(CDXS) Codexis - Overview

Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 165m USD | Total Return: -3.7% in 12m

Enzymes, Therapeutics, Manufacturing, Technology
Total Rating 22
Safety 27
Buy Signal 0.66
Biotechnology
Industry Rotation: +3.7
Market Cap: 165M
Avg Turnover: 2.65M USD
ATR: 8.76%
Peers RS (IBD): 55.0
Risk 5d forecast
Volatility85.9%
Rel. Tail Risk-12.2%
Reward TTM
Sharpe Ratio0.26
Alpha-48.14
Character TTM
Beta1.519
Beta Downside3.042
Drawdowns 3y
Max DD83.13%
CAGR/Max DD-0.26
EPS (Earnings per Share) EPS (Earnings per Share) of CDXS over the last years for every Quarter: "2021-03": -0.14, "2021-06": -0.07, "2021-09": 0.03, "2021-12": -0.16, "2022-03": -0.13, "2022-06": -0.04, "2022-09": -0.15, "2022-12": -0.14, "2023-03": -0.34, "2023-06": -0.17, "2023-09": -0.5, "2023-12": -0.1, "2024-03": -0.16, "2024-06": -0.32, "2024-09": -0.29, "2024-12": -0.13, "2025-03": -0.25, "2025-06": -0.16, "2025-09": -0.22, "2025-12": 0.143, "2026-03": 0,
EPS CAGR: 2.18%
EPS Trend: 26.9%
Last SUE: 1.13
Qual. Beats: 2
Revenue Revenue of CDXS over the last years for every Quarter: 2021-03: 18.032, 2021-06: 25.453, 2021-09: 36.769, 2021-12: 24.501, 2022-03: 35.34, 2022-06: 38.406, 2022-09: 34.47, 2022-12: 30.375, 2023-03: 12.982, 2023-06: 21.323, 2023-09: 9.277, 2023-12: 26.561, 2024-03: 17.073, 2024-06: 7.979, 2024-09: 12.833, 2024-12: 21.46, 2025-03: 7.543, 2025-06: 15.328, 2025-09: 8.601, 2025-12: 38.915, 2026-03: null,
Rev. CAGR: 2.60%
Rev. Trend: -46.7%
Last SUE: 0.63
Qual. Beats: 0

Warnings

Interest Coverage Ratio -8.0 is critical

Altman Z'' -15.00 < 1.0 - financial distress zone

Tailwinds

No distinct edge detected

Description: CDXS Codexis

Codexis (CDXS) develops and supplies enzymatic solutions for therapeutic manufacturing. The company utilizes its CodeEvolver technology to discover and optimize enzymes globally.

Their ECO Synthesis platform focuses on enzymatic manufacturing of RNAi therapeutics. This technology aims to improve the production of gene-silencing drugs, a growing area in biotechnology.

Codexis operates under license agreements with partners including Aldevron LLC and Pfizer Inc. This business model often involves collaboration with larger pharmaceutical companies for drug development and commercialization.

Further research on ValueRay can provide deeper insights into CDXSs financial performance and market position.

Headlines to Watch Out For
  • Therapeutics manufacturing demand drives enzyme sales
  • CodeEvolver platform innovation expands market share
  • Aldevron and Pfizer partnerships generate licensing revenue
  • ECO Synthesis platform adoption boosts RNAi market entry
  • Biopharmaceutical R&D spending impacts enzyme solution demand
Piotroski VR‑10 (Strict) 2.0
Net Income: -44.0m TTM > 0 and > 6% of Revenue
FCF/TA: -0.16 > 0.02 and ΔFCF/TA 19.91 > 1.0
NWC/Revenue: 101.6% < 20% (prev 126.6%; Δ -25.01% < -1%)
CFO/TA -0.13 > 3% & CFO -19.4m > Net Income -44.0m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 3.82 > 1.5 & < 3
Outstanding Shares: last quarter (90.9m) vs 12m ago 11.82% < -2%
Gross Margin: 79.49% > 18% (prev 0.70%; Δ 7.88k% > 0.5%)
Asset Turnover: 47.43% > 50% (prev 39.83%; Δ 7.60% > 0%)
Interest Coverage Ratio: -7.96 > 6 (EBITDA TTM -30.0m / Interest Expense TTM 4.81m)
Altman Z'' -15.00
A: 0.48 (Total Current Assets 96.8m - Total Current Liabilities 25.3m) / Total Assets 147.8m
B: -4.11 (Retained Earnings -606.8m / Total Assets 147.8m)
C: -0.26 (EBIT TTM -38.3m / Avg Total Assets 148.4m)
D: -6.24 (Book Value of Equity -606.8m / Total Liabilities 97.3m)
Altman-Z'' Score: -18.50 = D
Beneish M -3.58
DSRI: 0.48 (Receivables 10.7m/18.9m, Revenue 70.4m/59.3m)
GMI: 0.89 (GM 79.49% / 70.44%)
AQI: 1.02 (AQ_t 0.05 / AQ_t-1 0.05)
SGI: 1.19 (Revenue 70.4m / 59.3m)
TATA: -0.17 (NI -44.0m - CFO -19.4m) / TA 147.8m)
Beneish M-Score: -3.58 (Cap -4..+1) = AAA
What is the price of CDXS shares? As of April 08, 2026, the stock is trading at USD 1.98 with a total of 1,949,512 shares traded.
Over the past week, the price has changed by +21.47%, over one month by +58.40%, over three months by +16.47% and over the past year by -3.65%.
Is CDXS a buy, sell or hold? Codexis has received a consensus analysts rating of 4.29. Therefore, it is recommended to buy CDXS.
  • StrongBuy: 4
  • Buy: 1
  • Hold: 2
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the CDXS price?
Analysts Target Price 6.6 232.3%
Codexis (CDXS) - Fundamental Data Overview as of 06 April 2026
P/E Forward = 149.2537
P/S = 2.3496
P/B = 3.264
P/EG = 13.5333
Revenue TTM = 70.4m USD
EBIT TTM = -38.3m USD
EBITDA TTM = -30.0m USD
Long Term Debt = 40.1m USD (from longTermDebt, last quarter)
Short Term Debt = 2.94m USD (from shortTermDebt, last quarter)
Debt = 73.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 22.4m USD (from netDebt column, last quarter)
Enterprise Value = 160.4m USD (165.4m + Debt 73.2m - CCE 78.2m)
Interest Coverage Ratio = -7.96 (Ebit TTM -38.3m / Interest Expense TTM 4.81m)
EV/FCF = -6.73x (Enterprise Value 160.4m / FCF TTM -23.8m)
FCF Yield = -14.87% (FCF TTM -23.8m / Enterprise Value 160.4m)
FCF Margin = -33.88% (FCF TTM -23.8m / Revenue TTM 70.4m)
Net Margin = -62.47% (Net Income TTM -44.0m / Revenue TTM 70.4m)
Gross Margin = 79.49% ((Revenue TTM 70.4m - Cost of Revenue TTM 14.4m) / Revenue TTM)
Gross Margin QoQ = 81.65% (prev 71.34%)
Tobins Q-Ratio = 1.09 (Enterprise Value 160.4m / Total Assets 147.8m)
Interest Expense / Debt = 2.18% (Interest Expense 1.59m / Debt 73.2m)
Taxrate = 0.19% (18.0k / 9.62m)
NOPAT = -38.3m (EBIT -38.3m * (1 - 0.19%)) [loss with tax shield]
Current Ratio = 3.82 (Total Current Assets 96.8m / Total Current Liabilities 25.3m)
Debt / Equity = 1.45 (Debt 73.2m / totalStockholderEquity, last quarter 50.5m)
 Debt / EBITDA = -0.75 (negative EBITDA) (Net Debt 22.4m / EBITDA -30.0m)
 Debt / FCF = -0.94 (negative FCF - burning cash) (Net Debt 22.4m / FCF TTM -23.8m)
 Total Stockholder Equity = 48.6m (last 4 quarters mean from totalStockholderEquity)
RoA = -29.63% (Net Income -44.0m / Total Assets 147.8m)
RoE = -90.51% (Net Income TTM -44.0m / Total Stockholder Equity 48.6m)
RoCE = -43.22% (EBIT -38.3m / Capital Employed (Equity 48.6m + L.T.Debt 40.1m))
 RoIC = -44.65% (negative operating profit) (NOPAT -38.3m / Invested Capital 85.7m)
 WACC = 8.51% (E(165.4m)/V(238.6m) * Re(11.32%) + D(73.2m)/V(238.6m) * Rd(2.18%) * (1-Tc(0.00)))
Discount Rate = 11.32% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 14.37%
 [DCF] Fair Price = unknown (Cash Flow -23.8m)
 EPS Correlation: 26.91 | EPS CAGR: 2.18% | SUE: 1.13 | # QB: 2
Revenue Correlation: -46.66 | Revenue CAGR: 2.60% | SUE: 0.63 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.10 | Chg7d=+0.035 | Chg30d=-0.005 | Revisions Net=-1 | Analysts=2
EPS current Year (2026-12-31): EPS=-0.32 | Chg7d=+0.053 | Chg30d=+0.173 | Revisions Net=-1 | Growth EPS=+32.0% | Growth Revenue=+5.6%
EPS next Year (2027-12-31): EPS=-0.22 | Chg7d=+0.160 | Chg30d=-0.030 | Revisions Net=-1 | Growth EPS=+30.5% | Growth Revenue=+20.9%
[Analyst] Revisions Ratio: -1.00 (0 Up / 1 Down within 30d for Next Quarter)
External Resources
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