Codexis (CDXS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Codexis

NasdaqGS•Healthcare•Biotechnology

$1.33-0.01(-0.01%)Market open

Market Cap

$123.83M

P/S

1.6x

P/B

3.8x

Codexis, Inc. provides technology solutions for therapeutics manufacturing, leveraging its proprietary CodeEvolver technology platform to discover, develop, enhance, and commercialize novel enzymes in the United States, Canada, Latin America, Europe, the Middle East, Africa, Australia, New Zealand, Southeast Asia, and China. The company develops its proprietary ECO Synthesis manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. It has a license agreement with Aldevron LLC and Pfizer Inc. The company was incorporated in 2002 and is headquartered in Redwood City, California.

How this company scores

AverageMetricSide Score: 55/100

Strongest: Growth (19/25); weakest: Cash & Earnings Quality (11/25).

Profitability14/25

Growth19/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality11/25

Strengths

Growing revenueLong cash runwayCash-backed earningsProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 1.6x5y range 1.6x – 19.6x

Currently below its 20-quarter median.

P/B · 3.8x5y range 1.4x – 12.5x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $123.83M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $77.68M
Q. Revenue: $14.91M
TTM EBITDA: $-19.76M
TTM Op. Income: $-27.66M
Q. Op. Income: $-11.23M
TTM Net Income: $-30.72M
Q. Net Income: $-12.01M
EPS: $-0.13
Shares Out.: $91.05M

$77.68M in TTM revenue grew 35.9% YoY, reaching $14.91M last quarter. TTM EBITDA of $-19.76M and TTM operating income of $-27.66M show growth is flowing through to the bottom line. However, net income is negative at $30.72M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is up 36% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 76.5%
EBITDA Margin: -67.2%
Op. Margin: -75.3%
Net Margin: -80.5%

Op. margin of -75.3% is up 8.6% YoY — cost efficiency is improving. Net margin at -80.5% and gross margin of 76.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.6x
P/B Ratio: 3.8x

P/S of 1.6x and P/B of 3.8x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $120.06M
Cash: $27.17M
Long-Term Debt: $33.82M
Book Value: $32.96M
D/E Ratio: 1.0
Debt/EBITDA: N/A

With $120.06M in assets and $33.82M in long-term debt, D/E is 1.0and book value is $32.96M — moderate leverage. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-9.64M
TTM Free Cash Flow: $-12.18M
FCF Margin: -15.7%
FCF / Net Income: 0.4

TTM FCF of $-12.18M on $-9.64M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.