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Co-Diagnostics, Inc (CODX) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Co-Diagnostics, Inc $2.21, price $1.08, upside +104.6%, quality 21 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Healthcare · US · ISIN US1897632048

CD Co-Diagnostics, Inc logo Thin data Sep 27, 2026

Co-Diagnostics, Inc

CODX · US

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value $2.21 · Strongly undervalued (+104.6%)
!Quality 21/100
!Weak Growth (revenue 5y −61.6 %/yr)
!Low debt · negative free cash flow
!Trails peers (3/8)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
!Weak on future: 10 out of 100
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$341.40 $0.9403 Fair Value $2.21 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range $0.9403 – $341.40 · fair‑value band $1.46 – $2.76 · the $1.08 price screens below the $2.21 fair value. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Co-Diagnostics, Inc. operates as a molecular diagnostics company that develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and internationally.

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Co-Diagnostics, Inc. operates as a molecular diagnostics company that develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and internationally. It offers Co-Dx PCR platform, a polymerase chain reaction testing to patients in point-of-care and at-home setting. The company also provides PCR diagnostic tests for COVID-19, influenza, tuberculosis, hepatitis B and C, malaria, dengue, human papillomavirus, chikungunya, and Zika virus. In addition, the company offers three multiplexed tests to test mosquitos for the identification of diseases carried by the mosquitos; molecular tools for detection of infectious diseases; tests that identify genetic traits in plant and animal genomes; and portable diagnostic device designed to bring PCR to patients in point-of-care and at-home settings. Co-Diagnostics, Inc. was incorporated in 2013 and is based in Salt Lake City, Utah.

Stock analysis

Co-Diagnostics, Inc (CODX) currently trades at $1.08, while our model-based Fair Value estimate is $2.21, implying the stock looks roughly 51.1% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $1.46 (bear) to $2.76 (bull), the price of $1.08 sits below 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 21/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Co-Diagnostics, Inc reported revenue of $622K in FY2025 versus $97.9M in FY2021, a compound −71.8%/yr. Reported net income was −$46.9M in FY2025.

Key figures

Market cap $5.2M · P/S ratio 7.15 · EPS (TTM) $−32.26 · Return on equity −175% · Return on assets (EBIT) −45.4% · Operating margin −3,732% · Revenue (TTM) $721K · Revenue growth (YoY) +2.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 97% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at 105%, CODX screens cheaper than that median.

Fair Value models

Bear $1.46 Fair Value $2.21 Bull $2.76
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
NCAV (Graham) $2.80 $3.75 $5.60 54
All 1 models by family
Asset-Based
NCAV (Graham) $2.80 $3.75 $5.60 54

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Quality Score breakdown

Overall quality 21/100

Of which business quality 24 · Market factors (momentum, volatility) 0

Profitability 1
Margins and returns on capital today
Quality Growth 6
Are margins and returns improving?
Cashflow 3
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−84.1%
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.
−73.7%
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.
−61.6%
Start year 2020 (pandemic). Over 10 years: +51.2% a year
Revenue growth 10 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.
+51.2%
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.
55.9% (2020) → −5,025.5% (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
not computed

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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.Medical Devices · 332 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 24 · Bottom 25%
Fair Value upside +104.6% · Top 25%
Profitability
Return on assets −59.6% · Bottom 25%
Growth and dividend
Revenue growth 2.0% · Below median

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 0.25× · Cheapest 25%
P/S (TTM) 7.15× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 5
FUTURE (revenue growth)10 · sector 27
PAST (return on equity)0 · sector 13
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 38

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $98.83 $74.79 −24%
Medtronic plc MDT $87.09 $65.61 −25%
Stryker Corporation SYK $278.77 $306.65 +10%
Boston Scientific Corporation BSX $43.65 $48.02 +10%
Edwards Lifesciences Corporation EW $86.29 $81.94 −5%
Siemens Healthineers AG SHL €37.79 €35.19 −7%
DexCom, Inc DXCM $86.68 $95.35 +10%
GE HealthCare Technologies Inc GEHC $66.63 $70.37 +6%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥153.86 ¥169.25 +10%
Koninklijke Philips N.V PHIA €21.87 €15.23 −30%

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Co-Diagnostics, Inc · Fair Value
$2.21 +51%Fair Value
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Cite: Fair Value Calculator (2026). "Co-Diagnostics, Inc Fair Value". https://www.fairvalue-calculator.com/stock/CODX

Frequently asked questions

Is Co-Diagnostics, Inc (CODX) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $2.21 versus a price of $1.08, about +105% upside (undervalued).
What is the fair value of CODX?
Our model-based fair value for Co-Diagnostics, Inc is $2.21 (as of Sep 27, 2026), built from audited fundamentals. The current price: $1.08.
What is the quality score of CODX?
Co-Diagnostics, Inc has a Quality Score of 21/100. 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 Co-Diagnostics, Inc (CODX)?
Our model-based price target is the fair value of $2.21 (as of Sep 27, 2026) from 1 valuation models. Cautious scenario $1.46, optimistic scenario $2.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Co-Diagnostics, Inc stock forecast for 2026?
Our models put fair value at $2.21, about +105% upside versus a price of $1.08 (undervalued). Cautious scenario $1.46, optimistic scenario $2.76. The calculation is refreshed regularly with new filings.
What is the revenue of Co-Diagnostics, Inc (CODX)?
Co-Diagnostics, Inc reported trailing-twelve-month revenue of about $721K (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Co-Diagnostics, Inc (CODX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Co-Diagnostics, Inc it is $2.21 per share (as of Sep 27, 2026), against a price of $1.08. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Co-Diagnostics, Inc stock overvalued or undervalued in 2026?
As of Sep 27, 2026, CODX trades below its calculated fair value: price $1.08, fair value $2.21, a gap of about +105% (undervalued). 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 CODX?
No. The price is what the market pays today ($1.08); the fair value is what the company's own numbers justify ($2.21). For Co-Diagnostics, Inc the two are $1.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Co-Diagnostics, Inc worth?
The market values Co-Diagnostics, Inc at about $5.2M (market capitalisation, as of Sep 27, 2026). Per share that is $1.08; our models calculate a fair value of $2.21 per share.
What do the bullish and bearish scenarios say about CODX?
Our models span a range for Co-Diagnostics, Inc: cautious scenario $1.46, base $2.21, optimistic $2.76 per share (as of Sep 27, 2026, price $1.08). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Co-Diagnostics, Inc (CODX)?
Balance-sheet figures for Co-Diagnostics, Inc (as of Sep 27, 2026): return on equity −174.8%. They feed the Quality Score of 21/100, which measures business quality independently of the share price.
How far is CODX from its 52-week high?
Co-Diagnostics, Inc trades at $1.08, about 97% below its 52-week high of $37.80 and 15% above the low of $0.9403 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $2.21 is for.
Which stocks are comparable to Co-Diagnostics, Inc?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, 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 Co-Diagnostics, Inc stock attractive at the current price?
The data as of Sep 27, 2026: price $1.08, calculated fair value $2.21 (+105%), Quality Score 21/100, 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 CODX calculated?
We run Co-Diagnostics, Inc through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.21, 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 14.5 % above its aggregate fair value. Co-Diagnostics, Inc currently trades 51 % below its own fair value, and the market average says nothing about that. 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 Co-Diagnostics, Inc (CODX)?
The closing price on Oct 1, 2026 was $1.08. Our model-based fair value is $2.21, about +105% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Co-Diagnostics, Inc right now?
The large discount to fair value meets weak quality (21/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($1.46). The market is more pessimistic than our downside scenario. 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 ($1.46 to $2.76) leaves room in how you read the outcome.

Key figures of Co-Diagnostics, Inc

How large is the market capitalisation of Co-Diagnostics, Inc (CODX)?
The market capitalisation of Co-Diagnostics, Inc is $5.2M. 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 Co-Diagnostics, Inc (CODX)?
The price-to-sales ratio of Co-Diagnostics, Inc is 7.15 (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 Co-Diagnostics, Inc (CODX)?
Earnings per share at Co-Diagnostics, Inc are $−32.26. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Co-Diagnostics, Inc (CODX)?
The return on equity (ROE) of Co-Diagnostics, Inc is −175% (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 Co-Diagnostics, Inc (CODX)?
On an EBIT basis the return on assets of Co-Diagnostics, Inc is −45.4% (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 Co-Diagnostics, Inc (CODX)?
The operating margin of Co-Diagnostics, Inc is −3,732% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Co-Diagnostics, Inc (CODX)?
Revenue at Co-Diagnostics, Inc is growing +2.0% versus a year earlier (3y avg −73.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Co-Diagnostics, Inc (CODX)?
Earnings per share at Co-Diagnostics, Inc are growing +30.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Co-Diagnostics, Inc (CODX) generate?
The free cash flow of Co-Diagnostics, Inc is −$29.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Co-Diagnostics, Inc (CODX) hold?
Co-Diagnostics, Inc holds more cash than debt, $10.6M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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