📊 CDXS Key Takeaways
Is Codexis, Inc.. (CDXS) a Good Investment?
Codexis demonstrates revenue growth (+18.6% YoY) but remains deeply unprofitable with operating margins of -52.7% and is actively burning cash at -$13.2M quarterly. While the strong liquidity position (Current Ratio 5.36x, $36.6M cash) provides a runway of approximately 2-3 quarters, the company must demonstrate a credible path to profitability before fundamentals improve. Negative ROE (-20.1%) and mounting long-term debt ($40.5M) amid operational losses create significant financial stress.
Codexis is delivering solid top-line growth, but that growth is not translating into a sustainable earnings profile, with deeply negative operating margins, net losses, and negative free cash flow. The balance sheet still provides near-term flexibility through strong liquidity, but the combination of weak profitability, high cash burn, and negative returns on equity and assets makes the fundamental outlook unattractive until operating leverage materially improves.
Codexis, Inc.. Key Strengths (CDXS)
- Revenue growth of 18.6% YoY showing positive top-line trajectory
- Excellent liquidity ratios (Current 5.36x, Quick 5.23x) with $36.6M cash buffer
- Improving EPS trend (+43.8% YoY) indicates losses are narrowing
- Revenue grew 18.6% year over year, showing continued commercial demand
- Current ratio of 3.82x and cash of $50.79M support near-term liquidity
- Debt/equity of 0.79x is manageable relative to available liquidity
CDXS Stock Risks: Codexis, Inc.. Investment Risks
- Operating cash flow of -$13.2M indicates unsustainable burn rate and potential capital raise or asset sale requirement within 2-3 quarters
- Net margin of -57.1% and negative ROE (-20.1%) demonstrate value destruction and inability to cover fixed costs
- Significant leverage with $40.5M long-term debt while unprofitable creates refinancing and covenant risks
- Operating margin of -59.3% and net margin of -62.5% indicate an unsustainable cost structure
- Free cash flow of -$23.85M and negative operating cash flow increase funding risk if losses persist
- ROE of -87.0% and ROA of -29.8% reflect weak capital efficiency and poor underlying economics
Key Metrics to Watch
- Path to gross margin improvement and operating cash flow inflection
- Quarterly cash burn rate relative to cash reserves
- Revenue growth sustainability and customer concentration
- Operating cash flow and free cash flow trend
- Operating margin improvement versus revenue growth
Codexis, Inc.. (CDXS) Financial Metrics & Key Ratios
💡 AI Analyst Insight
Strong liquidity with a 5.36x current ratio provides a solid financial cushion.
CDXS Profit Margin, ROE & Profitability Analysis
CDXS vs Materials Sector: How Codexis, Inc.. Compares
How Codexis, Inc.. compares to Materials sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is Codexis, Inc.. Stock Overvalued? CDXS Valuation Analysis 2026
Based on fundamental analysis, Codexis, Inc.. shows some fundamental concerns relative to the Materials sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
Codexis, Inc.. Balance Sheet: CDXS Debt, Cash & Liquidity
CDXS Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: Codexis, Inc..'s revenue has declined by 33% over the 5-year period, indicating business contraction. The most recent EPS of $-1.12 indicates the company is currently unprofitable.
CDXS Revenue Growth, EPS Growth & YoY Performance
CDXS Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $7.5M | -$8.7M | $-0.10 |
| Q3 2025 | $8.6M | -$19.6M | $-0.22 |
| Q2 2025 | $8.0M | -$13.3M | $-0.16 |
| Q1 2025 | $7.5M | -$11.5M | $-0.16 |
| Q3 2024 | $9.3M | -$20.6M | $-0.29 |
| Q2 2024 | $8.0M | -$11.5M | $-0.17 |
| Q1 2024 | $13.0M | -$11.5M | $-0.16 |
| Q3 2023 | $9.3M | -$10.0M | $-0.15 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
Codexis, Inc.. Dividends, Buybacks & Capital Allocation
CDXS SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for Codexis, Inc.. (CIK: 0001200375)
📋 Recent SEC Filings
❓ Frequently Asked Questions about CDXS
What is the AI rating for CDXS?
Codexis, Inc.. (CDXS) has a Combined AI Grade of C from Claude (C) and ChatGPT (C) with 76% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are CDXS's key strengths?
Claude: Revenue growth of 18.6% YoY showing positive top-line trajectory. Excellent liquidity ratios (Current 5.36x, Quick 5.23x) with $36.6M cash buffer. ChatGPT: Revenue grew 18.6% year over year, showing continued commercial demand. Current ratio of 3.82x and cash of $50.79M support near-term liquidity.
What are the risks of investing in CDXS?
Claude: Operating cash flow of -$13.2M indicates unsustainable burn rate and potential capital raise or asset sale requirement within 2-3 quarters. Net margin of -57.1% and negative ROE (-20.1%) demonstrate value destruction and inability to cover fixed costs. ChatGPT: Operating margin of -59.3% and net margin of -62.5% indicate an unsustainable cost structure. Free cash flow of -$23.85M and negative operating cash flow increase funding risk if losses persist.
What is CDXS's revenue and growth?
Codexis, Inc.. reported revenue of $15.2M.
Does CDXS pay dividends?
Codexis, Inc.. does not currently pay dividends.
Where can I find CDXS SEC filings?
Official SEC filings for Codexis, Inc.. (CIK: 0001200375) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is CDXS's EPS?
Codexis, Inc.. has a diluted EPS of $-0.10.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined grade reflects both perspectives for balanced insights.
What is CDXS's fundamental grade?
Based on our AI fundamental analysis in June 2026, Codexis, Inc.. has a C grade with 76% confidence. Review the strengths and risks sections above for full context. This is not investment advice.
Is CDXS stock overvalued or undervalued?
Valuation metrics for CDXS: ROE of -20.1% (sector avg: 14%), net margin of -57.1% (sector avg: 10%). Compare these metrics with sector averages to assess valuation.
What is CDXS's AI grade for 2026?
Our dual AI analysis gives Codexis, Inc.. a combined C grade for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is CDXS's free cash flow?
Codexis, Inc..'s operating cash flow is $-13.2M, with capital expenditures of $176.0K. FCF margin is -87.4%.
How does CDXS compare to other Materials stocks?
Vs Materials sector averages: Net margin -57.1% (avg: 10%), ROE -20.1% (avg: 14%), current ratio 5.36 (avg: 1.6).