Co-Diagnostics Inc. Common Stock (CODX)

FairStock Score: 49/100 — MIXED

Key Financials

AI Analysis

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

As a Buffett/Graham investor, I start with business quality and margin of safety. Co-Diagnostics makes molecular diagnostics and a PCR platform, but the filed figures show a company far from durable profitability. In fiscal 2025, the year ended 2025-12-31, revenue was just $622,489 and net income was -$46.9M. In fiscal 2024, revenue was $3.9M and net income -$37.6M; in fiscal 2023, revenue was $6.8M and net income -$35.3M. Losses in each of the last four years leave FairStock's Lynch category as none. In the latest quarter, fiscal Q2 2026 ended 2026-06-30, revenue was $166,131 and net loss was $6.3M, a -3782.43% margin. TTM free cash flow is -$27.5M against a $6.7M market cap, a -412.6% FCF yield as FairStock calculates. The debt-to-equity ratio is 0.14, but Altman Z -8.11 and Piotroski 3/9 signal distress. At the 2026-10-13 close of $1.07, FairStock calculates P/B at 0.41, which may look cheap, yet book value can shrink with continued losses. The Co-Dx PCR platform could be a future catalyst, but there is no evidence of a moat or pricing power at this revenue scale. I need consistent profits, cash generation, and a durable competitive advantage. Here, I see a speculative cash-burning microcap, not a Graham bargain. Growth is not meaningful when losses are this large relative to sales.

In plain English: Co-Diagnostics makes molecular tests and testing equipment. The business looks very weak: it has tiny revenue, losses in each of the last four years, and heavy cash spending. The price may look cheap compared with its accounting net assets, but the ongoing losses make it hard to call a bargain.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

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