CDXSNasdaqIndustrial Organic ChemicalsFiscal year ends December 31
CODEXIS, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 11, 2026
$1.32+0.08 (+6.45%)
Close on Oct 19, 2026
- Market cap
- $120.19M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
86.7%+6.6 pts over 5 years
Operating margin
-59.3%−24.7 pts over 5 years
Net margin
-62.5%−27.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +18.6% | -20.2% | +0.4% | +5.3% | |
| Gross profit | +41.8% | -15.3% | +2.0% | +5.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -40.8% | -17.4% | -74.9% | |
| Return on assets | -21.3% | -13.0% | -29.6% | |
| Current ratio | 2.20 | 7.38 | 3.82 | |
| Debt to equity | 0.00 | – | 0.79 | |
| Net debt to EBITDA | – | – | 0.29× | |
| Inventory turnover | 10.7× | 20.6× | 5.2× | |
| Capex to revenue | 1.8% | 5.4% | 6.4% | |
| Diluted shares | 41M | 59M | 87M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Codexis generated $146.98M from operations and spent $35.33M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$146.98M
Used
$35.33M
Capital expenditure$35.33M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-62.5%
×Asset turnover0.47×
×Equity multiplier2.53×
=Return on equity, FY2025-74.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -62.5% | 0.47× | 2.53× | -74.9% |
| FY2024 | -110.0% | 0.42× | 1.86× | -85.0% |
| FY2023 | -108.7% | 0.36× | 1.67× | -65.9% |
| FY2022 | -24.2% | 0.56× | 1.61× | -21.7% |
| FY2021 | -20.3% | 0.45× | 1.40× | -12.7% |
| FY2020 | -34.8% | 0.37× | 1.35× | -17.4% |
| FY2019 | -17.4% | 0.60× | 1.41× | -14.8% |
| FY2018 | -18.0% | 0.91× | 1.64× | -26.9% |
| FY2017 | -46.0% | 1.12× | 2.05× | -105.4% |
| FY2016 | -17.5% | 1.22× | 1.91× | -40.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$43.97M
- Cash generatingOperating cash flow above zero-$19.38M
- Return on assets improvedROA up on the prior year-47.8% → -29.5%
- Earnings backed by cashOperating cash flow above net income-$19.38M vs -$43.97M
- Less leverageLong-term debt to assets fell19.4% → 27.1%
- Better liquidityCurrent ratio rose4.18 → 3.82
- No dilutionShare count did not rise73M → 87M
- Gross margin improvedGross margin up on the prior year72.55% → 86.73%
- More efficientAsset turnover rose0.43 → 0.47