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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Velocity Financial, Inc. is the larger business by last-quarter revenue ($51.6M vs $38.9M, roughly 1.3× CODEXIS, INC.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 24.7%, a 42.7% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 32.8%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $17.9M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 32.3%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
CDXS vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $51.6M |
| Net Profit | $9.6M | $34.8M |
| Gross Margin | 94.8% | — |
| Operating Margin | 27.1% | 97.0% |
| Net Margin | 24.7% | 67.3% |
| Revenue YoY | 81.3% | 32.8% |
| Net Profit YoY | 192.5% | 67.0% |
| EPS (diluted) | $0.13 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $8.6M | $49.1M | ||
| Q2 25 | $15.3M | $47.6M | ||
| Q1 25 | $7.5M | $37.5M | ||
| Q4 24 | $21.5M | $38.9M | ||
| Q3 24 | $12.8M | $35.1M | ||
| Q2 24 | $8.0M | $32.4M | ||
| Q1 24 | $17.1M | $29.5M |
| Q4 25 | $9.6M | $34.8M | ||
| Q3 25 | $-19.6M | $25.4M | ||
| Q2 25 | $-13.3M | $26.0M | ||
| Q1 25 | $-20.7M | $18.9M | ||
| Q4 24 | $-10.4M | $20.8M | ||
| Q3 24 | $-20.6M | $15.8M | ||
| Q2 24 | $-22.8M | $14.8M | ||
| Q1 24 | $-11.5M | $17.3M |
| Q4 25 | 94.8% | — | ||
| Q3 25 | 71.3% | — | ||
| Q2 25 | 86.3% | — | ||
| Q1 25 | 63.8% | — | ||
| Q4 24 | 83.0% | — | ||
| Q3 24 | 66.4% | — | ||
| Q2 24 | 56.6% | — | ||
| Q1 24 | 71.6% | — |
| Q4 25 | 27.1% | 97.0% | ||
| Q3 25 | -220.3% | 72.1% | ||
| Q2 25 | -83.9% | 71.3% | ||
| Q1 25 | -271.6% | 71.7% | ||
| Q4 24 | -34.2% | 82.5% | ||
| Q3 24 | -129.0% | 60.6% | ||
| Q2 24 | -284.9% | 61.3% | ||
| Q1 24 | -69.6% | 78.8% |
| Q4 25 | 24.7% | 67.3% | ||
| Q3 25 | -228.1% | 51.7% | ||
| Q2 25 | -86.6% | 54.6% | ||
| Q1 25 | -274.3% | 50.4% | ||
| Q4 24 | -48.4% | 53.5% | ||
| Q3 24 | -160.8% | 45.1% | ||
| Q2 24 | -285.2% | 45.6% | ||
| Q1 24 | -67.4% | 58.5% |
| Q4 25 | $0.13 | $0.90 | ||
| Q3 25 | $-0.22 | $0.65 | ||
| Q2 25 | $-0.16 | $0.69 | ||
| Q1 25 | $-0.25 | $0.51 | ||
| Q4 24 | $-0.12 | $0.56 | ||
| Q3 24 | $-0.29 | $0.44 | ||
| Q2 24 | $-0.32 | $0.42 | ||
| Q1 24 | $-0.16 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $672.5M |
| Total Assets | $147.8M | $7.4B |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $92.1M | ||
| Q3 25 | $58.7M | $99.0M | ||
| Q2 25 | $66.3M | $79.6M | ||
| Q1 25 | $59.8M | $51.7M | ||
| Q4 24 | $73.5M | $49.9M | ||
| Q3 24 | $90.3M | $44.1M | ||
| Q2 24 | $73.2M | $47.4M | ||
| Q1 24 | $85.5M | $34.8M |
| 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 | $672.5M | ||
| Q3 25 | $38.5M | $634.3M | ||
| Q2 25 | $55.6M | $597.9M | ||
| Q1 25 | $49.6M | $563.2M | ||
| Q4 24 | $66.9M | $516.9M | ||
| Q3 24 | $73.4M | $484.6M | ||
| Q2 24 | $61.4M | $471.3M | ||
| Q1 24 | $79.3M | $452.9M |
| Q4 25 | $147.8M | $7.4B | ||
| Q3 25 | $124.0M | $7.0B | ||
| Q2 25 | $138.2M | $6.5B | ||
| Q1 25 | $128.9M | $6.0B | ||
| Q4 24 | $149.0M | $5.5B | ||
| Q3 24 | $148.2M | $5.2B | ||
| Q2 24 | $132.0M | $4.9B | ||
| Q1 24 | $149.6M | $4.6B |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | $19.6M | $17.9M |
| FCF MarginFCF / Revenue | 50.3% | 34.6% |
| Capex IntensityCapex / Revenue | 1.3% | 0.5% |
| Cash ConversionOCF / Net Profit | 2.09× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $18.2M | ||
| Q3 25 | $-7.7M | $11.5M | ||
| Q2 25 | $-18.0M | $7.7M | ||
| Q1 25 | $-13.8M | $3.5M | ||
| Q4 24 | $-16.5M | $37.8M | ||
| Q3 24 | $-13.0M | $-17.6M | ||
| Q2 24 | $-12.2M | $11.5M | ||
| Q1 24 | $-7.8M | $10.6M |
| Q4 25 | $19.6M | $17.9M | ||
| Q3 25 | $-7.9M | $11.4M | ||
| Q2 25 | $-20.5M | $7.6M | ||
| Q1 25 | $-15.1M | $3.5M | ||
| Q4 24 | $-18.2M | $37.5M | ||
| Q3 24 | $-14.0M | $-17.6M | ||
| Q2 24 | $-12.6M | $11.4M | ||
| Q1 24 | $-8.9M | $10.5M |
| Q4 25 | 50.3% | 34.6% | ||
| Q3 25 | -91.7% | 23.2% | ||
| Q2 25 | -133.6% | 15.9% | ||
| Q1 25 | -199.6% | 9.2% | ||
| Q4 24 | -85.0% | 96.4% | ||
| Q3 24 | -109.0% | -50.3% | ||
| Q2 24 | -157.5% | 35.1% | ||
| Q1 24 | -52.2% | 35.8% |
| Q4 25 | 1.3% | 0.5% | ||
| Q3 25 | 2.1% | 0.1% | ||
| Q2 25 | 16.4% | 0.2% | ||
| Q1 25 | 16.7% | 0.2% | ||
| Q4 24 | 8.3% | 0.7% | ||
| Q3 24 | 7.8% | 0.2% | ||
| Q2 24 | 5.0% | 0.3% | ||
| Q1 24 | 6.6% | 0.1% |
| Q4 25 | 2.09× | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
