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CODEXIS INC (CDXS) Stock Fundamental Analysis

NASDAQ:CDXS - Nasdaq - US1920051067 - Common Stock - Currency: USD

2.52  +0.2 (+8.62%)

After market: 2.56 +0.04 (+1.59%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to CDXS. CDXS was compared to 56 industry peers in the Life Sciences Tools & Services industry. Both the profitability and financial health of CDXS have multiple concerns. CDXS is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

CDXS had negative earnings in the past year.
CDXS had a negative operating cash flow in the past year.
In the past 5 years CDXS always reported negative net income.
CDXS had negative operating cash flow in 4 of the past 5 years.
CDXS Yearly Net Income VS EBIT VS OCF VS FCFCDXS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -20M -40M -60M

1.2 Ratios

CDXS has a Return On Assets of -43.81%. This is amonst the worse of the industry: CDXS underperforms 82.14% of its industry peers.
With a Return On Equity value of -97.53%, CDXS is not doing good in the industry: 80.36% of the companies in the same industry are doing better.
Industry RankSector Rank
ROA -43.81%
ROE -97.53%
ROIC N/A
ROA(3y)-37.68%
ROA(5y)-26.51%
ROE(3y)-69.59%
ROE(5y)-47.16%
ROIC(3y)N/A
ROIC(5y)N/A
CDXS Yearly ROA, ROE, ROICCDXS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -20 -40 -60 -80

1.3 Margins

The Gross Margin of CDXS (72.55%) is better than 98.21% of its industry peers.
In the last couple of years the Gross Margin of CDXS has remained more or less at the same level.
CDXS does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 72.55%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.68%
GM growth 5Y-1.2%
CDXS Yearly Profit, Operating, Gross MarginsCDXS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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3

2. Health

2.1 Basic Checks

CDXS does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, CDXS has more shares outstanding
Compared to 5 years ago, CDXS has more shares outstanding
Compared to 1 year ago, CDXS has a worse debt to assets ratio.
CDXS Yearly Shares OutstandingCDXS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
CDXS Yearly Total Debt VS Total AssetsCDXS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M

2.2 Solvency

CDXS has an Altman-Z score of -4.05. This is a bad value and indicates that CDXS is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of -4.05, CDXS is doing worse than 89.29% of the companies in the same industry.
CDXS has a Debt/Equity ratio of 0.43. This is a healthy value indicating a solid balance between debt and equity.
CDXS has a Debt to Equity ratio (0.43) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF N/A
Altman-Z -4.05
ROIC/WACCN/A
WACC10.89%
CDXS Yearly LT Debt VS Equity VS FCFCDXS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M 100M 150M

2.3 Liquidity

CDXS has a Current Ratio of 4.18. This indicates that CDXS is financially healthy and has no problem in meeting its short term obligations.
CDXS has a better Current ratio (4.18) than 62.50% of its industry peers.
A Quick Ratio of 4.10 indicates that CDXS has no problem at all paying its short term obligations.
Looking at the Quick ratio, with a value of 4.10, CDXS is in the better half of the industry, outperforming 67.86% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 4.18
Quick Ratio 4.1
CDXS Yearly Current Assets VS Current LiabilitesCDXS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M

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4

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 18.92% over the past year.
CDXS shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -15.39%.
Measured over the past years, CDXS shows a decrease in Revenue. The Revenue has been decreasing by -2.83% on average per year.
EPS 1Y (TTM)18.92%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-30%
Revenue 1Y (TTM)-15.39%
Revenue growth 3Y-17.27%
Revenue growth 5Y-2.83%
Sales Q2Q%-19.2%

3.2 Future

Based on estimates for the next years, CDXS will show a quite strong growth in Earnings Per Share. The EPS will grow by 12.14% on average per year.
The Revenue is expected to grow by 21.35% on average over the next years. This is a very strong growth
EPS Next Y18.4%
EPS Next 2Y18.96%
EPS Next 3Y18.94%
EPS Next 5Y12.14%
Revenue Next Year0.36%
Revenue Next 2Y10.7%
Revenue Next 3Y15.57%
Revenue Next 5Y21.35%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
CDXS Yearly Revenue VS EstimatesCDXS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 100M 200M 300M
CDXS Yearly EPS VS EstimatesCDXS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 0.5 -0.5 -1

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0

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for CDXS. In the last year negative earnings were reported.
Also next year CDXS is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE N/A
Fwd PE N/A
CDXS Price Earnings VS Forward Price EarningsCDXS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 20

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
CDXS Per share dataCDXS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 -0.5

4.3 Compensation for Growth

A more expensive valuation may be justified as CDXS's earnings are expected to grow with 18.94% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y18.96%
EPS Next 3Y18.94%

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0

5. Dividend

5.1 Amount

CDXS does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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CODEXIS INC

NASDAQ:CDXS (5/2/2025, 8:00:02 PM)

After market: 2.56 +0.04 (+1.59%)

2.52

+0.2 (+8.62%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Earnings (Last)02-27 2025-02-27/amc
Earnings (Next)05-14 2025-05-14/amc
Inst Owners81.43%
Inst Owner Change0.49%
Ins Owners2.41%
Ins Owner Change7.77%
Market Cap208.76M
Analysts81.54
Price Target7.48 (196.83%)
Short Float %6.63%
Short Ratio5.48
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-135.34%
Min EPS beat(2)-251.59%
Max EPS beat(2)-19.08%
EPS beat(4)1
Avg EPS beat(4)-69.19%
Min EPS beat(4)-251.59%
Max EPS beat(4)12.85%
EPS beat(8)3
Avg EPS beat(8)-36.57%
EPS beat(12)7
Avg EPS beat(12)-10.83%
EPS beat(16)11
Avg EPS beat(16)7.71%
Revenue beat(2)1
Avg Revenue beat(2)-6.83%
Min Revenue beat(2)-23.24%
Max Revenue beat(2)9.58%
Revenue beat(4)2
Avg Revenue beat(4)2.21%
Min Revenue beat(4)-23.24%
Max Revenue beat(4)22.53%
Revenue beat(8)3
Avg Revenue beat(8)3.2%
Revenue beat(12)6
Avg Revenue beat(12)4.73%
Revenue beat(16)10
Avg Revenue beat(16)9.5%
PT rev (1m)0%
PT rev (3m)2.67%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-26.37%
EPS NY rev (1m)0%
EPS NY rev (3m)-4.78%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-25.8%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.63%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 3.52
P/FCF N/A
P/OCF N/A
P/B 3.12
P/tB 3.24
EV/EBITDA N/A
EPS(TTM)-0.9
EYN/A
EPS(NY)-0.73
Fwd EYN/A
FCF(TTM)-0.65
FCFYN/A
OCF(TTM)-0.6
OCFYN/A
SpS0.72
BVpS0.81
TBVpS0.78
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -43.81%
ROE -97.53%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 72.55%
FCFM N/A
ROA(3y)-37.68%
ROA(5y)-26.51%
ROE(3y)-69.59%
ROE(5y)-47.16%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.68%
GM growth 5Y-1.2%
F-Score3
Asset Turnover0.4
Health
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 87.04%
Cap/Sales 7.25%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 4.18
Quick Ratio 4.1
Altman-Z -4.05
F-Score3
WACC10.89%
ROIC/WACCN/A
Cap/Depr(3y)106.81%
Cap/Depr(5y)185.7%
Cap/Sales(3y)6.52%
Cap/Sales(5y)7.63%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)18.92%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-30%
EPS Next Y18.4%
EPS Next 2Y18.96%
EPS Next 3Y18.94%
EPS Next 5Y12.14%
Revenue 1Y (TTM)-15.39%
Revenue growth 3Y-17.27%
Revenue growth 5Y-2.83%
Sales Q2Q%-19.2%
Revenue Next Year0.36%
Revenue Next 2Y10.7%
Revenue Next 3Y15.57%
Revenue Next 5Y21.35%
EBIT growth 1Y-6.45%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year15.87%
EBIT Next 3Y12.55%
EBIT Next 5YN/A
FCF growth 1Y5.86%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y6.13%
OCF growth 3YN/A
OCF growth 5YN/A