Codexis Inc. Common Stock (CDXS)

FairStock Score: 48/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am wary of a company that has never earned a profit. Codexis provides enzyme technology for therapeutics manufacturing, including its CodeEvolver and ECO Synthesis platforms. In the latest filed quarter, fiscal Q2 2026 ended 2026-06-30, revenue was $14.9M and net loss was $12.0M. In fiscal Q1 2026 ended 2026-03-31, revenue was $15.2M and net loss was $8.7M. For fiscal year 2025 ended 2025-12-31, revenue was $70.4M and net loss was $44.0M. That was better than fiscal year 2024 ended 2024-12-31, when revenue was $59.3M and net loss was $65.3M, and fiscal year 2023 ended 2023-12-31, when revenue was $70.1M and net loss was $76.2M. Still, losses are persistent. Trailing free cash flow is -$12.2M. At the 2026-10-13 close of $1.32, FairStock calculates a market cap of $144.5M, P/E of -4.00, P/B of 3.67, ROE of -69.36%, ROCE of -11.74%, and FCF yield of -8.4%. Debt-to-equity is 2.20, Piotroski F-score is 2/9, and Altman Z-score is -6.02. Those are not the marks of a fortress balance sheet. The technology may have an edge, but a durable moat is unproven because the company has not turned it into consistent profit or cash. Beta of 2.53 signals volatility. The Lynch screen finds no category because Codexis lost money in each of the last four years. I prefer businesses that earn money now and sell below conservative value. Codexis is a speculative option on RNAi manufacturing and enzyme licensing, not a Graham bargain. Until cash flow turns positive, value is uncertain.

In plain English: Codexis sells enzyme technology and manufacturing tools used to make medicines such as RNAi therapies. The business is not yet strong: it has been losing money for years and burning cash. At $1.32, the price may look low, but without profits it is hard to call it cheap or expensive based on the company's own numbers.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer