Codexis, Inc. (CDXS) vs Spruce Biosciences, Inc. (SPRB)

Codexis, Inc. and Spruce Biosciences, Inc. are both Biotechnology companies. Codexis, Inc. and Spruce Biosciences, Inc. are of similar size ($150.0M and $140.9M). Codexis, Inc. grew revenue faster over the last twelve months: 35.9% against −51.3%. Spruce Biosciences, Inc. has the higher net margin (0.00% vs −39.6%) and the higher return on invested capital (0.00% vs −151.2%). Across the 17 metrics below, Spruce Biosciences, Inc. leads on 9 and Codexis, Inc. on 8.

Valuation

Metric CDXS SPRB Biotechnology median
P/E n/m n/m 7.88
P/S 1.55 24.12 11.47
P/B 3.65 1.41 2.52
Price to free cash flow n/m n/m 21.16
EV/EBITDA n/m n/m 0.74
EV/Sales 1.27 5.95 10.73
Earnings yield (25.76%) (81.65%) (28.84%)
Free cash flow yield (10.12%) (36.12%) (23.03%)

Profitability

Metric CDXS SPRB Biotechnology median
Gross margin 87.02% 100.00% 65.16%
Operating margin (35.61%) 0.00% 0.00%
Net margin (39.55%) 0.00% 0.00%
Free cash flow margin (15.66%) 0.00% 0.00%
Return on equity (69.36%) (105.98%) (57.72%)
Return on assets (23.79%) (82.38%) (49.22%)
Return on invested capital (151.17%) 0.00% 0.00%

Growth

Metric CDXS SPRB Biotechnology median
Revenue growth (TTM) 35.89% (51.32%) 5.64%
EPS growth (last fiscal year) 43.82% 47.59% —
Revenue growth, 5-year CAGR 0.38% — 8.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CDXS SPRB Biotechnology median
Debt to equity 1.03 0.08 0.00
Current ratio 3.06 9.23 4.73
Net debt to EBITDA 1.11 1.34 0.96

Dividend

Metric CDXS SPRB Biotechnology median
Dividend yield — — 2.10%
Payout ratio 0.00 0.00 0.00

Size

Metric CDXS SPRB Biotechnology median
Market cap 150.02m 140.88m 162.10m

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