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CODEXIS, INC.

Data quality: 100%
CDXS
NASDAQ Manufacturing Chemicals
$2.24
▼ $0.16 (-6.67%)
Mkt Cap: 209.91 M
Price
$2.31
Mkt Cap
209.91 M
Day Range
—
52-Week Range
—
Volume
—
Open —
50D / 200D Avg
—
50D / 200D Avg
—

Quick Summary

Key Takeaways

Revenue declined -9.46% annually over 5 years
Negative free cash flow of -23.85 M
Revenue growth is accelerating — 1Y growth exceeds 5Y average by 28.07%
Capital efficient — spends only 6.35% of revenue on capex

Growth

Revenue Growth (5Y)
-9.46%
Below sector avg (1.92%)
Revenue (1Y)18.61%
Earnings (1Y)N/A
FCF Growth (3Y)N/A

Quality

Return on Equity
-93.39%
Below sector avg (-54.47%)
ROIC-28.86%
Net Margin-62.47%
Op. Margin-59.30%

Safety

Debt / Equity
1.03
Above sector avg (0.30)
Current Ratio4.12
Interest CoverageN/A

Valuation

PE (TTM|NTM)
-4.77 | -10.18
Below sector avg (-1.49)
P/B Ratio5.45
EV/EBITDAN/A
Dividend YieldN/A

Price History

Financial Trends

Peer Comparison

vs Manufacturing sector median (1385 peers)
Metric Stock Sector Median
P/E -4.8 -1.5
P/B 5.5 1.6
ROE % -93.4 -54.5
Net Margin % -62.5 -41.5
Rev Growth 5Y % -9.5 1.9
D/E 1.0 0.3

Analyst Price Target

6 analysts
Buy
Current
$2.24
+193.9%
Target
$6.58
$2.00
$7.00
$11.00
Forecast
Forward P/E -10.18
Forward EPS -$0.22
Est. Revenue 89.87 M

Earnings Estimates

Period EPS Est. Revenue Est. Analysts
FY2027 -$0.22
-$0.38 – -$0.06
 89.87 M 2
FY2026 -$0.32
-$0.46 – -$0.21
 74.34 M 3

Earnings Surprises

Last 4 quarters
Quarter Est. EPS Actual EPS Surprise
Q42025 -$0.04 $0.14 +508.6%
Q32025 -$0.13 -$0.22 -73.7%
Q22025 -$0.15 -$0.16 -6.7%
Q12025 -$0.21 -$0.25 -20.5%

ETFs Holding This Stock

JSIGX JSIGX
2.41% weight
JSCGX JSCGX
2.41% weight
JMCGX JMCGX
1.15% weight
JMIGX JMIGX
1.15% weight
BRSIX BRSIX
0.25% weight
QISGX QISGX
0.15% weight
QASGX QASGX
0.15% weight
QCSGX QCSGX
0.15% weight
QLSGX QLSGX
0.15% weight
QASCX QASCX
0.09% weight

All Fundamental Metrics
Growth
Revenue Growth (1Y) 18.61% Revenue Growth (3Y) 0.17%
Earnings Growth (1Y) N/A Earnings Growth (3Y) N/A
Revenue Growth (5Y) -9.46% Earnings Growth (5Y) N/A
Profitability
Revenue (TTM) 70.39 M Net Income (TTM) -43.97 M
ROE -93.39% ROA -33.54%
Gross Margin N/A Operating Margin -59.30%
Net Margin -62.47% Free Cash Flow (TTM) -23.85 M
ROIC -28.86% FCF Growth (3Y) N/A
Safety
Debt / Equity 1.03 Current Ratio 4.12
Interest Coverage N/A Asset Turnover 0.54
Working Capital 57.72 M Tangible Book Value 36.08 M
Dividends
Dividend Yield N/A Payout Ratio N/A
Dividend Growth (3Y) N/A Dividend Growth (5Y) N/A
Consecutive Div Years N/A
Valuation
P/E Ratio -4.77 Forward P/E -10.18
P/B Ratio 5.45 P/S Ratio 2.98
PEG Ratio N/A Forward PEG N/A
EV/EBITDA N/A Fwd EV/EBITDA N/A
Forward P/S 2.34 Fwd Earnings Yield N/A
FCF Yield -11.36%
Market Cap 209.91 M Enterprise Value 224.29 M
Per Share
EPS (Diluted TTM) -0.50 Revenue / Share 0.77
FCF / Share -0.26 OCF / Share -0.21
EPS CAGR (1Y) N/A EPS CAGR (5Y) N/A
EPS CAGR (10Y) N/A
Efficiency
CapEx / Revenue 6.35% FCF Conversion 54.23%
SBC-Adj. FCF -33.98 M Growth Momentum 28.07

Income Statement

Annual, most recent first
Metric FY2025 FY2024 FY2023 FY2022 FY2021
Revenue 70.39 M 59.35 M 70.14 M 138.59 M 104.75 M
Net Income -43.97 M -65.28 M -76.24 M -33.59 M -21.28 M
EPS (Diluted) -0.50 -0.89 -1.12 -0.51 -0.33
Gross Profit — — — — —
Operating Income -41.74 M -58.52 M -68.07 M -34.88 M -22.70 M
EBITDA — — — — —
R&D Expenses 52.31 M 46.26 M 58.89 M 80.10 M 55.92 M
SG&A Expenses 47.07 M 55.15 M 53.25 M 52.17 M 49.32 M
D&A 5.25 M 4.95 M — — —
Interest Expense — — — — —
Income Tax 47,000.0 34,000.0 69,000.0 276,000.0 189,000.0

Balance Sheet

Annual, most recent first
Metric FY2025 FY2024 FY2023 FY2022 FY2021
Total Assets 147.80 M 149.01 M 136.56 M 250.39 M 246.38 M
Total Liabilities 97.27 M 82.08 M 49.95 M 105.60 M 81.99 M
Shareholders' Equity 50.53 M 66.93 M 86.62 M 144.80 M 164.39 M
Total Debt 40.11 M 28.91 M — — —
Cash & Equivalents 50.79 M 19.26 M 65.12 M 113.98 M 116.80 M
Current Assets 96.82 M 98.77 M 93.47 M 162.89 M 161.89 M
Current Liabilities 25.32 M 23.65 M 35.83 M 49.07 M 33.37 M