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Side-by-side financial comparison of Bank First Corp (BFC) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
Bank First Corp is the larger business by last-quarter revenue ($44.9M vs $38.9M, roughly 1.2× CODEXIS, INC.). Bank First Corp runs the higher net margin — 45.8% vs 24.7%, a 21.1% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 12.1%). Bank First Corp produced more free cash flow last quarter ($51.0M vs $19.6M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 9.1%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
BFC vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $38.9M |
| Net Profit | $18.4M | $9.6M |
| Gross Margin | — | 94.8% |
| Operating Margin | 51.0% | 27.1% |
| Net Margin | 45.8% | 24.7% |
| Revenue YoY | 12.1% | 81.3% |
| Net Profit YoY | 4.8% | 192.5% |
| EPS (diluted) | $1.87 | $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 | $44.9M | $38.9M | ||
| Q3 25 | $44.2M | $8.6M | ||
| Q2 25 | $41.6M | $15.3M | ||
| Q1 25 | $43.1M | $7.5M | ||
| Q4 24 | $40.1M | $21.5M | ||
| Q3 24 | $40.8M | $12.8M | ||
| Q2 24 | $38.9M | $8.0M | ||
| Q1 24 | $37.7M | $17.1M |
| Q4 25 | $18.4M | $9.6M | ||
| Q3 25 | $18.0M | $-19.6M | ||
| Q2 25 | $16.9M | $-13.3M | ||
| Q1 25 | $18.2M | $-20.7M | ||
| Q4 24 | $17.5M | $-10.4M | ||
| Q3 24 | $16.6M | $-20.6M | ||
| Q2 24 | $16.1M | $-22.8M | ||
| Q1 24 | $15.4M | $-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 | 51.0% | 27.1% | ||
| Q3 25 | 50.8% | -220.3% | ||
| Q2 25 | 49.7% | -83.9% | ||
| Q1 25 | 51.3% | -271.6% | ||
| Q4 24 | 54.4% | -34.2% | ||
| Q3 24 | 50.7% | -129.0% | ||
| Q2 24 | 51.0% | -284.9% | ||
| Q1 24 | 45.6% | -69.6% |
| Q4 25 | 45.8% | 24.7% | ||
| Q3 25 | 40.7% | -228.1% | ||
| Q2 25 | 40.5% | -86.6% | ||
| Q1 25 | 42.3% | -274.3% | ||
| Q4 24 | 49.3% | -48.4% | ||
| Q3 24 | 40.6% | -160.8% | ||
| Q2 24 | 41.3% | -285.2% | ||
| Q1 24 | 40.8% | -67.4% |
| Q4 25 | $1.87 | $0.13 | ||
| Q3 25 | $1.83 | $-0.22 | ||
| Q2 25 | $1.71 | $-0.16 | ||
| Q1 25 | $1.82 | $-0.25 | ||
| Q4 24 | $1.75 | $-0.12 | ||
| Q3 24 | $1.65 | $-0.29 | ||
| Q2 24 | $1.59 | $-0.32 | ||
| Q1 24 | $1.51 | $-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 | $243.2M | $78.2M |
| Total DebtLower is stronger | — | $40.1M |
| Stockholders' EquityBook value | $643.8M | $50.5M |
| Total Assets | $4.5B | $147.8M |
| Debt / EquityLower = less leverage | — | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $243.2M | $78.2M | ||
| Q3 25 | $126.2M | $58.7M | ||
| Q2 25 | $120.3M | $66.3M | ||
| Q1 25 | $300.9M | $59.8M | ||
| Q4 24 | $261.3M | $73.5M | ||
| Q3 24 | $204.4M | $90.3M | ||
| Q2 24 | $99.0M | $73.2M | ||
| Q1 24 | $83.4M | $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 | $643.8M | $50.5M | ||
| Q3 25 | $628.1M | $38.5M | ||
| Q2 25 | $612.3M | $55.6M | ||
| Q1 25 | $648.4M | $49.6M | ||
| Q4 24 | $639.7M | $66.9M | ||
| Q3 24 | $628.9M | $73.4M | ||
| Q2 24 | $614.6M | $61.4M | ||
| Q1 24 | $609.3M | $79.3M |
| Q4 25 | $4.5B | $147.8M | ||
| Q3 25 | $4.4B | $124.0M | ||
| Q2 25 | $4.4B | $138.2M | ||
| Q1 25 | $4.5B | $128.9M | ||
| Q4 24 | $4.5B | $149.0M | ||
| Q3 24 | $4.3B | $148.2M | ||
| Q2 24 | $4.1B | $132.0M | ||
| Q1 24 | $4.1B | $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 | $62.5M | $20.1M |
| Free Cash FlowOCF − Capex | $51.0M | $19.6M |
| FCF MarginFCF / Revenue | 113.6% | 50.3% |
| Capex IntensityCapex / Revenue | 25.5% | 1.3% |
| Cash ConversionOCF / Net Profit | 3.40× | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | $75.8M | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.5M | $20.1M | ||
| Q3 25 | $15.5M | $-7.7M | ||
| Q2 25 | $11.9M | $-18.0M | ||
| Q1 25 | $6.2M | $-13.8M | ||
| Q4 24 | $65.8M | $-16.5M | ||
| Q3 24 | $18.8M | $-13.0M | ||
| Q2 24 | $14.9M | $-12.2M | ||
| Q1 24 | $1.3M | $-7.8M |
| Q4 25 | $51.0M | $19.6M | ||
| Q3 25 | $12.5M | $-7.9M | ||
| Q2 25 | $8.2M | $-20.5M | ||
| Q1 25 | $4.0M | $-15.1M | ||
| Q4 24 | $58.6M | $-18.2M | ||
| Q3 24 | $16.9M | $-14.0M | ||
| Q2 24 | $13.7M | $-12.6M | ||
| Q1 24 | $551.0K | $-8.9M |
| Q4 25 | 113.6% | 50.3% | ||
| Q3 25 | 28.2% | -91.7% | ||
| Q2 25 | 19.8% | -133.6% | ||
| Q1 25 | 9.3% | -199.6% | ||
| Q4 24 | 146.3% | -85.0% | ||
| Q3 24 | 41.5% | -109.0% | ||
| Q2 24 | 35.3% | -157.5% | ||
| Q1 24 | 1.5% | -52.2% |
| Q4 25 | 25.5% | 1.3% | ||
| Q3 25 | 6.7% | 2.1% | ||
| Q2 25 | 8.7% | 16.4% | ||
| Q1 25 | 5.0% | 16.7% | ||
| Q4 24 | 18.0% | 8.3% | ||
| Q3 24 | 4.5% | 7.8% | ||
| Q2 24 | 3.1% | 5.0% | ||
| Q1 24 | 2.1% | 6.6% |
| Q4 25 | 3.40× | 2.09× | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 3.75× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.93× | — | ||
| Q1 24 | 0.09× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
