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CODEXIS, INC.

CDXS Clue Score25
United States Fiscal year ends December CIK 0001200375
$1.41 +3.68% Close, 9 Oct 2026
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Price $1.41 −95.25% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue48.8Operating income−8.6Net income−8.6Fiscal year 2017Revenue50.0 +2.4%Operating income−23.0Net income−23.0Fiscal year 2018Revenue60.6 +21.1%Operating income−11.3Net income−10.9Fiscal year 2019Revenue68.5 +13.0%Operating income−12.5Net income−11.9EPS, diluted−0.21Fiscal year 2020Revenue69.1 +0.9%Operating income−23.9Net income−24.0EPS, diluted−0.40Fiscal year 2021Revenue104.8 +51.7%Operating income−22.7Net income−21.3EPS, diluted−0.33Fiscal year 2022Revenue138.6 +32.3%Operating income−34.9Net income−33.6EPS, diluted−0.51Fiscal year 2023Revenue70.1 −49.4%Operating income−68.1Net income−76.2EPS, diluted−1.12Fiscal year 2024Revenue59.3 −15.4%Operating income−58.5Net income−65.3EPS, diluted−0.89Fiscal year 2025Revenue70.4 +18.6%Operating income−41.7Net income−44.0EPS, diluted−0.50
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 48.8 50.0 60.6 68.5 69.1 104.8 138.6 70.1 59.3 70.4
Growth +2.4% +21.1% +13.0% +0.9% +51.7% +32.3% −49.4% −15.4% +18.6%
Operating income −8.6 −23.0 −11.3 −12.5 −23.9 −22.7 −34.9 −68.1 −58.5 −41.7
Net income −8.6 −23.0 −10.9 −11.9 −24.0 −21.3 −33.6 −76.2 −65.3 −44.0
Growth
EPS, diluted n/a n/a n/a −0.21 −0.40 −0.33 −0.51 −1.12 −0.89 −0.50
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−17.5%Net margin−17.5%Free cash flow margin−5.6%Fiscal year 2017Operating margin−45.9%Net margin−46.0%Free cash flow margin−19.5%Fiscal year 2018Operating margin−18.6%Net margin−18.0%Free cash flow margin−27.8%Fiscal year 2019Operating margin−18.3%Net margin−17.4%Free cash flow margin−23.8%Fiscal year 2020Operating margin−34.6%Net margin−34.8%Free cash flow margin−29.3%Fiscal year 2021Operating margin−21.7%Net margin−20.3%Free cash flow margin−26.8%Fiscal year 2022Operating margin−25.2%Net margin−24.2%Free cash flow margin2.1%Fiscal year 2023Operating margin−97.0%Net margin−108.7%Free cash flow margin−81.3%Fiscal year 2024Operating margin−98.6%Net margin−110.0%Free cash flow margin−90.5%Fiscal year 2025Operating margin−59.3%Net margin−62.5%Free cash flow margin−33.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −17.5% −45.9% −18.6% −18.3% −34.6% −21.7% −25.2% −97.0% −98.6% −59.3%
Net margin −17.5% −46.0% −18.0% −17.4% −34.8% −20.3% −24.2% −108.7% −110.0% −62.5%
Free cash flow margin −5.6% −19.5% −27.8% −23.8% −29.3% −26.8% 2.1% −81.3% −90.5% −33.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−1.9Capital expenditure−0.9Free cash flow−2.7Fiscal year 2017Operating cash flow−8.8Capital expenditure−1.0Free cash flow−9.7Fiscal year 2018Operating cash flow−14.1Capital expenditure−2.8Free cash flow−16.9Fiscal year 2019Operating cash flow−12.6Capital expenditure−3.7Free cash flow−16.3Fiscal year 2020Operating cash flow−16.5Capital expenditure−3.7Free cash flow−20.2Fiscal year 2021Operating cash flow−14.3Capital expenditure−13.8Free cash flow−28.1Fiscal year 2022Operating cash flow11.3Capital expenditure−8.3Free cash flow3.0Fiscal year 2023Operating cash flow−52.6Capital expenditure−4.4Free cash flow−57.1 −2,016.6%Fiscal year 2024Operating cash flow−49.4Capital expenditure−4.3Free cash flow−53.7Fiscal year 2025Operating cash flow−19.4Capital expenditure−4.5Free cash flow−23.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −1.9 −8.8 −14.1 −12.6 −16.5 −14.3 11.3 −52.6 −49.4 −19.4
Capital expenditure −0.9 −1.0 −2.8 −3.7 −3.7 −13.8 −8.3 −4.4 −4.3 −4.5
Free cash flow −2.7 −9.7 −16.9 −16.3 −20.2 −28.1 3.0 −57.1 −53.7 −23.8
Growth −2,016.6%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash19.2Total debt0.0Net cash (debt)19.2Shareholders’ equity19.1Debt to equity0.00Fiscal year 2017Cash31.2Total debt0.3Net cash (debt)30.9Shareholders’ equity24.5Debt to equity0.01Fiscal year 2018Cash53.0Shareholders’ equity56.3Fiscal year 2019Cash90.5Shareholders’ equity105.5Fiscal year 2020Cash149.1Shareholders’ equity170.1Fiscal year 2021Cash116.8Shareholders’ equity164.4Fiscal year 2022Cash114.0Shareholders’ equity144.8Fiscal year 2023Cash65.1Total debt0.0Net cash (debt)65.1Shareholders’ equity86.6Debt to equity0.00Fiscal year 2024Cash19.3Total debt28.9Net cash (debt)−9.6Shareholders’ equity66.9Debt to equity0.43Fiscal year 2025Cash50.8Total debt40.1Net cash (debt)10.7Shareholders’ equity50.5Debt to equity0.79
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 19.2 31.2 53.0 90.5 149.1 116.8 114.0 65.1 19.3 50.8
Total debt 0.0 0.3 n/a n/a n/a n/a n/a 0.0 28.9 40.1
Net cash (debt) 19.2 30.9 n/a n/a n/a n/a n/a 65.1 −9.6 10.7
Shareholders’ equity 19.1 24.5 56.3 105.5 170.1 164.4 144.8 86.6 66.9 50.5
Debt to equity 0.00 0.01 n/a n/a n/a n/a n/a 0.00 0.43 0.79

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−17.5% −45.9% −18.6% −18.3% −34.6% −21.7% −25.2% −97.0% −98.6% −59.3%
−17.6% −45.8% −18.0% −17.4% −34.3% −20.1% −24.0% −108.6% −109.9% −62.4%
−17.5% −46.0% −18.0% −17.4% −34.8% −20.3% −24.2% −108.7% −110.0% −62.5%
−5.6% −19.5% −27.8% −23.8% −29.3% −26.8% 2.1% −81.3% −90.5% −33.9%
Spending
45.5% 59.3% 49.5% 49.5% 64.0% 53.4% 57.8% 83.9% 78.0% 74.3%
52.0% 58.0% 48.3% 46.0% 50.8% 47.1% 37.6% 75.9% 92.9% 66.9%
1.8% 2.0% 4.6% 5.4% 5.4% 13.2% 6.0% 6.3% 7.3% 6.4%
Returns
−44.8% −93.7% −19.3% −11.3% −14.1% −12.9% −23.2% −88.0% −97.5% −87.0%
−24.0% −42.9% −13.7% −8.0% −10.8% −8.6% −13.4% −55.8% −43.8% −29.8%
Balance and payout
0.00 0.01 n/a n/a n/a n/a n/a 0.00 0.43 0.79
46.4% 54.2% 29.0% 29.2% 23.3% 33.3% 42.2% 36.6% 55.1% 65.8%