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Side-by-side financial comparison of Atlanta Braves Holdings, Inc. (BATRA) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
Atlanta Braves Holdings, Inc. is the larger business by last-quarter revenue ($61.3M vs $38.9M, roughly 1.6× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs -67.6%, a 92.3% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 17.6%). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -52.5%).
Atlanta Braves Holdings, Inc. is a sports and entertainment holding company that owns and operates the Atlanta Braves MLB franchise. It also manages adjacent mixed-use real estate, live events, merchandise sales, and media operations, serving fans across the U.S. Southeast and global baseball audiences.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
BATRA vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.3M | $38.9M |
| Net Profit | $-41.4M | $9.6M |
| Gross Margin | — | 94.8% |
| Operating Margin | -81.2% | 27.1% |
| Net Margin | -67.6% | 24.7% |
| Revenue YoY | 17.6% | 81.3% |
| Net Profit YoY | -116.7% | 192.5% |
| EPS (diluted) | $-0.64 | $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 | $61.3M | $38.9M | ||
| Q3 25 | $311.5M | $8.6M | ||
| Q2 25 | $312.4M | $15.3M | ||
| Q1 25 | $47.2M | $7.5M | ||
| Q4 24 | $52.1M | $21.5M | ||
| Q3 24 | $290.7M | $12.8M | ||
| Q2 24 | $282.9M | $8.0M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | $-41.4M | $9.6M | ||
| Q3 25 | $30.0M | $-19.6M | ||
| Q2 25 | $29.5M | $-13.3M | ||
| Q1 25 | $-41.4M | $-20.7M | ||
| Q4 24 | $-19.1M | $-10.4M | ||
| Q3 24 | $10.0M | $-20.6M | ||
| Q2 24 | $29.1M | $-22.8M | ||
| Q1 24 | — | $-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 | -81.2% | 27.1% | ||
| Q3 25 | 12.5% | -220.3% | ||
| Q2 25 | 13.4% | -83.9% | ||
| Q1 25 | -94.2% | -271.6% | ||
| Q4 24 | -35.8% | -34.2% | ||
| Q3 24 | 2.2% | -129.0% | ||
| Q2 24 | 8.8% | -284.9% | ||
| Q1 24 | — | -69.6% |
| Q4 25 | -67.6% | 24.7% | ||
| Q3 25 | 9.6% | -228.1% | ||
| Q2 25 | 9.4% | -86.6% | ||
| Q1 25 | -87.7% | -274.3% | ||
| Q4 24 | -36.7% | -48.4% | ||
| Q3 24 | 3.4% | -160.8% | ||
| Q2 24 | 10.3% | -285.2% | ||
| Q1 24 | — | -67.4% |
| Q4 25 | $-0.64 | $0.13 | ||
| Q3 25 | $0.47 | $-0.22 | ||
| Q2 25 | $0.46 | $-0.16 | ||
| Q1 25 | $-0.66 | $-0.25 | ||
| Q4 24 | $-0.29 | $-0.12 | ||
| Q3 24 | $0.16 | $-0.29 | ||
| Q2 24 | $0.46 | $-0.32 | ||
| Q1 24 | — | $-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 | $99.9M | $78.2M |
| Total DebtLower is stronger | $738.6M | $40.1M |
| Stockholders' EquityBook value | $526.0M | $50.5M |
| Total Assets | $1.6B | $147.8M |
| Debt / EquityLower = less leverage | 1.40× | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.9M | $78.2M | ||
| Q3 25 | $82.2M | $58.7M | ||
| Q2 25 | $96.2M | $66.3M | ||
| Q1 25 | $244.7M | $59.8M | ||
| Q4 24 | $110.1M | $73.5M | ||
| Q3 24 | $100.9M | $90.3M | ||
| Q2 24 | $121.2M | $73.2M | ||
| Q1 24 | — | $85.5M |
| Q4 25 | $738.6M | $40.1M | ||
| Q3 25 | $759.9M | $39.7M | ||
| Q2 25 | $703.1M | $39.4M | ||
| Q1 25 | $699.5M | $29.2M | ||
| Q4 24 | $617.1M | $28.9M | ||
| Q3 24 | $640.1M | $28.6M | ||
| Q2 24 | $600.0M | $28.4M | ||
| Q1 24 | — | $28.1M |
| Q4 25 | $526.0M | $50.5M | ||
| Q3 25 | $560.3M | $38.5M | ||
| Q2 25 | $522.8M | $55.6M | ||
| Q1 25 | $486.1M | $49.6M | ||
| Q4 24 | $524.2M | $66.9M | ||
| Q3 24 | $530.4M | $73.4M | ||
| Q2 24 | $512.7M | $61.4M | ||
| Q1 24 | — | $79.3M |
| Q4 25 | $1.6B | $147.8M | ||
| Q3 25 | $1.7B | $124.0M | ||
| Q2 25 | $1.7B | $138.2M | ||
| Q1 25 | $1.7B | $128.9M | ||
| Q4 24 | $1.5B | $149.0M | ||
| Q3 24 | $1.6B | $148.2M | ||
| Q2 24 | $1.6B | $132.0M | ||
| Q1 24 | — | $149.6M |
| Q4 25 | 1.40× | 0.79× | ||
| Q3 25 | 1.36× | 1.03× | ||
| Q2 25 | 1.34× | 0.71× | ||
| Q1 25 | 1.44× | 0.59× | ||
| Q4 24 | 1.18× | 0.43× | ||
| Q3 24 | 1.21× | 0.39× | ||
| Q2 24 | 1.17× | 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 | $26.4M | $20.1M |
| Free Cash FlowOCF − Capex | — | $19.6M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | 0.0% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.4M | $20.1M | ||
| Q3 25 | $-88.8M | $-7.7M | ||
| Q2 25 | $-8.1M | $-18.0M | ||
| Q1 25 | $95.8M | $-13.8M | ||
| Q4 24 | $28.9M | $-16.5M | ||
| Q3 24 | $-69.0M | $-13.0M | ||
| Q2 24 | $-34.3M | $-12.2M | ||
| Q1 24 | — | $-7.8M |
| Q4 25 | — | $19.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | $-82.3M | $-20.5M | ||
| Q1 25 | $76.3M | $-15.1M | ||
| Q4 24 | $16.8M | $-18.2M | ||
| Q3 24 | $-85.5M | $-14.0M | ||
| Q2 24 | $-64.1M | $-12.6M | ||
| Q1 24 | — | $-8.9M |
| Q4 25 | — | 50.3% | ||
| Q3 25 | — | -91.7% | ||
| Q2 25 | -26.3% | -133.6% | ||
| Q1 25 | 161.5% | -199.6% | ||
| Q4 24 | 32.3% | -85.0% | ||
| Q3 24 | -29.4% | -109.0% | ||
| Q2 24 | -22.7% | -157.5% | ||
| Q1 24 | — | -52.2% |
| Q4 25 | 0.0% | 1.3% | ||
| Q3 25 | 0.0% | 2.1% | ||
| Q2 25 | 23.7% | 16.4% | ||
| Q1 25 | 41.3% | 16.7% | ||
| Q4 24 | 23.2% | 8.3% | ||
| Q3 24 | 5.7% | 7.8% | ||
| Q2 24 | 10.5% | 5.0% | ||
| Q1 24 | — | 6.6% |
| Q4 25 | — | 2.09× | ||
| Q3 25 | -2.96× | — | ||
| Q2 25 | -0.28× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -6.89× | — | ||
| Q2 24 | -1.18× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BATRA
| Baseball | $34.8M | 57% |
| Mixed Use Development Segment | $26.5M | 43% |
CDXS
Segment breakdown not available.
