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Codexis

Nasdaq:CDXS
Snowflake Description

High growth potential with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CDXS
Nasdaq
$865M
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

Codexis, Inc. discovers, develops, and sells protein catalysts. The last earnings update was 13 days ago. More info.


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CDXS Share Price and Events
7 Day Returns
-2.5%
NasdaqGS:CDXS
4.8%
US Life Sciences
0.7%
US Market
1 Year Returns
-12.5%
NasdaqGS:CDXS
18.7%
US Life Sciences
13.7%
US Market
CDXS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Codexis (CDXS) -2.5% 9.9% 12.2% -12.5% 190% 529.4%
US Life Sciences 4.8% 6.7% 5.4% 18.7% 93.2% 117.8%
US Market 0.7% 4.7% 6.1% 13.7% 39.2% 44.5%
1 Year Return vs Industry and Market
  • CDXS underperformed the Life Sciences industry which returned 18.7% over the past year.
  • CDXS underperformed the Market in United States of America which returned 13.7% over the past year.
Price Volatility
CDXS
Industry
5yr Volatility vs Market

CDXS Value

 Is Codexis undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Codexis to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Codexis.

NasdaqGS:CDXS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CDXS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Life Sciences Unlevered Beta Simply Wall St/ S&P Global 1.02
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.024 (1 + (1- 21%) (3.07%))
1.032
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.032 * 5.96%)
8.88%

Discounted Cash Flow Calculation for NasdaqGS:CDXS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Codexis is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NasdaqGS:CDXS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.88%)
2020 -11.06 Analyst x1 -10.15
2021 -5.76 Analyst x1 -4.86
2022 2.53 Analyst x1 1.96
2023 16.92 Analyst x1 12.04
2024 29.11 Est @ 72.07% 19.02
2025 44.04 Est @ 51.27% 26.43
2026 60.20 Est @ 36.71% 33.18
2027 76.16 Est @ 26.51% 38.55
2028 90.92 Est @ 19.38% 42.27
2029 104.00 Est @ 14.38% 44.40
Present value of next 10 years cash flows $202.00
NasdaqGS:CDXS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $104.00 × (1 + 2.73%) ÷ (8.88% – 2.73%)
$1,736.31
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,736.31 ÷ (1 + 8.88%)10
$741.35
NasdaqGS:CDXS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $202.00 + $741.35
$943.35
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $943.35 / 58.52
$16.12
NasdaqGS:CDXS Discount to Share Price
Calculation Result
Value per share (USD) From above. $16.12
Current discount Discount to share price of $14.79
= -1 x ($14.79 - $16.12) / $16.12
8.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Codexis is available for.
Intrinsic value
8%
Share price is $14.79 vs Future cash flow value of $16.12
Current Discount Checks
For Codexis to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Codexis's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Codexis's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Codexis's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Codexis's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CDXS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $-0.21
NasdaqGS:CDXS Share Price ** NasdaqGS (2019-11-18) in USD $14.79
United States of America Life Sciences Industry PE Ratio Median Figure of 18 Publicly-Listed Life Sciences Companies 33.43x
United States of America Market PE Ratio Median Figure of 2,924 Publicly-Listed Companies 18.25x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Codexis.

NasdaqGS:CDXS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CDXS Share Price ÷ EPS (both in USD)

= 14.79 ÷ -0.21

-69.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Codexis is loss making, we can't compare its value to the US Life Sciences industry average.
  • Codexis is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Codexis's expected growth come at a high price?
Raw Data
NasdaqGS:CDXS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -69.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
76%per year
United States of America Life Sciences Industry PEG Ratio Median Figure of 15 Publicly-Listed Life Sciences Companies 2.74x
United States of America Market PEG Ratio Median Figure of 2,038 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Codexis, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Codexis's assets?
Raw Data
NasdaqGS:CDXS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $1.76
NasdaqGS:CDXS Share Price * NasdaqGS (2019-11-18) in USD $14.79
United States of America Life Sciences Industry PB Ratio Median Figure of 36 Publicly-Listed Life Sciences Companies 5.07x
United States of America Market PB Ratio Median Figure of 5,086 Publicly-Listed Companies 1.76x
NasdaqGS:CDXS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CDXS Share Price ÷ Book Value per Share (both in USD)

= 14.79 ÷ 1.76

8.42x

* Primary Listing of Codexis.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Codexis is overvalued based on assets compared to the US Life Sciences industry average.
X
Value checks
We assess Codexis's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Life Sciences industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Life Sciences industry average (and greater than 0)? (1 check)
  5. Codexis has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CDXS Future Performance

 How is Codexis expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
76%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Codexis expected to grow at an attractive rate?
  • Codexis's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Codexis's earnings growth is expected to exceed the United States of America market average.
  • Codexis's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CDXS Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CDXS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 76%
NasdaqGS:CDXS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 21.9%
United States of America Life Sciences Industry Earnings Growth Rate Market Cap Weighted Average 17.3%
United States of America Life Sciences Industry Revenue Growth Rate Market Cap Weighted Average 7.6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CDXS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CDXS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 164 36 3
2022-12-31 128 17 3
2021-12-31 102 5 3
2020-12-31 83 -7 4
2019-12-31 71 -11 4
2019-11-19
NasdaqGS:CDXS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 66 -10 -12
2019-06-30 61 -10 -14
2019-03-31 62 -13 -11
2018-12-31 61 -14 -11
2018-09-30 66 -6 -9
2018-06-30 59 -9 -18
2018-03-31 56 -9 -20
2017-12-31 50 -9 -23
2017-09-30 38 -12 -29
2017-06-30 43 -14 -18
2017-03-31 49 -6 -9
2016-12-31 49 -2 -9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Codexis's earnings are expected to grow significantly at over 20% yearly.
  • Codexis's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CDXS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Codexis Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CDXS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.56 0.91 0.20 2.00
2022-12-31 0.27 0.48 0.05 2.00
2021-12-31 0.07 0.20 -0.07 2.00
2020-12-31 -0.16 -0.12 -0.22 3.00
2019-12-31 -0.20 -0.19 -0.21 4.00
2019-11-19
NasdaqGS:CDXS Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 -0.21
2019-06-30 -0.26
2019-03-31 -0.21
2018-12-31 -0.21
2018-09-30 -0.19
2018-06-30 -0.36
2018-03-31 -0.42
2017-12-31 -0.50
2017-09-30 -0.66
2017-06-30 -0.41
2017-03-31 -0.22
2016-12-31 -0.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Codexis will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Codexis's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Codexis has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CDXS Past Performance

  How has Codexis performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Codexis's growth in the last year to its industry (Life Sciences).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Codexis does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Codexis's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Codexis's 1-year growth to the US Life Sciences industry average as it is not currently profitable.
Earnings and Revenue History
Codexis's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Codexis Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CDXS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 65.88 -11.76 30.99
2019-06-30 60.92 -14.09 30.46
2019-03-31 62.14 -11.32 29.96
2018-12-31 60.59 -10.88 29.29
2018-09-30 66.25 -9.45 30.35
2018-06-30 59.29 -17.69 31.00
2018-03-31 56.10 -20.23 30.15
2017-12-31 50.02 -23.00 29.01
2017-09-30 38.27 -29.23 28.11
2017-06-30 43.16 -17.56 25.35
2017-03-31 48.81 -9.04 25.22
2016-12-31 48.84 -8.56 25.42
2016-09-30 50.45 -5.35 24.48
2016-06-30 52.99 -1.39 24.66
2016-03-31 43.00 -8.99 23.54
2015-12-31 41.80 -7.58 22.32
2015-09-30 44.41 -5.18 21.44
2015-06-30 34.48 -15.14 21.07
2015-03-31 35.03 -18.26 21.40
2014-12-31 35.31 -19.07 21.94
2014-09-30 30.64 -29.23 22.36
2014-06-30 27.11 -33.93 23.14
2014-03-31 27.52 -38.06 24.69
2013-12-31 31.92 -41.30 26.70
2013-09-30 30.31 -47.03 26.43
2013-06-30 52.71 -40.08 28.51
2013-03-31 68.64 -32.99 29.44
2012-12-31 88.30 -30.86 29.40

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Codexis has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Codexis has efficiently used its assets last year compared to the US Life Sciences industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Codexis improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Codexis's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Life Sciences industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Codexis has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CDXS Health

 How is Codexis's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Codexis's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Codexis is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Codexis's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Codexis's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Codexis has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Codexis Company Filings, last reported 1 month ago.

NasdaqGS:CDXS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 102.51 0.00 92.14
2019-06-30 98.68 0.00 93.42
2019-03-31 51.21 0.00 47.32
2018-12-31 56.31 0.00 53.04
2018-09-30 54.77 0.00 54.23
2018-06-30 52.53 0.00 53.62
2018-03-31 15.07 0.00 24.30
2017-12-31 24.55 0.00 31.22
2017-09-30 22.09 0.00 23.83
2017-06-30 30.64 0.00 28.82
2017-03-31 11.68 0.00 13.92
2016-12-31 19.10 0.00 19.24
2016-09-30 22.84 0.00 14.92
2016-06-30 19.68 0.00 22.35
2016-03-31 16.11 0.00 22.16
2015-12-31 22.88 0.00 23.27
2015-09-30 23.31 0.00 16.96
2015-06-30 17.10 0.00 16.60
2015-03-31 21.62 0.00 22.16
2014-12-31 26.31 0.00 26.49
2014-09-30 25.21 0.00 21.52
2014-06-30 29.33 0.00 20.09
2014-03-31 36.57 0.00 24.17
2013-12-31 41.48 0.00 25.14
2013-09-30 50.87 0.00 29.92
2013-06-30 59.47 0.00 37.90
2013-03-31 70.75 0.00 44.18
2012-12-31 78.44 0.00 45.53
  • Codexis has no debt.
  • Codexis has not taken on any debt in the past 5 years.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Codexis has sufficient cash runway for more than 3 years based on current free cash flow.
  • Unable to confirm if Codexis has at least 1 year of cash runway based on growing free cash flows without relevant data.
X
Financial health checks
We assess Codexis's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Codexis has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CDXS Dividends

 What is Codexis's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Codexis dividends.
If you bought $2,000 of Codexis shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Codexis's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Codexis's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CDXS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Life Sciences Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 0.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1956 Stocks 2.3%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CDXS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31
2019-11-19

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Codexis has not reported any payouts.
  • Unable to verify if Codexis's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Codexis's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Codexis has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Codexis's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Codexis afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Codexis has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CDXS Management

 What is the CEO of Codexis's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
John Nicols
COMPENSATION $3,438,812
AGE 55
TENURE AS CEO 7.4 years
CEO Bio

Mr. John J. Nicols has been the Chief Executive Officer and President of Codexis, Inc. since June 13, 2012. Mr. Nicols is responsible for all aspects of the Catalysts global business unit and he oversees Albemarle’s strategy to expand its business through adjacency opportunities as Albemarle implements its Vision 2015 growth strategy. He served as the Senior Vice President of Strategic Development and Catalysts at Albemarle Corp. since March 01, 2012. He served as Vice President of Fine Chemicals at Albemarle Corporation from June 2002 to January 1, 2007 and its Vice President of Albemarle’s Catalysts from January 2007 to February 2012. He served as Division Vice President of Global Flame Retardants business from February 1999 to June 2002 and its Asia Pacific Business Director for the Bromine Chemicals business, based in Tokyo, Japan from 1995 to 1998. A respected leader in the industry, Mr. Nicols joined Albemarle (then Ethyl Corporation) in February 1990 and has held a wide variety of global positions with increasing responsibilities. His global experience includes a three-year assignment in Tokyo, Japan where he led its bromine business marketing activities for the entire Asia Pacific region, including China and India. He worked for three years in manufacturing and research and development for Hercules, Inc. He was appointed as Officer of the Corporation in 2002. He has been Director at Codexis, Inc. since June 2012. Mr. Nicols has served on the board of directors of California Life Sciences Association (formerly BayBio), a non-profit organization, since January 2014. In addition, Mr. Nicols has served on the board of directors of Solve ME/CFS Initiative, a non-profit organization, since January 2015, and currently serves as chairperson and on the executive and nominating committees of that organization. Mr. Nicols earned his MBA from the Massachusetts Institute of Technology in 1990 as well as a Bachelor’s degree in Chemical Engineering from Polytechnic Institute of New York in 1985.

CEO Compensation
  • John's compensation has increased whilst company is loss making.
  • John's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Codexis management team in years:

7.4
Average Tenure
61.5
Average Age
  • The average tenure for the Codexis management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

John Nicols

TITLE
President
COMPENSATION
$3M
AGE
55
TENURE
7.4 yrs

Ross Taylor

TITLE
Senior VP & CFO
AGE
56
TENURE
0.3 yrs

Laurie Heilmann

TITLE
Senior Vice President of Business Development & Marketing
TENURE
0.8 yrs

Gerhard Mayr

TITLE
Special Advisor to the Board
AGE
73
TENURE
15.3 yrs

Davinder Brar

TITLE
Special Advisor to the Board
AGE
67
TENURE
14.2 yrs
Board of Directors Tenure

Average tenure and age of the Codexis board of directors in years:

5.4
Average Tenure
68.5
Average Age
  • The tenure for the Codexis board of directors is about average.
Board of Directors

Bernard Kelley

TITLE
Chairman
COMPENSATION
$205K
AGE
77
TENURE
3 yrs

John Nicols

TITLE
President
COMPENSATION
$3M
AGE
55
TENURE
7.4 yrs

Tom Baruch

TITLE
Chairman Emeritus
COMPENSATION
$155K
AGE
80
TENURE
3 yrs

Byron Dorgan

TITLE
Independent Director
COMPENSATION
$185K
AGE
76
TENURE
8.8 yrs

Patrick Yang

TITLE
Independent Director
COMPENSATION
$160K
AGE
71
TENURE
5.8 yrs

Pam Cheng

TITLE
Independent Director
COMPENSATION
$170K
AGE
48
TENURE
5.1 yrs

David Smith

TITLE
Independent Director
COMPENSATION
$165K
AGE
59
TENURE
3.7 yrs

Dennis Wolf

TITLE
Independent Director
COMPENSATION
$155K
AGE
66
TENURE
11.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Codexis individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
06. Sep 19 Buy Patrick Yang Individual 04. Sep 19 06. Sep 19 8,000 $13.74 $109,523
04. Sep 19 Buy Patrick Yang Individual 03. Sep 19 03. Sep 19 6,000 $13.97 $83,813
26. Aug 19 Buy Patrick Yang Individual 22. Aug 19 22. Aug 19 12,000 $12.94 $155,280
23. Aug 19 Buy John Nicols Individual 20. Aug 19 20. Aug 19 10,000 $13.30 $133,000
26. Dec 18 Sell Bernard Kelley Individual 21. Dec 18 21. Dec 18 -10,206 $17.41 $-173,316
X
Management checks
We assess Codexis's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Codexis has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CDXS News

Simply Wall St News

Calculating The Intrinsic Value Of Codexis, Inc. (NASDAQ:CDXS)

Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $-16.79 $-11.73 $-5.83 $2.15 $17.50 $30.24 $45.92 $62.95 $79.81 $95.42 Growth Rate Estimate Source Analyst x1 Analyst x1 Analyst x1 Analyst x1 Analyst x1 Est @ 72.86% Est @ 51.82% Est @ 37.09% Est @ 26.78% Est @ 19.57% Present Value ($, Millions) Discounted @ 8.83% $-15.43 $-9.90 $-4.52 $1.53 $11.46 $18.20 $25.39 $31.98 $37.25 $40.92 Present Value of 10-year Cash Flow (PVCF)= $136.87m "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 10-year government bond rate of 2.7%. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = US$95m × (1 + 2.7%) ÷ (8.8% – 2.7%) = US$1.6b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = $US$1.6b ÷ ( 1 + 8.8%)10 = $688.62m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $825.49m.

Simply Wall St -

Codexis, Inc.'s (NASDAQ:CDXS) Shift From Loss To Profit

I’ve put together a brief outline of industry analyst expectations for CDXS, its year of breakeven and its implied growth rate. … Check out our latest analysis for Codexis CDXS is bordering on breakeven, according to the 6 Life Sciences analysts. … How fast will CDXS have to grow each year in order to reach the breakeven point by 2021?

Simply Wall St -

Are Insiders Selling Codexis, Inc. (NASDAQ:CDXS) Stock?

So we'll take a look at whether insiders have been buying or selling shares in Codexis, Inc. … While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. … In the last year Codexis insiders didn't buy any company stock

Simply Wall St -

Shareholders Are Raving About How The Codexis (NASDAQ:CDXS) Share Price Increased 907%

Shareholders of unprofitable companies usually expect strong revenue growth. … For the last half decade, Codexis can boast revenue growth at a rate of 15% per year. … That's a pretty good long term growth rate.

Simply Wall St -

Why Codexis, Inc.'s (NASDAQ:CDXS) CEO Pay Matters To You

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does John Nicols's Compensation Compare With Similar Sized Companies. … has a market capitalization of US$1.2b, and pays its CEO total annual compensation worth US$3.4m.

Simply Wall St -

Could The Codexis, Inc. (NASDAQ:CDXS) Ownership Structure Tell Us Something Useful?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … It has a market capitalization of US$915m, which means it would generally expect to see some institutions on the share registry. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

Market Sentiment Around Loss-Making Codexis Inc (NASDAQ:CDXS)

The US$1.1b market-cap posted a loss in its most recent financial year of -US$23.0m and a latest trailing-twelve-month loss of -US$9.4m shrinking the gap between loss and breakeven? … The most pressing concern for investors is CDXS’s path to profitability – when will it breakeven. … Consensus from the 6 Life Sciences analysts is CDXS is on the verge of breakeven.

Simply Wall St -

Should You Worry About Codexis Inc's (NASDAQ:CDXS) CEO Pay Check?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does John Nicols's Compensation Compare With Similar Sized Companies. … It would therefore appear that Codexis Inc pays John Nicols more than the median CEO remuneration at companies of a similar size, in the same market

Simply Wall St -

Codexis Inc's (NASDAQ:CDXS) Path To Profitability

The US$729.39m market-cap posted a loss in its most recent financial year of -US$23.00m and a latest trailing-twelve-month loss of -US$20.23m shrinking the gap between loss and breakeven. … See our latest analysis for Codexis … CDXS is bordering on breakeven, according to Life Sciences analysts.

Simply Wall St -

Is Codexis Inc (NASDAQ:CDXS) A Financially Sound Company?

CDXS has increased its debt level by about US$302.00K over the last 12 months made up of predominantly near term debt. … NasdaqGS:CDXS Historical Debt Apr 6th 18 Can CDXS service its debt comfortably? … CDXS’s level of debt is low relative to its total equity, at 1.23%.

Simply Wall St -

CDXS Company Info

Description

Codexis, Inc. discovers, develops, and sells protein catalysts. It also offers intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable customers to perform chemistry screening. The company also provides protein catalyst screening and protein engineering services. In addition, it offers CodeEvolver protein engineering technology platform, which helps in developing and delivering protein catalysts that perform chemical transformations. The company’s platform is used to discover novel biotherapeutic drug candidates for targeted human diseases, as well as for molecular biology and in vitro diagnostic enzymes. Its platform also enhances the pharmaceuticals companies manufacturing productivity and efficiency or outsourcing the manufacture of the intermediates and active pharmaceutical ingredients. The company sells its products to pharmaceutical manufacturers through its direct sales and business development force in the United States and Europe. Codexis, Inc. was founded in 2002 and is headquartered in Redwood City, California.

Details
Name: Codexis, Inc.
CDXS
Exchange: NasdaqGS
Founded: 2002
$865,482,772
58,518,105
Website: http://www.codexis.com
Address: Codexis, Inc.
200 Penobscot Drive,
Redwood City,
California, 94063,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CDXS Common Stock Nasdaq Global Select US USD 22. Apr 2010
DB 4QK Common Stock Deutsche Boerse AG DE EUR 22. Apr 2010
LSE 0I0X Common Stock London Stock Exchange GB USD 22. Apr 2010
Number of employees
Current staff
Staff numbers
132
Codexis employees.
Industry
Life Sciences Tools and Services
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/19 00:20
End of day share price update: 2019/11/18 00:00
Last estimates confirmation: 2019/11/07
Last earnings filing: 2019/11/06
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.