CDXS
Codexis, Inc.
CDXS offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over CDXS overall, supported by lower modeled downside and stronger modeled upside.
CDXS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
CDXS's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
UNH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Healthy |
UNH's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
CDXS PE Valuation
CDXS has no meaningful PE right now: it lost money over the past year.
UNH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $405 | — |
| Cheap | 19x | $325 | -20% |
| Fair | 23x | $410 | +1.2% |
| Current | 23x | $405 | — |
| Expensive | 30x | $526 | +30% |
Historical ranges are pointers, not guarantees.
UNH's PE is in its fair range at 23x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
CDXS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect CDXS's losses to shrink, with revenue holding steady. However, they disagree widely on these estimates.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
Analysts expect UNH's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
CDXS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.18 | +$0.57 |
| Q2 2026 | -$0.32 | +$0.50 |
| Q1 2026 | -$0.35 | +$0.63 |
| Q4 2025 | -$0.50 | +$0.39 |
| Q3 2025 | -$0.75 | +$0.13 |
| Q2 2025 | -$0.82 | +$0.27 |
| Q1 2025 | -$0.98 | -$0.04 |
| Q4 2024 | -$0.89 | +$0.23 |
CDXS is still losing money, but far less than before: $0.18 per share over the past year, against $1.20 at its worst in late 2023.
UNH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.65 | +29% |
| Q3 2026 | $17.55 | -8.5% |
| Q2 2026 | $15.58 | -33% |
| Q1 2026 | $13.28 | -44% |
| Q4 2025 | $13.23 | -15% |
| Q3 2025 | $19.17 | +25% |
| Q2 2025 | $23.09 | +53% |
| Q1 2025 | $23.89 | +46% |
| Q4 2024 | $15.51 | -35% |
UNH has the edge over CDXS on earnings quality, reporting a profit while its opponent remains loss making.
CDXS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $19.3M | +124% |
| Q2 2026 | $14.9M | -2.7% |
| Q1 2026 | $15.2M | +102% |
| Q4 2025 | $38.9M | +81% |
| Q3 2025 | $8.6M | -33% |
| Q2 2025 | $15.3M | +92% |
| Q1 2025 | $7.5M | -56% |
| Q4 2024 | $21.5M | -19% |
CDXS's revenue is growing: $19M last quarter, up 124% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -39% | +182 points |
| Q2 2026 | -75% | +8.6 points |
| Q1 2026 | -53% | +219 points |
| Q4 2025 | 27% | +61 points |
| Q3 2025 | -220% | -91 points |
| Q2 2025 | -84% | +201 points |
| Q1 2025 | -272% | -202 points |
| Q4 2024 | -34% | -35 points |
CDXS's operating margin was −39% last quarter, up 182 points from the same quarter a year ago.
UNH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $112.7B | -0.4% |
| Q2 2026 | $112B | +0.4% |
| Q1 2026 | $111.7B | +2% |
| Q4 2025 | $113.2B | +12% |
| Q3 2025 | $113.2B | +12% |
| Q2 2025 | $111.6B | +13% |
| Q1 2025 | $109.6B | +9.8% |
| Q4 2024 | $100.8B | +6.8% |
UNH's revenue has held roughly level: $113B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.8% | +2 points |
| Q2 2026 | 7.1% | +2.5 points |
| Q1 2026 | 8.1% | -0.3 points |
| Q4 2025 | 0.3% | -7.4 points |
| Q3 2025 | 3.8% | -4.8 points |
| Q2 2025 | 4.6% | -3.4 points |
| Q1 2025 | 8.3% | +0.4 points |
| Q4 2024 | 7.7% | -0.4 points |
UNH has the edge over CDXS on profitability, with a higher operating margin.
CDXS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$7.8M | +$40K |
| Q2 2026 | -$10.5M | +$9.9M |
| Q1 2026 | -$13.3M | +$1.7M |
| Q4 2025 | $19.6M | +$37.8M |
| Q3 2025 | -$7.9M | +$6.1M |
| Q2 2025 | -$20.5M | -$7.9M |
| Q1 2025 | -$15.1M | -$6.1M |
| Q4 2024 | -$18.2M | -$7.6M |
CDXS has burned cash in almost every quarter: −$12M over the past year, against −$62M the year before.
UNH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $4.3B | -16% |
| Q2 2026 | $10.3B | +63% |
| Q1 2026 | $8.1B | +79% |
| Q4 2025 | $160M | -89% |
| Q3 2025 | $5.1B | -61% |
| Q2 2025 | $6.3B | +6.9% |
| Q1 2025 | $4.6B | +1037% |
| Q4 2024 | $1.5B | +$7.6B |
UNH has the edge over CDXS on cash generation, producing positive trailing cash flow while its opponent burns cash.
CDXS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +18% | +16.2M shares |
| 1 year | +19% | +17M shares |
| 3 years | +54% | +37.8M shares |
| 5 years | +58% | +39.5M shares |
| Available history | +90% | +50.7M shares |
CDXS has 107M diluted shares, up 19% from a year ago.
UNH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -4M shares |
| 1 year | -0.7% | -6M shares |
| 3 years | -3.6% | -34M shares |
| 5 years | -5.5% | -53M shares |
| Available history | -6.6% | -64M shares |
UNH has the edge over CDXS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.4B |
| Q2 2026 | $1.6B |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $2.5B |
| Q1 2025 | $3B |
| Q4 2024 | $5B |
UNH spent $5B buying back its own shares over the past year, down 52% from the year before.
CDXS Net Leverage
CDXS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
UNH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.4x | Healthy |
UNH's net debt is about 1.7 years of its operating earnings (EBITDA), about the same as a year ago.
CDXS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.5 | Neutral |
| Stochastic | 7.2 | Oversold |
CDXS's weekly RSI is 30 (neutral) and its Stochastic is 7 (oversold).
UNH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 60.0 | Neutral |
UNH's weekly RSI is 56 (neutral) and its Stochastic is 60 (neutral).
CDXS PE vs Healthcare Sector
CDXS has no meaningful PE right now: it lost money over the past year.
UNH PE vs Healthcare Sector
| Metric | UNH | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 26x | 11% below |
| PE % | 47 | 29 | 18 pts above |
UNH is trading at 23x earnings, a 11% discount to the Healthcare sector's median of 26x.
CDXS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.23 | 22% below |
| 20 week MA | $1.52 | 37% below |
| 50 week MA | $1.76 | 45% below |
| 100 week MA | $2.35 | 59% below |
| 200 week MA | $2.79 | 66% below |
CDXS is in a downtrend: it's below all five of its weekly moving averages, and 66% below its 200-week average.
UNH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $394.2 | 2.8% above |
| 20 week MA | $400.5 | 1.2% above |
| 50 week MA | $361.2 | 12% above |
| 100 week MA | $376.0 | 7.8% above |
| 200 week MA | $446.6 | 9.3% below |
UNH has the edge over CDXS on trend strength, trading above more of its moving averages.
CDXS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.1 | $22.7 | +33% |
| 2021 | $22.7 | $33.4 | +47% |
| 2022 | $33.4 | $4.43 | -87% |
| 2023 | $4.43 | $3.05 | -31% |
| 2024 | $3.05 | $4.99 | +64% |
| 2025 | $4.99 | $1.63 | -67% |
| 2026 YTD | $1.63 | $0.96 | -41% |
CDXS has finished lower in three of the last six years. It's down 41% so far in 2026.
UNH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $296.0 | $340.8 | +15% |
| 2021 | $340.8 | $495.4 | +45% |
| 2022 | $495.4 | $531.3 | +7.3% |
| 2023 | $531.3 | $526.5 | -0.9% |
| 2024 | $526.5 | $510.0 | -3.1% |
| 2025 | $510.0 | $331.8 | -35% |
| 2026 YTD | $331.8 | $405.1 | +22% |
UNH has the edge over CDXS on returns for 2026, with the stronger performance.