Codexis, Inc. key statistics and ratios

In fiscal 2025, Codexis, Inc. had return on equity of -74.9%, an operating margin of -59.3%, debt equal to 83.4% of equity and a current ratio of 3.82. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Codexis, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	—	—	80.0%	71.4%	79.2%	77.2%	80.1%	78.8%	72.6%	81.7%	72.6%	86.7%	87.0%
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%
Return on equity	—	—	−15.8%	−34.1%	−68.9%	−56.3%	−30.8%	−40.8%	−105.4%	−26.9%	−14.8%	−17.4%	−12.7%	−21.7%	−65.9%	−85.0%	−74.9%	−73.6%
Return on assets	—	−6.0%	−11.9%	−26.2%	−52.0%	−35.7%	−16.3%	−21.3%	−51.5%	−16.4%	−10.5%	−13.0%	−9.1%	−13.5%	−39.4%	−45.7%	−29.6%	−22.9%
Asset turnover	—	0.76	0.89	0.75	0.40	0.66	0.90	1.22	1.12	0.91	0.60	0.37	0.45	0.56	0.36	0.42	0.47	0.58
Current ratio	—	3.35	2.80	3.67	3.19	2.40	2.21	2.20	1.80	3.77	7.42	7.38	4.85	3.32	2.61	4.18	3.82	3.06
Debt to equity	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.2%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	47.6%	83.4%	127.9%
Interest cover (operating income ÷ interest)	—	n/m	—	—	n/m	—	—	—	—	—	—	—	—	—	—	—	—	—
R&D as % of revenue	66.0%	48.9%	49.3%	64.3%	99.0%	64.4%	49.5%	45.5%	59.3%	49.5%	49.5%	64.0%	53.4%	57.8%	83.9%	78.0%	74.3%	62.7%
SG&A as % of revenue	36.0%	31.6%	29.8%	35.5%	84.3%	62.1%	53.4%	52.0%	58.0%	48.3%	46.0%	50.8%	47.1%	37.6%	75.9%	92.9%	66.9%	55.5%
Capital spending as % of revenue	12.9%	6.5%	8.7%	3.3%	3.7%	0.9%	2.9%	1.8%	2.0%	4.6%	5.4%	5.4%	13.2%	6.0%	6.3%	7.3%	6.4%	2.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Codexis, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	66.4%	83.0%	63.8%	86.3%	71.3%	94.8%	86.5%	76.5%
Operating margin	−129.0%	−34.2%	−271.6%	−83.9%	−220.3%	27.1%	−52.7%	−75.3%
Net margin	−160.8%	−48.4%	−274.3%	−86.6%	−228.1%	24.7%	−57.1%	−80.5%
Free-cash-flow margin	−109.0%	−85.0%	−199.6%	−133.6%	−91.7%	50.3%	−87.4%	−70.7%
Current ratio	3.21	4.18	3.72	5.82	4.12	3.82	5.36	3.06
Debt to equity	39.0%	43.2%	58.8%	70.8%	103.1%	79.4%	93.6%	124.0%
R&D as % of revenue	89.7%	56.4%	171.6%	89.9%	161.2%	30.1%	75.1%	78.5%
SG&A as % of revenue	105.7%	60.8%	163.8%	80.4%	130.4%	28.7%	64.1%	73.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Codexis, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Codexis, Inc.