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. In the quarter to June 2026, revenue fell 2.69%, EPS grew 18.8%, free cash flow grew 48.6% and total debt fell 14.1%, each against the same quarter a year earlier.
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Codexis, Inc. (CDXS) Altman Z-score
Codexis, Inc.'s Altman Z-score for fiscal 2025 is −4.75, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.75 | (1.73) |
| FY2024 | −3.02 | 0.21 |
| FY2023 | −3.23 | (3.24) |
| FY2022 | 0.01 | (13.31) |
| FY2021 | 13.32 | (0.27) |
| FY2020 | 13.59 | 3.38 |
| FY2019 | 10.21 | (7.77) |
| FY2018 | 17.98 | 18.27 |
| FY2017 | −0.29 | 3.33 |
| FY2016 | −3.62 | (0.17) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.48 | — | 0.58 | |
| Retained earnings / total assets | (4.11) | — | −5.75 | |
| EBIT / total assets | (0.28) | — | −0.93 | |
| Market value of equity / total liabilities | 1.46 | — | 0.88 | |
| Sales / total assets | 0.48 | — | 0.48 | |
| Altman Z-score | Distress zone | −4.75 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.56 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TARA Protara Therapeutics, Inc. compare | 7.3× |
| MOLN Molecular Partners AG Sponsored ADR compare | 2.7× |
| NBP NovaBridge Biosciences compare | −3.8× |
| CDXS Codexis, Inc. | −4.7× |
| CUE Cue Biopharma, Inc. compare | −11.9× |
| MSLE Satellos Bioscience Inc. compare | — |
| NKTX Nkarta, Inc. compare | — |
| AVXL Anavex Life Sciences Corp. compare | — |
| MENS Jyong Biotech Ltd. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets