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CODEXIS INC (CDXS) Stock Fundamental Analysis

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

2.35  +0.13 (+5.86%)

After market: 2.35 0 (0%)

Fundamental Rating

2

Overall CDXS gets a fundamental rating of 2 out of 10. We evaluated CDXS against 55 industry peers in the Life Sciences Tools & Services industry. Both the profitability and financial health of CDXS have multiple concerns. CDXS is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

In the past year CDXS has reported negative net income.
In the past year CDXS has reported a negative cash flow from operations.
CDXS had negative earnings in each of the past 5 years.
In the past 5 years CDXS reported 4 times negative operating cash flow.
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

The Return On Assets of CDXS (-57.77%) is worse than 85.45% of its industry peers.
Looking at the Return On Equity, with a value of -150.03%, CDXS is doing worse than 80.00% of the companies in the same industry.
Industry RankSector Rank
ROA -57.77%
ROE -150.03%
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

With an excellent Gross Margin value of 71.56%, CDXS belongs to the best of the industry, outperforming 98.18% of the companies in the same industry.
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 71.56%
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.
The number of shares outstanding for CDXS has been increased compared to 1 year ago.
Compared to 5 years ago, CDXS has more shares outstanding
The debt/assets ratio for CDXS is higher compared to a year ago.
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

Based on the Altman-Z score of -5.66, we must say that CDXS is in the distress zone and has some risk of bankruptcy.
CDXS's Altman-Z score of -5.66 is on the low side compared to the rest of the industry. CDXS is outperformed by 92.73% of its industry peers.
CDXS has a Debt/Equity ratio of 0.59. This is a neutral value indicating CDXS is somewhat dependend on debt financing.
The Debt to Equity ratio of CDXS (0.59) is worse than 65.45% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.59
Debt/FCF N/A
Altman-Z -5.66
ROIC/WACCN/A
WACC10.65%
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 3.72. This indicates that CDXS is financially healthy and has no problem in meeting its short term obligations.
CDXS's Current ratio of 3.72 is fine compared to the rest of the industry. CDXS outperforms 63.64% of its industry peers.
A Quick Ratio of 3.64 indicates that CDXS has no problem at all paying its short term obligations.
Looking at the Quick ratio, with a value of 3.64, CDXS is in the better half of the industry, outperforming 65.45% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 3.72
Quick Ratio 3.64
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 for CDXS have decreased by -6.45% in the last year.
The Revenue for CDXS has decreased by -32.89% in the past year. This is quite bad
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)-6.45%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-56.25%
Revenue 1Y (TTM)-32.89%
Revenue growth 3Y-17.27%
Revenue growth 5Y-2.83%
Sales Q2Q%-55.82%

3.2 Future

The Earnings Per Share is expected to grow by 11.56% on average over the next years. This is quite good.
Based on estimates for the next years, CDXS will show a very strong growth in Revenue. The Revenue will grow by 21.29% on average per year.
EPS Next Y19.37%
EPS Next 2Y17.81%
EPS Next 3Y23.44%
EPS Next 5Y11.56%
Revenue Next Year0.49%
Revenue Next 2Y10.78%
Revenue Next 3Y19.44%
Revenue Next 5Y21.29%

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
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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1

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 20 40 60

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

CDXS's earnings are expected to grow with 23.44% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y17.81%
EPS Next 3Y23.44%

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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 (6/18/2025, 8:00:02 PM)

After market: 2.35 0 (0%)

2.35

+0.13 (+5.86%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Earnings (Last)05-14 2025-05-14/amc
Earnings (Next)08-06 2025-08-06/amc
Inst Owners84.22%
Inst Owner Change5.23%
Ins Owners1.98%
Ins Owner Change12.39%
Market Cap194.67M
Analysts81.54
Price Target7.22 (207.23%)
Short Float %6.7%
Short Ratio6.74
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)-127.47%
Min EPS beat(2)-251.59%
Max EPS beat(2)-3.36%
EPS beat(4)0
Avg EPS beat(4)-73.24%
Min EPS beat(4)-251.59%
Max EPS beat(4)-3.36%
EPS beat(8)3
Avg EPS beat(8)-36.02%
EPS beat(12)6
Avg EPS beat(12)-13.73%
EPS beat(16)10
Avg EPS beat(16)5.49%
Revenue beat(2)0
Avg Revenue beat(2)-23.35%
Min Revenue beat(2)-23.47%
Max Revenue beat(2)-23.24%
Revenue beat(4)1
Avg Revenue beat(4)-9.29%
Min Revenue beat(4)-23.47%
Max Revenue beat(4)9.58%
Revenue beat(8)3
Avg Revenue beat(8)1.48%
Revenue beat(12)5
Avg Revenue beat(12)1%
Revenue beat(16)9
Avg Revenue beat(16)6.62%
PT rev (1m)-3.41%
PT rev (3m)-2.78%
EPS NQ rev (1m)-2.28%
EPS NQ rev (3m)-0.62%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.53%
Revenue NQ rev (1m)-1.78%
Revenue NQ rev (3m)1.2%
Revenue NY rev (1m)10.12%
Revenue NY rev (3m)-1.55%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 3.91
P/FCF N/A
P/OCF N/A
P/B 3.92
P/tB 4.13
EV/EBITDA N/A
EPS(TTM)-0.99
EYN/A
EPS(NY)-0.55
Fwd EYN/A
FCF(TTM)-0.72
FCFYN/A
OCF(TTM)-0.67
OCFYN/A
SpS0.6
BVpS0.6
TBVpS0.57
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -57.77%
ROE -150.03%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 71.56%
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-Score2
Asset Turnover0.39
Health
Industry RankSector Rank
Debt/Equity 0.59
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 90.63%
Cap/Sales 8.89%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 3.72
Quick Ratio 3.64
Altman-Z -5.66
F-Score2
WACC10.65%
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)-6.45%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-56.25%
EPS Next Y19.37%
EPS Next 2Y17.81%
EPS Next 3Y23.44%
EPS Next 5Y11.56%
Revenue 1Y (TTM)-32.89%
Revenue growth 3Y-17.27%
Revenue growth 5Y-2.83%
Sales Q2Q%-55.82%
Revenue Next Year0.49%
Revenue Next 2Y10.78%
Revenue Next 3Y19.44%
Revenue Next 5Y21.29%
EBIT growth 1Y-55.31%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year13.35%
EBIT Next 3Y12.55%
EBIT Next 5YN/A
FCF growth 1Y-898%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-517.94%
OCF growth 3YN/A
OCF growth 5YN/A