Codexis Valuation Multiples

Codexis Overview

About Codexis

Codexis Inc is a provider of enzymatic solutions for efficient and scalable therapeutics manufacturing that leverages its proprietary CodeEvolver technology platform to discover, develop, and enhance novel, high-performance enzymes. Codexis enzymes solve challenges associated with small molecule pharmaceuticals manufacturing and nucleic acid synthesis. The Company is currently developing its proprietary ECO Synthesis manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis’ enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing and greater sensitivity in genomic and diagnostic applications. Geographically, it derives maximum revenue from the Americas.

Founded

2002

HQ

Employees

188

Website

codexis.com

Sectors

BioindustrialsBioTechAgriTech

Financials (LTM)

Revenue: $71M

EBITDA: ($28M)

EV

$102M

Valuation Multiples

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Codexis Financials

Codexis reported last 12-month revenue of $71M and negative EBITDA of ($28M).

In the same LTM period, Codexis generated $60M in gross profit, ($28M) in EBITDA losses, and had net loss of ($43M).

Codexis P&L

In the most recent fiscal year, Codexis reported revenue of $70M and EBITDA of ($28M).

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

Codexis Stock Performance

Codexis has current market cap of $92M, and enterprise value of $102M.

Codexis' stock price is $1.02.

Codexis Valuation Multiples

Codexis trades at 1.4x EV/Revenue multiple, and (3.7x) EV/EBITDA.

Codexis Financial Valuation Multiples

As of April 8, 2026, Codexis has market cap of $92M and EV of $102M.

Equity research analysts estimate Codexis' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Codexis has a P/E ratio of (2.2x).

Codexis Margins & Growth Rates

Codexis' revenue in the last 12 month grew by 8%.

Codexis' revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.5M for the same period.

Codexis' rule of 40 is (28%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Codexis' rule of X is (20%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Codexis Public Comps

See public comps and valuation multiples for other Bioindustrials comps.

Codexis M&A Activity

Codexis acquired XXX companies to date.

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

Codexis Investment Activity

Codexis invested in XXX companies to date.

Codexis made its latest investment on XXXXXXXX, XXXXX. Codexis invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).