CDXS · Codexis, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · CDXS

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$70.39M	$59.34M	$70.14M	$138.59M	$104.75M	$69.06M
Cost of Revenue	$9.34M	$16.29M	$12.81M	$38.03M	$22.21M	$13.74M
Gross Profit	$61.05M	$43.06M	$57.33M	$100.56M	$82.55M	$55.31M
R&D	$52.31M	$46.26M	$58.88M	$80.10M	$55.92M	$44.19M
SG&A	$47.07M	$55.15M	$53.25M	$52.17M	$49.32M	$35.05M
Total Operating Expenses	$112.13M	$117.86M	$138.21M	$173.47M	$127.45M	$92.98M
D&A	$5.25M	$4.95M	$5.52M	$5.40M	$3.11M	$1.95M
Operating Income	($41.74M)	($58.52M)	($68.07M)	($34.88M)	($22.70M)	($23.92M)
Interest Expense	-	-	-	-	-	-
Income Tax	$47.0K	$34.0K	$69.0K	$276.0K	$189.0K	$339.0K
Net Income	($43.97M)	($65.28M)	($76.24M)	($33.59M)	($21.28M)	($24.01M)
EPS - Basic	($0.50)	($0.89)	($1.12)	($0.51)	($0.40)	-
EPS - Diluted	($0.50)	($0.89)	($1.12)	($0.51)	($0.40)	-

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$50.79M	$19.26M	$65.12M	$113.98M	$116.80M	$149.12M
Accounts Receivable	-	-	$10.04M	$31.90M	$24.95M	$13.89M
Inventory	$1.82M	$1.80M	$2.69M	$2.03M	$1.16M	$964.0K
Accounts Payable	$1.55M	$2.84M	$5.95M	$3.25M	$3.00M	$2.97M
Current Assets	$96.82M	$98.77M	$93.47M	$162.89M	$161.89M	$184.42M
Total Assets	$147.80M	$149.01M	$136.56M	$250.39M	$246.38M	$221.65M
Current Liabilities	$25.32M	$23.65M	$35.83M	$49.07M	$33.37M	$24.98M
Long-term Debt	$40.10M	$28.91M	$0◇	-	-	-
Total Liabilities	$97.27M	$82.08M	$49.95M	$105.60M	$81.99M	$51.54M
Stockholders' Equity	$50.53M	$66.93M	$86.61M	$144.80M	$164.39M	$170.10M
Retained Earnings	($606.78M)	($562.81M)	($497.53M)	($421.29M)	($387.70M)	($366.42M)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	($19.38M)	($49.41M)	($52.64M)	$11.28M	($14.27M)	($16.46M)
Investing Cash Flow	$23.50M	($56.98M)	($4.86M)	($13.58M)	($21.42M)	($5.75M)
Financing Cash Flow	$27.93M	$60.52M	$8.17M	($575.0K)	$3.77M	$80.81M
CapEx	$4.47M	$4.30M	$4.42M	$8.31M	$13.83M	$3.75M
Free Cash Flow	($23.85M)	($53.72M)	($57.06M)	$2.98M	($28.09M)	($20.21M)

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	86.7%	72.6%	81.7%	72.6%	78.8%	80.1%
Operating margin	-59.3%	-98.6%	-97.0%	-25.2%	-21.7%	-34.6%
EBITDA margin	-51.8%	-90.3%	-89.2%	-21.3%	-18.7%	-31.8%
Net margin	-62.5%	-110.0%	-108.7%	-24.2%	-20.3%	-34.8%
Free cash flow margin	-33.9%	-90.5%	-81.3%	2.1%	-26.8%	-29.3%
FCF / Net income	0.54	0.82	0.75	-0.09	1.32	0.84
R&D / Revenue	74.3%	78.0%	83.9%	57.8%	53.4%	64.0%
SG&A / Revenue	66.9%	92.9%	75.9%	37.6%	47.1%	50.8%
Effective tax rate	-	-	-	-	-	-
Return on assets	-29.8%	-43.8%	-55.8%	-13.4%	-8.6%	-10.8%
Return on equity	-87.0%	-97.5%	-88.0%	-23.2%	-12.9%	-14.1%
Return on invested capital	-36.4%	-48.2%	-62.1%	-	-	-
Liquidity
Current ratio	3.82	4.18	2.61	3.32	4.85	7.38
Quick ratio	3.75	4.10	2.53	3.28	4.82	7.34
Cash ratio	2.01	0.81	1.82	2.32	3.50	5.97
Leverage
Debt / Equity	0.79	0.43	0.00	-	-	-
Debt / Assets	0.27	0.19	0.00	-	-	-
Debt / EBITDA	-	-	-	-	-	-
Interest coverage	-	-	-	-	-	-
Equity multiplier	2.92	2.23	1.58	1.73	1.50	1.30
Liabilities / Assets	0.66	0.55	0.37	0.42	0.33	0.23
Efficiency
Asset turnover	0.48	0.40	0.51	0.55	0.43	0.31
Inventory turnover	5.14	9.05	4.77	18.74	19.15	14.26
Days sales outstanding	-	-	52d	84d	87d	73d
Days inventory outstanding	71d	40d	77d	19d	19d	26d
Days payable outstanding	61d	64d	169d	31d	49d	79d
Cash conversion cycle	-	-	-41d	72d	57d	20d
Valuation
P / E	-	-	-	-	-	-
P / B	2.8x	5.2x	2.4x	2.1x	11.3x	-
P / S	2.0x	5.9x	3.0x	2.2x	17.7x	-
EV / EBITDA	-	-	-	-	-	-
Growth
Revenue growth (YoY)	18.6%	-15.4%	-49.4%	32.3%	51.7%	0.9%
Revenue CAGR (3y)	-20.2%	-17.3%	0.5%	26.5%	20.0%	11.3%
Revenue CAGR (5y)	0.4%	-2.8%	3.0%	22.6%	16.5%	10.6%
Gross profit growth (YoY)	41.8%	-24.9%	-43.0%	21.8%	49.2%	4.7%
Operating income growth (YoY)	28.7%	14.0%	-95.1%	-53.7%	5.1%	-90.6%
Net income growth (YoY)	32.6%	14.4%	-127.0%	-57.9%	11.4%	-101.2%
EPS growth (YoY)	43.8%	20.5%	-119.6%	-27.5%	-	-
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	55.6%	5.9%	-	-	-39.0%	-24.1%
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	-24.5%	-22.7%	-40.2%	-11.9%	-3.4%	61.2%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Product / service

$70.39M total

Research And Development Revenue$44.36M · 63.0%

Product$26.03M · 37.0%

Geographic

$134.19M total

Americas$43.54M · 32.4%

US$43.50M · 32.4%

Asia Pacific$17.56M · 13.1%

CN$9.30M · 6.9%

EMEA$9.29M · 6.9%

IN$5.70M · 4.2%

CH$4.20M · 3.1%

IE$700.0K · 0.5%

SG$400.0K · 0.3%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

-3.31

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

4/9

Neutral

✗Net income positive
✗Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✗Current ratio improved
✗No share dilution
✓Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Industrial Organic Chemicals

Company	Revenue (last FY)	Net margin	ROE
LYB	$30.15B	-2.4%	-7.3%
IFF	$10.89B	-3.3%	-2.6%
SXT	$1.61B	8.3%	11.3%
WLK	$11.17B	-13.5%	-17.2%
GEVO	$160.58M	-21.1%	-7.3%

Comparing CODEXIS against the 5 most active filers in the same SIC group.

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.