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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
CODEXIS, INC. is the larger business by last-quarter revenue ($38.9M vs $33.9M, roughly 1.1× Spok Holdings, Inc). CODEXIS, INC. runs the higher net margin — 24.7% vs 8.7%, a 16.0% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -0.1%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $10.1M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -1.5%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
CDXS vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $33.9M |
| Net Profit | $9.6M | $2.9M |
| Gross Margin | 94.8% | 76.7% |
| Operating Margin | 27.1% | 11.6% |
| Net Margin | 24.7% | 8.7% |
| Revenue YoY | 81.3% | -0.1% |
| Net Profit YoY | 192.5% | -19.6% |
| EPS (diluted) | $0.13 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $8.6M | $33.9M | ||
| Q2 25 | $15.3M | $35.7M | ||
| Q1 25 | $7.5M | $36.3M | ||
| Q4 24 | $21.5M | $33.9M | ||
| Q3 24 | $12.8M | $34.9M | ||
| Q2 24 | $8.0M | $34.0M | ||
| Q1 24 | $17.1M | $34.9M |
| Q4 25 | $9.6M | $2.9M | ||
| Q3 25 | $-19.6M | $3.2M | ||
| Q2 25 | $-13.3M | $4.6M | ||
| Q1 25 | $-20.7M | $5.2M | ||
| Q4 24 | $-10.4M | $3.6M | ||
| Q3 24 | $-20.6M | $3.7M | ||
| Q2 24 | $-22.8M | $3.4M | ||
| Q1 24 | $-11.5M | $4.2M |
| Q4 25 | 94.8% | 76.7% | ||
| Q3 25 | 71.3% | 78.3% | ||
| Q2 25 | 86.3% | 79.5% | ||
| Q1 25 | 63.8% | 80.1% | ||
| Q4 24 | 83.0% | 78.5% | ||
| Q3 24 | 66.4% | 79.5% | ||
| Q2 24 | 56.6% | 78.9% | ||
| Q1 24 | 71.6% | 79.5% |
| Q4 25 | 27.1% | 11.6% | ||
| Q3 25 | -220.3% | 12.9% | ||
| Q2 25 | -83.9% | 15.1% | ||
| Q1 25 | -271.6% | 16.6% | ||
| Q4 24 | -34.2% | 13.7% | ||
| Q3 24 | -129.0% | 14.2% | ||
| Q2 24 | -284.9% | 13.2% | ||
| Q1 24 | -69.6% | 14.0% |
| Q4 25 | 24.7% | 8.7% | ||
| Q3 25 | -228.1% | 9.5% | ||
| Q2 25 | -86.6% | 12.8% | ||
| Q1 25 | -274.3% | 14.3% | ||
| Q4 24 | -48.4% | 10.8% | ||
| Q3 24 | -160.8% | 10.5% | ||
| Q2 24 | -285.2% | 10.1% | ||
| Q1 24 | -67.4% | 12.1% |
| Q4 25 | $0.13 | $0.13 | ||
| Q3 25 | $-0.22 | $0.15 | ||
| Q2 25 | $-0.16 | $0.22 | ||
| Q1 25 | $-0.25 | $0.25 | ||
| Q4 24 | $-0.12 | $0.17 | ||
| Q3 24 | $-0.29 | $0.18 | ||
| Q2 24 | $-0.32 | $0.17 | ||
| Q1 24 | $-0.16 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $146.4M |
| Total Assets | $147.8M | $206.1M |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $25.3M | ||
| Q3 25 | $58.7M | $21.4M | ||
| Q2 25 | $66.3M | $20.2M | ||
| Q1 25 | $59.8M | $19.9M | ||
| Q4 24 | $73.5M | $29.1M | ||
| Q3 24 | $90.3M | $27.8M | ||
| Q2 24 | $73.2M | $23.9M | ||
| Q1 24 | $85.5M | $23.3M |
| 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 | $146.4M | ||
| Q3 25 | $38.5M | $148.7M | ||
| Q2 25 | $55.6M | $150.9M | ||
| Q1 25 | $49.6M | $151.7M | ||
| Q4 24 | $66.9M | $154.7M | ||
| Q3 24 | $73.4M | $156.3M | ||
| Q2 24 | $61.4M | $158.2M | ||
| Q1 24 | $79.3M | $160.2M |
| Q4 25 | $147.8M | $206.1M | ||
| Q3 25 | $124.0M | $209.7M | ||
| Q2 25 | $138.2M | $208.7M | ||
| Q1 25 | $128.9M | $204.5M | ||
| Q4 24 | $149.0M | $217.1M | ||
| Q3 24 | $148.2M | $216.8M | ||
| Q2 24 | $132.0M | $216.4M | ||
| Q1 24 | $149.6M | $215.0M |
| 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 | $11.5M |
| Free Cash FlowOCF − Capex | $19.6M | $10.1M |
| FCF MarginFCF / Revenue | 50.3% | 29.9% |
| Capex IntensityCapex / Revenue | 1.3% | 4.1% |
| Cash ConversionOCF / Net Profit | 2.09× | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $11.5M | ||
| Q3 25 | $-7.7M | $8.1M | ||
| Q2 25 | $-18.0M | $7.0M | ||
| Q1 25 | $-13.8M | $2.3M | ||
| Q4 24 | $-16.5M | $8.4M | ||
| Q3 24 | $-13.0M | $11.1M | ||
| Q2 24 | $-12.2M | $7.4M | ||
| Q1 24 | $-7.8M | $2.0M |
| Q4 25 | $19.6M | $10.1M | ||
| Q3 25 | $-7.9M | $7.6M | ||
| Q2 25 | $-20.5M | $6.0M | ||
| Q1 25 | $-15.1M | $1.5M | ||
| Q4 24 | $-18.2M | $7.5M | ||
| Q3 24 | $-14.0M | $10.3M | ||
| Q2 24 | $-12.6M | $6.8M | ||
| Q1 24 | $-8.9M | $1.1M |
| Q4 25 | 50.3% | 29.9% | ||
| Q3 25 | -91.7% | 22.4% | ||
| Q2 25 | -133.6% | 16.8% | ||
| Q1 25 | -199.6% | 4.2% | ||
| Q4 24 | -85.0% | 22.3% | ||
| Q3 24 | -109.0% | 29.4% | ||
| Q2 24 | -157.5% | 20.0% | ||
| Q1 24 | -52.2% | 3.2% |
| Q4 25 | 1.3% | 4.1% | ||
| Q3 25 | 2.1% | 1.6% | ||
| Q2 25 | 16.4% | 2.9% | ||
| Q1 25 | 16.7% | 2.1% | ||
| Q4 24 | 8.3% | 2.5% | ||
| Q3 24 | 7.8% | 2.4% | ||
| Q2 24 | 5.0% | 1.9% | ||
| Q1 24 | 6.6% | 2.5% |
| Q4 25 | 2.09× | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
