What is Codexis Inc's earnings per share (EPS)?

Codexis Inc (CDXS) reported diluted earnings per share of $-0.50 for fiscal year 2025. This represents a 43.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Codexis Inc Financials

CDXS

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Codexis Inc (CDXS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Codexis Inc has an operating margin of -59.3%, meaning the company retains $-59 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -98.6% the prior year.

Growth

Codexis Inc's revenue surged 18.6% year-over-year to $70.4M, reflecting rapid business expansion. This strong growth earns a score of 64/100.

Leverage

Codexis Inc carries a low D/E ratio of 0.79, meaning only $0.79 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.82, Codexis Inc holds $3.82 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 75/100.

Cash Flow

While Codexis Inc generated -$19.4M in operating cash flow, capex of $4.5M consumed most of it, leaving -$23.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Codexis Inc generates a -87.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -97.5% the prior year.

Piotroski F-Score Neutral

4/9

Codexis Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.44x

For every $1 of reported earnings, Codexis Inc generates $0.44 in operating cash flow (-$19.4M OCF vs -$44.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$70.4M

YoY+18.6%

5Y CAGR+0.4%

10Y CAGR+5.3%

Codexis Inc generated $70.4M in revenue in fiscal year 2025. This represents an increase of 18.6% from the prior year.

EBITDA

-$36.5M

YoY+31.9%

Codexis Inc's EBITDA was -$36.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.9% from the prior year.

Net Income

-$44.0M

YoY+32.6%

Codexis Inc reported -$44.0M in net income in fiscal year 2025. This represents an increase of 32.6% from the prior year.

EPS (Diluted)

$-0.50

YoY+43.8%

Codexis Inc earned $-0.50 per diluted share (EPS) in fiscal year 2025. This represents an increase of 43.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$23.8M

YoY+55.6%

Codexis Inc generated -$23.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 55.6% from the prior year.

Cash & Debt

$50.8M

YoY+163.7%

5Y CAGR-19.4%

10Y CAGR+8.1%

Codexis Inc held $50.8M in cash against $40.1M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

90M

YoY+10.5%

5Y CAGR+7.1%

10Y CAGR+8.4%

Codexis Inc had 90M shares outstanding in fiscal year 2025. This represents an increase of 10.5% from the prior year.

Margins & Returns

Gross Margin

86.7%

YoY+14.2pp

5Y CAGR+6.6pp

10Y CAGR+2.5pp

Codexis Inc's gross margin was 86.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 14.2 percentage points from the prior year.

Operating Margin

-59.3%

YoY+39.3pp

5Y CAGR-24.7pp

10Y CAGR-40.7pp

Codexis Inc's operating margin was -59.3% in fiscal year 2025, reflecting core business profitability. This is up 39.3 percentage points from the prior year.

Net Margin

-62.5%

YoY+47.5pp

5Y CAGR-27.7pp

10Y CAGR-44.3pp

Codexis Inc's net profit margin was -62.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 47.5 percentage points from the prior year.

Return on Equity

-87.0%

YoY+10.5pp

5Y CAGR-72.9pp

10Y CAGR-53.9pp

Codexis Inc's ROE was -87.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$52.3M

YoY+13.1%

5Y CAGR+3.4%

10Y CAGR+9.7%

Codexis Inc invested $52.3M in research and development in fiscal year 2025. This represents an increase of 13.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$4.5M

YoY+3.9%

5Y CAGR+3.6%

10Y CAGR+14.1%

Codexis Inc invested $4.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.9% from the prior year.

CDXS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$70.4M+18.6%	$59.3M-15.4%	$70.1M-49.4%	$138.6M+32.3%	$104.8M+51.7%	$69.1M
Cost of Revenue	$9.3M-42.7%	$16.3M+27.2%	$12.8M-66.3%	$38.0M+71.3%	$22.2M+61.6%	$13.7M
Gross Profit	$61.0M+41.8%	$43.1M-24.9%	$57.3M-43.0%	$100.6M+21.8%	$82.5M+49.2%	$55.3M
R&D Expenses	$52.3M+13.1%	$46.3M-21.4%	$58.9M-26.5%	$80.1M+43.2%	$55.9M+26.6%	$44.2M
SG&A Expenses	$47.1M-14.6%	$55.1M+3.6%	$53.3M+2.1%	$52.2M+5.8%	$49.3M+40.7%	$35.0M
Operating Income	-$41.7M+28.7%	-$58.5M+14.0%	-$68.1M-95.1%	-$34.9M-53.7%	-$22.7M+5.1%	-$23.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$47K+38.2%	$34K-50.7%	$69K-75.0%	$276K+46.0%	$189K-44.2%	$339K
Net Income	-$44.0M+32.6%	-$65.3M+14.4%	-$76.2M-127.0%	-$33.6M-57.9%	-$21.3M+11.4%	-$24.0M
EPS (Diluted)	$-0.50+43.8%	$-0.89+20.5%	$-1.12-119.6%	$-0.51-54.5%	$-0.33+17.5%	$-0.40

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$38.9M+352.4%	$8.6M-43.9%	$15.3M+103.2%	$7.5M-64.9%	$21.5M+67.2%	$12.8M+60.8%	$8.0M-53.3%	$17.1M
Cost of Revenue	$2.0M-17.1%	$2.5M+17.5%	$2.1M-23.2%	$2.7M-25.2%	$3.7M-15.4%	$4.3M+24.7%	$3.5M-28.7%	$4.9M
Gross Profit	$36.9M+500.9%	$6.1M-53.6%	$13.2M+175.0%	$4.8M-73.0%	$17.8M+109.1%	$8.5M+88.5%	$4.5M-63.0%	$12.2M
R&D Expenses	$11.7M-15.5%	$13.9M+0.7%	$13.8M+6.4%	$12.9M+7.0%	$12.1M+5.2%	$11.5M+0.8%	$11.4M+1.5%	$11.2M
SG&A Expenses	$11.2M-0.3%	$11.2M-8.9%	$12.3M-0.3%	$12.4M-5.3%	$13.0M-3.8%	$13.6M-13.4%	$15.7M+21.9%	$12.9M
Operating Income	$10.6M+155.7%	-$18.9M-47.3%	-$12.9M+37.2%	-$20.5M-179.0%	-$7.3M+55.7%	-$16.6M+27.2%	-$22.7M-91.2%	-$11.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$18K+125.0%	$8K-20.0%	$10K-9.1%	$11K+175.0%	$4K-60.0%	$10K0.0%	$10K0.0%	$10K
Net Income	$9.6M+148.9%	-$19.6M-47.8%	-$13.3M+35.8%	-$20.7M-99.4%	-$10.4M+49.7%	-$20.6M+9.3%	-$22.8M-97.8%	-$11.5M
EPS (Diluted)	N/A	$-0.22-37.5%	$-0.16+36.0%	$-0.25	N/A	$-0.29+9.4%	$-0.32-100.0%	$-0.16

CDXS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$147.8M-0.8%	$149.0M+9.1%	$136.6M-45.5%	$250.4M+1.6%	$246.4M+11.2%	$221.6M
Current Assets	$96.8M-2.0%	$98.8M+5.7%	$93.5M-42.6%	$162.9M+0.6%	$161.9M-12.2%	$184.4M
Cash & Equivalents	$50.8M+163.7%	$19.3M-70.4%	$65.1M-42.9%	$114.0M-2.4%	$116.8M-21.7%	$149.1M
Inventory	$1.8M+1.0%	$1.8M-33.0%	$2.7M+32.3%	$2.0M+74.9%	$1.2M+20.3%	$964K
Accounts Receivable	N/A	N/A	$10.0M-68.5%	$31.9M+27.9%	$25.0M+79.6%	$13.9M
Goodwill	$2.5M0.0%	$2.5M0.0%	$2.5M-24.0%	$3.2M0.0%	$3.2M0.0%	$3.2M
Total Liabilities	$97.3M+18.5%	$82.1M+64.3%	$49.9M-52.7%	$105.6M+28.8%	$82.0M+59.1%	$51.5M
Current Liabilities	$25.3M+7.1%	$23.6M-34.0%	$35.8M-27.0%	$49.1M+47.0%	$33.4M+33.6%	$25.0M
Long-Term Debt	$40.1M+38.7%	$28.9M	$0	N/A	N/A	N/A
Total Equity	$50.5M-24.5%	$66.9M-22.7%	$86.6M-40.2%	$144.8M-11.9%	$164.4M-3.4%	$170.1M
Retained Earnings	-$606.8M-7.8%	-$562.8M-13.1%	-$497.5M-18.1%	-$421.3M-8.7%	-$387.7M-5.8%	-$366.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$147.8M+19.2%	$124.0M-10.3%	$138.2M+7.3%	$128.9M-13.5%	$149.0M+0.6%	$148.2M+12.3%	$132.0M-11.7%	$149.6M
Current Assets	$96.8M+27.1%	$76.2M-14.1%	$88.7M+14.0%	$77.8M-21.2%	$98.8M-12.5%	$112.9M+23.5%	$91.4M-15.3%	$107.9M
Cash & Equivalents	$50.8M+100.4%	$25.4M-5.3%	$26.8M+46.1%	$18.3M-4.9%	$19.3M-48.6%	$37.5M+101.4%	$18.6M-68.0%	$58.0M
Inventory	$1.8M-6.1%	$1.9M-0.5%	$1.9M+9.2%	$1.8M-1.0%	$1.8M-14.5%	$2.1M-5.8%	$2.2M-8.6%	$2.4M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.5M0.0%	$2.5M0.0%	$2.5M0.0%	$2.5M0.0%	$2.5M0.0%	$2.5M0.0%	$2.5M0.0%	$2.5M
Total Liabilities	$97.3M+13.9%	$85.4M+3.4%	$82.6M+4.2%	$79.3M-3.4%	$82.1M+9.8%	$74.8M+6.0%	$70.6M+0.4%	$70.3M
Current Liabilities	$25.3M+37.0%	$18.5M+21.3%	$15.2M-27.1%	$20.9M-11.6%	$23.6M-32.7%	$35.1M+15.0%	$30.5M+5.0%	$29.1M
Long-Term Debt	$40.1M+0.9%	$39.7M+0.9%	$39.4M+34.9%	$29.2M+1.0%	$28.9M+1.0%	$28.6M+0.9%	$28.4M+0.9%	$28.1M
Total Equity	$50.5M+31.1%	$38.5M-30.7%	$55.6M+12.1%	$49.6M-25.8%	$66.9M-8.8%	$73.4M+19.5%	$61.4M-22.5%	$79.3M
Retained Earnings	-$606.8M+1.6%	-$616.4M-3.3%	-$596.8M-2.3%	-$583.5M-3.7%	-$562.8M-1.9%	-$552.4M-3.9%	-$531.8M-4.5%	-$509.0M

CDXS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$19.4M+60.8%	-$49.4M+6.1%	-$52.6M-566.5%	$11.3M+179.1%	-$14.3M+13.3%	-$16.5M
Capital Expenditures	$4.5M+3.9%	$4.3M-2.6%	$4.4M-46.8%	$8.3M-39.9%	$13.8M+268.9%	$3.7M
Free Cash Flow	-$23.8M+55.6%	-$53.7M+5.9%	-$57.1M-2016.6%	$3.0M+110.6%	-$28.1M-39.0%	-$20.2M
Investing Cash Flow	$23.5M+141.2%	-$57.0M-1072.9%	-$4.9M+64.2%	-$13.6M+36.6%	-$21.4M-272.7%	-$5.7M
Financing Cash Flow	$27.9M-53.9%	$60.5M+641.1%	$8.2M+1520.3%	-$575K-115.3%	$3.8M-95.3%	$80.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$20.1M+360.8%	-$7.7M+57.1%	-$18.0M-30.2%	-$13.8M+16.2%	-$16.5M-26.8%	-$13.0M-6.7%	-$12.2M-56.2%	-$7.8M
Capital Expenditures	$520K+185.7%	$182K-92.8%	$2.5M+100.1%	$1.3M-29.2%	$1.8M+76.3%	$1.0M+154.7%	$395K-65.0%	$1.1M
Free Cash Flow	$19.6M+348.2%	-$7.9M+61.5%	-$20.5M-36.0%	-$15.1M+17.5%	-$18.2M-30.4%	-$14.0M-11.4%	-$12.6M-40.9%	-$8.9M
Investing Cash Flow	$5.7M-10.6%	$6.4M+1840.3%	-$367K-103.1%	$11.8M+511.1%	-$2.9M-286.8%	$1.5M+105.7%	-$27.1M+5.2%	-$28.6M
Financing Cash Flow	$180K+262.2%	-$111K-100.4%	$26.8M+2367.6%	$1.1M-4.2%	$1.1M-96.3%	$30.3M+15483.8%	-$197K-100.7%	$29.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CDXS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	86.7%+14.2pp	72.5%-9.2pp	81.7%+9.2pp	72.6%-6.2pp	78.8%-1.3pp	80.1%
Operating Margin	-59.3%+39.3pp	-98.6%-1.6pp	-97.0%-71.9pp	-25.2%-3.5pp	-21.7%+13.0pp	-34.6%
Net Margin	-62.5%+47.5pp	-110.0%-1.3pp	-108.7%-84.5pp	-24.2%-3.9pp	-20.3%+14.5pp	-34.8%
Return on Equity	-87.0%+10.5pp	-97.5%-9.5pp	-88.0%-64.8pp	-23.2%-10.3pp	-12.9%+1.2pp	-14.1%
Return on Assets	-29.8%+14.1pp	-43.8%+12.0pp	-55.8%-42.4pp	-13.4%-4.8pp	-8.6%+2.2pp	-10.8%
Current Ratio	3.82-0.4	4.18+1.6	2.61-0.7	3.32-1.5	4.85-2.5	7.38
Debt-to-Equity	0.79+0.4	0.43+0.4	0.00-0.7	0.73+0.2	0.50+0.2	0.30
FCF Margin	-33.9%+56.6pp	-90.5%-9.2pp	-81.3%-83.5pp	2.1%+29.0pp	-26.8%+2.5pp	-29.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	94.8%+23.4pp	71.3%-15.0pp	86.3%+22.5pp	63.8%-19.2pp	83.0%+16.6pp	66.4%+9.7pp	56.6%-14.9pp	71.6%
Operating Margin	27.1%+247.4pp	-220.3%-136.4pp	-83.9%+187.7pp	-271.6%-237.4pp	-34.2%+94.8pp	-129.0%+155.9pp	-284.9%-215.3pp	-69.6%
Net Margin	24.7%+252.7pp	-228.1%-141.5pp	-86.6%+187.7pp	-274.3%-225.9pp	-48.4%+112.5pp	-160.8%+124.4pp	-285.2%-217.8pp	-67.4%
Return on Equity	19.0%+69.9pp	-50.9%-27.0pp	-23.9%+17.8pp	-41.7%-26.2pp	-15.5%+12.6pp	-28.1%+8.9pp	-37.0%-22.5pp	-14.5%
Return on Assets	6.5%+22.3pp	-15.8%-6.2pp	-9.6%+6.5pp	-16.1%-9.1pp	-7.0%+7.0pp	-13.9%+3.3pp	-17.2%-9.6pp	-7.7%
Current Ratio	3.82-0.3	4.12-1.7	5.82+2.1	3.72-0.5	4.18+1.0	3.21+0.2	2.99-0.7	3.71
Debt-to-Equity	0.79-0.2	1.03+0.3	0.71+0.1	0.59+0.2	0.43+0.0	0.39-0.1	0.46+0.1	0.35
FCF Margin	50.3%+142.0pp	-91.7%+41.9pp	-133.6%+66.0pp	-199.6%-114.6pp	-85.0%+24.0pp	-109.0%+48.4pp	-157.4%-105.2pp	-52.2%

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Frequently Asked Questions

What is Codexis Inc's annual revenue?

Codexis Inc (CDXS) reported $70.4M in total revenue for fiscal year 2025. This represents a 18.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Codexis Inc's revenue growing?

Codexis Inc (CDXS) revenue grew by 18.6% year-over-year, from $59.3M to $70.4M in fiscal year 2025.

Is Codexis Inc profitable?

No, Codexis Inc (CDXS) reported a net income of -$44.0M in fiscal year 2025, with a net profit margin of -62.5%.

What is Codexis Inc's EBITDA?

Codexis Inc (CDXS) had EBITDA of -$36.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Codexis Inc have?

As of fiscal year 2025, Codexis Inc (CDXS) had $50.8M in cash and equivalents against $40.1M in long-term debt.

What is Codexis Inc's gross margin?

Codexis Inc (CDXS) had a gross margin of 86.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Codexis Inc's operating margin?

Codexis Inc (CDXS) had an operating margin of -59.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Codexis Inc's net profit margin?

Codexis Inc (CDXS) had a net profit margin of -62.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Codexis Inc's return on equity (ROE)?

Codexis Inc (CDXS) has a return on equity of -87.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Codexis Inc's free cash flow?

Codexis Inc (CDXS) generated -$23.8M in free cash flow during fiscal year 2025. This represents a 55.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Codexis Inc's operating cash flow?

Codexis Inc (CDXS) generated -$19.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Codexis Inc's total assets?

Codexis Inc (CDXS) had $147.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Codexis Inc's capital expenditures?

Codexis Inc (CDXS) invested $4.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Codexis Inc spend on research and development?

Codexis Inc (CDXS) invested $52.3M in research and development during fiscal year 2025.

How many shares does Codexis Inc have outstanding?

Codexis Inc (CDXS) had 90M shares outstanding as of fiscal year 2025.

What is Codexis Inc's current ratio?

Codexis Inc (CDXS) had a current ratio of 3.82 as of fiscal year 2025, which is generally considered healthy.

What is Codexis Inc's debt-to-equity ratio?

Codexis Inc (CDXS) had a debt-to-equity ratio of 0.79 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Codexis Inc's return on assets (ROA)?

Codexis Inc (CDXS) had a return on assets of -29.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Codexis Inc's cash runway?

Based on fiscal year 2025 data, Codexis Inc (CDXS) had $50.8M in cash against an annual operating cash burn of $19.4M. This gives an estimated cash runway of approximately 31 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Codexis Inc's Piotroski F-Score?

Codexis Inc (CDXS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Codexis Inc's earnings high quality?

Codexis Inc (CDXS) has an earnings quality ratio of 0.44x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Codexis Inc?

Codexis Inc (CDXS) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.