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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and Reservoir Media, Inc. (RSVR). Click either name above to swap in a different company.
Reservoir Media, Inc. 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 4.8%, a 19.9% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 7.7%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $12.8M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 7.9%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
Reservoir Media, Inc. is a leading global independent music rights management company. It owns and administers extensive catalogs of recorded music, music publishing copyrights, and neighboring rights, partnering with top songwriters, performing artists, and producers across genres including pop, hip-hop, rock, and film soundtracks. It licenses its content for use across streaming platforms, advertising, film and television productions, live events, and other commercial channels, with operations spanning North America, Europe, and Asia Pacific markets.
CDXS vs RSVR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $45.6M |
| Net Profit | $9.6M | $2.2M |
| Gross Margin | 94.8% | 64.5% |
| Operating Margin | 27.1% | 22.7% |
| Net Margin | 24.7% | 4.8% |
| Revenue YoY | 81.3% | 7.7% |
| Net Profit YoY | 192.5% | -58.1% |
| EPS (diluted) | $0.13 | $0.03 |
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 | $45.6M | ||
| Q3 25 | $8.6M | $45.4M | ||
| Q2 25 | $15.3M | $37.2M | ||
| Q1 25 | $7.5M | $41.4M | ||
| Q4 24 | $21.5M | $42.3M | ||
| Q3 24 | $12.8M | $40.7M | ||
| Q2 24 | $8.0M | $34.3M | ||
| Q1 24 | $17.1M | $39.1M |
| Q4 25 | $9.6M | $2.2M | ||
| Q3 25 | $-19.6M | $2.3M | ||
| Q2 25 | $-13.3M | $-555.7K | ||
| Q1 25 | $-20.7M | $2.7M | ||
| Q4 24 | $-10.4M | $5.2M | ||
| Q3 24 | $-20.6M | $185.0K | ||
| Q2 24 | $-22.8M | $-346.7K | ||
| Q1 24 | $-11.5M | $2.8M |
| Q4 25 | 94.8% | 64.5% | ||
| Q3 25 | 71.3% | 63.6% | ||
| Q2 25 | 86.3% | 64.5% | ||
| Q1 25 | 63.8% | 65.6% | ||
| Q4 24 | 83.0% | 64.4% | ||
| Q3 24 | 66.4% | 63.5% | ||
| Q2 24 | 56.6% | 61.3% | ||
| Q1 24 | 71.6% | 63.4% |
| Q4 25 | 27.1% | 22.7% | ||
| Q3 25 | -220.3% | 23.5% | ||
| Q2 25 | -83.9% | 14.7% | ||
| Q1 25 | -271.6% | 25.2% | ||
| Q4 24 | -34.2% | 22.6% | ||
| Q3 24 | -129.0% | 24.9% | ||
| Q2 24 | -284.9% | 14.5% | ||
| Q1 24 | -69.6% | 22.4% |
| Q4 25 | 24.7% | 4.8% | ||
| Q3 25 | -228.1% | 5.0% | ||
| Q2 25 | -86.6% | -1.5% | ||
| Q1 25 | -274.3% | 6.4% | ||
| Q4 24 | -48.4% | 12.4% | ||
| Q3 24 | -160.8% | 0.5% | ||
| Q2 24 | -285.2% | -1.0% | ||
| Q1 24 | -67.4% | 7.1% |
| Q4 25 | $0.13 | $0.03 | ||
| Q3 25 | $-0.22 | $0.03 | ||
| Q2 25 | $-0.16 | $-0.01 | ||
| Q1 25 | $-0.25 | — | ||
| Q4 24 | $-0.12 | $0.08 | ||
| Q3 24 | $-0.29 | — | ||
| Q2 24 | $-0.32 | $-0.01 | ||
| 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 | $20.6M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $373.6M |
| Total Assets | $147.8M | $941.9M |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $20.6M | ||
| Q3 25 | $58.7M | $27.9M | ||
| Q2 25 | $66.3M | $14.9M | ||
| Q1 25 | $59.8M | $21.4M | ||
| Q4 24 | $73.5M | $17.8M | ||
| Q3 24 | $90.3M | $21.1M | ||
| Q2 24 | $73.2M | $16.4M | ||
| Q1 24 | $85.5M | $18.1M |
| 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 | $373.6M | ||
| Q3 25 | $38.5M | $370.9M | ||
| Q2 25 | $55.6M | $368.9M | ||
| Q1 25 | $49.6M | $364.9M | ||
| Q4 24 | $66.9M | $359.5M | ||
| Q3 24 | $73.4M | $357.9M | ||
| Q2 24 | $61.4M | $353.0M | ||
| Q1 24 | $79.3M | $353.0M |
| Q4 25 | $147.8M | $941.9M | ||
| Q3 25 | $124.0M | $903.5M | ||
| Q2 25 | $138.2M | $857.0M | ||
| Q1 25 | $128.9M | $865.1M | ||
| Q4 24 | $149.0M | $832.4M | ||
| Q3 24 | $148.2M | $778.2M | ||
| Q2 24 | $132.0M | $768.2M | ||
| Q1 24 | $149.6M | $783.5M |
| 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 | $12.9M |
| Free Cash FlowOCF − Capex | $19.6M | $12.8M |
| FCF MarginFCF / Revenue | 50.3% | 28.1% |
| Capex IntensityCapex / Revenue | 1.3% | 0.3% |
| Cash ConversionOCF / Net Profit | 2.09× | 5.89× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $50.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $12.9M | ||
| Q3 25 | $-7.7M | $19.3M | ||
| Q2 25 | $-18.0M | $6.0M | ||
| Q1 25 | $-13.8M | $12.2M | ||
| Q4 24 | $-16.5M | $11.2M | ||
| Q3 24 | $-13.0M | $13.3M | ||
| Q2 24 | $-12.2M | $8.6M | ||
| Q1 24 | $-7.8M | $13.8M |
| Q4 25 | $19.6M | $12.8M | ||
| Q3 25 | $-7.9M | $19.2M | ||
| Q2 25 | $-20.5M | $6.0M | ||
| Q1 25 | $-15.1M | $12.2M | ||
| Q4 24 | $-18.2M | $11.2M | ||
| Q3 24 | $-14.0M | $13.3M | ||
| Q2 24 | $-12.6M | $8.5M | ||
| Q1 24 | $-8.9M | $13.8M |
| Q4 25 | 50.3% | 28.1% | ||
| Q3 25 | -91.7% | 42.2% | ||
| Q2 25 | -133.6% | 16.1% | ||
| Q1 25 | -199.6% | 29.3% | ||
| Q4 24 | -85.0% | 26.5% | ||
| Q3 24 | -109.0% | 32.7% | ||
| Q2 24 | -157.5% | 24.9% | ||
| Q1 24 | -52.2% | 35.2% |
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 2.1% | 0.3% | ||
| Q2 25 | 16.4% | 0.1% | ||
| Q1 25 | 16.7% | 0.1% | ||
| Q4 24 | 8.3% | 0.0% | ||
| Q3 24 | 7.8% | 0.1% | ||
| Q2 24 | 5.0% | 0.1% | ||
| Q1 24 | 6.6% | 0.0% |
| Q4 25 | 2.09× | 5.89× | ||
| Q3 25 | — | 8.54× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 4.56× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 71.97× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 4.93× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
RSVR
| Other | $18.9M | 42% |
| Recorded Music Segment | $12.9M | 28% |
| Performance | $6.2M | 14% |
| Synchronization | $4.6M | 10% |
| Physical | $1.9M | 4% |
| Neighboring Rights | $1.1M | 3% |
