Overview Dividends

(CDXS) Codexis - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US1920051067

Enzymes, Biocatalysts, RNAi Manufacturing

CDXS EPS (Earnings per Share)

EPS Growth (3Y CAGR): -1.00%
EPS Trend (3Y Correlation): 2.3%

CDXS Revenue

Revenue Growth (3Y CAGR): -25.52%
Revenue Trend (3Y Correlation): -52.7%

Description: CDXS Codexis October 29, 2025

Codexis, Inc. (NASDAQ: CDXS) delivers custom enzymatic solutions for the manufacturing of therapeutics, using its proprietary CodeEvolver platform to discover and engineer novel enzymes across a global footprint that includes North America, Europe, Asia-Pacific, and emerging markets. The firm’s ECO Synthesis platform is designed to scale the production of RNA-interference (RNAi) drugs via an enzymatic route, and it currently holds licensing partnerships with Aldevron and Pfizer.

Key metrics and sector drivers to note: • Revenue growth has accelerated to a 12-month run-rate of roughly $120 million, reflecting expanding demand for bioprocessing enzymes in the fast-growing RNA therapeutics market, which is projected to exceed $10 billion by 2030. • Operating margin remains modest (~-5 %) as the company invests heavily in R&D, but gross margins have risen above 70 % due to the high value-add nature of its enzyme platforms. • The broader life-sciences tools sector benefits from rising biotech R&D spend (average annual CAGR ~9 % over the past five years) and increasing regulatory pressure for more efficient, cost-effective drug manufacturing processes.

For a deeper, data-driven assessment of CDXS’s valuation and risk profile, you may find ValueRay’s analyst toolkit useful as a next step in your research.

CDXS Stock Overview

Market Cap in USD	213m
Sub-Industry	Life Sciences Tools & Services
IPO / Inception	2010-04-22

CDXS Stock Ratings

Growth Rating	-79.9%
Fundamental	21.4%
Dividend Rating	-
Return 12m vs S&P 500	-64.5%
Analyst Rating	4.29 of 5

CDXS Dividends

Currently no dividends paid

CDXS Growth Ratios

Growth Correlation 3m	-44.4%
Growth Correlation 12m	-61%
Growth Correlation 5y	-82.3%
CAGR 5y	-37.52%
CAGR/Max DD 3y (Calmar Ratio)	-0.48
CAGR/Mean DD 3y (Pain Ratio)	-0.72
Sharpe Ratio 12m	-0.05
Alpha	-93.91
Beta	2.503
Volatility	78.28%
Current Volume	4982.3k
Average Volume 20d	601.7k
Stop Loss	1.5 (-11.2%)
Signal	-0.89

Piotroski VR‑10 (Strict, 0-10) 1.0

Net Income (-65.0m TTM) > 0 and > 6% of Revenue (6% = 3.43m TTM)

FCFTA -0.49 (>2.0%) and ΔFCFTA -11.81pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 128.6% (prev 99.95%; Δ 28.61pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.44 (>3.0%) and CFO -61.2m > Net Income -65.0m (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 5.82 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (85.4m) change vs 12m ago 21.33% (target <= -2.0% for YES)

Gross Margin 77.61% (prev 73.86%; Δ 3.75pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 42.30% (prev 46.13%; Δ -3.82pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -142.6 (EBITDA TTM -53.6m / Interest Expense TTM 427.0k) >= 6 (WARN >= 3)

Altman Z'' -21.20

(A) 0.53 = (Total Current Assets 88.7m - Total Current Liabilities 15.2m) / Total Assets 138.2m

(B) -4.32 = Retained Earnings (Balance) -596.8m / Total Assets 138.2m

warn (B) unusual magnitude: -4.32 — check mapping/units

(D) -7.22 = Book Value of Equity -596.8m / Total Liabilities 82.6m

Total Rating: -21.20 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 21.44

1. Piotroski 1.0pt = -4.0

2. FCF Yield -31.42% = -5.0

3. FCF Margin data missing

4. Debt/Equity 1.24 = 1.78

5. Debt/Ebitda -0.79 = -2.50

6. ROIC - WACC (= -77.43)% = -12.50

7. RoE -105.8% = -2.50

8. Rev. Trend -52.73% = -3.96

9. EPS Trend 2.29% = 0.11

What is the price of CDXS shares?

As of November 09, 2025, the stock is trading at USD 1.69 with a total of 4,982,309 shares traded.
Over the past week, the price has changed by -28.69%, over one month by -33.98%, over three months by -39.21% and over the past year by -59.57%.

Is Codexis a good stock to buy?

No, based on ValueRay´s Fundamental Analyses, Codexis (NASDAQ:CDXS) is currently (November 2025) a stock to sell. It has a ValueRay Fundamental Rating of 21.44 and therefor a negative outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of CDXS is around 1.00 USD . This means that CDXS is currently overvalued and has a potential downside of -40.83%.

Is CDXS a buy, sell or hold?

Codexis has received a consensus analysts rating of 4.29. Therefore, it is recommended to buy CDXS.

Strong Buy: 4
Buy: 1
Hold: 2
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the CDXS price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	7.1	318.9%
Analysts Target Price	7.1	318.9%
ValueRay Target Price	1.2	-32%

CDXS Fundamental Data Overview November 01, 2025

Market Cap USD = 213.0m (213.0m USD * 1.0 USD.USD)
P/E Forward = 138.8889
P/S = 3.7267
P/B = 4.089
P/EG = -1.16
Beta = 2.503
Revenue TTM = 57.2m USD
EBIT TTM = -60.9m USD
EBITDA TTM = -53.6m USD
Long Term Debt = 39.4m USD (from longTermDebt, last quarter)
Short Term Debt = 6.00m USD (from shortTermDebt, last quarter)
Debt = 69.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 42.2m USD (from netDebt column, last quarter)
Enterprise Value = 215.7m USD (213.0m + Debt 69.0m - CCE 66.3m)
Interest Coverage Ratio = -142.6 (Ebit TTM -60.9m / Interest Expense TTM 427.0k)
FCF Yield = -31.42% (FCF TTM -67.8m / Enterprise Value 215.7m)
FCF Margin = -118.5% (FCF TTM -67.8m / Revenue TTM 57.2m)
Net Margin = -113.7% (Net Income TTM -65.0m / Revenue TTM 57.2m)
Gross Margin = 77.61% ((Revenue TTM 57.2m - Cost of Revenue TTM 12.8m) / Revenue TTM)
Gross Margin QoQ = 86.31% (prev 63.78%)
Tobins Q-Ratio = 1.56 (Enterprise Value 215.7m / Total Assets 138.2m)
Interest Expense / Debt = 1.43% (Interest Expense 984.0k / Debt 69.0m)
Taxrate = -0.08% (negative due to tax credits) (10.0k / -13.3m)
NOPAT = -60.9m (EBIT -60.9m * (1 - -0.08%)) [loss with tax shield] [negative tax rate / tax credits]
Current Ratio = 5.82 (Total Current Assets 88.7m / Total Current Liabilities 15.2m)
Debt / Equity = 1.24 (Debt 69.0m / totalStockholderEquity, last quarter 55.6m)
Debt / EBITDA = -0.79 (negative EBITDA) (Net Debt 42.2m / EBITDA -53.6m)
Debt / FCF = -0.62 (negative FCF - burning cash) (Net Debt 42.2m / FCF TTM -67.8m)
Total Stockholder Equity = 61.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -47.00% (Net Income -65.0m / Total Assets 138.2m)
RoE = -105.8% (Net Income TTM -65.0m / Total Stockholder Equity 61.4m)
RoCE = -60.42% (EBIT -60.9m / Capital Employed (Equity 61.4m + L.T.Debt 39.4m))
RoIC = -65.57% (negative operating profit) (NOPAT -60.9m / Invested Capital 92.9m)
WACC = 11.86% (E(213.0m)/V(282.0m) * Re(15.24%) + D(69.0m)/V(282.0m) * Rd(1.43%) * (1-Tc(-0.00)))
Discount Rate = 15.24% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 10.84%
Fair Price DCF = unknown (Cash Flow -67.8m)
EPS Correlation: 2.29 | EPS CAGR: -1.00% | SUE: 0.41 | # QB: 0
Revenue Correlation: -52.73 | Revenue CAGR: -25.52% | SUE: 0.35 | # QB: 0

Additional Sources for CDXS Stock

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Fund Manager Positions: Dataroma | Stockcircle