Friday 16 October 2026 Export CDXS’s income statement to Excel — free account

Codexis, Inc.

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.

1.24 0.12 −8.82%

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Market cap: $148.9M
P/E: 0.0×
Fwd P/E: −6.6×
Dividend yield: —
F-score: 4/9
Altman Z: −4.75
Beneish M: −3.57
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 4.91

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	5	—	1	4	—	—	—	1	—	—	—	2

Insider Ownership 0.00%

Capital & Financial Ratios $m

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

Fwd P/E (6.62)

P/S ratio 1.58

P/B ratio 3.73

Past 5Y EPS Growth —

This Y EPS Growth 24.86%

Next Y EPS Growth 26.36%

Next Y revenue growth 4.96%

Next 5Y EPS Growth 39.03%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 3.95%

10-year low 10-year high

P/B against its own 10 years 25.15%

10-year low 10-year high

EV/Sales against its own 10 years 6.45%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	2.93	3.60	7.95	12.68	8.43	16.55	4.21	1.45	2.53	1.52	Analyst estimates 2026–2028 Powerpack
	High	5.25	8.55	23.05	22.49	23.89	42.01	32.28	6.98	6.08	5.51
People
People	Employees	106	116	132	161	181	261	248	174	188	146
	Revenue/emp, $m	0.46	0.43	0.46	0.43	0.38	0.40	0.56	0.40	0.32	0.48
Income, $m
Income, $m	Revenue	49	50	61	68	69	105	139	70	59	70
	Gross margin, %	80.03	71.36	79.17	77.17	80.10	78.80	72.56	81.74	72.55	86.73
	EBT	(9)	(23)	(11)	(12)	(24)	(21)	(33)	(76)	(65)	(44)
	EBT margin, %	(17.61)	(45.81)	(18.01)	(17.41)	(34.28)	(20.13)	(24.04)	(108.59)	(109.94)	(62.41)
	Net income	(9)	(23)	(11)	(12)	(24)	(21)	(34)	(76)	(65)	(44)
	Depreciation	5	1	1	5	5	6	10	10	7	7
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
	Earnings	(0.21)	(0.50)	(0.21)	(0.21)	(0.40)	(0.33)	(0.51)	(1.12)	(0.89)	(0.50)
	Cash flow	(0.05)	(0.19)	(0.27)	(0.22)	(0.28)	(0.22)	0.17	(0.77)	(0.67)	(0.22)
	Capex	(0.02)	(0.02)	(0.05)	(0.07)	(0.06)	(0.21)	(0.13)	(0.05)	(0.06)	(0.05)
	Free cash flow	(0.07)	(0.21)	(0.32)	(0.29)	(0.34)	(0.43)	0.05	(0.83)	(0.73)	(0.27)
	Book value	0.47	0.53	1.08	1.87	2.87	2.55	2.22	1.27	0.91	0.58
	Shares, m	41	46	52	57	59	65	65	68	73	87
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	3.74	7.53	14.39	13.20	18.76	19.27	2.20	3.03	5.90	2.02
	P/B	9.57	15.35	15.48	8.57	7.62	12.28	2.11	2.45	5.23	2.81
	EV/Sales	3.37	6.92	13.51	12.24	16.91	18.57	1.65	2.28	5.14	1.47
	EV/FCF	(60.78)	(35.56)	(48.57)	(51.43)	(57.76)	(69.33)	76.16	(2.84)	(5.69)	(4.34)
Cash, $m
Cash, $m	Operating cash flow	(2)	(9)	(14)	(13)	(16)	(14)	11	(53)	(49)	(19)
	Capex	(1)	(1)	(3)	(4)	(4)	(14)	(8)	(4)	(4)	(4)
	Free cash flow	(3)	(10)	(17)	(16)	(20)	(28)	3	(56)	(54)	(24)
Balance, $m
Balance, $m	Working capital	15	20	50	99	159	129	114	58	75	71
	Total debt	1	1	0	25	22	44	38	—	29	40
	Net debt	(18)	(30)	(53)	(66)	(128)	(74)	(76)	(66)	(45)	(39)
	Shareholders’ equity	19	25	56	106	170	164	145	87	67	51
Returns, %
Returns, %	ROA	(21.32)	(51.52)	(16.37)	(10.45)	(12.95)	(9.09)	(13.52)	(39.41)	(45.72)	(29.63)
	ROIC	(719.42)	0.00	(209.91)	(19.95)	(35.88)	(15.66)	(31.79)	(202.78)	(167.23)	(218.36)
	ROE	(40.77)	(105.38)	(26.91)	(14.75)	(17.42)	(12.72)	(21.73)	(65.89)	(85.03)	(74.88)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NBP NovaBridge Biosciences	$149.6M	— (loss-making)	— (loss-making)	−88.54% (below 0%: shrinking)	n/m	+34.25% (above 0%: growing)	100.00%	0.00%	Compare
CDXS Codexis, Inc.	$148.9M	— (loss-making)	— (loss-making)	−2.69% (below 0%: shrinking)	n/m	+48.60% (above 0%: growing)	76.45%	(75.29%)
MENS Jyong Biotech Ltd.	$147.0M	—	—	—	—	—	—	—	Compare
MSLE Satellos Bioscience Inc.	$145.1M	— (loss-making)	—	—	n/m	−65.66% (below 0%: shrinking)	99.26%	0.00%	Compare
MOLN Molecular Partners AG Sponsored ADR	$143.5M	— (loss-making)	— (loss-making)	−98.86% (below 0%: shrinking)	n/m	+23.77% (above 0%: growing)	0.00%	0.00%	Compare
TARA Protara Therapeutics, Inc.	$141.8M	— (loss-making)	—	—	n/m	−28.10% (below 0%: shrinking)	0.00%	0.00%	Compare
NKTX Nkarta, Inc.	$138.2M	— (loss-making)	—	—	n/m	−29.19% (below 0%: shrinking)	0.00%	0.00%	Compare
AVXL Anavex Life Sciences Corp.	$137.2M	— (loss-making)	—	—	n/m	+27.02% (above 0%: growing)	—	0.00%	Compare
CUE Cue Biopharma, Inc.	$135.6M	— (loss-making)	— (loss-making)	+166.66% (above 0%: growing)	n/m	−742.65% (below 0%: shrinking)	100.00%	(1,113.30%)	Compare
Median of peers	$142.7M	—	—	−88.54%	—	−28.10%	49.63%	0.00%

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Codexis, Inc. (CDXS) key facts

Strength: Codexis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $70.4 million, up 18.6% from fiscal 2024.
Codexis, Inc. (CDXS) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, CDXS traded at $1.25, a market capitalization of $148.9 million.
Return on equity was −74.9% and debt-to-equity 1.03.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −4.75 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.