Co-Diagnostics, Inc. (CODX) AI Stock Analysis
CODX AI stock analysis summary
AI ResearchCo-Diagnostics, Inc. is a molecular diagnostics company specializing in reagents and portable PCR testing devices. In FY2025, revenue contracted 84.1% to $622,489 alongside net income of -$46.9M. As of June 30, 2026, the company held $3.6M in cash and short-term investments with total debt of $1.8M.
- Market cap
- $4.6M
- Revenue (TTM)
- $721,386
- P/E
- — fwd 15.4x
- 1Y return
- -93.8% S&P 500 16.8%
- Avg. target
- $4.00 511.6% vs last close
Bull case
- The balance sheet maintains net cash of $1.9M and a current ratio of 1.81 as of June 30, 2026.
- One analyst maintains a Buy rating with a mean price target of $4.00, reflecting 511.6% upside from the last close of $0.65.
- Analyst estimates project revenue to increase from $654,000 in FY2026 to $17.3M in the next fiscal year, representing growth of 2546.5%.
Bear case
- Revenue fell at a five-year compound annual growth rate of -61.6%, declining to $622,489 in FY2025.
- The company generated negative free cash flow of -$29.8M in FY2025 and an operating margin of -3732.5% over the trailing twelve months.
- Shareholders experienced substantial dilution as the share count expanded 331.7% over five years while the stock dropped 99.7% over the same span.
What Co-Diagnostics does
Co-Diagnostics, Inc. develops, manufactures, and distributes reagents for diagnostic tests that detect and analyze nucleic acid molecules. Its product portfolio features polymerase chain reaction (PCR) diagnostic tests for COVID-19, tuberculosis, hepatitis B and C, human papillomavirus, malaria, chikungunya, dengue, and the Zika virus. The company also produces multiplexed tests for mosquito-borne diseases, alongside molecular tools for liquid biopsy cancer screening and agricultural applications. Additionally, Co-Diagnostics develops portable PCR devices designed for point-of-care and home testing settings, with plans to integrate third-party equipment into self-contained lab systems.
Growth and profitability
Between FY2020 and FY2025, revenue registered a five-year compound annual growth rate of -61.6%. Annual revenue decreased from $97.9M in FY2021 to $34.2M in FY2022, $6.8M in FY2023, $3.9M in FY2024, and $622,489 in FY2025. Net income shifted from $36.7M in FY2021 to -$46.9M in FY2025, with an operating margin of -5025.5%. For the trailing twelve months ended June 30, 2026, revenue stood at $721,386 with an operating margin of -3732.5% and EPS of -$26.14. In the latest quarter ended June 30, 2026, quarterly revenue increased 2.0% year-over-year, while quarterly earnings grew 30.8%.
Balance sheet and cash flow
As of June 30, 2026, Co-Diagnostics held $3.6M in cash and short-term investments and $1.8M in total debt, leaving net cash of $1.9M. Total assets stood at $16.6M against shareholders' equity of $12.7M, resulting in a current ratio of 1.81 and a debt-to-equity ratio of 0.14. For FY2025, free cash flow was -$29.8M, operating cash flow was -$29.1M, and capital expenditures were $700,047. Over five years, the company's share count increased by 331.7%.
Valuation and performance
Trading at a last close of $0.65, Co-Diagnostics has a market capitalization of $4.6M and an enterprise value of $5.8M. The stock trades at a forward P/E of 15.4x, below the 17.3x median of its US-listed Healthcare peers. Its price-to-sales ratio of 6.3x trades above the peer median of 4.1x, while its EV/EBITDA multiple of 0.5x sits below the peer median of 12.0x. Over the past year, the stock declined 93.8%, underperforming the 16.8% return of the S&P 500. Over five years, the stock fell 99.7% compared to an 83.0% gain for the benchmark.
What analysts expect
Co-Diagnostics is tracked by 1 analyst who maintains a Buy rating, with 0 Hold or Sell ratings. The mean price target is $4.00, representing a 511.6% premium over the last close of $0.65. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $654,000 and EPS of -$3.10. For the following fiscal year, 1 analyst expects revenue of $17.3M and EPS of -$0.83. The company has beaten EPS estimates in 2 of the past 4 quarters, and its next earnings date is November 12, 2026.
Key risks and what to watch
- With cash and short-term investments of $3.6M as of June 30, 2026, negative operating cash flow of -$29.1M in FY2025 presents ongoing liquidity risk.
- Historical share count dilution of 331.7% over five years highlights the risk of further equity issuance to fund operations.
- The stock demonstrates elevated volatility and downside exposure, indicated by a beta of 2.90 and a 1-year return of -93.8%.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this CODX AI stock analysis
This page is an AI-written research summary of Co-Diagnostics, Inc. (CODX). 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.
Related: CODX income statement, CODX balance sheet, CODX key metrics, CODX analyst forecast, CODX chart. See the CODX stock overview for the latest quote and news.
CODX AI stock analysis FAQ
What does Co-Diagnostics do?
Co-Diagnostics, Inc. is a molecular diagnostics company that develops reagents and portable PCR testing devices for infectious diseases, liquid biopsy cancer screening, and agricultural uses.
When is the next earnings release for CODX?
The next earnings date for Co-Diagnostics is scheduled for November 12, 2026.
What is the analyst price target for CODX?
The single analyst tracking the company has a mean price target of $4.00, which is 511.6% above the last closing price of $0.65.
Does Co-Diagnostics carry debt?
As of June 30, 2026, Co-Diagnostics held $1.8M in total debt against $3.6M in cash and short-term investments, resulting in net cash of $1.9M.