All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
1 warning event since 2017; the latest 2024-03-06.
From the record
Codexis, Inc.'s filings since 2017 show 1 warning event: an auditor change (8-K item 4.01, the latest 2024-03-06) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+4.1% a year over 10 filed years; profitable in 0 of 10.
From the record
Codexis, Inc.'s 10 filed years say what it did: revenue went from $49 million in fiscal 2016 to $70 million in fiscal 2025, up 4.1% a year; it rose in 7 of 9 years; the deepest fall was 57% from fiscal 2022 to fiscal 2024; net income was positive in 0 of 10 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 2.6/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Codexis, Inc.'s shareholder treatment is put at 2.6 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 26% of 20 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
ROE -87%: lost 87¢ per shareholder dollar. Leverage 66%: owes 66¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, Codexis, Inc. lost about 87 cents for every dollar of shareholders' money, and gross profitability: its products earned about 41 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 66 cents per dollar of assets, and net share issuance: its share count grew 18.7% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
bottom 21% of 20 in its family; net margin -62.5%.
From the record
Codexis, Inc.'s standing among 20 graded names in its industry family: revenue of $70 million in fiscal 2025 ranks in the bottom 33% by size; a net margin of -62.5% ranks in the bottom 23%; revenue growth of -20.2% a year over the last 3 filed years ranks in the bottom 8% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
bottom 27% of 17 in its family for leadership; chief executive since 2025.
From the record
Codexis, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Moore, Alison (President and CEO, as filed), filing under that title since 2025-11-17, 12 months (bottom 22% of its family); the 12 officers and directors filing in the last fifteen months have been on the record a median of 4 years (bottom 30%); 10 officer or director changes were reported on Form 8-K since 2023-11-13, against the 12 people in charge now (bottom 29%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they set up to do next?
How much room does it have to grow?
top 33% of 20 in its family for room to expand.
From the record
Codexis, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $51 million against debt of $40 million leaves 7.2% of its assets as net cash, top 31% of its family; cash from operations less capital spending is -33.9% of revenue (bottom 23%); a gross margin of 86.7% (top 3%); research spending of 74.3% of revenue (top 21%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
bottom 39% of 19 in its family for growth drivers.
From the record
Codexis, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -20.2% a year over the last three filed years against 4.1% over all 10, slowing (bottom 13% of its family); the newest year grew 18.6% (top 8%); research spending grew -13.2% a year (bottom 19%); capital spending grew -18.7% a year (bottom 32%) (its annual reports). Codexis, Inc. reported 2 product lines in fiscal 2025: Research and Development Revenue at $44 million (63%), Product at $26 million (37%); 1 of 2 grew against the year before (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
top 17% of 19 in its family for expectations against reality.
From the record
Codexis, Inc.'s newest year against its own record: revenue of $70 million in fiscal 2025 came in 81.2% above the $39 million its prior three years' pace pointed to (top 8% of its family); net income of $44 million against a prior three-year average of $58 million (top 29%); a net margin of -62.5% against -81% before (top 13%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made