# Codexis, Inc. (CDXS) · Edgar & Edgarette company card

> Codexis, Inc. (CDXS) grew revenue 18.6% in FY2025 to $70 million, operating margin -59.3% against a -3.2% median for industrial organic chemicals, equity 34.2% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1200375 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/CDXS) · [JSON](https://www.pops4.com/boards/company/CDXS.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $70M |
| Revenue growth, 1 year | 18.6% |
| Revenue growth per year | -9.5% |
| Operating margin | -59.3% (prior year -98.6%) |
| Net margin | -62.5% |
| Operating cash flow | −$19M |
| Capital spending | $4M |
| Free cash flow | −$24M |
| Cash | $51M |
| Long-term debt | $40M |
| Total assets | $148M |
| Total equity | $51M |
| Equity ÷ assets | 34.2% |
| Return on equity | -87.0% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -11.56 (distress zone)
- Piotroski F: 4 of 9 (middling)
- Beneish M: -3.68 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed restructuring or exit costs in the last 12 months; slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; operating loss: a margin of -59.3% in FY2025; revenue is hard to predict: its 80% range is ±60%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $70.4M (FY2025), total debt $40.1M. Experience: revenue up 18.6% on the year, down 9.5% a year over 4 years; operating margin -59.3%, up from -98.6%. Soundness: equity 34.2% of assets, return on equity -87.0%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $33.2M and $134.3M next year (method v4.1: its own 6-year record of growth weighed at 63% against $50M–100M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $35.0M to $127.9M. A statistical range, not company guidance. Against peers (13 filers, $50M+ revenue, industrial organic chemicals): operating margin -59.3% against a -3.2% median; growth 18.6% against -3.5%.

Range logged 2026-10-31, receipt f028c97eda04a500, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 2.05 Restructuring or exit costs: 1, latest 2025-11-06 ([filing](https://www.sec.gov/Archives/edgar/data/1200375/000119312525269716/0001193125-25-269716-index.htm))
- Item 5.02 Director or officer change: 2, latest 2026-04-14 ([filing](https://www.sec.gov/Archives/edgar/data/1200375/000119312526154866/0001193125-26-154866-index.htm))

## Recent filings

- 10-Q · filed 2026-08-11 · [filing](https://www.sec.gov/Archives/edgar/data/1200375/000120037526000019/0001200375-26-000019-index.htm)
- 8-K · filed 2026-08-11 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1200375/000119312526344646/0001193125-26-344646-index.htm)
- 8-K · filed 2026-07-27 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1200375/000119312526318042/0001193125-26-318042-index.htm)
- 8-K · filed 2026-07-23 · 2.02 Results of Operations and Financial Condition; 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1200375/000119312526314158/0001193125-26-314158-index.htm)
- 8-K · filed 2026-06-22 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1200375/000119312526276602/0001193125-26-276602-index.htm)
- 10-Q · filed 2026-05-07 · [filing](https://www.sec.gov/Archives/edgar/data/1200375/000120037526000012/0001200375-26-000012-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001200375.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1200375

## Cite

POPS4, Edgar & Edgarette: Codexis, Inc. (CDXS) company card, from the company's own SEC filings, accessed 2026-11-02, https://www.pops4.com/boards/company/CDXS. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.