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Side-by-side financial comparison of ASPEN AEROGELS INC (ASPN) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
ASPEN AEROGELS INC is the larger business by last-quarter revenue ($41.3M vs $38.9M, roughly 1.1× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs -176.4%, a 201.0% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -66.4%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $13.7M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -33.9%).
Aspen Aerogels Inc is a leading manufacturer of high-performance aerogel-based insulation and thermal management materials. It serves core sectors including renewable energy, oil and gas infrastructure, aerospace, commercial construction and industrial manufacturing, with key markets across North America, Europe and Asia-Pacific. Its products are prized for superior thermal resistance, fire safety and lightweight performance for harsh operating conditions.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
ASPN vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $41.3M | $38.9M |
| Net Profit | $-72.9M | $9.6M |
| Gross Margin | -55.5% | 94.8% |
| Operating Margin | -170.3% | 27.1% |
| Net Margin | -176.4% | 24.7% |
| Revenue YoY | -66.4% | 81.3% |
| Net Profit YoY | -741.7% | 192.5% |
| EPS (diluted) | $-0.87 | $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 | $41.3M | $38.9M | ||
| Q3 25 | $73.0M | $8.6M | ||
| Q2 25 | $78.0M | $15.3M | ||
| Q1 25 | $78.7M | $7.5M | ||
| Q4 24 | $123.1M | $21.5M | ||
| Q3 24 | $117.3M | $12.8M | ||
| Q2 24 | $117.8M | $8.0M | ||
| Q1 24 | $94.5M | $17.1M |
| Q4 25 | $-72.9M | $9.6M | ||
| Q3 25 | $-6.3M | $-19.6M | ||
| Q2 25 | $-9.1M | $-13.3M | ||
| Q1 25 | $-301.2M | $-20.7M | ||
| Q4 24 | $11.4M | $-10.4M | ||
| Q3 24 | $-13.0M | $-20.6M | ||
| Q2 24 | $16.8M | $-22.8M | ||
| Q1 24 | $-1.8M | $-11.5M |
| Q4 25 | -55.5% | 94.8% | ||
| Q3 25 | 28.5% | 71.3% | ||
| Q2 25 | 32.4% | 86.3% | ||
| Q1 25 | 29.0% | 63.8% | ||
| Q4 24 | 38.3% | 83.0% | ||
| Q3 24 | 41.8% | 66.4% | ||
| Q2 24 | 43.8% | 56.6% | ||
| Q1 24 | 37.2% | 71.6% |
| Q4 25 | -170.3% | 27.1% | ||
| Q3 25 | -4.6% | -220.3% | ||
| Q2 25 | -6.6% | -83.9% | ||
| Q1 25 | -380.2% | -271.6% | ||
| Q4 24 | 12.0% | -34.2% | ||
| Q3 24 | 14.8% | -129.0% | ||
| Q2 24 | 17.0% | -284.9% | ||
| Q1 24 | 2.6% | -69.6% |
| Q4 25 | -176.4% | 24.7% | ||
| Q3 25 | -8.7% | -228.1% | ||
| Q2 25 | -11.6% | -86.6% | ||
| Q1 25 | -382.7% | -274.3% | ||
| Q4 24 | 9.2% | -48.4% | ||
| Q3 24 | -11.1% | -160.8% | ||
| Q2 24 | 14.3% | -285.2% | ||
| Q1 24 | -1.9% | -67.4% |
| Q4 25 | $-0.87 | $0.13 | ||
| Q3 25 | $-0.08 | $-0.22 | ||
| Q2 25 | $-0.11 | $-0.16 | ||
| Q1 25 | $-3.67 | $-0.25 | ||
| Q4 24 | $0.15 | $-0.12 | ||
| Q3 24 | $-0.17 | $-0.29 | ||
| Q2 24 | $0.21 | $-0.32 | ||
| Q1 24 | $-0.02 | $-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 | $156.9M | $78.2M |
| Total DebtLower is stronger | $65.5M | $40.1M |
| Stockholders' EquityBook value | $235.5M | $50.5M |
| Total Assets | $406.7M | $147.8M |
| Debt / EquityLower = less leverage | 0.28× | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $156.9M | $78.2M | ||
| Q3 25 | $150.7M | $58.7M | ||
| Q2 25 | $167.6M | $66.3M | ||
| Q1 25 | $192.0M | $59.8M | ||
| Q4 24 | $220.9M | $73.5M | ||
| Q3 24 | $113.5M | $90.3M | ||
| Q2 24 | $91.4M | $73.2M | ||
| Q1 24 | $101.5M | $85.5M |
| Q4 25 | $65.5M | $40.1M | ||
| Q3 25 | $70.1M | $39.7M | ||
| Q2 25 | $77.3M | $39.4M | ||
| Q1 25 | $95.4M | $29.2M | ||
| Q4 24 | $95.0M | $28.9M | ||
| Q3 24 | $93.7M | $28.6M | ||
| Q2 24 | — | $28.4M | ||
| Q1 24 | — | $28.1M |
| Q4 25 | $235.5M | $50.5M | ||
| Q3 25 | $305.7M | $38.5M | ||
| Q2 25 | $308.8M | $55.6M | ||
| Q1 25 | $314.8M | $49.6M | ||
| Q4 24 | $614.7M | $66.9M | ||
| Q3 24 | $507.6M | $73.4M | ||
| Q2 24 | $517.8M | $61.4M | ||
| Q1 24 | $491.2M | $79.3M |
| Q4 25 | $406.7M | $147.8M | ||
| Q3 25 | $491.4M | $124.0M | ||
| Q2 25 | $525.1M | $138.2M | ||
| Q1 25 | $555.0M | $128.9M | ||
| Q4 24 | $895.1M | $149.0M | ||
| Q3 24 | $782.6M | $148.2M | ||
| Q2 24 | $748.6M | $132.0M | ||
| Q1 24 | $698.0M | $149.6M |
| Q4 25 | 0.28× | 0.79× | ||
| Q3 25 | 0.23× | 1.03× | ||
| Q2 25 | 0.25× | 0.71× | ||
| Q1 25 | 0.30× | 0.59× | ||
| Q4 24 | 0.15× | 0.43× | ||
| Q3 24 | 0.18× | 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 | $16.1M | $20.1M |
| Free Cash FlowOCF − Capex | $13.7M | $19.6M |
| FCF MarginFCF / Revenue | 33.1% | 50.3% |
| Capex IntensityCapex / Revenue | 6.0% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.1M | $20.1M | ||
| Q3 25 | $15.0M | $-7.7M | ||
| Q2 25 | $-3.9M | $-18.0M | ||
| Q1 25 | $5.6M | $-13.8M | ||
| Q4 24 | $35.7M | $-16.5M | ||
| Q3 24 | $20.8M | $-13.0M | ||
| Q2 24 | $6.8M | $-12.2M | ||
| Q1 24 | $-17.7M | $-7.8M |
| Q4 25 | $13.7M | $19.6M | ||
| Q3 25 | $5.9M | $-7.9M | ||
| Q2 25 | $-16.8M | $-20.5M | ||
| Q1 25 | $-7.4M | $-15.1M | ||
| Q4 24 | $20.9M | $-18.2M | ||
| Q3 24 | $-50.0K | $-14.0M | ||
| Q2 24 | $-18.0M | $-12.6M | ||
| Q1 24 | $-43.6M | $-8.9M |
| Q4 25 | 33.1% | 50.3% | ||
| Q3 25 | 8.1% | -91.7% | ||
| Q2 25 | -21.6% | -133.6% | ||
| Q1 25 | -9.4% | -199.6% | ||
| Q4 24 | 17.0% | -85.0% | ||
| Q3 24 | -0.0% | -109.0% | ||
| Q2 24 | -15.3% | -157.5% | ||
| Q1 24 | -46.1% | -52.2% |
| Q4 25 | 6.0% | 1.3% | ||
| Q3 25 | 12.5% | 2.1% | ||
| Q2 25 | 16.5% | 16.4% | ||
| Q1 25 | 16.5% | 16.7% | ||
| Q4 24 | 12.0% | 8.3% | ||
| Q3 24 | 17.7% | 7.8% | ||
| Q2 24 | 21.1% | 5.0% | ||
| Q1 24 | 27.4% | 6.6% |
| Q4 25 | — | 2.09× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.14× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.41× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASPN
| Energy Industrial | $14.5M | 35% |
| Other | $13.9M | 34% |
| Thermal Barrier | $12.9M | 31% |
CDXS
Segment breakdown not available.
