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Codexis Valuation Multiples

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Codexis Overview

About Codexis

Codexis Inc is involved in the business of providing enzyme optimization services, commercialization of proteins, and developing biocatalyst products, leveraging its proprietary CodeEvolver directed evolution technology platform. The firm's products and services include Biocatalysts and Enzymes. The company generates majority of its revenue through product sales and also licenses its technology platform CodeEvolver to pharmaceutical companies enabling them to use this technology, in-house, to engineer enzymes for their own businesses. Geographically, it derives revenue from the United States, Ireland, Switzerland, China and other markets.


Founded

2002

HQ

United States of America
Employees

174

Website

codexis.com

Financials

LTM Revenue $65.4M

LTM EBITDA -$39.7M

EV

$303M

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Codexis Financials

Codexis has a last 12-month revenue of $65.4M and a last 12-month EBITDA of -$39.7M.

In the most recent fiscal year, Codexis achieved revenue of $70.1M and an EBITDA of -$44.9M.

Codexis expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Codexis P&L

FY 2022 FY 2023 FY 2024 LTM NTM
Revenue $139M $70.1M $65.3M $65.4M XXX
Gross Profit $82.5M $101M $57.3M XXX XXX
Gross Margin 60% 143% 88% XXX XXX
EBITDA -$21.5M -$44.9M -$39.4M -$39.7M XXX
EBITDA Margin -15% -64% -60% -61% XXX
Net Profit -$21.3M -$33.6M -$76.2M XXX XXX
Net Margin -15% -48% -117% XXX XXX
Net Debt n/a n/a n/a XXX XXX

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Codexis Stock Performance

As of February 7, 2025, Codexis's stock price is $4.

Codexis has current market cap of $352M, and EV of $303M.

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Codexis Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$303M $352M XXX XXX XXX XXX $-0.78

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Codexis Valuation Multiples

As of February 7, 2025, Codexis has market cap of $352M and EV of $303M.

Codexis's trades at 4.6x LTM EV/Revenue multiple, and -7.6x LTM EBITDA.

Analysts estimate Codexis's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Codexis Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $303M XXX XXX XXX
EV/Revenue 4.6x XXX XXX XXX
EV/EBITDA -7.7x XXX XXX XXX
P/E -6.1x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF n/a XXX XXX XXX

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Codexis Valuation Multiples

Codexis's NTM/LTM revenue growth is 5%

Codexis's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $0.6M for the same period.

Over next 12 months, Codexis's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Codexis's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Codexis Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -7% XXX XXX XXX XXX
EBITDA Margin -60% XXX XXX XXX XXX
EBITDA Growth -12% XXX XXX XXX XXX
Rule of 40 (SaaS-only) -55% XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee $0.6M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue 84% XXX XXX XXX XXX
Opex to Revenue 160% XXX XXX XXX XXX

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Codexis Public Comps

See valuation multiples for Codexis public comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Fertiglobe XXX XXX XXX XXX XXX XXX
Corbion XXX XXX XXX XXX XXX XXX
Gujarat State Fertilizers & Chemicals XXX XXX XXX XXX XXX XXX
Industries Qatar XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Codexis M&A and Investment Activity

Codexis acquired  XXX companies to date.

Last acquisition by Codexis was  XXXXXXXX, XXXXX XXXXX XXXXXX . Codexis acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Codexis

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Codexis

When was Codexis founded? Codexis was founded in 2002.
Where is Codexis headquartered? Codexis is headquartered in United States of America.
How many employees does Codexis have? As of today, Codexis has 174 employees.
Who is the CEO of Codexis? Codexis's CEO is Dr. Stephen Dilly, M.B.B.S.,PhD.
Is Codexis publicy listed? Yes, Codexis is a public company listed on NAS.
What is the stock symbol of Codexis? Codexis trades under CDXS ticker.
When did Codexis go public? Codexis went public in 2010.
Who are competitors of Codexis? Similar companies to Codexis include e.g. Fertiglobe, Corbion, Gujarat State Fertilizers & Chemicals, Industries Qatar.
What is the current market cap of Codexis? Codexis's current market cap is $352M
What is the current revenue of Codexis? Codexis's last 12-month revenue is $65.4M.
What is the current EBITDA of Codexis? Codexis's last 12-month EBITDA is -$39.7M.
What is the current EV/Revenue multiple of Codexis? Current revenue multiple of Codexis is 4.6x.
What is the current EV/EBITDA multiple of Codexis? Current EBITDA multiple of Codexis is -7.6x.
What is the current revenue growth of Codexis? Codexis revenue growth between 2023 and 2024 was -7%.
Is Codexis profitable? Yes, Codexis is EBITDA-positive (as of the last 12 months).

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