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Side-by-side financial comparison of AMERICAN SUPERCONDUCTOR CORP (AMSC) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
AMERICAN SUPERCONDUCTOR CORP is the larger business by last-quarter revenue ($74.5M vs $38.9M, roughly 1.9× CODEXIS, INC.). AMERICAN SUPERCONDUCTOR CORP runs the higher net margin — 158.1% vs 24.7%, a 133.4% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 21.4%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $2.4M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 33.2%).
Anglo American plc is a British multinational mining company with headquarters in London, England. It is the world's largest producer of platinum, representing approximately 40 percent of global output, as well as being a major producer of diamonds, copper, nickel, iron ore, polyhalite and steelmaking coal. The company has operations in Africa, Asia, Australia, Europe, North America and South America.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
AMSC vs CDXS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $74.5M | $38.9M |
| Net Profit | $117.8M | $9.6M |
| Gross Margin | 30.7% | 94.8% |
| Operating Margin | 4.5% | 27.1% |
| Net Margin | 158.1% | 24.7% |
| Revenue YoY | 21.4% | 81.3% |
| Net Profit YoY | 4679.1% | 192.5% |
| EPS (diluted) | $2.62 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $74.5M | $38.9M | ||
| Q3 25 | $65.9M | $8.6M | ||
| Q2 25 | $72.4M | $15.3M | ||
| Q1 25 | $66.7M | $7.5M | ||
| Q4 24 | $61.4M | $21.5M | ||
| Q3 24 | $54.5M | $12.8M | ||
| Q2 24 | $40.3M | $8.0M | ||
| Q1 24 | $42.0M | $17.1M |
| Q4 25 | $117.8M | $9.6M | ||
| Q3 25 | $4.8M | $-19.6M | ||
| Q2 25 | $6.7M | $-13.3M | ||
| Q1 25 | $1.2M | $-20.7M | ||
| Q4 24 | $2.5M | $-10.4M | ||
| Q3 24 | $4.9M | $-20.6M | ||
| Q2 24 | $-2.5M | $-22.8M | ||
| Q1 24 | $-1.6M | $-11.5M |
| Q4 25 | 30.7% | 94.8% | ||
| Q3 25 | 31.0% | 71.3% | ||
| Q2 25 | 33.8% | 86.3% | ||
| Q1 25 | 26.5% | 63.8% | ||
| Q4 24 | 26.6% | 83.0% | ||
| Q3 24 | 28.7% | 66.4% | ||
| Q2 24 | 30.3% | 56.6% | ||
| Q1 24 | 24.8% | 71.6% |
| Q4 25 | 4.5% | 27.1% | ||
| Q3 25 | 4.5% | -220.3% | ||
| Q2 25 | 7.8% | -83.9% | ||
| Q1 25 | 2.5% | -271.6% | ||
| Q4 24 | 2.1% | -34.2% | ||
| Q3 24 | -1.4% | -129.0% | ||
| Q2 24 | -8.2% | -284.9% | ||
| Q1 24 | -5.3% | -69.6% |
| Q4 25 | 158.1% | 24.7% | ||
| Q3 25 | 7.2% | -228.1% | ||
| Q2 25 | 9.3% | -86.6% | ||
| Q1 25 | 1.8% | -274.3% | ||
| Q4 24 | 4.0% | -48.4% | ||
| Q3 24 | 9.0% | -160.8% | ||
| Q2 24 | -6.3% | -285.2% | ||
| Q1 24 | -3.8% | -67.4% |
| Q4 25 | $2.62 | $0.13 | ||
| Q3 25 | $0.11 | $-0.22 | ||
| Q2 25 | $0.17 | $-0.16 | ||
| Q1 25 | $0.04 | $-0.25 | ||
| Q4 24 | $0.06 | $-0.12 | ||
| Q3 24 | $0.13 | $-0.29 | ||
| Q2 24 | $-0.07 | $-0.32 | ||
| Q1 24 | $-0.03 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $141.1M | $78.2M |
| Total DebtLower is stronger | — | $40.1M |
| Stockholders' EquityBook value | $536.8M | $50.5M |
| Total Assets | $719.5M | $147.8M |
| Debt / EquityLower = less leverage | — | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $78.2M | ||
| Q3 25 | $212.9M | $58.7M | ||
| Q2 25 | $207.9M | $66.3M | ||
| Q1 25 | $79.5M | $59.8M | ||
| Q4 24 | $75.2M | $73.5M | ||
| Q3 24 | $72.1M | $90.3M | ||
| Q2 24 | $93.5M | $73.2M | ||
| Q1 24 | $90.5M | $85.5M |
| Q4 25 | — | $40.1M | ||
| Q3 25 | — | $39.7M | ||
| Q2 25 | — | $39.4M | ||
| Q1 25 | — | $29.2M | ||
| Q4 24 | — | $28.9M | ||
| Q3 24 | — | $28.6M | ||
| Q2 24 | — | $28.4M | ||
| Q1 24 | — | $28.1M |
| Q4 25 | $536.8M | $50.5M | ||
| Q3 25 | $342.2M | $38.5M | ||
| Q2 25 | $333.1M | $55.6M | ||
| Q1 25 | $197.1M | $49.6M | ||
| Q4 24 | $192.7M | $66.9M | ||
| Q3 24 | $187.0M | $73.4M | ||
| Q2 24 | $143.3M | $61.4M | ||
| Q1 24 | $144.6M | $79.3M |
| Q4 25 | $719.5M | $147.8M | ||
| Q3 25 | $445.6M | $124.0M | ||
| Q2 25 | $452.8M | $138.2M | ||
| Q1 25 | $310.5M | $128.9M | ||
| Q4 24 | $310.3M | $149.0M | ||
| Q3 24 | $298.4M | $148.2M | ||
| Q2 24 | $240.1M | $132.0M | ||
| Q1 24 | $232.8M | $149.6M |
| Q4 25 | — | 0.79× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.59× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.2M | $20.1M |
| Free Cash FlowOCF − Capex | $2.4M | $19.6M |
| FCF MarginFCF / Revenue | 3.2% | 50.3% |
| Capex IntensityCapex / Revenue | 1.2% | 1.3% |
| Cash ConversionOCF / Net Profit | 0.03× | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | $16.0M | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2M | $20.1M | ||
| Q3 25 | $6.5M | $-7.7M | ||
| Q2 25 | $4.1M | $-18.0M | ||
| Q1 25 | $6.3M | $-13.8M | ||
| Q4 24 | $5.9M | $-16.5M | ||
| Q3 24 | $12.7M | $-13.0M | ||
| Q2 24 | $3.4M | $-12.2M | ||
| Q1 24 | $2.2M | $-7.8M |
| Q4 25 | $2.4M | $19.6M | ||
| Q3 25 | $5.1M | $-7.9M | ||
| Q2 25 | $3.3M | $-20.5M | ||
| Q1 25 | $5.3M | $-15.1M | ||
| Q4 24 | $5.3M | $-18.2M | ||
| Q3 24 | $12.1M | $-14.0M | ||
| Q2 24 | $3.1M | $-12.6M | ||
| Q1 24 | $1.9M | $-8.9M |
| Q4 25 | 3.2% | 50.3% | ||
| Q3 25 | 7.7% | -91.7% | ||
| Q2 25 | 4.6% | -133.6% | ||
| Q1 25 | 7.9% | -199.6% | ||
| Q4 24 | 8.7% | -85.0% | ||
| Q3 24 | 22.3% | -109.0% | ||
| Q2 24 | 7.8% | -157.5% | ||
| Q1 24 | 4.6% | -52.2% |
| Q4 25 | 1.2% | 1.3% | ||
| Q3 25 | 2.1% | 2.1% | ||
| Q2 25 | 1.1% | 16.4% | ||
| Q1 25 | 1.6% | 16.7% | ||
| Q4 24 | 0.9% | 8.3% | ||
| Q3 24 | 1.1% | 7.8% | ||
| Q2 24 | 0.7% | 5.0% | ||
| Q1 24 | 0.7% | 6.6% |
| Q4 25 | 0.03× | 2.09× | ||
| Q3 25 | 1.37× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 5.22× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 2.60× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMSC
| Equipment And Systems | $56.0M | 75% |
| Megatran | $14.1M | 19% |
| Comtrafo Industria De Transformadores Eletricos SA | $4.6M | 6% |
CDXS
Segment breakdown not available.
