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Co-Diagnostics, Inc.

CODX Healthcare Medical Devices

Co-Diagnostics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $622,500.00, down 84.1% from fiscal 2024. In the quarter to June 2026, revenue grew 1.96%, EPS grew 78.9% and free cash flow grew 17.5%, each against the same quarter a year earlier.

0.65 0.07 −9.72%
Market cap
$5.3M
P/E
0.0×
Fwd P/E
−0.4×
Dividend yield
—
F-score
2/9
Altman Z
−9.74
Beneish M
2.24
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

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 5.32
Revenue 0.72
Net Income (47.06)
Free Cash Flow (27.47)
Net Debt (3.65)
Current Ratio 1.81 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (0.42) (negative: loss-making)
P/S ratio 3.88
P/B ratio 0.22
Past 5Y EPS Growth —
This Y EPS Growth 91.21% (at or above 15%: strong)
Next Y EPS Growth 73.23% (at or above 15%: strong)
Next Y revenue growth 5.06%
Next 5Y EPS Growth 80.05% (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 −1.2×, against a ten-year median of 1.5×; over the ten years it ranged from −14.2× in 2026 to 2,598× in 2018.
P/S against its own 10 years 32.39%
10-year low 10-year high
P/B against its own 10 years 5.74%
10-year low 10-year high
EV/FCF against its own 10 years 1.60%
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 59 30 12 4
Receivables 0 0 0 0
Inventory 2 1 1 1
Other — — — —
62 32 14 5
2023 2024 2025 Q'26
Payables 1 3 2 1
ST’ Debt — — — —
Other 1 1 0 0
6 7 4 3

Compound Annual Growth %

10y 5y 3y
Sales — (61.60%) (73.70%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (20.92%) (43.52%)

Revenue $m

Mar Jun Sep Dec Year
’26 0 0 — — —
’25 0 0 0 0 1
’24 0 3 1 0 4
’23 1 0 2 4 7
’22 23 5 5 1 34
’21 20 27 30 20 98
’20 2 24 22 27 75
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) (7) — — —
’25 (9) (8) (6) (6) (29)
’24 (8) (5) (7) (8) (29)
’23 (6) (6) (6) (5) (22)
’22 8 2 1 (4) 7
’21 12 12 12 5 41
’20 (1) 1 9 20 28
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) (7) — — —
’25 (9) (9) (6) (6) (30)
’24 (9) (5) (7) (8) (30)
’23 (6) (6) (6) (5) (23)
’22 7 1 1 (4) 5
’21 12 12 11 5 40
’20 (1) 1 8 19 27
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (4.06) (1.46) — — —
’25 (7.21) (6.91) (4.80) (16.53) (35.25)
’24 (9.31) (7.51) (9.61) (10.81) (37.24)
’23 (6.01) (9.31) (6.01) (15.01) (36.04)
’22 10.21 (2.40) (1.20) (20.42) (13.51)
’21 7.81 9.91 11.41 7.51 36.94
’20 (1.50) 12.91 15.92 12.91 45.65
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
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 — 70.50 33.30 20.82 26.40 210.30 67.80 29.25 20.10 4.98

Analyst estimates 2026–2028

Powerpack
High — 205.50 199.80 113.10 929.70 620.55 303.30 99.90 66.90 46.50
People
People Employees — 15 20 23 37 101 145 155 132 115
Revenue/emp, $m — 0.00 0.00 0.01 2.01 0.97 0.24 0.04 0.03 0.01
Income, $m
Income, $m Revenue — 0 0 0 75 98 34 7 4 1
Gross margin, % 0.00 96.10 76.44 47.67 77.75 88.18 83.98 38.57 74.48 64.27
EBT (2) (7) (6) (6) 43 46 (19) (38) (38) (49)
EBT margin, % 0.00 (90,379.22) (15,718.55) (2,881.67) 57.10 46.62 (55.08) (559.46) (959.89) (7,793.08)
Net income (2) (7) (6) (6) 42 37 (14) (35) (38) (47)
Depreciation 0 0 0 0 0 0 17 1 1 1
Per share, $
Per share, $ Revenue 0.00 0.02 0.10 0.39 83.79 101.81 32.64 6.97 3.87 0.47
Earnings (5.86) (19.07) (14.57) (10.81) 47.75 38.14 (13.51) (36.04) (37.24) (35.25)
Cash flow (3.99) (8.80) (9.81) (9.90) 31.65 42.73 6.27 (22.60) (28.83) (21.90)
Capex (0.04) (0.35) (0.10) (0.20) (0.87) (0.70) (1.36) (1.40) (0.74) (0.53)
Free cash flow (4.02) (9.15) (9.91) (10.10) 30.78 42.03 4.90 (23.99) (29.57) (22.43)
Book value (9.10) 10.55 (2.55) 3.11 74.96 139.86 109.24 88.02 53.28 15.51
Shares, m 0 0 0 1 1 1 1 1 1 1
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 6.50 6.97 0.00 0.00 0.00 0.00
P/S — 0.00 465.82 69.69 3.33 2.63 2.33 6.11 5.81 10.83
P/B — 7.85 0.00 8.62 3.72 1.92 0.69 0.48 0.42 0.33
EV/Sales — 0.00 442.01 65.53 2.70 1.71 (0.05) (2.48) (1.79) (8.26)
EV/FCF — (7.99) (4.28) (2.48) 7.34 4.15 (0.33) 0.72 0.23 0.17
Cash, $m
Cash, $m Operating cash flow (1) (3) (4) (6) 28 41 7 (22) (29) (29)
Capex 0 0 0 0 (1) (1) (1) (1) (1) (1)
Free cash flow (1) (3) (4) (6) 27 40 5 (23) (30) (30)
Balance, $m
Balance, $m Working capital (3) 4 (1) 1 64 103 89 56 25 10
Total debt 0 — 2 — — — 0 — — —
Net debt (1) (4) (1) (1) (47) (90) (81) (59) (30) (12)
Shareholders’ equity (3) 4 (1) 2 67 134 115 86 54 21
Returns, %
Returns, % ROA (64.74) (233.60) (201.81) (328.81) 115.66 31.70 (10.06) (32.36) (47.38) (106.21)
ROIC 0.00 (902.71) 0.00 (436.34) 134.43 64.53 (50.70) (97.18) (103.83) (358.57)
ROE (450.68) (1,626.17) (449.31) (1,826.53) 124.14 36.45 (11.44) (35.24) (53.81) (125.89)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Co-Diagnostics, Inc. vs peers in Medical Devices (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
WOK WORK Medical Technology Group LTD $6.0M — — — — −948.94% (below 0%: shrinking) — — Compare
AMIX Autonomix Medical, Inc. $5.7M — (loss-making) — — n/m −36.10% (below 0%: shrinking) — 0.00% Compare
NVNO enVVeno Medical Corporation $5.5M — (loss-making) — (loss-making) +0.32% (above 0%: growing) n/m +4.60% (above 0%: growing) 0.00% 0.00% Compare
CODX Co-Diagnostics, Inc. $5.3M — (loss-making) — (loss-making) +1.96% (above 0%: growing) n/m +17.47% (above 0%: growing) 72.73% (3,733.17%)
TBIO Telesis Bio Inc. $5.3M — (loss-making) — (loss-making) −61.79% (below 0%: shrinking) n/m −17.96% (below 0%: shrinking) 64.43% (349.74%) Compare
VNRX VolitionRX Limited $5.3M — (loss-making) — (loss-making) −1.97% (below 0%: shrinking) n/m +18.58% (above 0%: growing) 100.00% (1,042.39%) Compare
TRIB Trinity Biotech PLC $5.1M — (loss-making) — (loss-making) +43.28% (above 0%: growing) n/m +75.24% (above 0%: growing) 35.43% (24.53%) Compare
VVOS Vivos Therapeutics, Inc. $4.8M — (loss-making) — (loss-making) +34.90% (above 0%: growing) n/m +16.44% (above 0%: growing) 57.31% (93.63%) Compare
INBS Intelligent Bio Solutions Inc. $4.8M — (loss-making) 5.4× +51.10% (above 0%: growing) n/m −31.59% (below 0%: shrinking) 43.23% (360.19%) Compare
Median of peers $5.3M — — +17.61% — −6.68% 50.27% (93.63%)

All 149 Medical Devices stocks →

Co-Diagnostics, Inc. (CODX) key facts

  • Concern: Co-Diagnostics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $622,500.00, down 84.1% from fiscal 2024.
  • Co-Diagnostics, Inc. (CODX) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, CODX traded at $0.65, a market capitalization of $5.3 million.
  • Return on equity was −125.9% and debt-to-equity 0.00.
  • Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −9.74 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Co-Diagnostics, Inc. (CODX) Latest News

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