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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and PubMatic, Inc. (PUBM). Click either name above to swap in a different company.
PubMatic, Inc. is the larger business by last-quarter revenue ($62.6M vs $38.9M, roughly 1.6× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs -20.0%, a 44.7% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -2.0%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $10.7M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -3.6%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
CDXS vs PUBM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $62.6M |
| Net Profit | $9.6M | $-12.5M |
| Gross Margin | 94.8% | 58.3% |
| Operating Margin | 27.1% | 17.3% |
| Net Margin | 24.7% | -20.0% |
| Revenue YoY | 81.3% | -2.0% |
| Net Profit YoY | 192.5% | -31.9% |
| EPS (diluted) | $0.13 | $-0.27 |
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 | — | $62.6M | ||
| Q4 25 | $38.9M | $80.0M | ||
| Q3 25 | $8.6M | $68.0M | ||
| Q2 25 | $15.3M | $71.1M | ||
| Q1 25 | $7.5M | $63.8M | ||
| Q4 24 | $21.5M | $85.5M | ||
| Q3 24 | $12.8M | $71.8M | ||
| Q2 24 | $8.0M | $67.3M |
| Q1 26 | — | $-12.5M | ||
| Q4 25 | $9.6M | — | ||
| Q3 25 | $-19.6M | $-6.5M | ||
| Q2 25 | $-13.3M | $-5.2M | ||
| Q1 25 | $-20.7M | $-9.5M | ||
| Q4 24 | $-10.4M | — | ||
| Q3 24 | $-20.6M | $-912.0K | ||
| Q2 24 | $-22.8M | $2.0M |
| Q1 26 | — | 58.3% | ||
| Q4 25 | 94.8% | 68.2% | ||
| Q3 25 | 71.3% | 62.6% | ||
| Q2 25 | 86.3% | 62.6% | ||
| Q1 25 | 63.8% | 59.9% | ||
| Q4 24 | 83.0% | 70.8% | ||
| Q3 24 | 66.4% | 64.5% | ||
| Q2 24 | 56.6% | 62.6% |
| Q1 26 | — | 17.3% | ||
| Q4 25 | 27.1% | 10.6% | ||
| Q3 25 | -220.3% | -12.4% | ||
| Q2 25 | -83.9% | -7.7% | ||
| Q1 25 | -271.6% | -18.6% | ||
| Q4 24 | -34.2% | 17.3% | ||
| Q3 24 | -129.0% | -1.9% | ||
| Q2 24 | -284.9% | -5.9% |
| Q1 26 | — | -20.0% | ||
| Q4 25 | 24.7% | — | ||
| Q3 25 | -228.1% | -9.5% | ||
| Q2 25 | -86.6% | -7.3% | ||
| Q1 25 | -274.3% | -14.9% | ||
| Q4 24 | -48.4% | — | ||
| Q3 24 | -160.8% | -1.3% | ||
| Q2 24 | -285.2% | 2.9% |
| Q1 26 | — | $-0.27 | ||
| Q4 25 | $0.13 | $0.14 | ||
| Q3 25 | $-0.22 | $-0.14 | ||
| Q2 25 | $-0.16 | $-0.11 | ||
| Q1 25 | $-0.25 | $-0.20 | ||
| Q4 24 | $-0.12 | $0.26 | ||
| Q3 24 | $-0.29 | $-0.02 | ||
| Q2 24 | $-0.32 | $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 | $144.9M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $251.0M |
| Total Assets | $147.8M | $659.4M |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $144.9M | ||
| Q4 25 | $78.2M | $145.5M | ||
| Q3 25 | $58.7M | $136.5M | ||
| Q2 25 | $66.3M | $90.5M | ||
| Q1 25 | $59.8M | $101.8M | ||
| Q4 24 | $73.5M | $100.5M | ||
| Q3 24 | $90.3M | $78.9M | ||
| Q2 24 | $73.2M | $73.5M |
| 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 | — | $251.0M | ||
| Q4 25 | $50.5M | $262.6M | ||
| Q3 25 | $38.5M | $245.1M | ||
| Q2 25 | $55.6M | $243.3M | ||
| Q1 25 | $49.6M | $275.6M | ||
| Q4 24 | $66.9M | $277.3M | ||
| Q3 24 | $73.4M | $263.2M | ||
| Q2 24 | $61.4M | $282.7M |
| Q1 26 | — | $659.4M | ||
| Q4 25 | $147.8M | $680.2M | ||
| Q3 25 | $124.0M | $676.2M | ||
| Q2 25 | $138.2M | $675.2M | ||
| Q1 25 | $128.9M | $668.6M | ||
| Q4 24 | $149.0M | $739.5M | ||
| Q3 24 | $148.2M | $689.1M | ||
| Q2 24 | $132.0M | $673.1M |
| 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 | $17.3M |
| Free Cash FlowOCF − Capex | $19.6M | $10.7M |
| FCF MarginFCF / Revenue | 50.3% | 17.1% |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 2.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $63.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $17.3M | ||
| Q4 25 | $20.1M | $18.2M | ||
| Q3 25 | $-7.7M | $32.4M | ||
| Q2 25 | $-18.0M | $14.9M | ||
| Q1 25 | $-13.8M | $15.6M | ||
| Q4 24 | $-16.5M | $18.0M | ||
| Q3 24 | $-13.0M | $19.1M | ||
| Q2 24 | $-12.2M | $11.9M |
| Q1 26 | — | $10.7M | ||
| Q4 25 | $19.6M | $11.3M | ||
| Q3 25 | $-7.9M | $27.7M | ||
| Q2 25 | $-20.5M | $13.6M | ||
| Q1 25 | $-15.1M | $14.2M | ||
| Q4 24 | $-18.2M | $13.7M | ||
| Q3 24 | $-14.0M | $7.4M | ||
| Q2 24 | $-12.6M | $11.2M |
| Q1 26 | — | 17.1% | ||
| Q4 25 | 50.3% | 14.1% | ||
| Q3 25 | -91.7% | 40.8% | ||
| Q2 25 | -133.6% | 19.1% | ||
| Q1 25 | -199.6% | 22.2% | ||
| Q4 24 | -85.0% | 16.1% | ||
| Q3 24 | -109.0% | 10.3% | ||
| Q2 24 | -157.5% | 16.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 8.6% | ||
| Q3 25 | 2.1% | 6.9% | ||
| Q2 25 | 16.4% | 1.9% | ||
| Q1 25 | 16.7% | 2.3% | ||
| Q4 24 | 8.3% | 5.1% | ||
| Q3 24 | 7.8% | 16.3% | ||
| Q2 24 | 5.0% | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
