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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and FutureFuel Corp. (FF). Click either name above to swap in a different company.
CODEXIS, INC. is the larger business by last-quarter revenue ($38.9M vs $19.8M, roughly 2.0× FutureFuel Corp.). CODEXIS, INC. runs the higher net margin — 24.7% vs -60.5%, a 85.2% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -67.7%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $-29.9M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -41.7%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
FutureFuel Corporation is a developer and producer of chemicals and biofuels. It is listed on the New York Stock Exchange, with symbol FF.
CDXS vs FF — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $19.8M |
| Net Profit | $9.6M | $-12.0M |
| Gross Margin | 94.8% | -46.7% |
| Operating Margin | 27.1% | -62.9% |
| Net Margin | 24.7% | -60.5% |
| Revenue YoY | 81.3% | -67.7% |
| Net Profit YoY | 192.5% | -529.4% |
| EPS (diluted) | $0.13 | $-0.28 |
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 | $19.8M | ||
| Q3 25 | $8.6M | $22.7M | ||
| Q2 25 | $15.3M | $35.7M | ||
| Q1 25 | $7.5M | $17.5M | ||
| Q4 24 | $21.5M | $61.5M | ||
| Q3 24 | $12.8M | $51.1M | ||
| Q2 24 | $8.0M | $72.4M | ||
| Q1 24 | $17.1M | $58.3M |
| Q4 25 | $9.6M | $-12.0M | ||
| Q3 25 | $-19.6M | $-9.3M | ||
| Q2 25 | $-13.3M | $-10.4M | ||
| Q1 25 | $-20.7M | $-17.6M | ||
| Q4 24 | $-10.4M | $2.8M | ||
| Q3 24 | $-20.6M | $-1.2M | ||
| Q2 24 | $-22.8M | $9.6M | ||
| Q1 24 | $-11.5M | $4.3M |
| Q4 25 | 94.8% | -46.7% | ||
| Q3 25 | 71.3% | -30.1% | ||
| Q2 25 | 86.3% | -24.6% | ||
| Q1 25 | 63.8% | -83.0% | ||
| Q4 24 | 83.0% | 9.1% | ||
| Q3 24 | 66.4% | 0.7% | ||
| Q2 24 | 56.6% | 12.0% | ||
| Q1 24 | 71.6% | 8.6% |
| Q4 25 | 27.1% | -62.9% | ||
| Q3 25 | -220.3% | -42.9% | ||
| Q2 25 | -83.9% | -33.4% | ||
| Q1 25 | -271.6% | -107.4% | ||
| Q4 24 | -34.2% | 2.6% | ||
| Q3 24 | -129.0% | -5.6% | ||
| Q2 24 | -284.9% | 7.5% | ||
| Q1 24 | -69.6% | 3.8% |
| Q4 25 | 24.7% | -60.5% | ||
| Q3 25 | -228.1% | -41.1% | ||
| Q2 25 | -86.6% | -29.2% | ||
| Q1 25 | -274.3% | -100.6% | ||
| Q4 24 | -48.4% | 4.5% | ||
| Q3 24 | -160.8% | -2.3% | ||
| Q2 24 | -285.2% | 13.2% | ||
| Q1 24 | -67.4% | 7.4% |
| Q4 25 | $0.13 | $-0.28 | ||
| Q3 25 | $-0.22 | $-0.21 | ||
| Q2 25 | $-0.16 | $-0.24 | ||
| Q1 25 | $-0.25 | $-0.40 | ||
| Q4 24 | $-0.12 | $0.06 | ||
| Q3 24 | $-0.29 | $-0.03 | ||
| Q2 24 | $-0.32 | $0.22 | ||
| Q1 24 | $-0.16 | $0.10 |
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 | $51.3M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $154.7M |
| Total Assets | $147.8M | $192.2M |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $51.3M | ||
| Q3 25 | $58.7M | $85.6M | ||
| Q2 25 | $66.3M | $95.2M | ||
| Q1 25 | $59.8M | $97.1M | ||
| Q4 24 | $73.5M | $109.5M | ||
| Q3 24 | $90.3M | $133.4M | ||
| Q2 24 | $73.2M | $115.1M | ||
| Q1 24 | $85.5M | $201.1M |
| 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 | $50.5M | $154.7M | ||
| Q3 25 | $38.5M | $169.1M | ||
| Q2 25 | $55.6M | $178.2M | ||
| Q1 25 | $49.6M | $188.4M | ||
| Q4 24 | $66.9M | $205.8M | ||
| Q3 24 | $73.4M | $213.3M | ||
| Q2 24 | $61.4M | $214.4M | ||
| Q1 24 | $79.3M | $204.8M |
| Q4 25 | $147.8M | $192.2M | ||
| Q3 25 | $124.0M | $203.5M | ||
| Q2 25 | $138.2M | $218.2M | ||
| Q1 25 | $128.9M | $227.7M | ||
| Q4 24 | $149.0M | $247.7M | ||
| Q3 24 | $148.2M | $256.5M | ||
| Q2 24 | $132.0M | $261.2M | ||
| Q1 24 | $149.6M | $365.4M |
| 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 | $20.1M | $-27.4M |
| Free Cash FlowOCF − Capex | $19.6M | $-29.9M |
| FCF MarginFCF / Revenue | 50.3% | -150.5% |
| Capex IntensityCapex / Revenue | 1.3% | 12.2% |
| Cash ConversionOCF / Net Profit | 2.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $-46.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $-27.4M | ||
| Q3 25 | $-7.7M | $-1.1M | ||
| Q2 25 | $-18.0M | $5.2M | ||
| Q1 25 | $-13.8M | $-5.4M | ||
| Q4 24 | $-16.5M | $-16.6M | ||
| Q3 24 | $-13.0M | $25.8M | ||
| Q2 24 | $-12.2M | $27.8M | ||
| Q1 24 | $-7.8M | $-12.2M |
| Q4 25 | $19.6M | $-29.9M | ||
| Q3 25 | $-7.9M | $-6.5M | ||
| Q2 25 | $-20.5M | $-263.0K | ||
| Q1 25 | $-15.1M | $-9.4M | ||
| Q4 24 | $-18.2M | $-20.7M | ||
| Q3 24 | $-14.0M | $20.5M | ||
| Q2 24 | $-12.6M | $24.8M | ||
| Q1 24 | $-8.9M | $-14.5M |
| Q4 25 | 50.3% | -150.5% | ||
| Q3 25 | -91.7% | -28.5% | ||
| Q2 25 | -133.6% | -0.7% | ||
| Q1 25 | -199.6% | -53.6% | ||
| Q4 24 | -85.0% | -33.6% | ||
| Q3 24 | -109.0% | 40.1% | ||
| Q2 24 | -157.5% | 34.3% | ||
| Q1 24 | -52.2% | -24.9% |
| Q4 25 | 1.3% | 12.2% | ||
| Q3 25 | 2.1% | 23.5% | ||
| Q2 25 | 16.4% | 15.3% | ||
| Q1 25 | 16.7% | 22.8% | ||
| Q4 24 | 8.3% | 6.6% | ||
| Q3 24 | 7.8% | 10.4% | ||
| Q2 24 | 5.0% | 4.1% | ||
| Q1 24 | 6.6% | 3.9% |
| Q4 25 | 2.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -5.94× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | -2.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
FF
| Chemicals | $18.0M | 91% |
| Biofuels | $1.8M | 9% |
