Codexis Inc (CDXS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Codexis Inc stock $0.29, price $1.08, that is 73.1% below the price, quality 40 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $0.9800 – $41.78 · fair‑value band $0.2200 – $0.4400 · the $1.08 price screens above the $0.2900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Codexis, Inc. provides technology solutions for therapeutics manufacturing, leveraging its proprietary CodeEvolver technology platform to discover, develop, enhance, and commercialize novel enzymes in the United States, Canada, Latin America, Europe, the Middle East, Africa, Australia, New Zealand, Southeast Asia, and China.
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The company develops its proprietary ECO Synthesis manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route.
It has a license agreement with Aldevron LLC and Pfizer Inc. The company was incorporated in 2002 and is headquartered in Redwood City, California.
Stock analysis
Codexis Inc (CDXS) currently trades at $1.08, while our model-based Fair Value estimate is $0.2900, 73% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: $0.2200 (bear) to $0.4400 (bull), the price of $1.08 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Healthcare sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Codexis Inc reported revenue of $70.4M in FY2025 versus $105M in FY2021, a compound −9.5%/yr. Reported net income was −$44.0M in FY2025.
Key figures
Market cap $120M Micro · P/S ratio 1.80 · EPS (TTM) $−0.3300 · Net margin −39.6% · Return on equity −69.4% · Return on assets (EBIT) −27.6% (5-year average) · Operating margin −75.3% · Revenue (TTM) $77.7M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).
What moves the price
The share trades about 62% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −73%, CDXS screens richer than that median.
Fair Value models
Bear$0.2200Fair Value $0.2900Bull$0.4400
Price $1.08 · Downside -73.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 3 officers or directors sold shares worth $23,413 and none bought.
SaleAlison MoorePresident and CEO, Director2× since Feb 6, 2026: 10,161 shares, avg. $1.34$13,631Oct 12, 2026
SaleGeorgia ErbezOfficer2× since Feb 6, 2026: 10,161 shares, avg. $1.34$13,631Oct 12, 2026
SaleRaymond De VreDirector2× since Nov 11, 2025: 4,018 shares, avg. $2.15$8,632Jun 11, 2026
SaleStefan LutzChief Scientific Officer3× since Jan 7, 2026: 13,039 shares, avg. $1.37$17,853Feb 24, 2026
SaleOpaleye Management Inc.10% owner3× since Nov 10, 2025: 1,463,329 shares, avg. $1.78$2.6MDec 1, 2025
SaleDennis P WolfDirector8,952 shares at $1.56$13,965Nov 21, 2025
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.12/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+18.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−20.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.4%
Start year 2020 (pandemic). Over 10 years: +5.3% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−34.6% (2020) → −54.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks
Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside−73.1% · Bottom 25%
Profitability
Return on assets−29.8% · Below median
Net margin (12 months)−39.6% · Bottom 25%
Operating margin (12 months)−75.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−2.7% · Below median
Balance sheet
Debt / equity0.79× · Highest 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/B2.38× · Pricier than median
P/S (12 months)1.55× · Cheapest 25%
PEG13.53× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 0
HEALTH (low debt)60· sector 97
DIVIDEND (yield)0· sector 22
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Codexis Inc Fair Value". https://www.fairvalue-calculator.com/stock/CDXS
Frequently asked questions
Is Codexis Inc (CDXS) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $0.2900 versus a price of $1.08, about 73% lower (overvalued).
What is the fair value of CDXS?
Our model-based fair value for Codexis Inc is $0.2900 (as of Nov 8, 2026), built from audited fundamentals. The current price: $1.08.
What is the quality score of CDXS?
Codexis Inc has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Codexis Inc (CDXS)?
Our model-based price target is the fair value of $0.2900 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario $0.2200, optimistic scenario $0.4400. It is a calculation from audited fundamentals, not an analyst target.
What is the Codexis Inc stock forecast for 2026?
Our models put fair value at $0.2900, about 73% lower versus a price of $1.08 (overvalued). Cautious scenario $0.2200, optimistic scenario $0.4400. The calculation is refreshed regularly with new filings.
What is the revenue of Codexis Inc (CDXS)?
Codexis Inc reported trailing-twelve-month revenue of about $77.7M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Codexis Inc (CDXS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Codexis Inc it is $0.2900 per share (as of Nov 8, 2026), against a price of $1.08. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Codexis Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, CDXS trades above its calculated fair value: price $1.08, fair value $0.2900, a gap of about −73% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CDXS?
No. The price is what the market pays today ($1.08); the fair value is what the company's own numbers justify ($0.2900). For Codexis Inc the two are $0.7900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Codexis Inc worth?
The market values Codexis Inc at about $120M (market capitalisation, as of Nov 8, 2026). Per share that is $1.08; our models calculate a fair value of $0.2900 per share.
What do the bullish and bearish scenarios say about CDXS?
Our models span a range for Codexis Inc: cautious scenario $0.2200, base $0.2900, optimistic $0.4400 per share (as of Nov 8, 2026, price $1.08). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of CDXS?
The PEG ratio of Codexis Inc is 13.53 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Codexis Inc (CDXS)?
Balance-sheet figures for Codexis Inc (as of Nov 8, 2026): return on equity −69.4%, debt of 0.79 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is CDXS from its 52-week high?
Codexis Inc trades at $1.08, about 62% below its 52-week high of $2.85 and 10% above the low of $0.9800 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $0.2900 is for.
Which stocks are comparable to Codexis Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Codexis Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $1.08, calculated fair value $0.2900 (−73%), Quality Score 40/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CDXS calculated?
We run Codexis Inc through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of $0.2900 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Codexis Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Codexis Inc (CDXS)?
The closing price on Nov 6, 2026 was $1.08. Our model-based fair value is $0.2900, about 73% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Codexis Inc right now?
The price sits above even our optimistic bull case ($0.4400). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($0.2200 to $0.4400) leaves room in how you read the outcome.
Key figures of Codexis Inc
How large is the market capitalisation of Codexis Inc (CDXS)?
The market capitalisation of Codexis Inc is $120M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Codexis Inc (CDXS)?
The price-to-sales ratio of Codexis Inc is 1.80 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Codexis Inc (CDXS)?
Earnings per share at Codexis Inc are $−0.3300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Codexis Inc (CDXS)?
The net margin of Codexis Inc is −39.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Codexis Inc (CDXS)?
The return on equity (ROE) of Codexis Inc is −69.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Codexis Inc (CDXS)?
On an EBIT basis the return on assets of Codexis Inc is −27.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Codexis Inc (CDXS)?
The operating margin of Codexis Inc is −75.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Codexis Inc (CDXS)?
Revenue at Codexis Inc is growing −2.7% versus a year earlier (3y avg −20.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Codexis Inc (CDXS) generate?
The free cash flow of Codexis Inc is −$23.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Codexis Inc (CDXS) carry?
The net debt of Codexis Inc is $22.4M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026
