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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and STEM, INC. (STEM). Click either name above to swap in a different company.
STEM, INC. is the larger business by last-quarter revenue ($47.1M vs $38.9M, roughly 1.2× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs -33.9%, a 58.6% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -15.6%). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 36.1%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
CDXS vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $47.1M |
| Net Profit | $9.6M | $-16.0M |
| Gross Margin | 94.8% | 48.9% |
| Operating Margin | 27.1% | -17.7% |
| Net Margin | 24.7% | -33.9% |
| Revenue YoY | 81.3% | -15.6% |
| Net Profit YoY | 192.5% | 68.8% |
| EPS (diluted) | $0.13 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $8.6M | $38.2M | ||
| Q2 25 | $15.3M | $38.4M | ||
| Q1 25 | $7.5M | $32.5M | ||
| Q4 24 | $21.5M | $55.8M | ||
| Q3 24 | $12.8M | $29.3M | ||
| Q2 24 | $8.0M | $34.0M | ||
| Q1 24 | $17.1M | $25.5M |
| Q4 25 | $9.6M | $-16.0M | ||
| Q3 25 | $-19.6M | $-23.8M | ||
| Q2 25 | $-13.3M | $202.5M | ||
| Q1 25 | $-20.7M | $-25.0M | ||
| Q4 24 | $-10.4M | $-51.1M | ||
| Q3 24 | $-20.6M | $-148.3M | ||
| Q2 24 | $-22.8M | $-582.3M | ||
| Q1 24 | $-11.5M | $-72.3M |
| Q4 25 | 94.8% | 48.9% | ||
| Q3 25 | 71.3% | 35.5% | ||
| Q2 25 | 86.3% | 33.4% | ||
| Q1 25 | 63.8% | 32.4% | ||
| Q4 24 | 83.0% | -4.4% | ||
| Q3 24 | 66.4% | 21.2% | ||
| Q2 24 | 56.6% | 27.6% | ||
| Q1 24 | 71.6% | -95.0% |
| Q4 25 | 27.1% | -17.7% | ||
| Q3 25 | -220.3% | -33.6% | ||
| Q2 25 | -83.9% | -34.8% | ||
| Q1 25 | -271.6% | -65.0% | ||
| Q4 24 | -34.2% | -84.4% | ||
| Q3 24 | -129.0% | -493.2% | ||
| Q2 24 | -284.9% | -1705.5% | ||
| Q1 24 | -69.6% | -267.0% |
| Q4 25 | 24.7% | -33.9% | ||
| Q3 25 | -228.1% | -62.2% | ||
| Q2 25 | -86.6% | 527.8% | ||
| Q1 25 | -274.3% | -76.9% | ||
| Q4 24 | -48.4% | -91.6% | ||
| Q3 24 | -160.8% | -506.3% | ||
| Q2 24 | -285.2% | -1712.6% | ||
| Q1 24 | -67.4% | -283.9% |
| Q4 25 | $0.13 | $-4.40 | ||
| Q3 25 | $-0.22 | $-2.84 | ||
| Q2 25 | $-0.16 | $-1.79 | ||
| Q1 25 | $-0.25 | $-0.15 | ||
| Q4 24 | $-0.12 | $-15.29 | ||
| Q3 24 | $-0.29 | $-18.24 | ||
| Q2 24 | $-0.32 | $-71.81 | ||
| Q1 24 | $-0.16 | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $-249.4M |
| Total Assets | $147.8M | $308.9M |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $48.9M | ||
| Q3 25 | $58.7M | $43.1M | ||
| Q2 25 | $66.3M | $40.8M | ||
| Q1 25 | $59.8M | $58.6M | ||
| Q4 24 | $73.5M | $56.3M | ||
| Q3 24 | $90.3M | $75.4M | ||
| Q2 24 | $73.2M | $89.6M | ||
| Q1 24 | $85.5M | $112.8M |
| 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 | $-249.4M | ||
| Q3 25 | $38.5M | $-235.7M | ||
| Q2 25 | $55.6M | $-214.1M | ||
| Q1 25 | $49.6M | $-417.5M | ||
| Q4 24 | $66.9M | $-398.4M | ||
| Q3 24 | $73.4M | $-344.1M | ||
| Q2 24 | $61.4M | $-203.2M | ||
| Q1 24 | $79.3M | $371.6M |
| Q4 25 | $147.8M | $308.9M | ||
| Q3 25 | $124.0M | $362.6M | ||
| Q2 25 | $138.2M | $379.2M | ||
| Q1 25 | $128.9M | $405.1M | ||
| Q4 24 | $149.0M | $437.4M | ||
| Q3 24 | $148.2M | $537.8M | ||
| Q2 24 | $132.0M | $691.5M | ||
| Q1 24 | $149.6M | $1.3B |
| 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 | $8.2M |
| 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.
| Q4 25 | $20.1M | $8.2M | ||
| Q3 25 | $-7.7M | $11.4M | ||
| Q2 25 | $-18.0M | $-21.3M | ||
| Q1 25 | $-13.8M | $8.5M | ||
| Q4 24 | $-16.5M | $-14.7M | ||
| Q3 24 | $-13.0M | $-9.4M | ||
| Q2 24 | $-12.2M | $-11.9M | ||
| Q1 24 | $-7.8M | $-621.0K |
| Q4 25 | $19.6M | — | ||
| Q3 25 | $-7.9M | — | ||
| Q2 25 | $-20.5M | — | ||
| Q1 25 | $-15.1M | — | ||
| Q4 24 | $-18.2M | — | ||
| Q3 24 | $-14.0M | — | ||
| Q2 24 | $-12.6M | — | ||
| Q1 24 | $-8.9M | — |
| Q4 25 | 50.3% | — | ||
| Q3 25 | -91.7% | — | ||
| Q2 25 | -133.6% | — | ||
| Q1 25 | -199.6% | — | ||
| Q4 24 | -85.0% | — | ||
| Q3 24 | -109.0% | — | ||
| Q2 24 | -157.5% | — | ||
| Q1 24 | -52.2% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 16.4% | — | ||
| Q1 25 | 16.7% | — | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | 7.8% | — | ||
| Q2 24 | 5.0% | — | ||
| Q1 24 | 6.6% | — |
| Q4 25 | 2.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
