What is Co-Diagnostics Inc's earnings per share (EPS)?

Co-Diagnostics Inc (CODX) reported diluted earnings per share of $-35.25 for fiscal year 2025. This represents a -2742.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Co-Diagnostics Inc Financials

CODX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Co-Diagnostics Inc (CODX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 29/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Co-Diagnostics Inc has an operating margin of -11995.4%, meaning the company retains $-11995 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1023.8% the prior year.

Growth

Co-Diagnostics Inc's revenue declined 89.3% year-over-year, from $3.9M to $418K. This contraction results in a growth score of 0/100.

Leverage

Co-Diagnostics Inc carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.87, Co-Diagnostics Inc holds $3.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 76/100.

Cash Flow

While Co-Diagnostics Inc generated -$29.1M in operating cash flow, capex of $700K consumed most of it, leaving -$29.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Co-Diagnostics Inc generates a -227.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -69.3% the prior year.

Piotroski F-Score Weak

3/9

Co-Diagnostics Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.62x

For every $1 of reported earnings, Co-Diagnostics Inc generates $0.62 in operating cash flow (-$29.1M OCF vs -$46.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$418K

YoY-89.3%

5Y CAGR-64.5%

Co-Diagnostics Inc generated $418K in revenue in fiscal year 2025. This represents a decrease of 89.3% from the prior year.

EBITDA

-$49.1M

YoY-26.8%

Co-Diagnostics Inc's EBITDA was -$49.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 26.8% from the prior year.

Net Income

-$46.9M

YoY-24.6%

Co-Diagnostics Inc reported -$46.9M in net income in fiscal year 2025. This represents a decrease of 24.6% from the prior year.

EPS (Diluted)

$-35.25

YoY-2742.7%

Co-Diagnostics Inc earned $-35.25 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2742.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$29.8M

YoY+0.2%

Co-Diagnostics Inc generated -$29.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 0.2% from the prior year.

Cash & Debt

$11.9M

YoY+304.7%

5Y CAGR-22.7%

Co-Diagnostics Inc held $11.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY-89.1%

5Y CAGR-33.9%

Co-Diagnostics Inc had 4M shares outstanding in fiscal year 2025. This represents a decrease of 89.1% from the prior year.

Margins & Returns

Gross Margin

95.7%

YoY+21.2pp

5Y CAGR+17.9pp

Co-Diagnostics Inc's gross margin was 95.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 21.2 percentage points from the prior year.

Operating Margin

-11995.4%

YoY-10971.6pp

5Y CAGR-12051.3pp

Co-Diagnostics Inc's operating margin was -11995.4% in fiscal year 2025, reflecting core business profitability. This is down 10971.6 percentage points from the prior year.

Net Margin

-11213.6%

YoY-10252.3pp

5Y CAGR-11270.6pp

Co-Diagnostics Inc's net profit margin was -11213.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 10252.3 percentage points from the prior year.

Return on Equity

-227.3%

YoY-158.0pp

5Y CAGR-291.0pp

Co-Diagnostics Inc's ROE was -227.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 158.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$19.1M

YoY-8.8%

5Y CAGR+43.1%

Co-Diagnostics Inc invested $19.1M in research and development in fiscal year 2025. This represents a decrease of 8.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$700K

YoY-6.5%

5Y CAGR-2.0%

Co-Diagnostics Inc invested $700K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 6.5% from the prior year.

CODX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$418K-89.3%	$3.9M-42.5%	$6.8M-80.1%	$34.2M-65.0%	$97.9M+31.3%	$74.6M
Cost of Revenue	$222K-77.7%	$999K-76.1%	$4.2M-23.6%	$5.5M-52.6%	$11.6M-30.2%	$16.6M
Gross Profit	$400K-86.3%	$2.9M+11.0%	$2.6M-90.9%	$28.7M-66.7%	$86.3M+48.9%	$58.0M
R&D Expenses	$19.1M-8.8%	$21.0M-8.6%	$23.0M+31.7%	$17.4M+16.5%	$15.0M+369.7%	$3.2M
SG&A Expenses	$9.1M-43.9%	$16.2M+13.1%	$14.3M+0.1%	$14.3M+23.5%	$11.6M+39.5%	$8.3M
Operating Income	-$50.2M-25.2%	-$40.1M+6.1%	-$42.7M-58.3%	-$27.0M-158.6%	$46.1M+10.5%	$41.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$1.6M-2916.9%	$57K+102.1%	-$2.8M+39.7%	-$4.6M-151.3%	$9.0M+9815.6%	$91K
Net Income	-$46.9M-24.6%	-$37.6M-6.5%	-$35.3M-148.2%	-$14.2M-138.8%	$36.7M-13.7%	$42.5M
EPS (Diluted)	$-35.25-2742.7%	$-1.24-3.3%	$-1.20-166.7%	$-0.45-136.6%	$1.23-19.1%	$1.52

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$145K-10.8%	$163K+224.0%	$50K-66.3%	$149K-76.7%	$641K-75.9%	$2.7M+467.9%	$468K-86.8%	$3.6M
Cost of Revenue	$26K-18.1%	$32K+48.7%	$22K-91.5%	$255K-14.2%	$297K+40.2%	$212K-9.5%	$235K-92.1%	$3.0M
Gross Profit	$119K-9.0%	$131K+356.0%	$29K+127.1%	-$106K-130.8%	$344K-85.9%	$2.4M+947.7%	$233K-60.3%	$587K
R&D Expenses	$4.5M-4.4%	$4.7M-3.7%	$4.9M+1.3%	$4.8M-1.5%	$4.9M-13.0%	$5.6M-1.2%	$5.7M-8.1%	$6.2M
SG&A Expenses	$1.8M-30.2%	$2.6M-6.2%	$2.8M-52.3%	$5.8M+35.7%	$4.3M+36.9%	$3.1M+7.3%	$2.9M-33.7%	$4.4M
Operating Income	-$7.0M+13.0%	-$8.1M+5.8%	-$8.6M+28.2%	-$11.9M-16.3%	-$10.2M-33.3%	-$7.7M+25.1%	-$10.3M+13.2%	-$11.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$1.2M-9563.7%	$12K+2.7%	$12K+246.8%	-$8K-136.8%	$22K+7.8%	$21K-9.6%	$23K-99.4%	$3.8M
Net Income	-$5.9M+23.8%	-$7.7M-2.6%	-$7.5M+31.7%	-$11.0M-13.8%	-$9.7M-27.6%	-$7.6M+18.4%	-$9.3M+36.6%	-$14.7M
EPS (Diluted)	$-0.16+30.4%	$-0.23+4.2%	$-0.24	N/A	$-0.32-28.0%	$-0.25+19.4%	$-0.31	N/A

CODX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$24.7M-61.3%	$64.0M-32.9%	$95.3M-22.6%	$123.1M-23.1%	$160.0M+124.6%	$71.2M
Current Assets	$13.7M-57.6%	$32.3M-48.0%	$62.1M-33.0%	$92.7M-19.4%	$115.1M+69.8%	$67.8M
Cash & Equivalents	$11.9M+304.7%	$2.9M-80.3%	$14.9M-35.1%	$23.0M-74.1%	$88.6M+106.2%	$43.0M
Inventory	$992K-7.5%	$1.1M-35.6%	$1.7M-68.7%	$5.3M+165.0%	$2.0M-74.9%	$8.0M
Accounts Receivable	$190K+43.6%	$133K-56.4%	$304K-91.2%	$3.5M-83.4%	$20.8M+71.7%	$12.1M
Goodwill	N/A	N/A	N/A	N/A	$14.7M	N/A
Total Liabilities	$4.1M-57.5%	$9.7M+4.1%	$9.3M+8.6%	$8.6M-66.5%	$25.6M+462.9%	$4.5M
Current Liabilities	$3.5M-51.6%	$7.3M+27.3%	$5.7M+48.4%	$3.9M-69.3%	$12.6M+210.1%	$4.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$20.6M-62.0%	$54.3M-36.9%	$86.0M-24.9%	$114.5M-14.8%	$134.5M+101.6%	$66.7M
Retained Earnings	-$80.4M-143.3%	-$33.0M-818.6%	$4.6M-88.5%	$39.9M-26.3%	$54.2M+209.3%	$17.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$44.7M-3.7%	$46.5M-15.7%	$55.1M-13.8%	$64.0M-11.6%	$72.4M-10.3%	$80.7M-6.9%	$86.7M-9.1%	$95.3M
Current Assets	$14.1M-8.2%	$15.3M-35.8%	$23.8M-26.2%	$32.3M-19.5%	$40.1M-16.8%	$48.2M-10.2%	$53.7M-13.6%	$62.1M
Cash & Equivalents	$11.4M+3.0%	$11.1M+484.1%	$1.9M-35.2%	$2.9M-72.8%	$10.8M-22.1%	$13.9M-40.0%	$23.1M+54.9%	$14.9M
Inventory	$1.1M+0.5%	$1.1M+0.1%	$1.1M+1.0%	$1.1M-15.3%	$1.3M-13.5%	$1.5M-5.5%	$1.5M-6.9%	$1.7M
Accounts Receivable	$56K-73.5%	$211K+54.7%	$136K+2.9%	$133K-25.6%	$178K-67.7%	$552K+26.8%	$435K+43.1%	$304K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.9M-7.8%	$5.3M-26.3%	$7.2M-25.4%	$9.7M+12.7%	$8.6M+3.5%	$8.3M-0.2%	$8.3M-10.6%	$9.3M
Current Liabilities	$3.7M-0.5%	$3.7M-31.0%	$5.4M-26.5%	$7.3M+26.2%	$5.8M+9.3%	$5.3M+0.7%	$5.3M-8.3%	$5.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$39.8M-3.2%	$41.1M-14.2%	$47.9M-11.8%	$54.3M-14.9%	$63.8M-11.9%	$72.4M-7.6%	$78.4M-8.9%	$86.0M
Retained Earnings	-$54.2M-12.2%	-$48.3M-19.1%	-$40.6M-22.8%	-$33.0M-50.1%	-$22.0M-78.7%	-$12.3M-161.2%	-$4.7M-202.5%	$4.6M

CODX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$29.1M+0.1%	-$29.2M-32.0%	-$22.1M-436.2%	$6.6M-84.0%	$41.1M+45.9%	$28.2M
Capital Expenditures	$700K-6.5%	$748K-45.2%	$1.4M-4.4%	$1.4M+113.2%	$669K-13.6%	$774K
Free Cash Flow	-$29.8M+0.2%	-$29.9M-27.5%	-$23.4M-556.1%	$5.1M-87.3%	$40.4M+47.5%	$27.4M
Investing Cash Flow	$26.3M+53.9%	$17.1M+10.9%	$15.4M+126.5%	-$58.2M-1519.2%	$4.1M+170.4%	-$5.8M
Financing Cash Flow	$11.8M+11266.7%	$104K+107.6%	-$1.4M+90.3%	-$14.0M-3215.9%	$450K-97.7%	$19.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$1.4M-90.4%	$14.2M	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$5.9M+28.8%	-$8.3M+5.2%	-$8.7M-6.2%	-$8.2M-13.9%	-$7.2M-38.9%	-$5.2M+38.7%	-$8.5M-77.7%	-$4.8M
Capital Expenditures	$75K-81.3%	$401K+336.3%	$92K+25.9%	$73K-58.2%	$174K+76.9%	$99K-75.5%	$402K-13.4%	$465K
Free Cash Flow	-$6.0M+31.2%	-$8.7M+1.7%	-$8.8M-6.4%	-$8.3M-12.2%	-$7.4M-39.6%	-$5.3M+40.4%	-$8.9M-69.6%	-$5.2M
Investing Cash Flow	$2.2M-87.3%	$17.1M+132.0%	$7.4M+2665.7%	$266K-93.6%	$4.2M+203.3%	-$4.0M-124.2%	$16.7M+73.4%	$9.6M
Financing Cash Flow	$4.1M+846.0%	$429K+20.9%	$355K	N/A	N/A	N/A	N/A	-$160K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$160K

CODX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	95.7%+21.2pp	74.5%+35.9pp	38.6%-45.4pp	84.0%-4.2pp	88.2%+10.4pp	77.8%
Operating Margin	-11995.4%-10971.6pp	-1023.8%-396.8pp	-626.9%-548.1pp	-78.8%-125.9pp	47.1%-8.9pp	55.9%
Net Margin	-11213.6%-10252.3pp	-961.4%-442.7pp	-518.7%-477.1pp	-41.6%-79.1pp	37.5%-19.5pp	57.0%
Return on Equity	-227.3%-158.0pp	-69.3%-28.2pp	-41.1%-28.6pp	-12.4%-39.7pp	27.3%-36.4pp	63.7%
Return on Assets	-189.5%-130.7pp	-58.8%-21.7pp	-37.1%-25.5pp	-11.6%-34.5pp	22.9%-36.7pp	59.6%
Current Ratio	3.87-0.5	4.41-6.4	10.81-13.1	23.94+14.8	9.14-7.6	16.69
Debt-to-Equity	0.20+0.0	0.18+0.1	0.11+0.0	0.07-0.1	0.19+0.1	0.07
FCF Margin	-7134.5%-6370.8pp	-763.8%-419.6pp	-344.2%-359.2pp	15.0%-26.3pp	41.3%+4.5pp	36.7%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	81.9%+1.6pp	80.3%+23.2pp	57.1%+127.9pp	-70.8%-124.4pp	53.6%-38.4pp	92.0%+42.1pp	49.9%+33.4pp	16.5%
Operating Margin	-4824.5%+121.6pp	-4946.1%+12063.5pp	-17009.7%-9035.8pp	-7973.9%-6377.5pp	-1596.4%-1307.3pp	-289.1%+1903.8pp	-2192.9%-1860.2pp	-332.6%
Net Margin	-4049.3%+695.8pp	-4745.0%+10238.5pp	-14983.5%-7596.2pp	-7387.4%-5875.0pp	-1512.4%-1226.3pp	-286.0%+1704.3pp	-1990.4%-1577.6pp	-412.8%
Return on Equity	-14.8%+4.0pp	-18.8%-3.1pp	-15.7%+4.6pp	-20.3%-5.1pp	-15.2%-4.7pp	-10.5%+1.4pp	-11.9%+5.2pp	-17.1%
Return on Assets	-13.2%+3.5pp	-16.6%-3.0pp	-13.7%+3.6pp	-17.2%-3.8pp	-13.4%-4.0pp	-9.4%+1.3pp	-10.7%+4.7pp	-15.4%
Current Ratio	3.81-0.3	4.12-0.3	4.43+0.0	4.41-2.5	6.92-2.2	9.09-1.1	10.19-0.6	10.81
Debt-to-Equity	0.120.0	0.13-0.0	0.15-0.0	0.18+0.0	0.13+0.0	0.110.0	0.110.0	0.11
FCF Margin	-4113.1%+1220.4pp	-5333.6%+12243.3pp	-17576.9%-12015.9pp	-5561.0%-4406.2pp	-1154.8%-955.2pp	-199.6%+1701.1pp	-1900.7%-1753.3pp	-147.5%

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Frequently Asked Questions

What is Co-Diagnostics Inc's annual revenue?

Co-Diagnostics Inc (CODX) reported $418K in total revenue for fiscal year 2025. This represents a -89.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Co-Diagnostics Inc's revenue growing?

Co-Diagnostics Inc (CODX) revenue declined by 89.3% year-over-year, from $3.9M to $418K in fiscal year 2025.

Is Co-Diagnostics Inc profitable?

No, Co-Diagnostics Inc (CODX) reported a net income of -$46.9M in fiscal year 2025, with a net profit margin of -11213.6%.

What is Co-Diagnostics Inc's EBITDA?

Co-Diagnostics Inc (CODX) had EBITDA of -$49.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Co-Diagnostics Inc's gross margin?

Co-Diagnostics Inc (CODX) had a gross margin of 95.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Co-Diagnostics Inc's operating margin?

Co-Diagnostics Inc (CODX) had an operating margin of -11995.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Co-Diagnostics Inc's net profit margin?

Co-Diagnostics Inc (CODX) had a net profit margin of -11213.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Co-Diagnostics Inc's return on equity (ROE)?

Co-Diagnostics Inc (CODX) has a return on equity of -227.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Co-Diagnostics Inc's free cash flow?

Co-Diagnostics Inc (CODX) generated -$29.8M in free cash flow during fiscal year 2025. This represents a 0.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Co-Diagnostics Inc's operating cash flow?

Co-Diagnostics Inc (CODX) generated -$29.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Co-Diagnostics Inc's total assets?

Co-Diagnostics Inc (CODX) had $24.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Co-Diagnostics Inc's capital expenditures?

Co-Diagnostics Inc (CODX) invested $700K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Co-Diagnostics Inc spend on research and development?

Co-Diagnostics Inc (CODX) invested $19.1M in research and development during fiscal year 2025.

How many shares does Co-Diagnostics Inc have outstanding?

Co-Diagnostics Inc (CODX) had 4M shares outstanding as of fiscal year 2025.

What is Co-Diagnostics Inc's current ratio?

Co-Diagnostics Inc (CODX) had a current ratio of 3.87 as of fiscal year 2025, which is generally considered healthy.

What is Co-Diagnostics Inc's debt-to-equity ratio?

Co-Diagnostics Inc (CODX) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Co-Diagnostics Inc's return on assets (ROA)?

Co-Diagnostics Inc (CODX) had a return on assets of -189.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Co-Diagnostics Inc's cash runway?

Based on fiscal year 2025 data, Co-Diagnostics Inc (CODX) had $11.9M in cash against an annual operating cash burn of $29.1M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Co-Diagnostics Inc's Piotroski F-Score?

Co-Diagnostics Inc (CODX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Co-Diagnostics Inc's earnings high quality?

Co-Diagnostics Inc (CODX) has an earnings quality ratio of 0.62x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Co-Diagnostics Inc?

Co-Diagnostics Inc (CODX) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.