CDXS

Company Overview — What Does CODEXIS, INC. Do?

Codexis, Inc. discovers, develops, and sells enzymes and other proteins. It offers biocatalyst products and services; intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable customers to perform chemistry screening. The company also provides biocatalyst screening and protein engineering services. In addition, it offers CodeEvolver protein engineering technology platform, which helps in developing and delivering biocatalysts that perform chemical transformations and enhance the efficiency and productivity of manufacturing processes. The company's platform is also used to discover novel biotherapeutic drug candidates for targeted human diseases, as well as for molecular biology and in vitro diagnostic enzymes. It sells its products to pharmaceutical manufacturers through its direct sales and business development force in the United States and Europe. The company was incorporated in 2002 and is headquartered in Redwood City, California. CODEXIS, INC. (CDXS) is classified as a micro-cap stock in the Materials sector, specifically within the Chemicals industry. The company is led by CEO Stephen G. Dilly and employs approximately 250 people, headquartered in REDWOOD CITY, California. With a market capitalization of $158M, CDXS is one of the notable companies in the Materials sector.

CODEXIS, INC. (CDXS) Stock Rating — Reduce (April 2026)

As of April 2026, CODEXIS, INC. receives a Reduce rating with a composite score of 27.8/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.CDXS ranks #3,542 out of 4,446 stocks in our coverage universe. Within the Materials sector, CODEXIS, INC. ranks #253 of 284 stocks, placing it in the lower half of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

CDXS Stock Price and 52-Week Range

CODEXIS, INC. (CDXS) currently trades at $2.24. The stock lost $0.16 (6.7%) in the most recent trading session. The 52-week high for CDXS is $3.87, which means the stock is currently trading -42.1% from its annual peak. The 52-week low is $0.96, putting the stock 133.7% above its annual trough. Recent trading volume was 1.7M shares, reflecting moderate market activity.

Is CDXS Overvalued or Undervalued? — Valuation Analysis

CODEXIS, INC. (CDXS) carries a value factor score of 18/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 3.56x, versus the sector average of 2.83x. The price-to-sales ratio is 4.06x, compared to 0.74x for the average Materials stock.

At current multiples, CODEXIS, INC. trades at a premium to most Materials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

CODEXIS, INC. Profitability — ROE, Margins, and Quality Score

CODEXIS, INC. (CDXS) earns a quality factor score of 32/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -146.9%, compared to the Materials sector average of 3.3%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -50.2% versus the sector average of 0.6%.

On a margin basis, CODEXIS, INC. reports gross margins of 71.9%, compared to 29.8% for the sector. The operating margin is -176.2% (sector: 6.0%). Net profit margin stands at -187.4%, versus 3.0% for the average Materials stock. Revenue growth is running at 7.8% on a trailing basis, compared to 1.8% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

CDXS Debt, Balance Sheet, and Financial Health

CODEXIS, INC. has a debt-to-equity ratio of 79.0%, compared to the Materials sector average of 41.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 3.82x, indicating strong short-term liquidity. Total debt on the balance sheet is $40M. Cash and equivalents stand at $25M.

CDXS has a beta of 1.77, meaning it is more volatile than the broader market — a $10,000 investment in CDXS would be expected to move 77.3% more than the S&P 500 on any given day. The stability factor score for CODEXIS, INC. is 19/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

CODEXIS, INC. Revenue and Earnings History — Quarterly Trend

In TTM 2026, CODEXIS, INC. reported revenue of $44M and earnings per share (EPS) of $-0.50. Net income for the quarter was $-74M. Gross margin was 71.9%. Operating income came in at $-69M.

In FY 2025, CODEXIS, INC. reported revenue of $70M and earnings per share (EPS) of $-0.50. Net income for the quarter was $-44M. Gross margin was 86.7%. Revenue grew 18.6% year-over-year compared to FY 2024. Operating income came in at $-42M.

In Q3 2025, CODEXIS, INC. reported revenue of $9M and earnings per share (EPS) of $-0.22. Net income for the quarter was $-20M. Gross margin was 71.3%. Revenue grew -33.0% year-over-year compared to Q3 2024. Operating income came in at $-19M.

In Q2 2025, CODEXIS, INC. reported revenue of $15M and earnings per share (EPS) of $-0.16. Net income for the quarter was $-13M. Gross margin was 86.3%. Revenue grew 92.1% year-over-year compared to Q2 2024. Operating income came in at $-13M.

Over the past 8 quarters, CODEXIS, INC. has demonstrated a growth trajectory, with revenue expanding from $8M to $44M. Investors analyzing CDXS stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

CDXS Dividend Yield and Income Analysis

CODEXIS, INC. (CDXS) does not currently pay a dividend. This is common among smaller companies in the Chemicals industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Materials dividend stocks may want to explore other Materials stocks or use the stock screener to filter by dividend yield.

CDXS Momentum and Technical Analysis Profile

CODEXIS, INC. (CDXS) has a momentum factor score of 25/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 30/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 43/100 reflects moderate short selling activity.

CDXS vs Competitors — Materials Sector Ranking and Peer Comparison

Within the Materials sector, CODEXIS, INC. (CDXS) ranks #253 out of 284 stocks based on the Blank Capital composite score. This places CDXS in the lower half of all Materials stocks in our coverage universe. Key competitors and sector peers include CF Industries Holdings, Inc. (CF) with a score of 56.6/100, Nutrien Ltd. (NTR) with a score of 56.6/100, CVR PARTNERS, LP (UAN) with a score of 55.6/100, LSB INDUSTRIES, INC. (LXU) with a score of 53.6/100, and ACME UNITED CORP (ACU) with a score of 51.2/100.

Comparing CDXS against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CDXS vs S&P 500 (SPY) comparison to assess how CODEXIS, INC. stacks up against the broader market across all factor dimensions.

CDXS Next Earnings Date

No upcoming earnings date has been announced for CODEXIS, INC. (CDXS) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy CDXS? — Investment Thesis Summary

The quantitative profile for CODEXIS, INC. suggests caution. The quality score of 32/100 flags below-average profitability. The value score of 18/100 indicates premium valuation. Momentum is weak at 25/100, a headwind for near-term performance. High volatility (stability score 19/100) increases portfolio risk.

In summary, CODEXIS, INC. (CDXS) earns a Reduce rating with a composite score of 27.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CDXS stock.

Related Resources for CDXS Investors

Explore more research and tools: CDXS vs S&P 500 comparison, top Materials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare CDXS head-to-head with peers: CDXS vs CF, CDXS vs NTR, CDXS vs UAN.