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Codexis, Inc. (CDXS) stock

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NASDAQ: CDXS Nasdaq Life Sciences Tools & Services Next results ~November 12, 2026

C Fundamentals grade

Codexis, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.8

Revenue-to-maturity cash-flow model

Base case. Range ~$1.4–$2.3 across our lower- and higher-growth cases (25%–35% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Codexis, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 37 sales by directors and officers, last 12 monthsInsider trades
  • Funds88 adding, 47 cuttingOf 26 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Codexis files

Where Codexis stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $78m, up 35.9% on a year earlier, slower than the 56.8% growth a quarter earlier. That growth ranks 3 of 46 among the life sciences tools & services companies we cover. Free-cash-flow margin rose to -15.7% from -118.5% a year earlier. Operating margin widened to -35.6% from -100.1%. The diluted share count is up 12.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks. Our revenue-to-maturity cash-flow model value is $1.78 a share, against a share price of $1.25.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Codexis, Inc.'s trailing-twelve-month revenue grew 35.9% year on year, with a free-cash-flow margin of -15.7%. Where it stands out: gross margin of 87.0% ranks 1 of 45 life sciences tools & services companies we cover. Where it lags: change in growth rate of -20.9pp ranks 52 of 54 life sciences tools & services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 82.0% while net income grew 52.7%: a 29pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 35.9% over the last 12 months, against a median of 6.9% for life sciences tools & services companies we cover.
  • Margins widening. Operating margin is up 64.5 points on a year ago.

Things to watch

  • Growth slowing. The growth rate is 20.9 points lower than a quarter earlier.
  • Loss-making. Operating margin is -35.6%: costs exceed revenue.
  • Burning cash. Free cash flow was -15.7% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 12.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 87% and a beta of 1.8 against the S&P 500.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
-$0.13 against an average estimate of -$0.12: missed by 8.3%
Revenue
$15m, down 2.7% on a year earlier
Share reaction
+6.7% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Guidance given
total revenues $72m to $76m (full-year 2026); gross margin 60% (the year 2026)
Next report
November 12, 2026; average EPS estimate -$0.10

Codexis' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-11.8%
  • 1 week-19.2%
  • 1 month-22.8%
  • This year-35.6%
  • 1 year-55.7%
  • 5 years-96.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$77.7M
Operating margin
-35.6%
Net margin
-39.6%
EPS (TTM, diluted)
$-0.34

Growth

Revenue growth
+35.9%
Change in growth rate
−20.9 pts
Share count change
+12.9%

Cash

Free cash flow (TTM)
-$12.2M
FCF margin
-15.7%
Stock pay % of revenue
9.9%

Earnings

Last results
August 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Codexis, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Codexis, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.52 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.8 ~$1.4–$2.3 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.1 ~$1.6–$5.6 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.6 ~$1.1–$1.8 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Codexis, Inc. with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$4.23$4.60$8.35$16.70$15.99$21.83$31.27$4.66$3.05$4.77$1.63$1.05
Market value$167m$187m$386m$872m$904m$1.3bn$2.0bn$305m$208m$350m$142m$95m
+ Net debt (− = net cash)−$23m−$19m−$31m−$53m−$90m−$149m−$117m−$114m−$65m$13m−$9m$15m
Enterprise value$144m$168m$355m$819m$813m$1.1bn$1.9bn$191m$143m$363m$133m$110m
Multiples
Price / sales 4.0x3.8x7.7x14.4x13.2x18.8x19.3x2.2x3.0x5.9x2.0x1.2x
Price / earnings ————————————
Price / free cash flow ———————102.3x————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

23 /100

Weak moat

How hard Codexis's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -24.4% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 77.9%, moving by 3.7 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -32.7%; its worst year was -109.0%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -25.2% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 46.0% over five years; stock-based pay has been a median 12.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (28 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $19m and EPS of −$0.10 (range −$0.11 to −$0.08) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.42 +9% $74m +5%
Next −$0.32 +25% $88m +19%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +19.7% on 90 days ago. In the last 30 days, 1 analyst raised Codexis, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Codexis, Inc., last 90 days
−$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.35 Current fiscal year, 60 days ago: −$0.35 Current fiscal year, 30 days ago: −$0.42 Current fiscal year, 7 days ago: −$0.42 Current fiscal year, Now: −$0.42 −$0.42 Next fiscal year, 90 days ago: −$0.37 Next fiscal year, 60 days ago: −$0.37 Next fiscal year, 30 days ago: −$0.32 Next fiscal year, 7 days ago: −$0.32 Next fiscal year, Now: −$0.32 −$0.32

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.35−$0.37
60 days ago −$0.35−$0.37
30 days ago −$0.42−$0.32
7 days ago −$0.42−$0.32
Now −$0.42−$0.32

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.12 −$0.13 −8.3%
Mar 2026 −$0.10 −$0.10 +4.8%
Dec 2025 −$0.04 $0.14 +508.6%
Sept 2025 −$0.13 −$0.22 −73.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 11, 2026
  • Total revenues full-year 2026 $72m to $76m Maintained
    “Total revenues are expected to be in the range of $72 million to $76 million.” source
  • Gross margin the year 2026 about 60% Maintained
    “Gross margin for the year 2026 is expected to be in the high 60% range.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

8 analysts, Oct 2026
Buy675%
Hold225%
Sell00%

Monthly trend

  1. Oct 20261528
  2. Sep 20261528
  3. Aug 20261427

Counts of recommendations published by analysts covering Codexis, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.6%
of tradable shares
Days to cover
5.67
at average volume
Short interest, 1 month
+23%
to October 15, 2026
Held by institutions
69%
of shares
Held by insiders
7.1%
of shares
Employees
146
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −55.7%

$2.37 on October 31, 2025 to $1.05

ThenNowEffect
Revenue (last 12 months) $57m $78m +35.9%
P/S multiple 3.3x 1.2x −63.2%
Share count 80m 91m −11.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −45.6%

$1.93 on November 3, 2023 to $1.05

ThenNowEffect
Revenue (last 12 months) $99m $78m −21.7%
P/S multiple 1.3x 1.2x −4.8%
Share count 66m 91m −27.1%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CDXS+43%−85%−35%+56%−66%−36%
Industry peers (median)+4%−51%−3%−15%−2%+16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CDXS50%17%50%58%25%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CDXS−39%−87%−78%−44%−72%−63%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 98% from November 8, 2021 to March 3, 2026. Getting back needed a 4163% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.98 – $2.85
From 52-week high
−63.2%
vs 50-day average
−24.4%
vs 200-day average
−42.1%
Volatility (1 year)
87%
Beta vs S&P 500
1.84

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±16.1%
After a week
3 up, 9 down
typical move ±15.0%
After a month
3 up, 9 down
typical move ±22.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 +6.7% −0.1% 0.0% −4.0%
July 23, 2026 −28.2% −1.1% −28.2% −18.9%
May 7, 2026 +7.1% +0.5% −3.4% −1.9%
March 11, 2026 +37.9% −1.6% +18.5% +80.6%
November 6, 2025 −21.4% −1.0% −24.2% −10.7%
August 13, 2025 +8.4% +0.4% −1.4% −15.0%
May 14, 2025 −2.0% +0.6% −8.6% −12.9%
February 27, 2025 −26.9% −0.1% −34.4% −32.5%
October 31, 2024 +9.0% −1.5% +30.2% +47.0%
August 8, 2024 −7.3% +2.8% −7.0% −13.2%
May 2, 2024 +26.0% +2.2% +11.6% +11.9%
February 28, 2024 +12.0% +0.2% −12.3% −15.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Codexis, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Codexis, Inc.
$40M $50M $60M $70M $80M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $74M Revenue (TTM), FY23 Q4: $70.1M Revenue (TTM), FY24 Q1: $74.2M Revenue (TTM), FY24 Q2: $60.9M Revenue (TTM), FY24 Q3: $64.4M Revenue (TTM), FY24 Q4: $59.3M Revenue (TTM), FY25 Q1: $49.8M Revenue (TTM), FY25 Q2: $57.2M Revenue (TTM), FY25 Q3: $52.9M Revenue (TTM), FY25 Q4: $70.4M Revenue (TTM), FY26 Q1: $78.1M Revenue (TTM), FY26 Q2: $77.7M $77.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $74M
FY23 Q4 $70.1M
FY24 Q1 $74.2M
FY24 Q2 $60.9M
FY24 Q3 $64.4M
FY24 Q4 $59.3M
FY25 Q1 $49.8M
FY25 Q2 $57.2M
FY25 Q3 $52.9M
FY25 Q4 $70.4M
FY26 Q1 $78.1M
FY26 Q2 $77.7M
Revenue growth, TTM YoY Codexis, Inc.
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -44.3% Revenue growth, TTM YoY, FY23 Q4: -49.4% Revenue growth, TTM YoY, FY24 Q1: -36.1% Revenue growth, TTM YoY, FY24 Q2: -38.6% Revenue growth, TTM YoY, FY24 Q3: -12.9% Revenue growth, TTM YoY, FY24 Q4: -15.4% Revenue growth, TTM YoY, FY25 Q1: -32.9% Revenue growth, TTM YoY, FY25 Q2: -6.1% Revenue growth, TTM YoY, FY25 Q3: -17.9% Revenue growth, TTM YoY, FY25 Q4: 18.6% Revenue growth, TTM YoY, FY26 Q1: 56.8% Revenue growth, TTM YoY, FY26 Q2: 35.9% 35.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -44.3%
FY23 Q4 -49.4%
FY24 Q1 -36.1%
FY24 Q2 -38.6%
FY24 Q3 -12.9%
FY24 Q4 -15.4%
FY25 Q1 -32.9%
FY25 Q2 -6.1%
FY25 Q3 -17.9%
FY25 Q4 18.6%
FY26 Q1 56.8%
FY26 Q2 35.9%
Operating margin (TTM) Codexis, Inc.
-150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -110.3% Operating margin (TTM), FY23 Q4: -97.0% Operating margin (TTM), FY24 Q1: -75.8% Operating margin (TTM), FY24 Q2: -109.0% Operating margin (TTM), FY24 Q3: -79.0% Operating margin (TTM), FY24 Q4: -98.6% Operating margin (TTM), FY25 Q1: -134.7% Operating margin (TTM), FY25 Q2: -100.1% Operating margin (TTM), FY25 Q3: -112.7% Operating margin (TTM), FY25 Q4: -59.3% Operating margin (TTM), FY26 Q1: -37.5% Operating margin (TTM), FY26 Q2: -35.6% -35.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -110.3%
FY23 Q4 -97.0%
FY24 Q1 -75.8%
FY24 Q2 -109.0%
FY24 Q3 -79.0%
FY24 Q4 -98.6%
FY25 Q1 -134.7%
FY25 Q2 -100.1%
FY25 Q3 -112.7%
FY25 Q4 -59.3%
FY26 Q1 -37.5%
FY26 Q2 -35.6%
FCF margin (TTM) Codexis, Inc.
-150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -56.0% FCF margin (TTM), FY23 Q4: -81.3% FCF margin (TTM), FY24 Q1: -73.0% FCF margin (TTM), FY24 Q2: -80.7% FCF margin (TTM), FY24 Q3: -71.6% FCF margin (TTM), FY24 Q4: -90.5% FCF margin (TTM), FY25 Q1: -120.1% FCF margin (TTM), FY25 Q2: -118.5% FCF margin (TTM), FY25 Q3: -116.5% FCF margin (TTM), FY25 Q4: -33.9% FCF margin (TTM), FY26 Q1: -28.3% FCF margin (TTM), FY26 Q2: -15.7% -15.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -56.0%
FY23 Q4 -81.3%
FY24 Q1 -73.0%
FY24 Q2 -80.7%
FY24 Q3 -71.6%
FY24 Q4 -90.5%
FY25 Q1 -120.1%
FY25 Q2 -118.5%
FY25 Q3 -116.5%
FY25 Q4 -33.9%
FY26 Q1 -28.3%
FY26 Q2 -15.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 83 107 124 88 32 35 42 49 50 61 68 69 105 139 70 59 70 78
Gross profit — — — — — — — 39 36 48 53 55 83 101 57 43 61 68
EBITDA — — — — — — — −7 −22 −10 −11 −22 −20 −29 −63 −54 −36 −23
Operating income −18 −7 −16 −31 −41 −19 −8 −9 −23 −11 −13 −24 −23 −35 −68 −59 −42 −28
Net income −20 −9 −17 −31 −41 −19 −8 −9 −23 −11 −12 −24 −21 −34 −76 −65 −44 −31
Diluted EPS −$7.74 −$0.35 −$0.46 −$0.84 −$1.08 −$0.50 −$0.19 −$0.21 −$0.50 −$0.21 −$0.21 −$0.40 −$0.33 −$0.51 −$1.12 −$0.89 −$0.50 −$0.34
Growth (year on year)
Revenue — +29.2% +15.6% −28.7% −63.8% +10.6% +18.4% +16.8% +2.4% +21.1% +13.0% +0.9% +51.7% +32.3% −49.4% −15.4% +18.6% +35.9%
Margins
Gross margin — — — — — — — 80.0% 71.4% 79.2% 77.2% 80.1% 78.8% 72.6% 81.7% 72.6% 86.7% 87.0%
EBITDA margin — — — — — — — −14.0% −43.8% −16.7% −16.0% −31.8% −18.7% −21.3% −89.2% −90.3% −51.8% −29.0%
Operating margin −22.2% −6.7% −12.8% −34.6% −128.9% −54.1% −18.6% −17.5% −45.9% −18.6% −18.3% −34.6% −21.7% −25.2% −97.0% −98.6% −59.3% −35.6%
Net margin −24.5% −8.0% −13.4% −34.9% −129.4% −54.0% −18.1% −17.5% −46.0% −18.0% −17.4% −34.8% −20.3% −24.2% −108.7% −110.0% −62.5% −39.6%
Free-cash-flow margin −23.5% −21.8% −9.1% −16.8% −75.7% 0.1% −3.9% −5.6% −19.5% −27.8% −23.8% −29.3% −26.8% 2.1% −81.3% −90.5% −33.9% −15.7%
Cash flow
Cash from operations −9 −16 −0 −12 −23 0 −0 −2 −9 −14 −13 −16 −14 11 −53 −49 −19 −10
Capital spending 11 7 11 3 1 0 1 1 1 3 4 4 14 8 4 4 4 2
Free cash flow −19 −23 −11 −15 −24 0 −2 −3 −10 −17 −16 −20 −28 3 −57 −54 −24 −12
Stock-based pay 5 9 9 5 4 5 5 6 7 8 7 8 12 15 10 13 10 8
Free cash flow after stock pay −24 −32 −21 −20 −29 −5 −7 −8 −17 −25 −23 −28 −40 −12 −67 −67 −33 −20
Balance sheet
Cash 32 72 26 32 22 26 23 19 31 53 90 149 117 114 65 19 51 27
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32 42 42
Net debt (negative = net cash) −32 −72 −26 −32 −22 −26 −23 −19 −31 −53 −90 −149 −117 −114 −65 13 −9 15
Diluted shares — 25m 36m 37m 38m 38m 39m 41m 46m 52m 57m 59m 65m 65m 68m 73m 87m 91m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $120m
Short-term assets $72mLonger-term assets $48m
What it owes, and who funded it · $120m
Short-term liabilities $24mLonger-term liabilities $64mShareholders' equity $33m
  • Short-term assets cover short-term liabilities $72m of assets due within a year against $24m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $72m short-term assets against $64m of longer-dated liabilities.
  • More cash than debt $27m of cash against $41m of debt.
  • Debt below 40% of shareholders' equity Debt is 124% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$10m of operating cash flow against $41m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Codexis, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+12.9%
year over year
R&D spending
62.7%
of revenue
Sales & admin spending
55.5%
of revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated CDXS BNR XGN PSNL HBIO MASS Median
Revenue, last 12 months $78m $75m $71m $70m $88m $61m $229m
Revenue growth, last 12 months 35.9% 4.7% 20.8% −13.3% −1.1% 13.4% 6.9%
Revenue growth, 3-year average −7.8% — 10.3% 1.2% −8.4% 7.5% 2.9%
Revenue growth, latest quarter −2.7% — 15.9% 30.0% 11.1% 23.3% 8.5%
Gross margin 87.0% 74.7% 58.6% 12.7% 58.2% 52.2% 51.9%
Operating margin −35.6% −10.2% −18.6% −164.1% −0.3% −64.0% −14.3%
Operating margin, 3-year average −81.6% — −23.4% −122.3% −21.4% −87.7% −22.4%
Net margin −39.6% −10.3% −26.6% −153.8% −11.9% −57.0% −16.1%
Cash from operations / revenue −13.4% −5.3% −9.1% −132.5% 0.7% 2.5% 1.3%
Free-cash-flow margin −15.7% −6.2% −10.7% −144.9% −1.3% 1.0% −2.2%
Free-cash-flow margin, 3-year average −71.6% — −16.3% −96.1% 3.6% −38.7% 0.6%
Stock pay / revenue 9.9% 2.6% 4.1% 15.7% 1.6% 16.2% 4.4%
Change in share count 12.9% −100.0% 23.9% 26.0% 2.5% 4.3% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 35.9% 6.9% 3 of 54
Change in growth rate Growth -20.9pp +0.4pp 52 of 54
Gross margin Profitability 87.0% 52.0% 1 of 45
Operating margin Profitability -35.6% -14.3% 33 of 52
Net margin Profitability -39.6% -12.2% 39 of 54
Free-cash-flow margin Cash generation -15.7% -1.3% 35 of 54
Stock pay as % of revenue Cash generation 9.9% 4.4% 33 of 53
Long-term debt as % of assets Balance sheet 28.2% 26.3% 21 of 35
Change in share count Balance sheet 12.9% 1.0% 37 of 46

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Research and Development Revenue $44.4M 63.0% ▲ 96.6%
Products $26M 37.0% ▼ 29.2%
Geography
Region Revenue YoY
Americas $43.5M ▲ 104.6%
United States $43.5M ▲ 104.2%
Asia Pacific $17.6M ▼ 36.6%
China $9.3M ▼ 5.1%
EMEA $9.3M ▼ 10.3%
India $5.7M ▼ 21.9%
Switzerland $4.2M ▲ 23.5%
Ireland $700,000 ▼ 61.1%
Singapore $400,000 ▼ 93.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Codexis, Inc.'s 10-K filed March 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$158M
Institutions reporting
148
Shares held vs prior quarter
▲ 5.0%
Positions opened / closed
26 / 12

Top buyers and sellers, Q2 2026: 88 institutions bought and 47 sold ; the biggest buyer was Nantahala Capital Management, LLC (+3.1M shares) and the biggest seller UBS Group AG (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $16.5M 7.3M 10.4% ▲ 3.6%
Nantahala Capital Management, LLC $16.4M 7.2M 10.4% ▲ 75.7%
Opaleye Management Inc. $15.3M 6.8M 9.7% 0.0%
Aberdeen Group PLC $15.3M 6.8M 9.7% ▼ 22.0%
Millennium Management LLC $12.5M 5.5M 8.0% ▲ 38.8%
Telemark Asset Management, LLC $8.7M 3.8M 5.5% 0.0%
Ameriprise Financial Inc $8.6M 3.8M 5.5% ▲ 12.0%
Vanguard Capital Management LLC $8.2M 3.6M 5.2% ▼ 1.4%
Assenagon Asset Management S.A. $5.8M 2.6M 3.7% ▲ 240.3%
Geode Capital Management, LLC $4.9M 2.2M 3.1% ▲ 14.7%
State Street Corp $4M 1.8M 2.5% ▲ 5.4%
D. E. Shaw & Co., Inc. $3M 1.3M 1.9% ▲ 37.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Codexis, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7.7M 37 trades by 6 insiders · 0% under pre-set plans
Net ▼ $7.7M net selling
Insider Date Trade Shares Price Value
Moore Alison President and CEO October 12, 2026 Sell 6,335 $1.36 $8,619
Erbez Georgia See Remarks October 12, 2026 Sell 6,335 $1.36 $8,619
De Vre Raymond Director June 11, 2026 Sell 2,605 $2.37 $6,174
Lutz Stefan Chief Scientific Officer February 24, 2026 Sell 5,862 $1.13 $6,624
Moore Alison President and CEO February 6, 2026 Sell 3,826 $1.31 $5,012
Erbez Georgia See Remarks February 6, 2026 Sell 3,826 $1.31 $5,012
Lutz Stefan Chief Scientific Officer February 6, 2026 Sell 2,492 $1.31 $3,265
Lutz Stefan CSO January 7, 2026 Sell 4,685 $1.70 $7,964
Opaleye Management Inc. 10% owner December 1, 2025 Sell 245,000 $1.67 $409,150
Opaleye Management Inc. 10% owner December 1, 2025 Sell 8,533 $1.67 $14,250
Opaleye Management Inc. 10% owner December 1, 2025 Sell 8,533 $1.67 $14,250
Opaleye Management Inc. 10% owner December 1, 2025 Sell 245,000 $1.67 $409,150

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Codexis, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Lamar Smith(TX):Purchase, $1,001 - $15,000, traded April 6, 2018, filed May 8, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 11, 2026
  • July 23, 2026
  • May 7, 2026
  • March 11, 2026
  • November 6, 2025
  • August 13, 2025

Recent SEC filings

Data status

When each part of this page on Codexis, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Codexis, Inc. in brief

What does Codexis, Inc. do?
Codexis, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Codexis, Inc.'s stock ticker?
Codexis, Inc. trades under the ticker CDXS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Codexis, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Codexis, Inc. reported revenue of $77.7M, 35.9% higher than a year earlier, according to its SEC filings.
What is Codexis, Inc.'s free cash flow?
Codexis, Inc.'s free-cash-flow margin is -15.7% of revenue over the trailing twelve months, ranking 35 of the 54 life sciences tools & services companies we cover.
Who are Codexis, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Nantahala Capital Management, LLC and Opaleye Management Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Codexis, Inc.'s market cap?
On November 2, 2026, Codexis, Inc.'s market capitalisation was about $95.2M and net debt of $15M. Market figures come from third-party market data and may be delayed.
How much debt does Codexis, Inc. have?
Codexis, Inc.'s debt-to-equity ratio is 124.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Codexis, Inc.'s competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Codexis, Inc. are Burning Rock Biotech Ltd, Exagen Inc., Personalis, Inc., Harvard Bioscience Inc and 908 Devices Inc. The side-by-side comparison below sets their revenue, margins and growth against Codexis, Inc.'s.
Are insiders buying or selling Codexis, Inc. stock?
Over the last 12 months, Codexis, Inc.'s directors and officers reported 0 open-market purchases and 37 sales on Form 4. The insider trading page charts every trade.
When is Codexis, Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Codexis, Inc. announces its own schedule.