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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and Primis Financial Corp. (FRST). Click either name above to swap in a different company.
Primis Financial Corp. is the larger business by last-quarter revenue ($45.6M vs $38.9M, roughly 1.2× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs 16.0%, a 8.6% gap on every dollar of revenue. Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 13.0%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
Primis Financial Corp is a U.S.-based financial holding company operating full-service banking subsidiaries. It provides a comprehensive range of financial solutions including personal and commercial deposit products, diverse loan facilities, mortgage services, and wealth management support, primarily serving retail and corporate customers across the U.S. mid-Atlantic region.
CDXS vs FRST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $45.6M |
| Net Profit | $9.6M | $7.3M |
| Gross Margin | 94.8% | — |
| Operating Margin | 27.1% | — |
| Net Margin | 24.7% | 16.0% |
| Revenue YoY | 81.3% | — |
| Net Profit YoY | 192.5% | 200.0% |
| EPS (diluted) | $0.13 | $0.30 |
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.
| Q1 26 | — | $45.6M | ||
| Q4 25 | $38.9M | $80.9M | ||
| Q3 25 | $8.6M | $41.0M | ||
| Q2 25 | $15.3M | $43.2M | ||
| Q1 25 | $7.5M | $58.7M | ||
| Q4 24 | $21.5M | $38.8M | ||
| Q3 24 | $12.8M | $37.3M | ||
| Q2 24 | $8.0M | $35.7M |
| Q1 26 | — | $7.3M | ||
| Q4 25 | $9.6M | $29.5M | ||
| Q3 25 | $-19.6M | $6.8M | ||
| Q2 25 | $-13.3M | $2.4M | ||
| Q1 25 | $-20.7M | $22.6M | ||
| Q4 24 | $-10.4M | $-26.2M | ||
| Q3 24 | $-20.6M | $1.2M | ||
| Q2 24 | $-22.8M | $3.4M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 27.1% | 44.8% | ||
| Q3 25 | -220.3% | 21.3% | ||
| Q2 25 | -83.9% | 6.9% | ||
| Q1 25 | -271.6% | 41.9% | ||
| Q4 24 | -34.2% | -123.0% | ||
| Q3 24 | -129.0% | -3.1% | ||
| Q2 24 | -284.9% | 7.8% |
| Q1 26 | — | 16.0% | ||
| Q4 25 | 24.7% | 36.5% | ||
| Q3 25 | -228.1% | 16.7% | ||
| Q2 25 | -86.6% | 5.6% | ||
| Q1 25 | -274.3% | 38.6% | ||
| Q4 24 | -48.4% | -100.3% | ||
| Q3 24 | -160.8% | 3.3% | ||
| Q2 24 | -285.2% | 9.6% |
| Q1 26 | — | $0.30 | ||
| Q4 25 | $0.13 | $1.19 | ||
| Q3 25 | $-0.22 | $0.28 | ||
| Q2 25 | $-0.16 | $0.10 | ||
| Q1 25 | $-0.25 | $0.92 | ||
| Q4 24 | $-0.12 | $-0.95 | ||
| Q3 24 | $-0.29 | $0.05 | ||
| Q2 24 | $-0.32 | $0.14 |
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 | $159.9M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $427.2M |
| Total Assets | $147.8M | $4.3B |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $159.9M | ||
| Q4 25 | $78.2M | $143.6M | ||
| Q3 25 | $58.7M | $63.9M | ||
| Q2 25 | $66.3M | $94.1M | ||
| Q1 25 | $59.8M | $57.0M | ||
| Q4 24 | $73.5M | $64.5M | ||
| Q3 24 | $90.3M | $77.3M | ||
| Q2 24 | $73.2M | $66.6M |
| Q1 26 | — | — | ||
| 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 26 | — | $427.2M | ||
| Q4 25 | $50.5M | $422.9M | ||
| Q3 25 | $38.5M | $382.2M | ||
| Q2 25 | $55.6M | $376.4M | ||
| Q1 25 | $49.6M | $375.6M | ||
| Q4 24 | $66.9M | $351.8M | ||
| Q3 24 | $73.4M | $381.0M | ||
| Q2 24 | $61.4M | $376.0M |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $147.8M | $4.0B | ||
| Q3 25 | $124.0M | $4.0B | ||
| Q2 25 | $138.2M | $3.9B | ||
| Q1 25 | $128.9M | $3.7B | ||
| Q4 24 | $149.0M | $3.7B | ||
| Q3 24 | $148.2M | $4.0B | ||
| Q2 24 | $132.0M | $4.0B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| Free Cash FlowOCF − Capex | $19.6M | — |
| FCF MarginFCF / Revenue | 50.3% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 2.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $20.1M | $10.8M | ||
| Q3 25 | $-7.7M | $-11.4M | ||
| Q2 25 | $-18.0M | $-41.0M | ||
| Q1 25 | $-13.8M | $34.4M | ||
| Q4 24 | $-16.5M | $19.5M | ||
| Q3 24 | $-13.0M | $6.1M | ||
| Q2 24 | $-12.2M | $52.3M |
| Q1 26 | — | — | ||
| Q4 25 | $19.6M | $9.0M | ||
| Q3 25 | $-7.9M | — | ||
| Q2 25 | $-20.5M | — | ||
| Q1 25 | $-15.1M | — | ||
| Q4 24 | $-18.2M | $18.3M | ||
| Q3 24 | $-14.0M | — | ||
| Q2 24 | $-12.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | 50.3% | 11.2% | ||
| Q3 25 | -91.7% | — | ||
| Q2 25 | -133.6% | — | ||
| Q1 25 | -199.6% | — | ||
| Q4 24 | -85.0% | 47.3% | ||
| Q3 24 | -109.0% | — | ||
| Q2 24 | -157.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 2.1% | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 16.4% | — | ||
| Q1 25 | 16.7% | — | ||
| Q4 24 | 8.3% | 3.1% | ||
| Q3 24 | 7.8% | 0.0% | ||
| Q2 24 | 5.0% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.09× | 0.36× | ||
| Q3 25 | — | -1.67× | ||
| Q2 25 | — | -16.82× | ||
| Q1 25 | — | 1.52× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.93× | ||
| Q2 24 | — | 15.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
FRST
| Net Interest Income | $32.1M | 70% |
| Noninterest Income | $13.6M | 30% |
