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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and FGI Industries Ltd. (FGI). Click either name above to swap in a different company.
CODEXIS, INC. is the larger business by last-quarter revenue ($38.9M vs $30.5M, roughly 1.3× FGI Industries Ltd.). CODEXIS, INC. runs the higher net margin — 24.7% vs -8.6%, a 33.3% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -14.4%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $2.3M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -0.5%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
CDXS vs FGI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $30.5M |
| Net Profit | $9.6M | $-2.6M |
| Gross Margin | 94.8% | 26.7% |
| Operating Margin | 27.1% | -2.2% |
| Net Margin | 24.7% | -8.6% |
| Revenue YoY | 81.3% | -14.4% |
| Net Profit YoY | 192.5% | -553.1% |
| EPS (diluted) | $0.13 | $-1.63 |
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 | $30.5M | ||
| Q3 25 | $8.6M | $35.8M | ||
| Q2 25 | $15.3M | $31.0M | ||
| Q1 25 | $7.5M | $33.2M | ||
| Q4 24 | $21.5M | $35.6M | ||
| Q3 24 | $12.8M | $36.1M | ||
| Q2 24 | $8.0M | $29.4M | ||
| Q1 24 | $17.1M | $30.8M |
| Q4 25 | $9.6M | $-2.6M | ||
| Q3 25 | $-19.6M | $-1.7M | ||
| Q2 25 | $-13.3M | $-1.2M | ||
| Q1 25 | $-20.7M | $-629.1K | ||
| Q4 24 | $-10.4M | $-402.3K | ||
| Q3 24 | $-20.6M | $-550.1K | ||
| Q2 24 | $-22.8M | $163.6K | ||
| Q1 24 | $-11.5M | $-412.2K |
| Q4 25 | 94.8% | 26.7% | ||
| Q3 25 | 71.3% | 26.5% | ||
| Q2 25 | 86.3% | 28.1% | ||
| Q1 25 | 63.8% | 26.8% | ||
| Q4 24 | 83.0% | 24.6% | ||
| Q3 24 | 66.4% | 25.8% | ||
| Q2 24 | 56.6% | 30.5% | ||
| Q1 24 | 71.6% | 27.4% |
| Q4 25 | 27.1% | -2.2% | ||
| Q3 25 | -220.3% | 1.0% | ||
| Q2 25 | -83.9% | -2.7% | ||
| Q1 25 | -271.6% | -3.9% | ||
| Q4 24 | -34.2% | -3.5% | ||
| Q3 24 | -129.0% | -0.2% | ||
| Q2 24 | -284.9% | -1.5% | ||
| Q1 24 | -69.6% | -1.0% |
| Q4 25 | 24.7% | -8.6% | ||
| Q3 25 | -228.1% | -4.6% | ||
| Q2 25 | -86.6% | -4.0% | ||
| Q1 25 | -274.3% | -1.9% | ||
| Q4 24 | -48.4% | -1.1% | ||
| Q3 24 | -160.8% | -1.5% | ||
| Q2 24 | -285.2% | 0.6% | ||
| Q1 24 | -67.4% | -1.3% |
| Q4 25 | $0.13 | $-1.63 | ||
| Q3 25 | $-0.22 | $-0.86 | ||
| Q2 25 | $-0.16 | $-0.64 | ||
| Q1 25 | $-0.25 | $-0.07 | ||
| Q4 24 | $-0.12 | $-0.38 | ||
| Q3 24 | $-0.29 | $-0.29 | ||
| Q2 24 | $-0.32 | $0.08 | ||
| Q1 24 | $-0.16 | $-0.04 |
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 | $1.9M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $17.3M |
| Total Assets | $147.8M | $69.5M |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $1.9M | ||
| Q3 25 | $58.7M | $1.9M | ||
| Q2 25 | $66.3M | $2.5M | ||
| Q1 25 | $59.8M | $1.2M | ||
| Q4 24 | $73.5M | $4.6M | ||
| Q3 24 | $90.3M | $3.0M | ||
| Q2 24 | $73.2M | $1.3M | ||
| Q1 24 | $85.5M | $3.3M |
| 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 | $17.3M | ||
| Q3 25 | $38.5M | $19.7M | ||
| Q2 25 | $55.6M | $21.3M | ||
| Q1 25 | $49.6M | $21.8M | ||
| Q4 24 | $66.9M | $22.3M | ||
| Q3 24 | $73.4M | $23.5M | ||
| Q2 24 | $61.4M | $23.8M | ||
| Q1 24 | $79.3M | $23.9M |
| Q4 25 | $147.8M | $69.5M | ||
| Q3 25 | $124.0M | $73.0M | ||
| Q2 25 | $138.2M | $71.7M | ||
| Q1 25 | $128.9M | $68.5M | ||
| Q4 24 | $149.0M | $75.5M | ||
| Q3 24 | $148.2M | $74.7M | ||
| Q2 24 | $132.0M | $69.9M | ||
| Q1 24 | $149.6M | $68.6M |
| 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 | $20.1M | $2.3M |
| Free Cash FlowOCF − Capex | $19.6M | $2.3M |
| FCF MarginFCF / Revenue | 50.3% | 7.5% |
| Capex IntensityCapex / Revenue | 1.3% | 0.2% |
| Cash ConversionOCF / Net Profit | 2.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $-212.5K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $2.3M | ||
| Q3 25 | $-7.7M | $-1.9M | ||
| Q2 25 | $-18.0M | $7.6M | ||
| Q1 25 | $-13.8M | $-7.4M | ||
| Q4 24 | $-16.5M | $617.4K | ||
| Q3 24 | $-13.0M | $-915.0K | ||
| Q2 24 | $-12.2M | $862.1K | ||
| Q1 24 | $-7.8M | $-8.0M |
| Q4 25 | $19.6M | $2.3M | ||
| Q3 25 | $-7.9M | $-2.1M | ||
| Q2 25 | $-20.5M | $7.4M | ||
| Q1 25 | $-15.1M | $-7.7M | ||
| Q4 24 | $-18.2M | $-214.1K | ||
| Q3 24 | $-14.0M | $-1.1M | ||
| Q2 24 | $-12.6M | $281.5K | ||
| Q1 24 | $-8.9M | $-8.6M |
| Q4 25 | 50.3% | 7.5% | ||
| Q3 25 | -91.7% | -5.9% | ||
| Q2 25 | -133.6% | 23.8% | ||
| Q1 25 | -199.6% | -23.3% | ||
| Q4 24 | -85.0% | -0.6% | ||
| Q3 24 | -109.0% | -3.0% | ||
| Q2 24 | -157.5% | 1.0% | ||
| Q1 24 | -52.2% | -28.0% |
| Q4 25 | 1.3% | 0.2% | ||
| Q3 25 | 2.1% | 0.7% | ||
| Q2 25 | 16.4% | 0.7% | ||
| Q1 25 | 16.7% | 1.1% | ||
| Q4 24 | 8.3% | 2.3% | ||
| Q3 24 | 7.8% | 0.5% | ||
| Q2 24 | 5.0% | 2.0% | ||
| Q1 24 | 6.6% | 2.0% |
| Q4 25 | 2.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.27× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
