Codexis, Inc. (CDXS) AI Stock Analysis

Codexis, Inc. is a biotechnology company focused on the discovery, development, and commercialization of enzymes and proteins. Founded in 2002 and based in Redwood City, California, the company offers biocatalyst products, intermediate chemicals, and screening panels. Central to its capabilities is the CodeEvolver protein engineering technology platform, which optimizes biocatalysts for specific chemical transformations to enhance manufacturing efficiency. Codexis also leverages its platform to discover biotherapeutic drug candidates and produce enzymes for molecular biology and in vitro diagnostics, serving pharmaceutical manufacturers across the United States and Europe through dedicated sales channels.

Codexis generated $70.4M in revenue for FY2025, recovering 18.6% after steep drops of 49.4% in FY2023 to $70.1M and 15.4% in FY2024 to $59.3M. The company's 5-year revenue CAGR from FY2020 to FY2025 stands at 0.4%. Gross margin reached 86.7% in FY2025, up from 72.6% in FY2024. However, the company has operated at persistent losses, posting an operating margin of -54.5% and net income of -$44.0M in FY2025, with R&D expenses totaling $52.3M. For the latest quarter ended June 30, 2026, quarterly revenue fell 2.7% year-over-year, while trailing twelve-month revenue reached $77.7M with an operating margin of -75.3% and net income margin of -39.6%.

As of June 30, 2026, Codexis held $54.9M in cash and short-term investments against $72.6M in total debt, resulting in net debt of $17.7M. The company maintains solid liquidity with a current ratio of 3.06, while its debt-to-equity ratio sits at 2.20 on shareholders' equity of $33.0M. Total assets stood at $120.1M. Operating cash flow in FY2025 was -$19.4M and free cash flow was -$23.8M, which included $4.5M of capital expenditures. In addition, the company's share count increased 40.3% over the prior five years.

At $1.24 per share, Codexis has a market capitalization of $135.8M and an enterprise value of $170.4M. The stock trades at a price-to-sales multiple of 1.7x and an EV-to-revenue multiple of 2.2x, below the median of its US-listed Healthcare peers of 4.1x price-to-sales. Its forward P/E multiple is 149.3x, significantly above the peer median of 17.3x, alongside a PEG ratio of 13.53. CDXS has substantially underperformed the market, dropping 53.0% over the trailing 12 months and 95.6% over five years, compared to gains of 16.8% and 83.0% for the S&P 500.

Wall Street analysts covering Codexis maintain 5 Strong Buy, 1 Buy, and 2 Hold ratings. The mean price target is $6.14, representing a 395.4% upside to the last closing price of $1.24. Consensus estimates anticipate revenue of $73.9M and EPS of -$0.42 for FY2026 ending December 31, 2026. For FY2027, 2 analysts project revenue of $87.7M, representing 18.7% growth, and EPS of -$0.32. Over the last four quarters, Codexis beat EPS expectations 2 times. The company's next earnings date is November 5, 2026.

This page is an AI-written research summary of Codexis, Inc. (CDXS). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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