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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and FUELCELL ENERGY INC (FCEL). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $38.9M, roughly 1.4× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs -54.3%, a 79.0% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 11.5%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 51.0%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
CDXS vs FCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $55.0M |
| Net Profit | $9.6M | $-29.9M |
| Gross Margin | 94.8% | -12.1% |
| Operating Margin | 27.1% | -51.5% |
| Net Margin | 24.7% | -54.3% |
| Revenue YoY | 81.3% | 11.5% |
| Net Profit YoY | 192.5% | 27.9% |
| EPS (diluted) | $0.13 | $-0.43 |
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 | $38.9M | $55.0M | ||
| Q3 25 | $8.6M | $46.7M | ||
| Q2 25 | $15.3M | $37.4M | ||
| Q1 25 | $7.5M | $19.0M | ||
| Q4 24 | $21.5M | $49.3M | ||
| Q3 24 | $12.8M | $23.7M | ||
| Q2 24 | $8.0M | $22.4M | ||
| Q1 24 | $17.1M | $16.7M |
| Q4 25 | $9.6M | $-29.9M | ||
| Q3 25 | $-19.6M | $-91.7M | ||
| Q2 25 | $-13.3M | $-38.0M | ||
| Q1 25 | $-20.7M | $-28.3M | ||
| Q4 24 | $-10.4M | $-41.4M | ||
| Q3 24 | $-20.6M | $-32.7M | ||
| Q2 24 | $-22.8M | $-32.1M | ||
| Q1 24 | $-11.5M | $-19.8M |
| Q4 25 | 94.8% | -12.1% | ||
| Q3 25 | 71.3% | -11.0% | ||
| Q2 25 | 86.3% | -25.2% | ||
| Q1 25 | 63.8% | -27.4% | ||
| Q4 24 | 83.0% | -22.1% | ||
| Q3 24 | 66.4% | -26.2% | ||
| Q2 24 | 56.6% | -31.6% | ||
| Q1 24 | 71.6% | -70.2% |
| Q4 25 | 27.1% | -51.5% | ||
| Q3 25 | -220.3% | -204.0% | ||
| Q2 25 | -83.9% | -95.7% | ||
| Q1 25 | -271.6% | -172.9% | ||
| Q4 24 | -34.2% | -83.2% | ||
| Q3 24 | -129.0% | -141.9% | ||
| Q2 24 | -284.9% | -184.5% | ||
| Q1 24 | -69.6% | -254.5% |
| Q4 25 | 24.7% | -54.3% | ||
| Q3 25 | -228.1% | -196.1% | ||
| Q2 25 | -86.6% | -101.7% | ||
| Q1 25 | -274.3% | -149.1% | ||
| Q4 24 | -48.4% | -84.0% | ||
| Q3 24 | -160.8% | -137.8% | ||
| Q2 24 | -285.2% | -143.4% | ||
| Q1 24 | -67.4% | -118.6% |
| Q4 25 | $0.13 | $-0.43 | ||
| Q3 25 | $-0.22 | $-3.78 | ||
| Q2 25 | $-0.16 | $-1.79 | ||
| Q1 25 | $-0.25 | $-1.42 | ||
| Q4 24 | $-0.12 | $-2.29 | ||
| Q3 24 | $-0.29 | $-1.99 | ||
| Q2 24 | $-0.32 | $-2.18 | ||
| Q1 24 | $-0.16 | $-1.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $78.2M | $278.1M |
| Total DebtLower is stronger | $40.1M | $103.8M |
| Stockholders' EquityBook value | $50.5M | $662.2M |
| Total Assets | $147.8M | $932.1M |
| Debt / EquityLower = less leverage | 0.79× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $278.1M | ||
| Q3 25 | $58.7M | $174.7M | ||
| Q2 25 | $66.3M | $177.0M | ||
| Q1 25 | $59.8M | $208.4M | ||
| Q4 24 | $73.5M | $257.3M | ||
| Q3 24 | $90.3M | $267.2M | ||
| Q2 24 | $73.2M | $260.1M | ||
| Q1 24 | $85.5M | $297.5M |
| Q4 25 | $40.1M | $103.8M | ||
| Q3 25 | $39.7M | $106.4M | ||
| Q2 25 | $39.4M | $109.4M | ||
| Q1 25 | $29.2M | $112.3M | ||
| Q4 24 | $28.9M | $115.7M | ||
| Q3 24 | $28.6M | $112.7M | ||
| Q2 24 | $28.4M | $116.2M | ||
| Q1 24 | $28.1M | $107.2M |
| Q4 25 | $50.5M | $662.2M | ||
| Q3 25 | $38.5M | $556.2M | ||
| Q2 25 | $55.6M | $609.2M | ||
| Q1 25 | $49.6M | $635.2M | ||
| Q4 24 | $66.9M | $656.9M | ||
| Q3 24 | $73.4M | $675.8M | ||
| Q2 24 | $61.4M | $639.8M | ||
| Q1 24 | $79.3M | $663.9M |
| Q4 25 | $147.8M | $932.1M | ||
| Q3 25 | $124.0M | $830.5M | ||
| Q2 25 | $138.2M | $883.8M | ||
| Q1 25 | $128.9M | $907.5M | ||
| Q4 24 | $149.0M | $944.1M | ||
| Q3 24 | $148.2M | $948.9M | ||
| Q2 24 | $132.0M | $916.8M | ||
| Q1 24 | $149.6M | $923.2M |
| Q4 25 | 0.79× | 0.16× | ||
| Q3 25 | 1.03× | 0.19× | ||
| Q2 25 | 0.71× | 0.18× | ||
| Q1 25 | 0.59× | 0.18× | ||
| Q4 24 | 0.43× | 0.18× | ||
| Q3 24 | 0.39× | 0.17× | ||
| Q2 24 | 0.46× | 0.18× | ||
| Q1 24 | 0.35× | 0.16× |
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 | $20.1M | $-22.9M |
| Free Cash FlowOCF − Capex | $19.6M | $-23.9M |
| FCF MarginFCF / Revenue | 50.3% | -43.4% |
| Capex IntensityCapex / Revenue | 1.3% | 1.8% |
| Cash ConversionOCF / Net Profit | 2.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $-143.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $-22.9M | ||
| Q3 25 | $-7.7M | $-26.8M | ||
| Q2 25 | $-18.0M | $-29.9M | ||
| Q1 25 | $-13.8M | $-45.7M | ||
| Q4 24 | $-16.5M | $5.8M | ||
| Q3 24 | $-13.0M | $-63.4M | ||
| Q2 24 | $-12.2M | $-37.1M | ||
| Q1 24 | $-7.8M | $-58.3M |
| Q4 25 | $19.6M | $-23.9M | ||
| Q3 25 | $-7.9M | $-32.1M | ||
| Q2 25 | $-20.5M | $-35.2M | ||
| Q1 25 | $-15.1M | $-52.8M | ||
| Q4 24 | $-18.2M | $-4.7M | ||
| Q3 24 | $-14.0M | $-76.8M | ||
| Q2 24 | $-12.6M | $-50.3M | ||
| Q1 24 | $-8.9M | $-68.8M |
| Q4 25 | 50.3% | -43.4% | ||
| Q3 25 | -91.7% | -68.6% | ||
| Q2 25 | -133.6% | -94.0% | ||
| Q1 25 | -199.6% | -277.8% | ||
| Q4 24 | -85.0% | -9.5% | ||
| Q3 24 | -109.0% | -324.0% | ||
| Q2 24 | -157.5% | -224.5% | ||
| Q1 24 | -52.2% | -412.4% |
| Q4 25 | 1.3% | 1.8% | ||
| Q3 25 | 2.1% | 11.2% | ||
| Q2 25 | 16.4% | 14.1% | ||
| Q1 25 | 16.7% | 37.2% | ||
| Q4 24 | 8.3% | 21.4% | ||
| Q3 24 | 7.8% | 56.6% | ||
| Q2 24 | 5.0% | 58.9% | ||
| Q1 24 | 6.6% | 63.3% |
| Q4 25 | 2.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
