Fact based stock research
Codexis (NasdaqGS:CDXS)

US1920051067

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Codexis stock research in summary

codexis.com

ANALYSIS: With an Obermatt Combined Rank of 74 (better than 74% compared with investment alternatives), Codexis (Life Sciences Tools & Services, USA) shares have above-average financial characteristics compared with similar stocks. Shares of Codexis are low in value (priced high) with a consolidated Value Rank of 16 (worse than 84% of alternatives), and are riskily financed (Safety Rank of 43, which means above-average debt burdens) but show above-average growth (Growth Rank of 79). ...read more

RECOMMENDATION: A Combined Rank of 74, is a buy recommendation based on Codexis's financial characteristics. As the company Codexis shows low value with an Obermatt Value Rank of 16 (84% of comparable investments are less expensive), investors should look at the other ranks. In this case, growth is expected to be above-average, better than 79% of comparable companies (Obermatt Growth Rank is 79). This is a typical case. Companies with above average growth tend to cost more than stocks with slower growth expectations. If this is a high-growth company, the low Obermatt Safety Rank of 43 is a good sign. The more debt a well-performing company has, the higher the returns to shareholders. However, if growth turns negative or interest rates increase, high debt may become a burden. If you believe the future is bright for Codexis, even a low-value company (in terms of its key financial indicators) can be a good investment. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	16
Growth Rank	79
Safety Rank	43
Combined Rank	74

Country	USA
Industry	Life Sciences Tools & Services
Index	NASDAQ
Size class	X-Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Codexis

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	21	47	66	16
GROWTH
GROWTH	35	7	49	79
SAFETY
SAFETY	62	62	43	43
SENTIMENT
SENTIMENT	21	90	90	^new
360° VIEW
360° VIEW	9	27	91	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Codexis is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	21	47	66	16
GROWTH
GROWTH	35	7	49	79
SAFETY
SAFETY	62	62	43	43
COMBINED
COMBINED	26	26	74	74

Last update of combined financial performance: 4-Jul-2024. Stock analysis on combined financial performance: The higher the rank of Codexis the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 16 (worse than 84% compared with alternatives), Codexis shares are significantly more expensive than comparable stocks. The Value Rank is based on consolidating four value indicators, with all four indicators below average for Codexis. Price-to-Sales is 46 which means that the stock price compared with what market professionals expect for future profits is higher than 54% of comparable companies, indicating a low value concerning Codexis's sales levels. Price-to-Book Capital (also referred to as market-to-book ratio) also has a low Price-to-Book Rank of 21, which means that both reliable company size indicators, sales, and invested capital cannot explain the high stock price of Codexis. In addition, the two profit-related value indicators, Price-to-Profit (also referred to as price-earnings, P/E) with a low rank of 36 and Dividend Yield, which is lower than 99% of comparable companies, also make the stock more expensive compared with investment alternatives. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 16, is a sell recommendation based on Codexis's stock price compared with the company's operational size and dividend yields. How can market participants pay such a high price for Codexis? One reason may be that the company is simply too popular. If enough people want a particular stock, its price can exceed reasonable levels. This is often the case for companies offering new and exciting products and everybody wants a piece of the action. Should you pay a lot for a hot stock such as Codexis? It's risky, and even if the stock price continues to grow because of popular demand, it may return to more typical lower levels later. And that return can be sudden and quick, making it impossible for retail investors to exit on time. Sometimes, high prices are deserved. This is the case when it is justified to believe that the company will dominate a market with high profit margins. It has happened in the past for many technology companies and indeed for commercially successful pharmaceutical discoveries. Sometimes they last, sometimes, they get eaten alive. Codexis may be such a type of stock. That would mean, retail investors should be careful, only considering investing a small part of their wealth in this exciting category and always being ready to lose more than half, if not all of the investment. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	34	56	42	46
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	36	36	36	36
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	19	52	97	21
DIVIDEND YIELD
DIVIDEND YIELD	1	1	1	1
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	21	47	66	16

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Codexis; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 79 (better than 79% compared with alternatives) for 2024, Codexis shows one of the highest growth dynamics in its industry. Investors also speak of high momentum. The Growth Rank is based on consolidating four value indicators, with all but one indicator above average for Codexis. Sales Growth has a value of 80 which means that currently professionals expect the company to grow more than 80% of its competitors. Profit Growth with a value of 56 and Capital Growth with a rank of 84 means that currently, professionals expect the company to grow both profits and invested capital more than of its competitors. But Stock Returns has only a rank of 41, which means that stock returns have recently been below 59% of alternative investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 79, is a buy recommendation for growth and momentum investors. Codexis has only one below-average growth indicator, the stock returns. This is probably the least reliable growth indicator, because it measures company and investor expectations at the same time. The three other growth indicators, which are all positive for Codexis, are more reliable measures of growth momentum. For this reason, the company seems to be on a good trajectory, unless you think the current period is not representative, because of unique events that will not be repeated in the future. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	59	10	6	80
PROFIT GROWTH
PROFIT GROWTH	46	6	81	56
CAPITAL GROWTH
CAPITAL GROWTH	8	57	22	84
STOCK RETURNS
STOCK RETURNS	61	31	85	41
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	35	7	49	79

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Codexis.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 43 (better than 43% compared with alternatives), the company Codexis has financing practices on the riskier side, which means that their overall debt burden is above the industry average. This doesn't mean that the business of Codexis is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with all three metrics below average for Codexis. Liquidity is at 1, meaning that the company generates less profit to service its debt than 99% of its competitors. This indicates that the company is on the riskier side when it comes to debt service. Even worse, Leverage is at a rank of 44, meaning the company has an above-average debt-to-equity ratio. It has more debt than 56% of its competitors. Finally, Refinancing is at a rank of 46 which means that the portion of the debt about to be refinanced is above average. It has more debt in the refinancing stage than 54% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 43 (worse than 57% compared with alternatives), Codexis has a financing structure that is riskier than that of its competitors. This combination is rather dangerous in most situations. Only very promising companies with bright future outlooks and stellar reputations can operate with such risky financing. Investors should look at Obermatt’s Value, Growth, and Sentiment Ranks to confirm a very positive outlook or be careful with investing in stocks of Codexis because it may suffer significantly in case of future difficulties. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	100	100	100	44
REFINANCING
REFINANCING	31	59	46	46
LIQUIDITY
LIQUIDITY	37	37	1	1
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	62	62	43	43

Last update of Safety Rank: 4-Jul-2024. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Codexis and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	83	82	^new
OPINIONS CHANGE
OPINIONS CHANGE	30	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	99	82	71	^new
MARKET PULSE
MARKET PULSE	42	67	50	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	21	90	90	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Codexis.
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