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

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.

1.24 0.12 −8.82%
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 (at or above 1.5: strong)
Debt/Equity 1.03
P/E ratio 0.00
Fwd P/E (6.62) (negative: loss-making)
P/S ratio 1.58
P/B ratio 3.73
Past 5Y EPS Growth —
This Y EPS Growth 24.86% (at or above 15%: strong)
Next Y EPS Growth 26.36% (at or above 15%: strong)
Next Y revenue growth 4.96%
Next 5Y EPS Growth 39.03% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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%

All 614 Biotechnology stocks →

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.

Codexis, Inc. (CDXS) Latest News

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