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Codexis, Inc.

CDXS Healthcare Biotechnology

Codexis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $70.4 million, up 18.6% from fiscal 2024.

Revenue
−2.69%
EPS
+18.8%
Free cash flow
+48.6%
Total debt
−14.1%

Quarter to June 2026, against a year earlier

1.07 0.05 +4.90%
Market cap
$111.7M
P/E
0.0×
Fwd P/E
−2.8×
Dividend yield
—
F-score
4/9
Altman Z
−4.75
Beneish M
−3.57
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 4 — — — 1 — — — 2 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 111.70
Revenue ttm 77.68
Net income ttm (30.72)
Free cash flow ttm (12.16)
Net debt Q (21.52)
Valuation
P/E 0.00
Forward P/E (2.84) (negative: loss-making)
Price / sales 1.25
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.96
Financial health
Current ratio Q 3.06 (at or above 1.5: strong)
Debt / equity Q 1.03
Interest coverage Q (8.63)
Growth
Revenue growth Q −2.69% (below 0%: shrinking)
Operating income growth Q +12.70% (above 0%: growing)
EPS, this year +24.86% (at or above 15%: strong)
EPS, next year A +26.36% (at or above 15%: strong)
Revenue, next year A +4.96%
EPS, past 5 yrs —
EPS, next 5 yrs A +39.03% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 3.8×; over the ten years it ranged from 0.6× in 2023 to 21.2× in 2021.
P/S against its own 10 years 1.28%
10-year low 10-year high
P/B against its own 10 years 18.26%
10-year low 10-year high
EV/Sales against its own 10 years 3.59%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 66 74 79 55
Receivables 19 15 10 7
Inventory 3 2 2 2
Other 1 4 0 4
93 99 97 72
2023 2024 2025 Q'26
Payables 6 3 2 3
ST’ Debt — — — —
Other 5 6 3 3
36 24 25 24

Compound Annual Growth %

10y 5y 3y
Sales 5.35% 0.38% (20.22%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 8.25% (21.55%) (29.60%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.17 Actual −0.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.15 −0.22 Miss by 0.07
Q4 FY25 0.01 0.11 Beat by 0.10
Q1 FY26 −0.11 −0.10 Beat by 0.01
Q2 FY26 −0.17 −0.13 Beat by 0.04
Q3 FY26 −0.09 — Reports 12 November 2026

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)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 15 15 — — —
’25 8 15 9 39 70
’24 17 8 13 21 59
’23 13 21 9 27 70
’22 35 38 34 30 139
’21 18 25 37 25 105
’20 15 15 18 21 69
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (13) (10) — — —
’25 (14) (18) (8) 20 (19)
’24 (8) (12) (13) (16) (49)
’23 (9) (16) (16) (11) (53)
’22 (11) (2) 20 5 11
’21 (6) (8) 0 1 (14)
’20 (1) (10) (3) (1) (16)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (13) (11) — — —
’25 (15) (20) (8) 20 (24)
’24 (9) (13) (14) (18) (54)
’23 (12) (18) (17) (10) (56)
’22 (16) (4) 18 5 3
’21 (9) (10) (4) (5) (28)
’20 (2) (11) (4) (3) (20)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 49 50 61 68 69 105 139 70 59 70 78 +4.1% 74 88 113 +17.0%
Gross margin, % 80.03 71.36 79.17 77.17 80.10 78.80 72.56 81.74 72.55 86.73 87.02 +6.7 pt
EBT (9) (23) (11) (12) (24) (21) (33) (76) (65) (44) (31) +19.9%
EBT margin, % (17.61) (45.81) (18.01) (17.41) (34.28) (20.13) (24.04) (108.59) (109.94) (62.41) (39.46) (44.8) pt
Net income (9) (23) (11) (12) (24) (21) (34) (76) (65) (44) (31) +19.9%
Per share, $
Per share, $ Revenue 1.20 1.08 1.16 1.21 1.16 1.62 2.12 1.03 0.81 0.81 0.85 (4.3%)
Earnings (0.21) (0.50) (0.21) (0.21) (0.40) (0.33) (0.51) (1.12) (0.89) (0.50) (0.34) +10.1%
Cash flow (0.05) (0.19) (0.27) (0.22) (0.28) (0.22) 0.17 (0.77) (0.67) (0.22) (0.11) +19.2%
Capex (0.02) (0.02) (0.05) (0.07) (0.06) (0.21) (0.13) (0.05) (0.06) (0.05) (0.02) +10.5%
Free cash flow (0.07) (0.21) (0.32) (0.29) (0.34) (0.43) 0.05 (0.83) (0.73) (0.27) (0.13) +17.0%
Book value 0.47 0.53 1.08 1.87 2.87 2.55 2.22 1.27 0.91 0.58 0.36 +2.4%
Shares, m 41 46 52 57 59 65 65 68 73 87 90 +8.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 3.74 7.53 14.39 13.20 18.76 19.27 2.20 3.03 5.90 2.02 1.25 9.0
P/B 9.57 15.35 15.48 8.57 7.62 12.28 2.11 2.45 5.23 2.81 2.96 8.1
EV/Sales 3.37 6.92 13.51 12.24 16.91 18.57 1.65 2.28 5.14 1.47 0.98 8.2
EV/FCF (60.78) (35.56) (48.57) (51.43) (57.76) (69.33) 76.16 (2.84) (5.69) (4.34) (6.24) (26.0)
Cash, $m
Cash, $m Operating cash flow (2) (9) (14) (13) (16) (14) 11 (53) (49) (19) (10) +29.7%
Capex (1) (1) (3) (4) (4) (14) (8) (4) (4) (4) (2) +20.3%
Free cash flow (3) (10) (17) (16) (20) (28) 3 (56) (54) (24) (12) +27.4%
Balance, $m
Balance, $m Working capital 15 20 50 99 159 129 114 58 75 71 48 +19.1%
Net debt (18) (30) (53) (66) (128) (74) (76) (66) (45) (39) (22) +8.6%
Shareholders’ equity 19 25 56 106 170 164 145 87 67 51 33 +11.4%
Returns, %
Returns, % ROA (21.32) (51.52) (16.37) (10.45) (12.95) (9.09) (13.52) (39.41) (45.72) (29.63) (23.79) (8.3) pt
ROIC (719.42) 0.00 (209.91) (19.95) (35.88) (15.66) (31.79) (202.78) (167.23) (218.36) (151.17) +501.1 pt
ROE (40.77) (105.38) (26.91) (14.75) (17.42) (12.72) (21.73) (65.89) (85.03) (74.88) (69.36) (34.1) pt
People
People Employees 106 116 132 161 181 261 248 174 188 146 — +3.6%
Revenue/emp, $m 0.46 0.43 0.46 0.43 0.38 0.40 0.56 0.40 0.32 0.48 — +0.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Codexis, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CHRS Coherus Oncology, Inc. $115.7M — (loss-making) — (loss-making) +39.53% (above 0%: growing) n/m −33.15% (below 0%: shrinking) 70.35% (225.98%) Compare
PYPD PolyPid Ltd. $115.2M — (loss-making) — — n/m −64.96% (below 0%: shrinking) 0.00% 0.00% Compare
FHTX Foghorn Therapeutics Inc. $113.1M — (loss-making) — (loss-making) +112.68% (above 0%: growing) n/m +14.88% (above 0%: growing) 100.00% (54.78%) Compare
ENGN enGene Therapeutics Inc $112.6M — (loss-making) — — n/m +28.07% (above 0%: growing) — 0.00% Compare
NKTX Nkarta, Inc. $112.5M — (loss-making) — — n/m −29.19% (below 0%: shrinking) 0.00% 0.00% Compare
CDXS Codexis, Inc. $111.7M — (loss-making) — (loss-making) −2.69% (below 0%: shrinking) n/m +48.60% (above 0%: growing) 76.45% (75.29%)
ARMP Armata Pharmaceuticals, Inc. $111.5M — (loss-making) — (loss-making) +15.72% (above 0%: growing) n/m −17.98% (below 0%: shrinking) 100.00% (410.84%) Compare
HUMA Humacyte, Inc. $109.9M — (loss-making) — (loss-making) +34.88% (above 0%: growing) n/m +17.85% (above 0%: growing) (203.20%) (6,649.26%) Compare
NERV Minerva Neurosciences, Inc $109.8M — (loss-making) — (loss-making) — n/m −553.48% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $112.5M — — +37.21% — −23.58% 0.00% (27.39%)

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 28 April 2026

Ownership

Directors and executive officers, together 3.50%
Aberdeen Group plc 8.80%
Opaleye Management Inc. 7.50%
BlackRock, Inc. 6.60%
Integrated Core Strategies (US) LLC 5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Codexis, Inc. (CDXS) Latest News

29 Oct

Impact 3 · · GlobeNewswire

22 Oct

Impact 4 · · Insider Monkey

28 Sep

Impact 4 · · GlobeNewswire

25 Sep

Impact 3 · · Trefis

18 Aug

Impact 3 · · The Motley Fool transcript

14 Aug

Impact 3 ·

12 Aug

Impact 4 ·

11 Aug

Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript
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23 Jul

Impact 3 ·
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20 May

Impact 3 · · GlobeNewswire

11 May

Impact 3 · · Simply Wall St.

8 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

7 May

Impact 3 · · Zacks
Impact 3 · · MarketBeat
Impact 3 · · GlobeNewswire

30 Apr

Impact 3 · · Zacks

14 Mar

Impact 4 · · Simply Wall St.

11 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 ·
Impact 4 ·
Impact 3 · · MarketBeat
Impact 3 · · GlobeNewswire

7 Mar

Impact 4 · · MarketBeat

4 Mar

Impact 3 ·
stockrow.com/CDXS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com