14.27)
’20 (1.42) (10.07) (3.47) (1.49)
(16.46)
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (13.33) (10.53) — —
—
’25 (15.05) (20.48) (7.88) 19.57
(23.84)
’24 (8.91) (12.56) (13.92) (18.24)
(53.63)
’23 (11.75) (17.66) (16.97) (9.93)
(56.30)
’22 (16.27) (4.10) 18.43 4.95
3.01
’21 (8.97) (10.08) (4.19) (4.82)
(28.06)
’20 (2.19) (10.80) (4.24) (2.98)
(20.21)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 (0.10) (0.13) — —
—
’25 (0.25) (0.16) (0.22) 0.11
(0.50)
’24 (0.16) (0.32) (0.29) (0.13)
(0.89)
’23 (0.34) (0.17) (0.50) (0.10)
(1.12)
’22 (0.13) (0.04) (0.15) (0.19)
(0.51)
’21 (0.14) (0.07) 0.03 (0.16)
(0.33)
’20 (0.13) (0.11) (0.10) (0.06)
(0.40)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡
Low
‡‡‡‡‡
‡‡‡

Recommendation Rating

1.6
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 4.21 1.45 2.53 1.52 — — —
Low Price
‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 32.28 6.98 6.08 5.51 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 248 174 188 146 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.56 0.40 0.32 0.48 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 138.59 70.14 59.35 70.39 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 72.56% 81.74% 72.55% 86.73% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (33.32) (76.17) (65.24) (43.93) ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (24.04%) (108.59%) (109.94%) (62.41%) ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (33.59) (76.24) (65.28) (43.97) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.25 9.92 6.75 7.06 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.12 1.03 0.81 0.81 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ (0.51) (1.12) (0.89) (0.50) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.17 (0.77) (0.67) (0.22) ‡‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.13) (0.05) (0.06) (0.05) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.05 (0.83) (0.73) (0.27) — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.22 1.27 0.91 0.58 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 65.34 68.13 73.41 87.14 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 0.00 0.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.20 3.03 5.90 2.02 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.11 2.45 5.23 2.81 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.69 2.38 5.26 1.57 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 77.94 (2.96) (5.82) (4.62) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.28 (52.64) (49.41) (19.38) ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (8.28) (3.67) (4.22) (4.47) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.01 (56.30) (53.63) (23.84) ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 113.83 57.64 75.12 71.50 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 43.64 — 28.91 40.11 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (70.87) (65.63) (45.06) (38.58) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 144.80 86.62 66.93 50.53 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (13.52%) (39.41%) (45.72%) (29.63%) ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (29.49%) (202.78%) (167.23%) (218.36%) — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (21.73%) (65.89%) (85.03%) (74.88%) ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Codexis, Inc. (CDXS) finds itself at a compelling inflection point in the biotech arena, where its ECO Synthesis™ platform and engineered enzymes promise to revolutionize therapeutics manufacturing by slashing costs 50-70% in a $100B+ market. After a post-pandemic revenue contraction—from a 2022 peak of $138.6 million to $59.3 million in 2024—stabilization signals are emerging, bolstered by resilient 72.6% gross margins and analyst projections for a rebound to $101.6 million by 2027 (+71% from 2024). Aggressive insider accumulation in early 2025, led by a 10% owner snapping up over 3.5 million shares for $8.6 million at sub-$2.50 averages, underscores deep conviction amid improving paths to breakeven EBT in 2025-26 and positive EPS of $0.10 by 2027.

Trading near multi-year lows of $1.2, CDXS appears profoundly undervalued, with EV/Sales compressing to 1.1x by 2027 from 5.3x today, and analyst price targets implying 67% to a staggering 817% upside (483% mean). This disconnect stems from market overreaction to the 2023 GSK termination and biotech winter, yet historical parallels—like the 700% revenue surge during COVID—highlight the stock’s sensitivity to catalysts such as Merck/Pfizer extensions, new pharma deals, and clinical advancements in gene therapy and oncology. Balance sheet resilience, with $75 million working capital and net cash, provides firepower without dilution risks.

For patient growth investors, CDXS echoes past biotech turnarounds where undervalued innovation met execution, positioning it for multi-bagger potential as profitability nears—though execution risks warrant caution in this volatile sector. The full analysis unpacks these dynamics in detail.

Read full commentary →

Codexis, Inc. (CDXS) Latest News

News by impact score

Fine-tune

18 Aug

3 transcript www.fool.com, 7:27 PM
Codexis (CDXS) conducted its Q2 2026 earnings call, covering quarterly financial results, operational performance, and forward-looking guidance for the company. Quarterly earnings call delivers financial and operational updates that can moderately shift short-term market sentiment without fundamentally changing long-term trajectory.

14 Aug

3 , 12:00 PM
Codexis (CDXS) receives a Buy rating upgrade, suggesting analysts see upside potential in the stock based on current valuation and outlook. Buy upgrade may lift near-term investor interest and share price without changing Codexis fundamentals or strategy.

12 Aug

4 , 1:02 AM
Codexis Inc reported Q2 2026 earnings with biocatalysis segment growth and progress on ECO Synthesis technology. Biocatalysis growth and ECO Synthesis advances represent major strategic product developments that can shift Codexis trajectory.

11 Aug

3 transcript app.moby.co, 9:44 PM
Codexis, Inc. held Q2 2026 earnings call covering financial results, operational performance and forward guidance. Quarterly earnings call delivers updated financial metrics and outlook that can move near-term stock valuation.

3 transcript www.marketbeat.com, 6:04 PM
Codexis reported Q2 financial results in an earnings call, covering revenue figures, segment performance, product pipeline updates, and forward guidance on partnerships and operations. Quarterly earnings and guidance directly inform near-term financial outlook and investor views without indicating transformative strategic shifts.

3 , 4:05 PM
Codexis, Inc. (CDXS) reported second quarter 2026 financial results. Quarterly earnings release reveals performance data that can shift investor views and valuation.

23 Jul

3 , 11:47 PM
Codexis priced its public offering of common stock. Equity offering supplies capital but dilutes shareholders and pressures near-term stock price.

3 , 4:13 PM
Codexis, Inc. (CDXS) announced a proposed public offering of common stock. Public stock offering enables capital raise but introduces share dilution with direct effects on valuation and market reaction.

20 May

3 GlobeNewswire, 9:00 AM
Codexis presented stereochemistry advances enabling scalable RNA manufacturing at TIDES USA conference. Stereochemistry advances strengthen Codexis RNA manufacturing capabilities and support long-term growth in therapeutics markets.

11 May

3 Simply Wall St., 7:47 AM
Analysts cut Codexis, Inc. (NASDAQ:CDXS) price target to US$6.58 after its earnings release due to disappointing results. Analyst price target reduction reflects weaker earnings performance, moderately impacting investor sentiment and stock trajectory.

8 May

4 transcript www.fool.com, 3:32 PM
Codexis (CDXS) released Q1 2026 earnings call transcript detailing quarterly financial results, operational updates, and forward-looking guidance. Q1 2026 earnings transcript discloses financial performance and strategic updates with potential to significantly sway stock trajectory and investor confidence.

3 app.moby.co, 8:30 AM
Codexis, Inc. released its Q1 2026 earnings call summary, detailing financial results, operational updates, and forward guidance for the enzyme engineering company. Quarterly earnings summaries reveal financial performance and strategic updates that moderately influence investor sentiment and stock trajectory.

7 May

3 Zacks, 7:05 PM
Codexis (CDXS) reported a Q1 net loss but beat revenue estimates. Q1 revenue beat despite loss moderately influences financial performance and market sentiment.

3 www.marketbeat.com, 5:39 PM
Codexis Inc. (CDXS) Q1 earnings call highlighted revenue growth from ECO Synthesis, progress in biosimilars and gene therapy partnerships, reduced net loss, cost-cutting measures, and reaffirmed 2024 guidance amid strategic pivot to high-value therapeutic enzymes. Q1 financial results, operational advancements, and reaffirmed guidance provide moderate influence on financial performance and investor sentiment without transformative shifts.

3 GlobeNewswire, 4:05 PM
Codexis, Inc. (CDXS) reported first quarter 2026 financial results. Quarterly financial results influence CDXS's reported performance, revenue, and investor sentiment.

30 Apr

3 Zacks, 10:00 AM
Analysts expect Codexis (CDXS) to beat Q1 earnings estimates, driven by strong recent performance metrics and favorable Zymergen asset integration, with key factors like revenue guidance and pipeline updates in focus ahead of release. Pre-earnings expectation of a beat can moderately boost investor sentiment and stock price through anticipated positive financial results.

14 Mar

4 Simply Wall St., 8:16 PM
Codexis (CDXS) shares surged 30.9% after reporting a return to profitability in Q4 and issuing 2026 revenue guidance. Q4 profitability return and 2026 revenue guidance triggered a 30.9% stock jump, boosting investor sentiment and financial outlook.

11 Mar

4 GuruFocus.com, 11:01 PM
Codexis Inc. (CDXS) Q4 2025 earnings call highlighted revenue surge and strategic partnerships driving future growth. Revenue surge and strategic partnerships indicate major positive shifts in financials and competitive positioning.

4 app.moby.co, 8:15 PM
Codexis, Inc. released its Q4 2025 earnings call summary, covering financial results, operational updates, and forward-looking guidance. Q4 earnings call summary discloses financial performance, strategic updates, and guidance that significantly shape investor sentiment and stock trajectory.

4 transcript www.fool.com, 6:54 PM
Codexis (CDXS) Q4 2025 earnings call transcript details fourth-quarter financial results, operational highlights, strategic updates, and forward-looking guidance. Q4 earnings call provides key financial metrics, guidance, and strategic insights that significantly influence CDXS stock trajectory and investor sentiment.

4 , 5:35 PM
Codexis, Inc. (CDXS) beat Q4 earnings and revenue estimates. Beating Q4 earnings and revenue estimates boosts investor sentiment and signals strong financial health for CDXS.

4 , 4:37 PM
Codexis, Inc. (CDXS) reported Q4 results with revenue of $7.5 million, missing estimates, net loss of $22.8 million or $0.25 per share, amid workforce reduction and strategic pivot to high-value gene therapy manufacturing. Q4 earnings miss and cost-cutting measures signal operational challenges with potential to reshape strategic direction and investor confidence.

3 www.marketbeat.com, 5:51 PM
Codexis Inc. shared Q4 earnings call highlights, reporting financial results, pipeline advancements in ECO Synthesis platform, partnership updates, and forward guidance amid cost reductions and strategic pivots. Q4 earnings highlights cover financial performance and operational progress with moderate influence on near-term market sentiment and trajectory.

3 GlobeNewswire, 4:05 PM
Codexis, Inc. (CDXS) reported fourth quarter and fiscal year 2025 financial results. Quarterly and annual financial results disclosure moderately influences financial performance and investor sentiment.

7 Mar

4 www.marketbeat.com, 8:03 PM
Codexis CEO promotes ECO Synthesis technology for RNA manufacturing at TD Cowen Conference, targeting a 2026 inflection point for the company. CEO's emphasis on ECO Synthesis in RNA manufacturing outlines a major strategic initiative aiming for 2026 inflection, likely enhancing competitive positioning and investor sentiment.

4 Mar

3 , 10:05 AM
Codexis, Inc. (CDXS) signed an agreement to manufacture 50 grams of siRNA using its ECO Synthesis® Manufacturing Platform. Deal demonstrates commercial validation of ECO Synthesis platform for siRNA production, potentially boosting revenue and market position in oligonucleotide manufacturing.

10 Feb

3 , 9:00 AM
Codexis, Inc. has achieved ISO 9001:2015 certification, demonstrating its commitment to quality management systems. This certification is recognized globally and signifies that Codexis meets international standards for quality assurance in its operations. The company aims to enhance customer satisfaction and improve operational efficiency through this certification. Achieving ISO 9001:2015 certification may enhance operational efficiency and customer satisfaction, positively influencing market perception.

7 Feb

3 Simply Wall St., 7:47 AM
Analysts predict that Codexis, Inc. (NASDAQ: CDXS) will reach breakeven soon, indicating potential improvements in the company's financial performance. This expectation is based on recent developments and market conditions that may favor the company's growth trajectory. Analysts' expectations of reaching breakeven suggest a moderately noticeable influence on financial performance.

7 Jan

4 PR Newswire, 9:00 AM
Codexis, Inc. has signed an evaluation agreement with Axolabs to expand the reach of its ECO Synthesis® manufacturing platform for oligonucleotide therapeutics. This collaboration aims to enhance the development and production capabilities of oligonucleotides, which are crucial for various therapeutic applications. The partnership is expected to leverage Codexis's innovative technology to improve efficiency and effectiveness in oligonucleotide synthesis. The agreement with Axolabs represents a significant strategic move that could enhance Codexis's competitive positioning in the growing oligonucleotide therapeutics market.

11 Nov

4 ZacksZacksZacksZacksZacksZacksZacksZacks, 9:35 AM
Codexis, Inc. (CDXS) has seen a 30% decline in its stock price over the past four weeks, attributed to market volatility and broader economic concerns. Despite this downturn, analysts suggest that the company's strong fundamentals, innovative product pipeline, and potential for growth in the biopharmaceutical sector make it a compelling buy at current levels. Investors are encouraged to consider the long-term prospects of Codexis, as the dip may present a favorable entry point. The significant decline in stock price combined with the company's strong fundamentals and growth potential indicates a likely impact on future performance.
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