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) Beneish M-score
Codexis, Inc.'s Beneish M-score for fiscal 2025 is −3.57; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.57 | (0.38) |
| FY2024 | −3.19 | 0.83 |
| FY2023 | −4.02 | (0.89) |
| FY2022 | −3.12 | (1.22) |
| FY2021 | −1.91 | 0.54 |
| FY2020 | −2.44 | (0.81) |
| FY2019 | −1.64 | 0.43 |
| FY2018 | −2.07 | 0.80 |
| FY2017 | −2.86 | 0.65 |
| FY2016 | −3.52 | (0.85) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.59 | — | 0.54 | |
| Gross margin index | 0.84 | — | 0.44 | |
| Asset quality index | 1.06 | — | 0.43 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 0.72 | — | −0.12 | |
| Total accruals to total assets | (0.17) | — | −0.78 | |
| Leverage index | 1.26 | — | −0.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.57 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CDXS Codexis, Inc. | −3.6× |
| CUE Cue Biopharma, Inc. compare | −0.4× |
| NBP NovaBridge Biosciences compare | — |
| MSLE Satellos Bioscience Inc. compare | — |
| NKTX Nkarta, Inc. compare | — |
| AVXL Anavex Life Sciences Corp. compare | — |
| MENS Jyong Biotech Ltd. compare | — |
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What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI