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CODEXIS INC (CDXS) Stock Fundamental Analysis

NASDAQ:CDXS - Nasdaq - US1920051067 - Common Stock - Currency: USD

2.82  +0.09 (+3.3%)

After market: 2.81 -0.01 (-0.35%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to CDXS. CDXS was compared to 56 industry peers in the Life Sciences Tools & Services industry. While CDXS seems to be doing ok healthwise, there are quite some concerns on its profitability. CDXS does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

CDXS had negative earnings in the past year.
In the past year CDXS has reported a negative cash flow from operations.
In the past 5 years CDXS always reported negative net income.
CDXS had negative operating cash flow in 4 of the past 5 years.
CDXS Yearly Net Income VS EBIT VS OCF VS FCFCDXS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -20M -40M -60M

1.2 Ratios

CDXS's Return On Assets of -41.90% is on the low side compared to the rest of the industry. CDXS is outperformed by 81.82% of its industry peers.
CDXS has a Return On Equity of -84.59%. This is in the lower half of the industry: CDXS underperforms 78.18% of its industry peers.
Industry RankSector Rank
ROA -41.9%
ROE -84.59%
ROIC N/A
ROA(3y)-25.96%
ROA(5y)-19.34%
ROE(3y)-41.39%
ROE(5y)-29.91%
ROIC(3y)N/A
ROIC(5y)N/A
CDXS Yearly ROA, ROE, ROICCDXS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 -20 -40 -60 -80

1.3 Margins

CDXS has a Gross Margin of 75.96%. This is amongst the best in the industry. CDXS outperforms 98.18% of its industry peers.
CDXS's Gross Margin has been stable in the last couple of years.
CDXS does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 75.96%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.71%
GM growth 5Y0.63%
CDXS Yearly Profit, Operating, Gross MarginsCDXS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 -50 -100

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4

2. Health

2.1 Basic Checks

CDXS does not have a ROIC to compare to the WACC, probably because it is not profitable.
CDXS has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
CDXS Yearly Shares OutstandingCDXS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M
CDXS Yearly Total Debt VS Total AssetsCDXS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M 250M

2.2 Solvency

CDXS has an Altman-Z score of -3.41. This is a bad value and indicates that CDXS is not financially healthy and even has some risk of bankruptcy.
With a Altman-Z score value of -3.41, CDXS is not doing good in the industry: 90.91% of the companies in the same industry are doing better.
A Debt/Equity ratio of 0.39 indicates that CDXS is not too dependend on debt financing.
The Debt to Equity ratio of CDXS (0.39) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.39
Debt/FCF N/A
Altman-Z -3.41
ROIC/WACCN/A
WACC11.24%
CDXS Yearly LT Debt VS Equity VS FCFCDXS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M -50M 100M 150M

2.3 Liquidity

CDXS has a Current Ratio of 3.21. This indicates that CDXS is financially healthy and has no problem in meeting its short term obligations.
With a Current ratio value of 3.21, CDXS perfoms like the industry average, outperforming 56.36% of the companies in the same industry.
A Quick Ratio of 3.15 indicates that CDXS has no problem at all paying its short term obligations.
CDXS has a Quick ratio of 3.15. This is in the better half of the industry: CDXS outperforms 61.82% of its industry peers.
Industry RankSector Rank
Current Ratio 3.21
Quick Ratio 3.15
CDXS Yearly Current Assets VS Current LiabilitesCDXS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M

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3

3. Growth

3.1 Past

CDXS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 18.92%, which is quite good.
EPS 1Y (TTM)18.92%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-30%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-19.2%

3.2 Future

CDXS is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 13.54% yearly.
CDXS is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 23.59% yearly.
EPS Next Y22.12%
EPS Next 2Y20.66%
EPS Next 3Y22.57%
EPS Next 5Y13.54%
Revenue Next Year2.08%
Revenue Next 2Y11.32%
Revenue Next 3Y17.69%
Revenue Next 5Y23.59%

3.3 Evolution

CDXS Yearly Revenue VS EstimatesCDXS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 100M 200M 300M 400M
CDXS Yearly EPS VS EstimatesCDXS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 0.5 -0.5 1 -1

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1

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for CDXS. In the last year negative earnings were reported.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for CDXS. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
CDXS Price Earnings VS Forward Price EarningsCDXS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 40 60

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
CDXS Per share dataCDXS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 -0.5

4.3 Compensation for Growth

CDXS's earnings are expected to grow with 22.57% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y20.66%
EPS Next 3Y22.57%

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0

5. Dividend

5.1 Amount

CDXS does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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CODEXIS INC

NASDAQ:CDXS (3/7/2025, 8:11:32 PM)

After market: 2.81 -0.01 (-0.35%)

2.82

+0.09 (+3.3%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Earnings (Last)02-27 2025-02-27/amc
Earnings (Next)04-30 2025-04-30/amc
Inst Owners81.43%
Inst Owner Change2.05%
Ins Owners2.41%
Ins Owner Change8.58%
Market Cap233.61M
Analysts82.86
Price Target7.43 (163.48%)
Short Float %3.85%
Short Ratio4.1
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-19.02%
Min EPS beat(2)-19.08%
Max EPS beat(2)-18.95%
EPS beat(4)2
Avg EPS beat(4)-1.01%
Min EPS beat(4)-19.08%
Max EPS beat(4)21.12%
EPS beat(8)4
Avg EPS beat(8)-0.2%
EPS beat(12)8
Avg EPS beat(12)12.53%
EPS beat(16)12
Avg EPS beat(16)26.67%
Revenue beat(2)1
Avg Revenue beat(2)4.77%
Min Revenue beat(2)-0.04%
Max Revenue beat(2)9.58%
Revenue beat(4)3
Avg Revenue beat(4)17.16%
Min Revenue beat(4)-0.04%
Max Revenue beat(4)36.59%
Revenue beat(8)4
Avg Revenue beat(8)6.48%
Revenue beat(12)7
Avg Revenue beat(12)7.53%
Revenue beat(16)10
Avg Revenue beat(16)10.88%
PT rev (1m)2%
PT rev (3m)6.25%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 3.62
P/FCF N/A
P/OCF N/A
P/B 3.18
P/tB 3.29
EV/EBITDA N/A
EPS(TTM)-0.9
EYN/A
EPS(NY)-0.7
Fwd EYN/A
FCF(TTM)-0.56
FCFYN/A
OCF(TTM)-0.53
OCFYN/A
SpS0.78
BVpS0.89
TBVpS0.86
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -41.9%
ROE -84.59%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 75.96%
FCFM N/A
ROA(3y)-25.96%
ROA(5y)-19.34%
ROE(3y)-41.39%
ROE(5y)-29.91%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.71%
GM growth 5Y0.63%
F-Score4
Asset Turnover0.43
Health
Industry RankSector Rank
Debt/Equity 0.39
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 43.37%
Cap/Sales 3.33%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 3.21
Quick Ratio 3.15
Altman-Z -3.41
F-Score4
WACC11.24%
ROIC/WACCN/A
Cap/Depr(3y)220.96%
Cap/Depr(5y)209.97%
Cap/Sales(3y)8.5%
Cap/Sales(5y)7.27%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)18.92%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-30%
EPS Next Y22.12%
EPS Next 2Y20.66%
EPS Next 3Y22.57%
EPS Next 5Y13.54%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-19.2%
Revenue Next Year2.08%
Revenue Next 2Y11.32%
Revenue Next 3Y17.69%
Revenue Next 5Y23.59%
EBIT growth 1Y22.17%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year33.53%
EBIT Next 3Y14.91%
EBIT Next 5YN/A
FCF growth 1Y-579.37%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-725.6%
OCF growth 3YN/A
OCF growth 5YN/A