CorMedix Inc. (CRMD) Stock Analysis
CorMedix Inc.
▾ What's in the 42/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the Altman Z score, whose retained-earnings input this filer does not report separately. See the Financial Health section for the full balance-sheet read.
How to read CRMD
We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.
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Reported earnings & margins ↓
What the company actually reported — unaffected by the valuation being held.
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Balance sheet & book value ↓
Assets, liabilities and equity as filed.
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Who's selling & betting against it ↓
Insider and short-interest behaviour needs no valuation model.
The share count we read for CRMD looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.
What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.
This note is only about the single DCF fair-value number — CRMD's full financial statements, health scores, and written analysis are all below.
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✓ Positive net incomeNet income $163.1M in FY2025.
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✓ Positive operating cash flowOperating cash flow $175.0M (was -$50.6M the prior year).
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✓ Cash flow backs up reported profitOperating cash flow $175.0M vs net income $163.1M.
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✓ Return on assets improvingReturn on assets 19.7% vs -15.1% a year ago.
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✓ Debt load (vs assets)The filing reports no interest-bearing debt in either year (total assets $826.1M).
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✗ Short-term liquidity (current ratio)Current ratio 2.11x vs 3.39x a year ago.Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
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✗ Share count (dilution)Share count rose 36.4% (0.1M → 0.1M year-over-year).Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
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✗ Pricing power (gross margin)Gross margin 88.5% vs 92.7% a year ago.Why this matters: Rising gross margin means stronger pricing power or lower input costs — a sign of competitive strength. Falling margin signals pressure.
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✓ Sales per asset (asset turnover)Asset turnover 0.38x vs 0.37x a year ago.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for CorMedix Inc. due to its extreme valuation flag and data/units issue, which often indicates a multi-class share-count mismatch. Investors are likely focused on the company's significant revenue growth of 535.6% per year and recent positive net income and operating cash flow, indicating a potential turning point towards profitability. The primary quantifiable risk is the extreme valuation flag, suggesting the model output is dominated by data issues rather than fundamental value.
As of 3 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Next quarter's DefenCath sales figures
- Updates on product pipeline development
- Progress on resolving data/units issue flagged by the model
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue grew +617% to $311.7M.
- Free cash flow turned positive at $159.0M.
- Swung to a profit of $163.1M (from a loss the prior year).
- Gross margin shrank to 88% (-4 pts).
Management & Leadership
CorMedix Inc. is led by Chief Executive Officer Joe Todisco, who has been with the company since 2020. He oversees the company's strategic direction and commercialization efforts for its lead product.
What They Make
CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening diseases. Its primary product is DefenCath, an antimicrobial and antifungal solution designed to prevent catheter-related bloodstream infections.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is pricing CRMD based on expectations for future growth and the potential for its lead product, DefenCath, to capture significant market share. The recent shift to positive net income and operating cash flow, after being negative for most of the past five years, suggests investors are betting on sustained profitability and continued revenue growth of 535.6% per year.
Business Model & Valuation
How They Make Money
The company funds itself primarily through equity raises and is retiring 4% of its shares per year, which boosts per-share growth.
Free Cash Flow DCF
Standard FCF DCF: positive free cash flow in a sector suited for cash-flow-based valuation. FCF negative in 4/5 years.
Show advanced inputs
| Revenue Growth | 1,077.5% |
| Sector Default | 10.0% |
| Best Estimate | 10.0% |
| Method | sector_default+buyback(4%) |
| Growth Basis | total |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue is growing at 535.6% per year over the last four years, from $0M to $312M.
Geography & Markets
CorMedix Inc. is headquartered in the United States, with its primary focus on the US market for the commercialization of DefenCath. While specific geographic revenue splits are not available, its operations are predominantly domestic.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)64.2NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (4 notes — click to expand/collapse)
Guardrail Notes (4)
- Per-share growth boosted by buybacks: the company is retiring 4% of its shares per year, which adds directly to per-share growth on top of business growth. Final per-share growth used by the model: 14%/yr.
- Illiquidity discount 7% applied (small/micro-cap — harder to exit, demand a margin).
- Extreme valuation (P/IV withheld — see the note above); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
- DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From CorMedix Inc.'s SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 311.7M | 163.1M | $2.04 |
| 2024 | 43.5M | -17.9M | $-0.30 |
| 2023 | — | -46.3M | $-0.91 |
| 2022 | 65,408 | -29.7M | $-0.74 |
| 2021 | 190,936 | -28.2M | $-0.75 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC & adj. | Free Cash Flow |
|---|---|---|---|---|
| 2025 | 175.0M | 2.3M | 13.8M | 159.0M |
| 2024 | -50.6M | 116,000 | 6.1M | -56.9M |
| 2023 | -38.4M | 327,300 | 5.5M | -44.2M |
| 2022 | -24.4M | 219,360 | 4.1M | -28.6M |
| 2021 | -21.2M | 1.4M | 5.0M | -27.6M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 175.0M − 2.3M − 13.8M (SBC & adj.) = 159.0M. This is the same owner-earnings FCF definition the valuation model uses.
Balance Sheet
| Total Assets | 826.1M |
| Total Liabilities | 420.8M |
| Equity | 405.3M |
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