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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
TSS, Inc. is the larger business by last-quarter revenue ($60.9M vs $38.9M, roughly 1.6× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs 20.0%, a 4.7% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 21.8%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $15.8M). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% CAGR vs 51.0%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
CDXS vs TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $60.9M |
| Net Profit | $9.6M | $12.2M |
| Gross Margin | 94.8% | 17.6% |
| Operating Margin | 27.1% | 1.5% |
| Net Margin | 24.7% | 20.0% |
| Revenue YoY | 81.3% | 21.8% |
| Net Profit YoY | 192.5% | 535.7% |
| EPS (diluted) | $0.13 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $8.6M | $41.9M | ||
| Q2 25 | $15.3M | $44.0M | ||
| Q1 25 | $7.5M | $99.0M | ||
| Q4 24 | $21.5M | $50.0M | ||
| Q3 24 | $12.8M | $70.1M | ||
| Q2 24 | $8.0M | $12.2M | ||
| Q1 24 | $17.1M | $15.9M |
| Q4 25 | $9.6M | $12.2M | ||
| Q3 25 | $-19.6M | $-1.5M | ||
| Q2 25 | $-13.3M | $1.5M | ||
| Q1 25 | $-20.7M | $3.0M | ||
| Q4 24 | $-10.4M | $1.9M | ||
| Q3 24 | $-20.6M | $2.6M | ||
| Q2 24 | $-22.8M | $1.4M | ||
| Q1 24 | $-11.5M | $15.0K |
| Q4 25 | 94.8% | 17.6% | ||
| Q3 25 | 71.3% | 11.1% | ||
| Q2 25 | 86.3% | 17.8% | ||
| Q1 25 | 63.8% | 9.3% | ||
| Q4 24 | 83.0% | 14.4% | ||
| Q3 24 | 66.4% | 11.3% | ||
| Q2 24 | 56.6% | 37.3% | ||
| Q1 24 | 71.6% | 17.1% |
| Q4 25 | 27.1% | 1.5% | ||
| Q3 25 | -220.3% | -2.2% | ||
| Q2 25 | -83.9% | 5.1% | ||
| Q1 25 | -271.6% | 4.2% | ||
| Q4 24 | -34.2% | 0.0% | ||
| Q3 24 | -129.0% | 5.4% | ||
| Q2 24 | -284.9% | 14.0% | ||
| Q1 24 | -69.6% | 1.6% |
| Q4 25 | 24.7% | 20.0% | ||
| Q3 25 | -228.1% | -3.6% | ||
| Q2 25 | -86.6% | 3.4% | ||
| Q1 25 | -274.3% | 3.0% | ||
| Q4 24 | -48.4% | 3.8% | ||
| Q3 24 | -160.8% | 3.8% | ||
| Q2 24 | -285.2% | 11.5% | ||
| Q1 24 | -67.4% | 0.1% |
| Q4 25 | $0.13 | $0.44 | ||
| Q3 25 | $-0.22 | $-0.06 | ||
| Q2 25 | $-0.16 | $0.06 | ||
| Q1 25 | $-0.25 | $0.12 | ||
| Q4 24 | $-0.12 | $0.08 | ||
| Q3 24 | $-0.29 | $0.10 | ||
| Q2 24 | $-0.32 | $0.06 | ||
| Q1 24 | $-0.16 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $76.6M |
| Total Assets | $147.8M | $184.9M |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $85.5M | ||
| Q3 25 | $58.7M | $70.7M | ||
| Q2 25 | $66.3M | — | ||
| Q1 25 | $59.8M | — | ||
| Q4 24 | $73.5M | $23.2M | ||
| Q3 24 | $90.3M | $46.4M | ||
| Q2 24 | $73.2M | $8.3M | ||
| Q1 24 | $85.5M | $14.4M |
| 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 | $76.6M | ||
| Q3 25 | $38.5M | $63.4M | ||
| Q2 25 | $55.6M | $9.5M | ||
| Q1 25 | $49.6M | $9.4M | ||
| Q4 24 | $66.9M | $7.1M | ||
| Q3 24 | $73.4M | $7.7M | ||
| Q2 24 | $61.4M | $5.2M | ||
| Q1 24 | $79.3M | $3.7M |
| Q4 25 | $147.8M | $184.9M | ||
| Q3 25 | $124.0M | $165.4M | ||
| Q2 25 | $138.2M | $139.5M | ||
| Q1 25 | $128.9M | $113.5M | ||
| Q4 24 | $149.0M | $96.6M | ||
| Q3 24 | $148.2M | $67.3M | ||
| Q2 24 | $132.0M | $28.9M | ||
| Q1 24 | $149.6M | $26.8M |
| 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 | $16.3M |
| Free Cash FlowOCF − Capex | $19.6M | $15.8M |
| FCF MarginFCF / Revenue | 50.3% | 25.9% |
| Capex IntensityCapex / Revenue | 1.3% | 0.9% |
| Cash ConversionOCF / Net Profit | 2.09× | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $16.3M | ||
| Q3 25 | $-7.7M | $-18.4M | ||
| Q2 25 | $-18.0M | $16.3M | ||
| Q1 25 | $-13.8M | $20.6M | ||
| Q4 24 | $-16.5M | $-21.6M | ||
| Q3 24 | $-13.0M | $38.6M | ||
| Q2 24 | $-12.2M | $-4.3M | ||
| Q1 24 | $-7.8M | $2.6M |
| Q4 25 | $19.6M | $15.8M | ||
| Q3 25 | $-7.9M | $-24.9M | ||
| Q2 25 | $-20.5M | $5.4M | ||
| Q1 25 | $-15.1M | $5.8M | ||
| Q4 24 | $-18.2M | $-28.4M | ||
| Q3 24 | $-14.0M | $38.6M | ||
| Q2 24 | $-12.6M | $-6.0M | ||
| Q1 24 | $-8.9M | $2.6M |
| Q4 25 | 50.3% | 25.9% | ||
| Q3 25 | -91.7% | -59.3% | ||
| Q2 25 | -133.6% | 12.3% | ||
| Q1 25 | -199.6% | 5.8% | ||
| Q4 24 | -85.0% | -56.7% | ||
| Q3 24 | -109.0% | 55.1% | ||
| Q2 24 | -157.5% | -49.4% | ||
| Q1 24 | -52.2% | 16.4% |
| Q4 25 | 1.3% | 0.9% | ||
| Q3 25 | 2.1% | 15.3% | ||
| Q2 25 | 16.4% | 24.8% | ||
| Q1 25 | 16.7% | 15.0% | ||
| Q4 24 | 8.3% | 13.4% | ||
| Q3 24 | 7.8% | 0.1% | ||
| Q2 24 | 5.0% | 13.8% | ||
| Q1 24 | 6.6% | 0.2% |
| Q4 25 | 2.09× | 1.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | — | -11.32× | ||
| Q3 24 | — | 14.60× | ||
| Q2 24 | — | -3.09× | ||
| Q1 24 | — | 176.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
