Codexis vs Harvard Bioscience
Harvard Bioscience is the larger business, with $86.5m of revenue in fiscal 2025 against $70.4m for Codexis (1.2 times as much). Codexis grew faster (18.6% against -8.1%). Codexis kept more of each dollar of sales as profit: a net margin of -62.5% against -65.5%. Codexis carries less debt relative to equity (83.4% against 291.2%).
| Latest fiscal year | CodexisCDXS, 2025 | Harvard BioscienceHBIO, 2025 |
|---|---|---|
| Revenue | $70.4m | $86.5m |
| Revenue growth | 18.6% | -8.1% |
| Net income | −$44.0m | −$56.7m |
| Operating margin | -59.3% | -56.1% |
| Net margin | -62.5% | -65.5% |
| Return on equity | -74.9% | -147.1% |
| Free cash flow | −$23.8m | $5.5m |
| Cash | $50.8m | $8.6m |
| Total debt | $42.2m | $40.0m |
| Debt to equity | 83.4% | 291.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 146 | 339 |
| Market value | $97.3m | $40.1m |
| Price vs our value range | — | — |
| Moat score | 23 (Weak) | 56 (Moderate) |
| Insider trades, 12 months | 0 buys, 37 sales | 5 buys, 0 sales |