Does Codexis, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Codexis, Inc. (CDXS) 44.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 97, returns on capital 0, balance-sheet safety 55, capital discipline 24.

How has CDXS's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 44.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Codexis, Inc.

CDXS · Materials · $202.7M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power97

Median gross margin 79.0% over 10y, very stable.

Returns on capital0

Median ROIC -86.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $2.24
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for CDXS yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CDXS has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#85 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#83REI Ring Energy, Inc.45.3 out of 100, Shallow moatShallow moat
#84SON SONOCO PRODUCTS CO45.0 out of 100, Shallow moatShallow moat
#86OEC ORION S.A.44.4 out of 100, Shallow moatShallow moat
#87APOG APOGEE ENTERPRISES, INC.44.1 out of 100, Shallow moatShallow moat

Compare CDXS with its nearest peers →All Materials companies on the Index →

Common questions about CDXS

Does Codexis, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Codexis, Inc. (CDXS) 44.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 97, returns on capital 0, balance-sheet safety 55, capital discipline 24.
How has CDXS's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 44.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CDXS. See the disclaimer.