Codexis vs Exagen
Codexis and Exagen are similar in size: $70.4m and $66.6m of revenue in their latest fiscal years. Exagen grew faster (19.7% against 18.6%). Exagen kept more of each dollar of sales as profit: a net margin of -30.0% against -62.5%. Codexis carries less debt relative to equity (83.4% against 131.3%).
| Latest fiscal year | CodexisCDXS, 2025 | ExagenXGN, 2025 |
|---|---|---|
| Revenue | $70.4m | $66.6m |
| Revenue growth | 18.6% | 19.7% |
| Net income | −$44.0m | −$20.0m |
| Operating margin | -59.3% | -21.1% |
| Net margin | -62.5% | -30.0% |
| Return on equity | -74.9% | -147.8% |
| Free cash flow | −$23.8m | −$14.3m |
| Cash | $50.8m | $32.2m |
| Total debt | $42.2m | $22.9m |
| Debt to equity | 83.4% | 131.3% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 146 | 220 |
| Market value | $97.3m | $203m |
| Price vs our value range | — | — |
| Moat score | 23 (Weak) | 16 (Weak) |
| Insider trades, 12 months | 0 buys, 37 sales | 1 buys, 5 sales |