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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
Apollo Commercial Real Estate Finance, Inc. is the larger business by last-quarter revenue ($73.3M vs $38.9M, roughly 1.9× CODEXIS, INC.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 24.7%, a 15.2% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 4.0%). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
ARI vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $38.9M |
| Net Profit | $29.2M | $9.6M |
| Gross Margin | — | 94.8% |
| Operating Margin | 39.7% | 27.1% |
| Net Margin | 39.9% | 24.7% |
| Revenue YoY | 4.0% | 81.3% |
| Net Profit YoY | -28.2% | 192.5% |
| EPS (diluted) | $0.19 | $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 | $73.3M | $38.9M | ||
| Q3 25 | $61.6M | $8.6M | ||
| Q2 25 | $70.9M | $15.3M | ||
| Q1 25 | $65.8M | $7.5M | ||
| Q4 24 | $70.5M | $21.5M | ||
| Q3 24 | $71.6M | $12.8M | ||
| Q2 24 | $81.1M | $8.0M | ||
| Q1 24 | $80.5M | $17.1M |
| Q4 25 | $29.2M | $9.6M | ||
| Q3 25 | $50.8M | $-19.6M | ||
| Q2 25 | $20.7M | $-13.3M | ||
| Q1 25 | $26.0M | $-20.7M | ||
| Q4 24 | $40.7M | $-10.4M | ||
| Q3 24 | $-91.5M | $-20.6M | ||
| Q2 24 | $35.8M | $-22.8M | ||
| Q1 24 | $-104.5M | $-11.5M |
| Q4 25 | — | 94.8% | ||
| Q3 25 | — | 71.3% | ||
| Q2 25 | — | 86.3% | ||
| Q1 25 | — | 63.8% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 66.4% | ||
| Q2 24 | — | 56.6% | ||
| Q1 24 | — | 71.6% |
| Q4 25 | 39.7% | 27.1% | ||
| Q3 25 | 82.8% | -220.3% | ||
| Q2 25 | 29.4% | -83.9% | ||
| Q1 25 | 39.7% | -271.6% | ||
| Q4 24 | 57.9% | -34.2% | ||
| Q3 24 | -127.8% | -129.0% | ||
| Q2 24 | 44.2% | -284.9% | ||
| Q1 24 | -129.6% | -69.6% |
| Q4 25 | 39.9% | 24.7% | ||
| Q3 25 | 82.4% | -228.1% | ||
| Q2 25 | 29.3% | -86.6% | ||
| Q1 25 | 39.5% | -274.3% | ||
| Q4 24 | 57.7% | -48.4% | ||
| Q3 24 | -127.9% | -160.8% | ||
| Q2 24 | 44.1% | -285.2% | ||
| Q1 24 | -129.8% | -67.4% |
| Q4 25 | $0.19 | $0.13 | ||
| Q3 25 | $0.34 | $-0.22 | ||
| Q2 25 | $0.12 | $-0.16 | ||
| Q1 25 | $0.16 | $-0.25 | ||
| Q4 24 | $0.25 | $-0.12 | ||
| Q3 24 | $-0.69 | $-0.29 | ||
| Q2 24 | $0.23 | $-0.32 | ||
| Q1 24 | $-0.76 | $-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 | $139.8M | $78.2M |
| Total DebtLower is stronger | — | $40.1M |
| Stockholders' EquityBook value | $1.9B | $50.5M |
| Total Assets | $9.9B | $147.8M |
| Debt / EquityLower = less leverage | — | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $78.2M | ||
| Q3 25 | $245.9M | $58.7M | ||
| Q2 25 | $177.6M | $66.3M | ||
| Q1 25 | $166.4M | $59.8M | ||
| Q4 24 | $317.4M | $73.5M | ||
| Q3 24 | $194.3M | $90.3M | ||
| Q2 24 | $174.7M | $73.2M | ||
| Q1 24 | $161.2M | $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 | $1.9B | $50.5M | ||
| Q3 25 | $1.9B | $38.5M | ||
| Q2 25 | $1.8B | $55.6M | ||
| Q1 25 | $1.9B | $49.6M | ||
| Q4 24 | $1.9B | $66.9M | ||
| Q3 24 | $1.9B | $73.4M | ||
| Q2 24 | $2.0B | $61.4M | ||
| Q1 24 | $2.0B | $79.3M |
| Q4 25 | $9.9B | $147.8M | ||
| Q3 25 | $9.5B | $124.0M | ||
| Q2 25 | $9.8B | $138.2M | ||
| Q1 25 | $8.8B | $128.9M | ||
| Q4 24 | $8.4B | $149.0M | ||
| Q3 24 | $9.1B | $148.2M | ||
| Q2 24 | $9.3B | $132.0M | ||
| Q1 24 | $9.2B | $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 | $142.5M | $20.1M |
| Free Cash FlowOCF − Capex | — | $19.6M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 4.88× | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $20.1M | ||
| Q3 25 | $31.7M | $-7.7M | ||
| Q2 25 | $63.2M | $-18.0M | ||
| Q1 25 | $39.3M | $-13.8M | ||
| Q4 24 | $200.3M | $-16.5M | ||
| Q3 24 | $47.2M | $-13.0M | ||
| Q2 24 | $50.2M | $-12.2M | ||
| Q1 24 | $52.8M | $-7.8M |
| Q4 25 | — | $19.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $-20.5M | ||
| Q1 25 | — | $-15.1M | ||
| Q4 24 | — | $-18.2M | ||
| Q3 24 | — | $-14.0M | ||
| Q2 24 | — | $-12.6M | ||
| Q1 24 | — | $-8.9M |
| Q4 25 | — | 50.3% | ||
| Q3 25 | — | -91.7% | ||
| Q2 25 | — | -133.6% | ||
| Q1 25 | — | -199.6% | ||
| Q4 24 | — | -85.0% | ||
| Q3 24 | — | -109.0% | ||
| Q2 24 | — | -157.5% | ||
| Q1 24 | — | -52.2% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 16.7% | ||
| Q4 24 | — | 8.3% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 6.6% |
| Q4 25 | 4.88× | 2.09× | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
