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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
LandBridge Co LLC is the larger business by last-quarter revenue ($56.8M vs $38.9M, roughly 1.5× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs 14.2%, a 10.5% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 55.6%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $19.6M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% CAGR vs 51.0%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
CDXS vs LB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $56.8M |
| Net Profit | $9.6M | $8.1M |
| Gross Margin | 94.8% | — |
| Operating Margin | 27.1% | 60.0% |
| Net Margin | 24.7% | 14.2% |
| Revenue YoY | 81.3% | 55.6% |
| Net Profit YoY | 192.5% | -83.7% |
| EPS (diluted) | $0.13 | $0.24 |
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 | $56.8M | ||
| Q3 25 | $8.6M | $50.8M | ||
| Q2 25 | $15.3M | $47.5M | ||
| Q1 25 | $7.5M | $44.0M | ||
| Q4 24 | $21.5M | $36.5M | ||
| Q3 24 | $12.8M | $28.5M | ||
| Q2 24 | $8.0M | $26.0M | ||
| Q1 24 | $17.1M | $19.0M |
| Q4 25 | $9.6M | $8.1M | ||
| Q3 25 | $-19.6M | $8.1M | ||
| Q2 25 | $-13.3M | $7.5M | ||
| Q1 25 | $-20.7M | $6.5M | ||
| Q4 24 | $-10.4M | $49.3M | ||
| Q3 24 | $-20.6M | $2.7M | ||
| Q2 24 | $-22.8M | $-57.7M | ||
| Q1 24 | $-11.5M | $10.8M |
| 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 | 27.1% | 60.0% | ||
| Q3 25 | -220.3% | 60.8% | ||
| Q2 25 | -83.9% | 60.0% | ||
| Q1 25 | -271.6% | 57.0% | ||
| Q4 24 | -34.2% | 49.4% | ||
| Q3 24 | -129.0% | 11.2% | ||
| Q2 24 | -284.9% | -197.4% | ||
| Q1 24 | -69.6% | 71.1% |
| Q4 25 | 24.7% | 14.2% | ||
| Q3 25 | -228.1% | 15.9% | ||
| Q2 25 | -86.6% | 15.8% | ||
| Q1 25 | -274.3% | 14.7% | ||
| Q4 24 | -48.4% | 135.2% | ||
| Q3 24 | -160.8% | 9.3% | ||
| Q2 24 | -285.2% | -222.1% | ||
| Q1 24 | -67.4% | 56.7% |
| Q4 25 | $0.13 | $0.24 | ||
| Q3 25 | $-0.22 | $0.26 | ||
| Q2 25 | $-0.16 | $0.24 | ||
| Q1 25 | $-0.25 | $0.20 | ||
| Q4 24 | $-0.12 | — | ||
| Q3 24 | $-0.29 | $-0.04 | ||
| Q2 24 | $-0.32 | — | ||
| Q1 24 | $-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 | $78.2M | $30.7M |
| Total DebtLower is stronger | $40.1M | $570.7M |
| Stockholders' EquityBook value | $50.5M | $340.3M |
| Total Assets | $147.8M | $1.4B |
| Debt / EquityLower = less leverage | 0.79× | 1.68× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $30.7M | ||
| Q3 25 | $58.7M | $28.3M | ||
| Q2 25 | $66.3M | $20.3M | ||
| Q1 25 | $59.8M | $14.9M | ||
| Q4 24 | $73.5M | $37.0M | ||
| Q3 24 | $90.3M | $14.4M | ||
| Q2 24 | $73.2M | $24.6M | ||
| Q1 24 | $85.5M | — |
| Q4 25 | $40.1M | $570.7M | ||
| Q3 25 | $39.7M | $366.1M | ||
| Q2 25 | $39.4M | $370.9M | ||
| Q1 25 | $29.2M | $375.5M | ||
| Q4 24 | $28.9M | $385.5M | ||
| Q3 24 | $28.6M | $242.4M | ||
| Q2 24 | $28.4M | $360.8M | ||
| Q1 24 | $28.1M | — |
| Q4 25 | $50.5M | $340.3M | ||
| Q3 25 | $38.5M | $272.0M | ||
| Q2 25 | $55.6M | $266.4M | ||
| Q1 25 | $49.6M | $217.0M | ||
| Q4 24 | $66.9M | $211.8M | ||
| Q3 24 | $73.4M | $97.2M | ||
| Q2 24 | $61.4M | $296.4M | ||
| Q1 24 | $79.3M | $162.3M |
| Q4 25 | $147.8M | $1.4B | ||
| Q3 25 | $124.0M | $1.1B | ||
| Q2 25 | $138.2M | $1.1B | ||
| Q1 25 | $128.9M | $1.0B | ||
| Q4 24 | $149.0M | $1.0B | ||
| Q3 24 | $148.2M | $689.9M | ||
| Q2 24 | $132.0M | $710.5M | ||
| Q1 24 | $149.6M | — |
| Q4 25 | 0.79× | 1.68× | ||
| Q3 25 | 1.03× | 1.35× | ||
| Q2 25 | 0.71× | 1.39× | ||
| Q1 25 | 0.59× | 1.73× | ||
| Q4 24 | 0.43× | 1.82× | ||
| Q3 24 | 0.39× | 2.49× | ||
| Q2 24 | 0.46× | 1.22× | ||
| 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 | $126.3M |
| Free Cash FlowOCF − Capex | $19.6M | $122.0M |
| FCF MarginFCF / Revenue | 50.3% | 214.9% |
| Capex IntensityCapex / Revenue | 1.3% | 7.5% |
| Cash ConversionOCF / Net Profit | 2.09× | 15.68× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $207.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $126.3M | ||
| Q3 25 | $-7.7M | $34.9M | ||
| Q2 25 | $-18.0M | $37.3M | ||
| Q1 25 | $-13.8M | $15.9M | ||
| Q4 24 | $-16.5M | $67.6M | ||
| Q3 24 | $-13.0M | $7.5M | ||
| Q2 24 | $-12.2M | $16.0M | ||
| Q1 24 | $-7.8M | $17.2M |
| Q4 25 | $19.6M | $122.0M | ||
| Q3 25 | $-7.9M | $33.7M | ||
| Q2 25 | $-20.5M | $36.1M | ||
| Q1 25 | $-15.1M | $15.8M | ||
| Q4 24 | $-18.2M | $66.7M | ||
| Q3 24 | $-14.0M | $7.1M | ||
| Q2 24 | $-12.6M | $15.7M | ||
| Q1 24 | $-8.9M | $17.1M |
| Q4 25 | 50.3% | 214.9% | ||
| Q3 25 | -91.7% | 66.3% | ||
| Q2 25 | -133.6% | 75.9% | ||
| Q1 25 | -199.6% | 36.0% | ||
| Q4 24 | -85.0% | 182.6% | ||
| Q3 24 | -109.0% | 25.1% | ||
| Q2 24 | -157.5% | 60.4% | ||
| Q1 24 | -52.2% | 90.1% |
| Q4 25 | 1.3% | 7.5% | ||
| Q3 25 | 2.1% | 2.3% | ||
| Q2 25 | 16.4% | 2.6% | ||
| Q1 25 | 16.7% | 0.2% | ||
| Q4 24 | 8.3% | 2.7% | ||
| Q3 24 | 7.8% | 1.1% | ||
| Q2 24 | 5.0% | 1.4% | ||
| Q1 24 | 6.6% | 0.5% |
| Q4 25 | 2.09× | 15.68× | ||
| Q3 25 | — | 4.31× | ||
| Q2 25 | — | 4.98× | ||
| Q1 25 | — | 2.46× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.60× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
