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Codexis (CDXS) Financials

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$2.43 -0.13 (-5.08%)
As of 01:47 PM Eastern
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Annual Income Statements for Codexis

Annual Income Statements for Codexis

This table shows Codexis' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -19 -7.58 -8.56 -23 -11 -12 -24 -21 -34 -76 -65
Consolidated Net Income / (Loss)		 -19 -7.58 -8.56 -23 -11 -12 -24 -21 -34 -76 -65
Net Income / (Loss) Continuing Operations		 -19 -7.58 -8.56 -23 -11 -12 -24 -21 -34 -76 -65
Total Pre-Tax Income 		-19 -7.92 -8.60 -23 -11 -12 -24 -21 -33 -76 -65
Total Operating Income		 -19 -7.77 -8.56 -23 -11 -13 -24 -23 -35 -68 -59
Total Gross Profit		 26 35 39 36 48 53 55 83 101 57 43
Total Revenue		 35 42 49 50 61 68 69 105 139 70 59
Operating Revenue		 35 42 49 50 61 68 69 105 139 70 59
Total Cost of Revenue		 9.73 6.59 9.75 14 13 16 14 22 38 13 16
Operating Cost of Revenue		 9.73 6.59 9.75 14 13 16 14 22 38 13 16
Total Operating Expenses		 45 43 48 59 59 65 79 105 135 125 102
Selling, General & Admin Expense		 22 22 25 29 29 32 35 49 52 53 55
Research & Development Expense		 23 21 22 30 30 34 44 56 80 59 46
Impairment Charge		 - - - - - - - 0.00 0.00 9.98 0.17
Restructuring Charge		 - - - - - - 0.00 0.00 3.17 3.28 0.00
Total Other Income / (Expense), net		 -0.22 -0.15 -0.03 0.06 0.38 0.63 0.25 1.61 1.57 -8.10 -6.72
Interest & Investment Income		 0.02 0.02 0.06 0.15 0.67 1.29 0.41 0.46 1.44 4.17 3.67
Other Income / (Expense), net		 -0.23 -0.17 -0.09 -0.09 -0.29 -0.66 -0.16 1.15 0.12 -12 -10
Income Tax Expense		 -0.26 -0.34 -0.04 0.08 -0.04 0.02 0.34 0.19 0.28 0.07 0.03
Basic Earnings per Share		 ($0.50) ($0.19) ($0.21) ($0.50) ($0.21) ($0.21) ($0.40) ($0.33) ($0.51) ($1.12) ($0.89)
Weighted Average Basic Shares Outstanding		 38.21M 39.44M 40.63M 46.23M 52.21M 56.53M 59.36M 64.57M 65.34M 68.13M 73.41M
Diluted Earnings per Share		 ($0.50) ($0.19) ($0.21) ($0.50) ($0.21) ($0.21) ($0.40) ($0.33) ($0.51) ($1.12) ($0.89)
Weighted Average Diluted Shares Outstanding		 38.21M 39.44M 40.63M 46.23M 52.21M 56.53M 59.36M 64.57M 65.34M 68.13M 73.41M
Weighted Average Basic & Diluted Shares Outstanding		 38.21M 39.44M 40.63M 46.23M 52.21M 56.53M 59.36M 65.16M 65.95M 70.30M 82.84M

Quarterly Income Statements for Codexis

This table shows Codexis' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -35 -7.19 -12 -23 -21 -10 -21 -13 -20 -8.70
Consolidated Net Income / (Loss)		 -35 -7.19 -12 -23 -21 -10 -21 -13 -20 -8.70
Net Income / (Loss) Continuing Operations		 -35 -7.19 -12 -23 -21 -10 -21 -13 -20 -8.70
Total Pre-Tax Income 		-35 -7.16 -11 -23 -21 -10 -21 -13 -20 -8.67
Total Operating Income		 -32 0.28 -12 -23 -17 -7.34 -20 -13 -19 -8.04
Total Gross Profit		 7.03 24 12 4.52 8.52 18 4.81 13 6.14 13
Total Revenue		 9.28 27 17 7.98 13 21 7.54 15 8.60 15
Operating Revenue		 9.28 27 17 7.98 13 21 7.54 15 8.60 15
Total Cost of Revenue		 2.25 2.86 4.86 3.46 4.32 3.65 2.73 2.10 2.47 2.06
Operating Cost of Revenue		 2.25 2.86 4.86 3.46 4.32 3.65 2.73 2.10 2.47 2.06
Total Operating Expenses		 39 23 24 27 25 25 25 26 25 21
Selling, General & Admin Expense		 12 12 13 16 14 13 12 12 11 9.78
Research & Development Expense		 14 11 11 11 12 12 13 14 14 11
Total Other Income / (Expense), net		 -2.84 -7.44 0.39 -0.01 -4.07 -3.03 -0.19 -0.40 -0.66 -0.63
Interest & Investment Income		 1.06 0.91 0.91 0.97 0.85 0.94 0.75 0.58 0.63 0.67
Other Income / (Expense), net		 -3.90 -8.35 -0.52 -0.99 -4.92 -3.97 -0.94 -0.98 -1.29 -1.29
Income Tax Expense		 0.01 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.04
Basic Earnings per Share		 ($0.50) ($0.11) ($0.16) ($0.32) ($0.29) ($0.12) ($0.25) ($0.16) ($0.22) ($0.10)
Weighted Average Basic Shares Outstanding		 69.47M 68.13M 69.85M 70.38M 72.03M 73.41M 82.41M 85.39M 90.25M 90.77M
Diluted Earnings per Share		 ($0.50) ($0.11) ($0.16) ($0.32) ($0.29) ($0.12) ($0.25) ($0.16) ($0.22) ($0.10)
Weighted Average Diluted Shares Outstanding		 69.47M 68.13M 69.85M 70.38M 72.03M 73.41M 82.41M 85.39M 90.25M 90.77M
Weighted Average Basic & Diluted Shares Outstanding		 - 70.30M 70.56M 70.93M 81.38M 82.84M 82.84M 90.27M 90.32M 90.90M

Annual Cash Flow Statements for Codexis

This table details how cash moves in and out of Codexis' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 4.36 -3.21 -3.20 12 22 38 59 -32 -2.87 -49 -46
Net Cash From Operating Activities		 0.32 -0.43 -1.86 -8.76 -14 -13 -16 -14 11 -53 -49
Net Cash From Continuing Operating Activities		 0.32 -0.43 -1.86 -8.76 -14 -13 -16 -14 11 -53 -49
Net Income / (Loss) Continuing Operations		 -19 -7.58 -8.56 -23 -11 -12 -24 -21 -34 -76 -65
Consolidated Net Income / (Loss)		 -19 -7.58 -8.56 -23 -11 -12 -24 -21 -34 -76 -65
Depreciation Expense		 3.31 2.04 1.73 1.04 1.15 1.57 1.95 3.11 5.40 5.52 4.95
Amortization Expense		 3.38 3.37 2.81 0.00 0.00 2.99 2.60 2.83 0.00 0.00 -0.50
Non-Cash Adjustments To Reconcile Net Income		 5.81 4.84 5.63 6.54 7.98 7.47 6.88 8.71 18 36 23
Changes in Operating Assets and Liabilities, net		 6.89 -3.11 -3.48 6.66 -12 -13 -3.89 -7.64 22 -18 -12
Net Cash From Investing Activities		 4.65 -1.26 -0.85 -0.98 -2.77 -3.67 -5.75 -21 -14 -4.86 -57
Net Cash From Continuing Investing Activities		 4.65 -1.26 -0.85 -0.98 -2.77 -3.67 -5.75 -21 -14 -4.86 -57
Purchase of Property, Plant & Equipment		 -0.30 -1.20 -0.89 -0.99 -2.77 -3.73 -3.75 -14 -8.31 -4.42 -4.31
Purchase of Investments		 - - - - 0.00 0.00 -2.00 -7.63 -5.30 -1.19 -90
Sale of Property, Plant & Equipment		 0.17 0.02 0.04 0.00 0.00 0.00 0.00 0.04 0.03 0.75 0.09
Sale and/or Maturity of Investments		 3.00 - - 0.00 0.00 0.06 - - 0.00 0.00 37
Net Cash From Financing Activities		 -0.61 -1.52 -0.49 22 39 54 81 3.77 -0.58 8.17 61
Net Cash From Continuing Financing Activities		 -0.61 -1.52 -0.49 22 39 54 81 3.77 -0.58 8.17 61
Repayment of Debt		 - 0.00 0.00 -0.18 - -0.24 -0.06 -0.21 -0.04 -0.50 -0.64
Issuance of Debt		 - - - - - - - - 0.00 0.00 30
Issuance of Common Equity		 0.01 0.00 0.00 24 37 50 86 0.00 0.00 8.65 32
Other Financing Activities, net		 -0.62 -1.52 -0.49 -1.40 1.25 4.25 0.07 3.97 -0.53 0.02 -0.32
Cash Interest Paid		 - 0.00 0.01 0.14 0.08 0.05 0.05 0.01 0.03 0.04 2.57
Cash Income Taxes Paid		 0.02 0.01 0.01 0.03 0.01 0.01 0.31 0.10 0.10 0.19 0.02

Quarterly Cash Flow Statements for Codexis

This table details how cash moves in and out of Codexis' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Net Change in Cash & Equivalents		 -9.93 -7.07 -39 19 -18 -0.94 8.44 -1.43 -14
Net Cash From Operating Activities		 -11 -7.79 -12 -13 -16 -14 -18 -7.70 -13
Net Cash From Continuing Operating Activities		 -11 -7.79 -12 -13 -16 -14 -18 -7.70 -13
Net Income / (Loss) Continuing Operations		 -7.19 -12 -23 -21 -10 -21 -13 -20 -8.70
Consolidated Net Income / (Loss)		 -7.19 -12 -23 -21 -10 -21 -13 -20 -8.70
Depreciation Expense		 1.22 1.25 1.26 1.22 1.21 1.20 1.34 1.36 1.29
Amortization Expense		 - 0.04 -0.18 -0.26 -0.10 -0.05 0.02 0.02 0.14
Non-Cash Adjustments To Reconcile Net Income		 11 3.94 5.64 7.42 6.44 2.98 3.26 3.25 2.36
Changes in Operating Assets and Liabilities, net		 -16 -1.52 3.87 -0.73 -14 2.76 -9.32 7.28 -8.23
Net Cash From Investing Activities		 1.10 -29 -27 1.53 -2.86 12 -0.37 6.39 -1.11
Net Cash From Continuing Investing Activities		 1.10 -29 -27 1.53 -2.86 12 -0.37 6.39 -1.11
Purchase of Property, Plant & Equipment		 0.38 -1.13 -0.40 -1.01 -1.77 -1.26 -2.51 -0.18 -0.18
Purchase of Investments		 - -27 -30 -16 -18 -10 -14 -18 -20
Sale and/or Maturity of Investments		 - 0.00 3.00 18 17 23 16 24 19
Net Cash From Financing Activities		 - 29 -0.20 30 1.13 1.09 27 -0.11 -0.01
Net Cash From Continuing Financing Activities		 - 29 -0.20 30 1.13 1.09 27 -0.11 -0.01
Repayment of Debt		 - -0.46 -0.18 -1.62 - -0.01 0.01 - -0.01
Other Financing Activities, net		 - 0.22 -0.34 0.40 1.01 1.10 -0.72 -0.11 0.00
Cash Interest Paid		 0.02 0.15 0.74 0.74 0.93 0.43 0.91 0.90 0.89
Cash Income Taxes Paid		 0.00 0.02 - - - 0.00 - - 0.04

Annual Balance Sheets for Codexis

This table presents Codexis' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 45 36 54 79 149 222 246 250 137 149 148
Total Current Assets		 33 27 45 68 114 184 162 163 93 99 97
Cash & Equivalents		 23 19 31 53 90 149 117 114 65 19 51
Restricted Cash		 - - - 0.00 0.66 0.64 - 0.52 0.52 0.50 0.48
Short-Term Investments		 - - - - - 1.00 - - 0.00 54 27
Note & Lease Receivable		 - - - - 20 29 38 41 20 19 11
Accounts Receivable		 7.33 5.92 12 13 20 29 38 32 9.14 2.75 1.48
Inventories, net		 0.99 0.83 1.04 0.59 0.37 0.96 1.16 2.03 2.69 1.80 1.82
Prepaid Expenses		 1.25 1.24 0.98 1.07 2.52 3.42 5.70 5.49 5.22 4.13 5.63
Plant, Property, & Equipment, net		 3.11 2.16 2.82 4.76 6.28 9.68 21 23 15 14 13
Total Noncurrent Assets		 8.70 6.23 5.77 6.33 29 28 49 65 18 33 35
Goodwill		 3.24 3.20 3.24 3.24 3.24 3.24 3.24 3.24 2.46 2.46 2.46
Other Noncurrent Operating Assets		 0.31 0.26 1.86 2.50 25 23 46 41 14 30 31
Other Noncurrent Nonoperating Assets		 - - - - - - - - 1.06 1.06 1.61
Total Liabilities & Shareholders' Equity		 45 36 54 79 149 222 246 250 137 149 148
Total Liabilities		 22 17 29 23 44 52 82 106 50 82 97
Total Current Liabilities		 15 12 25 18 15 25 33 49 36 24 25
Short-Term Debt		 - - - - 0.06 - - - 3.78 2.83 2.94
Accounts Payable		 3.40 4.23 3.55 3.05 2.62 2.97 3.00 3.25 5.95 2.84 1.55
Accrued Expenses		 2.01 2.11 4.36 4.86 6.54 10 13 15 4.74 6.22 2.77
Current Deferred Revenue		 6.10 1.71 12 4.94 0.06 1.82 2.59 5.36 10 0.35 7.01
Current Employee Benefit Liabilities		 3.33 4.31 4.75 5.27 5.00 7.29 11 11 11 11 11
Total Noncurrent Liabilities		 6.93 4.18 4.13 4.86 28 27 49 57 14 58 72
Long-Term Debt		 - 0.00 - - 0.03 0.07 - 0.16 0.00 29 40
Capital Lease Obligations		 1.31 0.89 0.76 0.10 25 22 - 38 12 28 30
Noncurrent Deferred Revenue		 3.12 1.07 1.50 3.35 1.99 2.97 3.75 17 0.64 0.10 0.36
Other Noncurrent Operating Liabilities		 2.50 2.23 1.86 1.42 1.23 1.27 45 1.37 1.23 1.27 1.33
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 23 19 25 56 106 170 164 145 87 67 51
Total Preferred & Common Equity		 23 19 25 56 106 170 164 145 87 67 51
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 23 19 25 56 106 170 164 145 87 67 51
Common Stock		 306 311 340 387 448 537 552 566 584 630 657
Retained Earnings		 -284 -292 -315 -330 -342 -366 -388 -421 -498 -563 -607
Accumulated Other Comprehensive Income / (Loss)		 0.41 0.00 -0.47 - - - - - 0.00 0.05 0.01

Quarterly Balance Sheets for Codexis

This table presents Codexis' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 154 150 132 148 129 138 124 129
Total Current Assets		 103 108 91 113 78 89 76 80
Cash & Equivalents		 75 58 19 37 18 27 25 37
Restricted Cash		 0.99 0.52 0.52 0.51 0.50 0.50 0.49 0.43
Short-Term Investments		 - 27 55 53 41 40 33 29
Note & Lease Receivable		 19 14 12 17 12 16 9.73 8.03
Accounts Receivable		 5.66 5.46 4.38 3.46 3.41 2.98 1.62 0.85
Inventories, net		 2.31 2.44 2.23 2.10 1.78 1.95 1.94 2.00
Prepaid Expenses		 5.40 5.27 3.06 3.49 4.16 3.47 5.34 4.06
Plant, Property, & Equipment, net		 15 15 14 13 16 15 14 13
Total Noncurrent Assets		 36 27 27 22 32 32 31 37
Long-Term Investments		 18 9.70 9.70 5.79 - - - 2.50
Goodwill		 2.46 2.46 2.46 2.46 2.46 2.46 2.46 2.46
Other Noncurrent Operating Assets		 15 14 13 13 29 28 27 31
Other Noncurrent Nonoperating Assets		 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.61
Total Liabilities & Shareholders' Equity		 154 150 132 148 129 138 124 129
Total Liabilities		 63 70 71 75 79 83 85 86
Total Current Liabilities		 38 29 31 35 21 15 18 15
Short-Term Debt		 6.76 3.88 3.98 4.08 2.91 3.00 3.09 3.30
Accounts Payable		 3.10 3.47 3.69 4.21 6.05 1.47 2.43 2.13
Accrued Expenses		 8.80 5.37 5.42 6.51 5.12 3.41 2.99 3.20
Current Deferred Revenue		 9.24 9.86 9.80 10 0.44 0.10 0.30 0.87
Current Employee Benefit Liabilities		 11 6.50 7.66 10 6.39 7.26 9.68 5.36
Total Noncurrent Liabilities		 25 41 40 40 58 67 67 71
Long-Term Debt		 0.13 28 28 29 29 39 40 41
Capital Lease Obligations		 13 11 10 9.13 27 27 26 29
Noncurrent Deferred Revenue		 10 0.63 0.20 0.61 0.49 0.10 0.10 0.35
Other Noncurrent Operating Liabilities		 1.22 1.25 1.26 1.28 1.28 1.30 1.31 1.34
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 92 79 61 73 50 56 39 43
Total Preferred & Common Equity		 92 79 61 73 50 56 39 43
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 92 79 61 73 50 56 39 43
Common Stock		 582 588 593 626 633 652 655 659
Retained Earnings		 -490 -509 -532 -552 -583 -597 -616 -615
Accumulated Other Comprehensive Income / (Loss)		 - -0.02 -0.02 0.13 0.01 -0.00 0.01 -0.01

Annual Metrics And Ratios for Codexis

This table displays calculated financial ratios and metrics derived from Codexis' official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10.60% 18.40% 16.82% 2.43% 21.13% 12.98% 0.87% 51.69% 32.30% -49.39% -15.39%
EBITDA Growth		 59.20% 80.02% -62.59% -435.51% 52.59% 17.16% -125.74% 20.08% -88.15% -154.90% 13.85%
EBIT Growth		 53.33% 58.97% -9.07% -166.37% 49.76% -13.97% -82.32% 10.50% -61.29% -131.16% 14.23%
NOPAT Growth		 53.55% 59.34% -10.22% -168.22% 50.83% -11.10% -90.61% 5.11% -53.68% -95.15% 14.03%
Net Income Growth		 53.83% 60.25% -12.89% -168.71% 52.70% -9.72% -101.17% 11.37% -57.86% -126.96% 14.38%
EPS Growth		 53.70% 62.00% -10.53% -138.10% 58.00% 0.00% -90.48% 17.50% -54.55% -119.61% 20.54%
Operating Cash Flow Growth		 101.40% -234.89% -329.56% -370.70% -60.98% 10.88% -31.08% 13.34% 179.09% -566.48% 6.13%
Free Cash Flow Firm Growth		 93.61% -341.18% -38.68% -116.02% -49.32% -162.87% -68.19% 65.81% 118.28% -164.35% -1,768.50%
Invested Capital Growth		 -98.74% -987.50% -45.28% -219.00% 142.17% 1,318.70% 151.33% 10.31% -26.74% -55.75% 46.26%
Revenue Q/Q Growth		 15.23% -5.86% -3.21% 30.71% -8.53% 3.92% 33.56% -9.89% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 40.81% -511.22% -922.89% 21.55% -16.68% 6.49% -18.09% -55.43% 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 33.86% -60.04% -54.41% 21.11% -15.79% -2.11% -14.07% -40.40% 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 34.66% -56.65% -54.39% 21.06% -15.59% -2.47% 33.39% -1,692.81% 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 34.75% -46.27% -59.93% 21.32% -15.15% -1.48% -15.85% -41.77% 0.00% 0.00% 0.00%
EPS Q/Q Growth		 35.06% -35.71% -61.54% 21.88% -10.53% -5.00% -14.29% -37.50% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 103.75% 83.44% -1,498.50% 21.96% -145.20% -30.57% 11.64% 13.11% 0.00% -43.49% 0.00%
Free Cash Flow Firm Q/Q Growth		 74.59% 34.11% -2.29% -9.29% -55.32% -0.16% -174.18% 50.17% 115.26% 0.00% 0.00%
Invested Capital Q/Q Growth		 -91.77% -132.81% -136.34% -59.97% 1,634.38% 6.71% 149.92% 19.86% -34.62% 0.00% 0.00%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 72.45% 84.25% 80.03% 71.36% 79.17% 77.17% 80.10% 78.80% 72.56% 81.74% 72.55%
EBITDA Margin		 -35.85% -6.05% -8.42% -44.02% -17.23% -12.63% -28.27% -14.89% -21.18% -106.67% -108.62%
Operating Margin		 -54.13% -18.59% -17.54% -45.92% -18.64% -18.33% -34.64% -21.67% -25.17% -97.04% -98.61%
EBIT Margin		 -54.79% -18.99% -17.73% -46.10% -19.12% -19.29% -34.86% -20.57% -25.08% -114.54% -116.12%
Profit (Net Income) Margin		 -54.01% -18.13% -17.52% -45.97% -17.95% -17.43% -34.77% -20.31% -24.24% -108.69% -109.99%
Tax Burden Percent		 98.68% 95.73% 99.53% 100.35% 99.66% 100.14% 101.43% 100.90% 100.83% 100.09% 100.05%
Interest Burden Percent		 99.91% 99.76% 99.31% 99.36% 94.21% 90.25% 98.32% 97.87% 95.85% 94.81% 94.67%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -208.65% 0.00% 0.00% 0.00% 0.00% -41.69% -24.21% -15.27% -25.82% -82.62% -94.02%
ROIC Less NNEP Spread (ROIC-NNEP)		 -187.94% 0.00% 0.00% 0.00% 0.00% -36.42% -13.63% -6.74% -10.54% -33.35% -20.80%
Return on Net Nonoperating Assets (RNNOA)		 152.39% 0.00% 0.00% 0.00% 0.00% 26.94% 6.79% 2.55% 4.09% 16.73% 8.99%
Return on Equity (ROE)		 -56.26% -30.82% -40.77% -105.38% -26.91% -14.75% -17.42% -12.72% -21.73% -65.89% -85.03%
Cash Return on Invested Capital (CROIC)		 -13.64% 0.00% 0.00% 0.00% -622.07% -215.35% -110.36% -25.08% 5.04% -5.32% -131.59%
Operating Return on Assets (OROA)		 -36.17% -17.11% -21.57% -51.67% -17.43% -11.57% -12.99% -9.21% -13.99% -41.53% -48.26%
Return on Assets (ROA)		 -35.66% -16.34% -21.32% -51.52% -16.37% -10.45% -12.95% -9.09% -13.52% -39.41% -45.72%
Return on Common Equity (ROCE)		 -56.26% -30.82% -40.77% -105.38% -26.91% -14.75% -17.42% -12.72% -21.73% -65.89% -85.03%
Return on Equity Simple (ROE_SIMPLE)		 -72.48% -33.14% -44.81% -93.68% -19.32% -11.31% -14.12% -12.94% -23.20% -88.02% -97.53%
Net Operating Profit after Tax (NOPAT)		 -13 -5.44 -5.99 -16 -7.91 -8.78 -17 -16 -24 -48 -41
NOPAT Margin		 -37.89% -13.01% -12.28% -32.14% -13.05% -12.83% -24.25% -15.17% -17.62% -67.93% -69.03%
Net Nonoperating Expense Percent (NNEP)		 -20.71% -8.49% -11.28% -26.46% -7.02% -5.27% -10.58% -8.53% -15.28% -49.27% -73.22%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -13.33% -46.42% -32.30%
Cost of Revenue to Revenue		 27.55% 15.75% 19.97% 28.64% 20.83% 22.83% 19.90% 21.20% 27.44% 18.26% 27.45%
SG&A Expenses to Revenue		 62.13% 53.38% 52.05% 57.99% 48.34% 46.02% 50.75% 47.08% 37.64% 75.92% 92.93%
R&D to Revenue		 64.45% 49.45% 45.52% 59.29% 49.47% 49.48% 63.98% 53.38% 57.80% 83.95% 77.96%
Operating Expenses to Revenue		 126.58% 102.83% 97.57% 117.28% 97.81% 95.50% 114.74% 100.47% 97.73% 178.78% 171.16%
Earnings before Interest and Taxes (EBIT)		 -19 -7.94 -8.66 -23 -12 -13 -24 -22 -35 -80 -69
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -13 -2.53 -4.11 -22 -10 -8.65 -20 -16 -29 -75 -64
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.66 7.29 9.79 15.73 15.48 8.57 7.62 12.28 2.10 2.40 5.23
Price to Tangible Book Value (P/TBV)		 5.70 9.91 11.76 18.12 16.43 8.84 7.77 12.53 2.15 2.47 5.43
Price to Revenue (P/Rev)		 2.73 3.99 3.83 7.72 14.39 13.20 18.76 19.27 2.20 2.96 5.90
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 438.35 0.00 0.00 0.00 294.88 21.28 11.78 17.43 2.60 4.47 6.49
Enterprise Value to Revenue (EV/Rev)		 1.99 3.41 3.39 7.09 13.50 12.24 16.89 18.16 1.50 2.26 5.66
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 218.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.43 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 43.61 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.07 0.06 0.05 0.03 0.00 0.24 0.13 0.00 0.27 0.19 0.89
Long-Term Debt to Equity		 0.07 0.06 0.05 0.03 0.00 0.24 0.13 0.00 0.27 0.14 0.85
Financial Leverage		 -0.81 -1.03 -1.08 -1.20 -1.05 -0.74 -0.50 -0.38 -0.39 -0.50 -0.43
Leverage Ratio		 1.58 1.89 1.91 2.05 1.64 1.41 1.35 1.40 1.61 1.67 1.86
Compound Leverage Factor		 1.58 1.88 1.90 2.03 1.55 1.27 1.32 1.37 1.54 1.59 1.76
Debt to Total Capital		 6.19% 5.42% 4.43% 3.01% 0.17% 19.18% 11.64% 0.00% 20.98% 15.61% 47.23%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.05% 0.00% 0.00% 0.00% 3.68% 2.23%
Long-Term Debt to Total Capital		 6.19% 5.42% 4.43% 3.01% 0.17% 19.14% 11.64% 0.00% 20.98% 11.93% 45.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 93.81% 94.58% 95.57% 96.99% 99.83% 80.82% 88.36% 100.00% 79.02% 84.39% 52.77%
Debt to EBITDA		 -0.14 -0.52 -0.22 -0.03 -0.01 -2.90 -1.15 0.00 -1.31 -0.21 -0.93
Net Debt to EBITDA		 2.07 9.61 5.14 1.41 5.13 7.65 6.65 0.00 3.29 0.66 0.22
Long-Term Debt to EBITDA		 -0.14 -0.52 -0.22 -0.03 -0.01 -2.89 -1.15 0.00 -1.31 -0.16 -0.89
Debt to NOPAT		 -0.13 -0.24 -0.15 -0.05 -0.01 -2.85 -1.34 0.00 -1.57 -0.34 -1.46
Net Debt to NOPAT		 1.95 4.47 3.52 1.93 6.77 7.53 7.75 0.00 3.96 1.04 0.34
Long-Term Debt to NOPAT		 -0.13 -0.24 -0.15 -0.05 -0.01 -2.84 -1.34 0.00 -1.57 -0.26 -1.39
Altman Z-Score		 -5.49 -3.46 -3.63 -0.30 17.97 10.20 13.59 13.33 0.02 -3.53 -3.25
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.40 2.21 2.20 1.81 3.77 7.42 7.38 4.85 3.32 2.61 4.18
Quick Ratio		 2.21 2.06 2.03 1.72 3.67 8.50 8.36 5.77 3.81 2.63 4.02
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -0.87 -3.86 -5.35 -12 -17 -45 -76 -26 4.77 -3.07 -57
Operating Cash Flow to CapEx		 237.78% -36.66% -219.86% -890.64% -509.54% -337.00% -439.27% -103.44% 136.31% -1,435.45% -1,171.41%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.66 0.90 1.22 1.12 0.91 0.60 0.37 0.45 0.56 0.36 0.42
Accounts Receivable Turnover		 7.61 7.47 7.37 5.64 4.80 4.07 2.79 3.11 3.96 3.42 9.98
Inventory Turnover		 6.75 5.52 10.74 15.40 15.53 32.57 20.59 20.91 23.85 5.43 7.26
Fixed Asset Turnover		 5.68 11.77 18.56 20.13 16.00 12.40 8.66 6.75 6.31 3.68 4.00
Accounts Payable Turnover		 2.25 1.63 2.56 3.68 3.83 5.51 4.92 7.45 12.19 2.79 3.71
Days Sales Outstanding (DSO)		 47.98 48.89 49.53 64.66 76.10 89.72 130.95 117.48 92.14 106.79 36.57
Days Inventory Outstanding (DIO)		 54.08 66.14 34.00 23.71 23.50 11.21 17.73 17.45 15.30 67.16 50.24
Days Payable Outstanding (DPO)		 162.01 223.68 142.79 99.06 95.37 66.21 74.25 49.02 29.95 130.98 98.43
Cash Conversion Cycle (CCC)		 -59.95 -108.64 -59.27 -10.70 4.23 34.72 74.43 85.91 77.50 42.98 -11.62
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.16 -1.42 -2.06 -6.58 2.78 39 99 109 80 35 52
Invested Capital Turnover		 5.51 -66.36 -28.04 -11.57 -31.84 3.25 1.00 1.01 1.47 1.22 1.36
Increase / (Decrease) in Invested Capital		 -13 -1.58 -0.64 -4.52 9.36 37 60 10 -29 -45 16
Enterprise Value (EV)		 70 143 166 355 818 838 1,166 1,902 208 158 336
Market Capitalization		 96 167 187 386 872 904 1,296 2,019 305 208 350
Book Value per Share		 $0.67 $0.57 $0.46 $0.51 $1.04 $1.80 $2.87 $2.53 $2.20 $1.24 $0.82
Tangible Book Value per Share		 $0.43 $0.42 $0.39 $0.44 $0.98 $1.75 $2.81 $2.48 $2.16 $1.21 $0.79
Total Capital		 28 24 20 25 56 131 193 164 183 103 127
Total Debt		 1.74 1.31 0.89 0.76 0.10 25 22 0.00 38 16 60
Total Long-Term Debt		 1.74 1.31 0.89 0.76 0.10 25 22 0.00 38 12 57
Net Debt		 -26 -24 -21 -31 -54 -66 -130 -117 -97 -50 -14
Capital Expenditures (CapEx)		 0.14 1.18 0.85 0.98 2.77 3.73 3.75 14 8.28 3.67 4.22
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.22 -5.28 -4.38 -11 -2.95 7.72 8.69 12 -0.68 -4.22 3.99
Debt-free Net Working Capital (DFNWC)		 19 18 15 20 50 99 159 129 114 61 78
Net Working Capital (NWC)		 19 18 15 20 50 99 159 129 114 58 75
Net Nonoperating Expense (NNE)		 5.69 2.14 2.56 6.92 2.97 3.15 7.27 5.39 9.18 29 24
Net Nonoperating Obligations (NNO)		 -26 -24 -21 -31 -54 -66 -71 -55 -65 -51 -15
Total Depreciation and Amortization (D&A)		 6.69 5.41 4.55 1.04 1.15 4.56 4.55 5.95 5.40 5.52 4.45
Debt-free, Cash-free Net Working Capital to Revenue		 -20.44% -12.62% -8.97% -22.22% -4.88% 11.27% 12.58% 11.19% -0.49% -6.01% 6.72%
Debt-free Net Working Capital to Revenue		 54.58% 43.05% 30.43% 40.15% 82.66% 144.43% 230.89% 122.68% 82.13% 87.56% 131.35%
Net Working Capital to Revenue		 54.58% 43.05% 30.43% 40.15% 82.66% 144.35% 230.89% 122.68% 82.13% 82.17% 126.59%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.50) ($0.19) ($0.21) ($0.50) ($0.21) ($0.21) ($0.40) ($0.33) ($0.51) ($1.12) ($0.89)
Adjusted Weighted Average Basic Shares Outstanding		 39.70M 40.47M 41.38M 48.43M 54.16M 58.90M 64.40M 64.57M 65.34M 68.13M 73.41M
Adjusted Diluted Earnings per Share		 ($0.50) ($0.19) ($0.21) ($0.50) ($0.21) ($0.21) ($0.40) ($0.33) ($0.51) ($1.12) ($0.89)
Adjusted Weighted Average Diluted Shares Outstanding		 39.70M 40.47M 41.38M 48.43M 54.16M 58.90M 64.40M 64.57M 65.34M 68.13M 73.41M
Adjusted Basic & Diluted Earnings per Share		 ($0.50) ($0.19) ($0.21) ($0.50) ($0.21) ($0.21) ($0.40) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 38.21M 39.44M 40.63M 46.23M 52.21M 56.53M 59.36M 65.16M 65.95M 70.30M 82.84M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -5.44 -5.99 -16 -7.91 -8.78 -17 -16 -22 -38 -41
Normalized NOPAT Margin		 -37.89% -13.01% -12.28% -32.14% -13.05% -12.83% -24.25% -15.17% -16.02% -54.69% -68.83%
Pre Tax Income Margin		 -54.74% -18.94% -17.61% -45.81% -18.01% -17.41% -34.28% -20.13% -24.04% -108.59% -109.94%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% -2.40% -1.65% -1.03% -22.69% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Codexis

This table displays calculated financial ratios and metrics derived from Codexis' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
DEI Shares Outstanding		 69,803,994.00 69,830,199.00 70,303,639.00 70,557,577.00 70,927,377.00 - 82,837,311.00 82,844,849.00 90,267,464.00 90,324,383.00
DEI Adjusted Shares Outstanding		 69,803,994.00 69,830,199.00 70,303,639.00 70,557,577.00 70,927,377.00 - 82,837,311.00 82,844,849.00 90,267,464.00 90,324,383.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.50 -0.10 -0.16 -0.32 -0.29 - -0.25 -0.16 -0.22 -0.10
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -73.09% -12.55% 31.51% -62.58% 38.33% -19.20% -55.82% 92.10% -32.98% 102.15%
EBITDA Growth		 -360.78% 55.69% 53.10% -79.15% 42.95% -48.97% -82.54% 44.86% 8.05% 61.00%
EBIT Growth		 -245.06% 39.27% 47.64% -87.71% 40.26% -40.30% -72.75% 41.62% 5.76% 56.44%
NOPAT Growth		 -201.43% 102.13% 49.77% -80.04% 48.36% -2,703.55% -72.33% 43.42% -14.45% 60.74%
Net Income Growth		 -249.36% 42.94% 49.13% -97.47% 40.87% -44.27% -79.82% 41.67% 4.97% 57.93%
EPS Growth		 -233.33% 42.11% 52.94% -88.24% 42.00% -9.09% -56.25% 50.00% 24.14% 60.00%
Operating Cash Flow Growth		 0.00% -324.47% 15.45% 0.00% 0.00% -49.21% -77.15% -47.66% 40.68% 4.70%
Free Cash Flow Firm Growth		 358.13% 124.90% -98.65% -82.61% -132.72% -148.03% -4,496.33% -304.92% -16.05% 85.57%
Invested Capital Growth		 0.00% -55.75% -22.50% -60.39% 0.00% 46.26% 55.37% 138.24% 116.94% -2.22%
Revenue Q/Q Growth		 0.00% 186.31% -35.72% -53.27% 60.83% 67.23% -64.85% 103.21% -43.89% 0.00%
EBITDA Q/Q Growth		 0.00% 80.96% -62.28% -103.73% 9.37% 52.51% -98.84% 38.46% -51.11% 0.00%
EBIT Q/Q Growth		 0.00% 77.57% -53.84% -91.20% 9.44% 47.33% -89.43% 35.38% -46.19% 0.00%
NOPAT Q/Q Growth		 0.00% 100.88% -4,315.60% -91.22% 27.16% 55.66% -179.02% 37.22% -47.33% 0.00%
Net Income Q/Q Growth		 0.00% 79.40% -59.97% -97.78% 9.29% 49.73% -99.38% 35.85% -47.79% 0.00%
EPS Q/Q Growth		 0.00% 78.00% -45.45% -100.00% 9.38% 58.62% -108.33% 36.00% -37.50% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 29.43% -56.22% -6.71% 0.00% 16.21% -30.21% 57.13% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% -55.16% -98.40% 2,754.34% -259.35% 34.18% -46.85% -33.05% 9.76% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% -11.98% -23.31% -11.72% 145.44% -6.50% 17.60% -19.61% 0.00%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 75.76% 89.23% 71.56% 56.61% 66.36% 82.97% 63.78% 86.31% 71.34% 86.46%
EBITDA Margin		 -387.57% -25.78% -65.08% -283.69% -159.85% -47.53% -268.89% -81.43% -219.30% -51.87%
Operating Margin		 -345.59% 1.06% -69.63% -284.90% -129.02% -34.21% -271.59% -83.91% -220.31% -52.75%
EBIT Margin		 -387.57% -30.36% -72.65% -297.24% -167.37% -52.71% -284.08% -90.33% -235.33% -61.21%
Profit (Net Income) Margin		 -376.29% -27.08% -67.39% -285.19% -160.84% -48.35% -274.27% -86.59% -228.05% -57.08%
Tax Burden Percent		 100.03% 100.49% 100.09% 100.04% 100.05% 100.04% 100.05% 100.08% 100.04% 100.42%
Interest Burden Percent		 97.06% 88.76% 92.67% 95.90% 96.05% 91.69% 96.50% 95.78% 96.87% 92.87%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.90% -101.45% -288.49% -552.08% -32.62% -238.16% -83.13% -244.31% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 13.64% -96.70% -274.99% -517.48% -16.85% -212.44% -59.60% -216.16% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -6.84% 63.10% 150.24% 164.17% 7.29% 81.36% 18.48% 87.12% 0.00%
Return on Equity (ROE)		 0.00% -5.94% -38.35% -138.24% -387.92% -25.33% -156.80% -64.65% -157.19% 0.00%
Cash Return on Invested Capital (CROIC)		 0.00% -5.32% -85.14% -23.90% 0.00% -131.59% -161.51% -180.95% -198.73% 2.24%
Operating Return on Assets (OROA)		 0.00% -11.01% -29.34% -106.85% -71.28% -21.91% -101.65% -38.21% -91.54% 0.00%
Return on Assets (ROA)		 0.00% -9.82% -27.21% -102.52% -68.50% -20.10% -98.13% -36.63% -88.71% 0.00%
Return on Common Equity (ROCE)		 0.00% -5.94% -38.35% -138.24% -387.92% -25.33% -156.80% -64.65% -157.19% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -82.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -22 0.20 -8.32 -16 -12 -5.14 -14 -9.00 -13 -5.63
NOPAT Margin		 -241.91% 0.74% -48.74% -199.43% -90.31% -23.95% -190.11% -58.74% -154.22% -36.92%
Net Nonoperating Expense Percent (NNEP)		 0.00% -12.73% -4.75% -13.50% -34.60% -15.77% -25.72% -23.52% -28.15% 216.62%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.19% -6.79% -15.29% -10.05% -4.05% -13.14% -7.23% -12.38% -4.85%
Cost of Revenue to Revenue		 24.24% 10.77% 28.44% 43.39% 33.64% 17.03% 36.22% 13.69% 28.66% 13.54%
SG&A Expenses to Revenue		 132.61% 45.87% 75.32% 196.40% 105.73% 60.81% 163.79% 80.36% 130.42% 64.13%
R&D to Revenue		 147.27% 42.30% 65.87% 143.04% 89.65% 56.38% 171.58% 89.87% 161.24% 75.08%
Operating Expenses to Revenue		 421.34% 88.17% 141.19% 341.51% 195.38% 117.19% 335.37% 170.22% 291.65% 139.21%
Earnings before Interest and Taxes (EBIT)		 -36 -8.06 -12 -24 -21 -11 -21 -14 -20 -9.33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -36 -6.85 -11 -23 -21 -10 -20 -12 -19 -7.91
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 2.40 3.08 3.55 3.02 5.23 4.47 3.75 5.71 3.42
Price to Tangible Book Value (P/TBV)		 0.00 2.47 3.17 3.70 3.13 5.43 4.70 3.92 6.10 3.63
Price to Revenue (P/Rev)		 0.00 2.96 3.28 3.58 3.44 5.90 4.45 3.64 4.16 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 4.47 6.14 7.43 7.93 6.49 4.57 3.70 5.02 3.23
Enterprise Value to Revenue (EV/Rev)		 0.00 2.26 2.58 2.91 2.59 5.66 4.43 3.68 4.34 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 142.44
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.19 0.55 0.69 0.57 0.89 1.20 1.24 1.78 1.69
Long-Term Debt to Equity		 0.00 0.14 0.50 0.63 0.52 0.85 1.14 1.19 1.70 1.61
Financial Leverage		 0.00 -0.50 -0.65 -0.55 -0.32 -0.43 -0.38 -0.31 -0.40 0.03
Leverage Ratio		 0.00 1.67 1.79 1.83 1.84 1.86 2.16 2.31 2.43 2.78
Compound Leverage Factor		 0.00 1.48 1.66 1.75 1.76 1.71 2.08 2.21 2.35 2.58
Debt to Total Capital		 0.00% 15.61% 35.32% 40.94% 36.35% 47.23% 54.52% 55.36% 64.03% 62.79%
Short-Term Debt to Total Capital		 0.00% 3.68% 3.17% 3.82% 3.54% 2.23% 2.67% 2.41% 2.88% 2.84%
Long-Term Debt to Total Capital		 0.00% 11.93% 32.15% 37.12% 32.81% 45.00% 51.85% 52.95% 61.15% 59.94%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 84.39% 64.68% 59.06% 63.65% 52.77% 45.48% 44.64% 35.97% 37.21%
Debt to EBITDA		 0.00 -0.21 -0.68 -0.57 -0.69 -0.93 -0.81 -1.09 -1.11 0.00
Net Debt to EBITDA		 0.00 0.66 0.82 0.54 0.89 0.22 0.01 -0.03 -0.15 0.00
Long-Term Debt to EBITDA		 0.00 -0.16 -0.62 -0.51 -0.62 -0.89 -0.77 -1.04 -1.06 0.00
Debt to NOPAT		 0.00 -0.34 -1.10 -0.92 -1.18 -1.46 -1.27 -1.72 -1.64 0.00
Net Debt to NOPAT		 0.00 1.04 1.33 0.88 1.53 0.34 0.02 -0.05 -0.23 0.00
Long-Term Debt to NOPAT		 0.00 -0.26 -1.00 -0.83 -1.06 -1.39 -1.20 -1.65 -1.57 0.00
Altman Z-Score		 0.00 -1.78 -1.83 -3.36 -2.85 -1.98 -4.29 -3.81 -4.97 -5.27
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.00 2.61 3.71 2.99 3.21 4.18 3.72 5.82 4.12 5.36
Quick Ratio		 0.00 2.63 3.62 2.95 3.14 4.02 3.58 5.63 3.79 4.98
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 100 45 0.72 21 -33 -22 -32 -42 -38 -4.56
Operating Cash Flow to CapEx		 0.00% 0.00% -696.07% -3,112.02% -1,385.81% -929.87% -1,099.44% -715.82% -4,255.80% -7,471.59%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.36 0.40 0.36 0.43 0.42 0.36 0.42 0.39 0.00
Accounts Receivable Turnover		 0.00 3.42 5.79 8.08 14.13 9.98 11.24 15.53 20.83 0.00
Inventory Turnover		 0.00 5.43 5.92 6.27 7.03 7.26 6.71 6.13 5.42 0.00
Fixed Asset Turnover		 0.00 3.68 3.88 3.27 4.51 4.00 3.27 3.95 3.88 0.00
Accounts Payable Turnover		 0.00 2.79 3.30 3.48 4.24 3.71 2.98 4.97 3.30 0.00
Days Sales Outstanding (DSO)		 0.00 106.79 63.03 45.17 25.83 36.57 32.48 23.50 17.52 0.00
Days Inventory Outstanding (DIO)		 0.00 67.16 61.61 58.23 51.92 50.24 54.40 59.55 67.32 0.00
Days Payable Outstanding (DPO)		 0.00 130.98 110.52 105.03 86.10 98.43 122.54 73.46 110.63 0.00
Cash Conversion Cycle (CCC)		 0.00 42.98 14.13 -1.63 -8.35 -11.62 -35.67 9.59 -25.78 0.00
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 35 31 24 21 52 48 57 46 47
Invested Capital Turnover		 0.00 1.22 2.08 1.45 6.11 1.36 1.25 1.42 1.58 0.00
Increase / (Decrease) in Invested Capital		 -122 -45 -9.04 -36 21 16 17 33 25 -1.07
Enterprise Value (EV)		 0.00 158 191 177 167 336 221 210 230 153
Market Capitalization		 131 208 244 218 222 350 222 208 220 148
Book Value per Share		 $0.00 $1.24 $1.13 $0.87 $1.03 $0.82 $0.60 $0.67 $0.43 $0.48
Tangible Book Value per Share		 $0.00 $1.21 $1.09 $0.84 $1.00 $0.79 $0.57 $0.64 $0.40 $0.45
Total Capital		 0.00 103 123 104 115 127 109 125 107 116
Total Debt		 0.00 16 43 43 42 60 59 69 69 73
Total Long-Term Debt		 0.00 12 39 39 38 57 57 66 66 70
Net Debt		 0.00 -50 -52 -41 -55 -14 -0.79 2.15 9.44 4.88
Capital Expenditures (CapEx)		 0.00 -1.10 1.12 0.39 0.94 1.77 1.26 2.51 0.18 0.18
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -4.22 -3.29 -8.88 -8.92 3.99 -0.47 9.66 1.62 2.54
Debt-free Net Working Capital (DFNWC)		 0.00 61 83 65 82 78 60 76 61 68
Net Working Capital (NWC)		 0.00 58 79 61 78 75 57 73 58 65
Net Nonoperating Expense (NNE)		 12 7.39 3.18 6.84 9.05 5.24 6.35 4.27 6.35 3.07
Net Nonoperating Obligations (NNO)		 0.00 -51 -48 -38 -52 -15 -1.24 1.27 7.20 4.08
Total Depreciation and Amortization (D&A)		 0.00 1.22 1.29 1.08 0.97 1.11 1.15 1.36 1.38 1.42
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -6.01% -4.43% -14.58% -13.83% 6.72% -0.93% 16.90% 3.06% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 87.56% 111.47% 106.48% 127.01% 131.35% 120.08% 133.81% 114.88% 0.00%
Net Working Capital to Revenue		 0.00% 82.17% 106.24% 99.95% 120.68% 126.59% 114.24% 128.56% 109.04% 0.00%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.11) ($0.16) ($0.32) ($0.29) ($0.12) ($0.25) ($0.16) ($0.22) ($0.10)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 68.13M 69.85M 70.38M 72.03M 73.41M 82.41M 85.39M 90.25M 90.77M
Adjusted Diluted Earnings per Share		 $0.00 ($0.11) ($0.16) ($0.32) ($0.29) ($0.12) ($0.25) ($0.16) ($0.22) ($0.10)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 68.13M 69.85M 70.38M 72.03M 73.41M 82.41M 85.39M 90.25M 90.77M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 70.30M 70.56M 70.93M 81.38M 82.84M 82.84M 90.27M 90.32M 90.90M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 0.20 -8.32 -16 -12 -5.14 -14 -9.00 -13 -5.63
Normalized NOPAT Margin		 -142.88% 0.74% -48.74% -197.98% -90.31% -23.95% -190.11% -58.74% -154.22% -36.92%
Pre Tax Income Margin		 -376.19% -26.95% -67.33% -285.06% -160.76% -48.33% -274.12% -86.52% -227.96% -56.85%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Codexis showed a mixed financial picture in Q1 2026, with better revenue growth and a stronger cash position than the prior quarter, but the company is still burning cash and remains deeply unprofitable.

Revenue improved sharply year over year. Q1 2026 revenue rose to $15.2 million from $7.5 million in Q1 2025, and it also increased from $8.6 million in Q3 2025. That suggests the top line has been recovering, at least on a quarterly basis.

Gross margin was solid, but operating expenses were still too high. Gross profit in Q1 2026 was $13.2 million, or about 86% of revenue. However, operating expenses totaled $21.2 million, which drove an operating loss of $8.0 million.

Bottom-line losses remain a major issue. Codexis reported a net loss of $8.7 million in Q1 2026, compared with a loss of $20.7 million in Q1 2025. That is an improvement year over year, but the company is still not close to profitability.

Cash burn remains elevated. Operating cash flow was negative $13.2 million in Q1 2026. Even after non-cash adjustments, the business continues to consume cash from operations.

The balance sheet improved in the short term. Cash and equivalents rose to $36.6 million at March 31, 2026, from $25.4 million at September 30, 2025. Short-term investments were also still meaningful at $28.6 million.

Liquidity looks more comfortable than it did late last year, with total current assets of $79.6 million versus current liabilities of $14.9 million. That gives Codexis near-term flexibility, though the company will need to keep monitoring cash usage.

Debt remains significant. Codexis carried $40.5 million in long-term debt and $29.1 million in capital lease obligations in Q1 2026, so leverage is still an important risk factor.

  • Revenue grew to $15.2 million in Q1 2026 from $7.5 million in Q1 2025.
  • Gross profit improved to $13.2 million, showing strong gross margin at the top line.
  • Cash and equivalents increased to $36.6 million from $25.4 million in the prior quarter.
  • Total current assets of $79.6 million comfortably exceeded current liabilities of $14.9 million.
  • Net loss narrowed year over year from $20.7 million to $8.7 million.
  • The company still held $28.6 million in short-term investments, which supports liquidity.
  • Quarterly revenue has been volatile over the past year, so one strong quarter does not yet confirm a durable turnaround.
  • Operating income was still negative at $8.0 million.
  • Cash from operations remained negative at $13.2 million.
  • Codexis still carries sizable debt and lease obligations, including $69.6 million combined long-term debt and capital lease liabilities.

Overall, Codexis is showing signs of top-line recovery and improved liquidity, but the company still faces the classic biotech/technology services challenge of high expenses, recurring losses, and ongoing cash burn. Investors will likely want to see sustained revenue growth and better operating discipline before calling the turnaround complete.

07/10/26 11:16 AM ETAI Generated. May Contain Errors.

Codexis Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Codexis' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

Codexis' net income appears to be on an upward trend, with a most recent value of -$65.28 million in 2024, rising from -$19.07 million in 2014. The previous period was -$76.24 million in 2023. See Codexis' forecast for analyst expectations on what's next for the company.

Codexis' total operating income in 2024 was -$58.52 million, based on the following breakdown:
  • Total Gross Profit: $43.06 million
  • Total Operating Expenses: $101.58 million

Over the last 10 years, Codexis' total revenue changed from $35.31 million in 2014 to $59.35 million in 2024, a change of 68.1%.

Codexis' total liabilities were at $97.27 million at the end of 2025, a 18.5% increase from 2024, and a 346.8% increase since 2015.

In the past 10 years, Codexis' cash and equivalents has ranged from $19.24 million in 2016 to $149.12 million in 2020, and is currently $50.79 million as of their latest financial filing in 2025.

Over the last 10 years, Codexis' book value per share changed from 0.67 in 2014 to 0.82 in 2024, a change of 23.6%.


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Financial statements for NASDAQ:CDXS last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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