Codexis, Inc.

CDXS

HealthcareBiotechnologyNASDAQ

$2.85

Market Cap: $258.98M

Codexis, Inc. (CDXS) Valuation Summary

Updated May 11, 2026 05:37

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.01 – $2.85	$0.08	-97.0%
▸ Trading Multiples
EV/Revenue	$4.90 – $24.92	$11.95	+319.3%

Valuation History

DCF Analysis

Codexis, Inc. (CDXS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.08

Market Price

$2.85

Upside / Downside

-97.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -54.5% to a target of 13.2% over 5 years, discounted at a WACC of 8.3%, Codexis, Inc. (CDXS) has an intrinsic value of $0.08 per share (range: $0.01 – $2.85).

Key Assumptions

Current Operating Margin

-54.5%

Target Operating Margin

13.2%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.8%

Target CapEx/Rev

12.9%

D&A/Revenue

8.6%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	74	5.5%	-40.9%	-30	-30	6	(6)	9	-39	-37
2027	89	19.7%	-27.4%	-24	-24	8	(8)	4	-28	-25
2028	120	35.5%	-13.9%	-17	-17	10	(11)	8	-26	-21
2029	144	19.5%	-0.3%	-0	-0	12	(14)	6	-8	-6
2030	176	22.5%	13.2%	23	18	15	(18)	9	7	5
2031	163	-7.4%	13.2%	22	17	14	(18)	-3	17	11
2032	155	-5.3%	13.2%	20	16	13	(18)	-2	14	8
2033	150	-3.2%	13.2%	20	16	13	(18)	-1	12	7
2034	148	-1.1%	13.2%	20	15	13	(18)	-0	10	5
2035	149	0.9%	13.2%	20	16	13	(19)	0	9	4

Enterprise Value Bridge

Sum of PV(FCFF)-50

Terminal Value (Gordon Growth at 3.0%)171

PV of Terminal Value80

Enterprise Value30

(–) Net Debt22

Equity Value7

(÷) Shares Outstanding87

Fair Value per Share$0.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.3%	$-1	$0	$1	$2	$3
7.3%	$-1	$-0	$0	$1	$2
8.3%	$-1	$-1	$0	$1	$1
9.3%	$-1	$-1	$-0	$0	$1
10.3%	$-1	$-1	$-0	$0	$1

Current price: $2.85. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$11.95

Market Price

$2.85

Upside / Downside

+319.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Codexis, Inc. (CDXS) has a fair value of $11.95 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Codexis, Inc.CDXS	248	3.8x	3.6x
Armata Pharmaceuticals, Inc.ARMP	304	119.0x	114.8x
C4 Therapeutics, Inc.CCCC	244	6.4x	10.6x
OmniAb, Inc.OABI	189	9.8x	6.3x
Insight Molecular Diagnostics Inc.IMDX	134	31.2x	89.0x
Rani Therapeutics Holdings, Inc.RANI	61	28.5x	10.3x
Sangamo Therapeutics, Inc.SGMO	42	0.5x	0.5x
Industry Median		19.2x	10.5x
(*) Revenue		70	74
= Enterprise Value		1,349	778
(-) Net Debt		22	22
Equity Value		1,326	756
(/) Outstanding shares		87	87
Fair Price		$15	$9

Selected Fair Value (avg of trailing + forward)

$11.95

+319.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.01 – $2.85

$0.08

-97.0%

▸ Trading Multiples

EV/Revenue

$4.90 – $24.92

$11.95

+319.3%

DCF Analysis

Codexis, Inc. (CDXS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.08

Market Price

$2.85

Upside / Downside

-97.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-54.5%

Target Operating Margin

13.2%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.8%

Target CapEx/Rev

12.9%

D&A/Revenue

8.6%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	74	5.5%	-40.9%	-30	-30	6	(6)	9	-39	-37
2027	89	19.7%	-27.4%	-24	-24	8	(8)	4	-28	-25
2028	120	35.5%	-13.9%	-17	-17	10	(11)	8	-26	-21
2029	144	19.5%	-0.3%	-0	-0	12	(14)	6	-8	-6
2030	176	22.5%	13.2%	23	18	15	(18)	9	7	5
2031	163	-7.4%	13.2%	22	17	14	(18)	-3	17	11
2032	155	-5.3%	13.2%	20	16	13	(18)	-2	14	8
2033	150	-3.2%	13.2%	20	16	13	(18)	-1	12	7
2034	148	-1.1%	13.2%	20	15	13	(18)	-0	10	5
2035	149	0.9%	13.2%	20	16	13	(19)	0	9	4

Enterprise Value Bridge

Sum of PV(FCFF)-50

Terminal Value (Gordon Growth at 3.0%)171

PV of Terminal Value80

Enterprise Value30

(–) Net Debt22

Equity Value7

(÷) Shares Outstanding87

Fair Value per Share$0.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.3%	$-1	$0	$1	$2	$3
7.3%	$-1	$-0	$0	$1	$2
8.3%	$-1	$-1	$0	$1	$1
9.3%	$-1	$-1	$-0	$0	$1
10.3%	$-1	$-1	$-0	$0	$1

Current price: $2.85. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$11.95

Market Price

$2.85

Upside / Downside

+319.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Codexis, Inc. (CDXS) has a fair value of $11.95 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Codexis, Inc.CDXS	248	3.8x	3.6x
Armata Pharmaceuticals, Inc.ARMP	304	119.0x	114.8x
C4 Therapeutics, Inc.CCCC	244	6.4x	10.6x
OmniAb, Inc.OABI	189	9.8x	6.3x
Insight Molecular Diagnostics Inc.IMDX	134	31.2x	89.0x
Rani Therapeutics Holdings, Inc.RANI	61	28.5x	10.3x
Sangamo Therapeutics, Inc.SGMO	42	0.5x	0.5x
Industry Median		19.2x	10.5x
(*) Revenue		70	74
= Enterprise Value		1,349	778
(-) Net Debt		22	22
Equity Value		1,326	756
(/) Outstanding shares		87	87
Fair Price		$15	$9

Selected Fair Value (avg of trailing + forward)

$11.95

+319.3%