CorMedix Inc. (CRMD) valuation at a glance
CorMedix Inc. (CRMD) trades below the fair value estimate shown here. At $8.30 versus a $8.50 estimate, that is a 2% upside.
- Price
- $8.30
- Fair value estimate
- $8.50
- Upside
- +2%
- Market cap
- $645M
- P/S (TTM)
- 1.4×
CompaniesCRMD
CRMD
CorMedix Inc.
HealthcareDefenCathMelintaReimbursement CliffPost TDAPAConvertible NotesBuyback
Overview
$8.30-0.1%
Market Cap
$645M
SEC filings
P/E (TTM)
3.4×
SEC filings
Rev Growth YoY
191.0%
+191%SEC filings
Gross Margin
82.8%
SEC filings
FCF Yield
38.8%
Calculated from SEC filings
Upside to FV
+2.4%
internal scenarios, stated multiple applied to a sta
Conviction
2/5A deep-value screen ranks CorMedix near the top of the US market on trailing figures, at 3.4 times earnings, 2.6 times enterprise value to EBITDA and a 38.8% free cash flow yield. Those figures are real and they are ending. On 1 July 2026 DefenCath moved from TDAPA reimbursement to a post-TDAPA add-on adjustment and the company states the payment to dialysis providers significantly declined. First-half adjusted EBITDA was $128.7M. Full-year guidance, raised the same day the quarter was reported, is $125M to $140M, so the company's own arithmetic implies a second half between minus $3.7M and plus $11.3M. The trailing multiple is measuring a period that no longer exists. DefenCath revenue had in any case already fallen from $97.5M in the first quarter to $66.1M in the second, before the reimbursement change took effect at all.
Research Depth
ScreeningDeep ResearchFull Model
Updated 16d ago
Quality Snowflake
Overall 75/100
Value5/5
Future2/2
Past4/4
Health3/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
CorMedix sells DefenCath, the first and only catheter lock solution approved by the FDA to reduce catheter-related bloodstream infection in adult haemodialysis patients, and since 29 August 2025 it also owns the Melinta hospital anti-infective portfolio. The trailing numbers are extraordinary. Revenue for the twelve months to 30 June 2026 was $462.2M against almost nothing two years earlier, operating margin was 46.9%, free cash flow was $250.4M and the shares trade at 3.4 times trailing earnings. A screen built on those inputs puts this company near the top of the entire US market. The filings say something different. DefenCath earned that revenue under TDAPA, a transitional add-on payment Medicare uses to pay separately for a new drug in the dialysis bundle. On 1 July 2026 that ended. The Form 10-Q states that reimbursement to institutions treating dialysis patients significantly declined and that the company expects a corresponding reduction in net pricing and lower net sales in the second half. The size of the reduction is not a matter of estimate. First-half adjusted EBITDA was $128.7M, full-year guidance is $125M to $140M, and the difference is the second half. The question this page tries to answer is not whether the trailing multiple is cheap, because it is and it does not matter. It is what the business earns once the add-on has reset, and whether $8.30 already pays for that.
Bull Case
Bear Case
Key Metrics
Market Cap
$645M
SEC filings
Enterprise Value
$650M
Calculated from SEC filings
Revenue (TTM)
$462M
SEC filings
P/E (TTM)
3.4×
SEC filings
Forward P/E
–
internal scenarios, stated multiple applied to a sta
P/S (TTM)
1.4×
SEC filings
P/B
1.4×
SEC filings
EV/EBITDA
2.6×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
191.0%
SEC filings
Gross Margin
82.8%
SEC filings
Operating Margin
46.9%
SEC filings
Net Margin
40.5%
SEC filings
Free Cash Flow
$250M
SEC filings
FCF Yield
38.8%
Calculated from SEC filings
Debt / Equity
0.3×
SEC filings
Current Ratio
2.6×
SEC filings
Short Interest
22.3%
Q2 2026 Form 10-Q, balance sheet, income per common share and convertible senior notes
Institutional Own.
58.1%
Q2 2026 Form 10-Q, balance sheet, income per common share and convertible senior notes
Insider Own.
7.6%
Q2 2026 Form 10-Q, balance sheet, income per common share and convertible senior notes
Shares Out.
77.7M
SEC filings
Float
66.0M
Q2 2026 Form 10-Q, balance sheet, income per common share and convertible senior notes
Valuation
Price vs Fair Value
Bear$3.03
Base$8.50
Bull$14.36
Now $8.30
Bear Case
$3.03
The post-TDAPA add-on holds near the second-half 2026 level into 2027 and the company earns roughly twice the implied second half, about $40M of EBITDA, with the Melinta portfolio carrying most of it. The market pays 6.0 times for a business whose largest product is priced by a rule it does not control. Enterprise value $240M, less $4.9M of claims ahead of the equity net of cash, over 77.7 million shares.
Base Case
$8.50
The 2027 add-on recovers part of the way, as the company says it could, and EBITDA settles near $95M, below the $132.5M guided for 2026 and well above the implied second-half run rate. The market pays 7.0 times. Enterprise value $665M, less $4.9M of claims ahead of the equity net of cash, over 77.7 million shares. That is $8.50, against $8.30 today, so the shares are close to fully valued on the central case rather than cheap.
Bull Case
$14.36
The 2027 payment returns to something like the level guided for 2026 as a whole, the top five dialysis operators all order at volume, and EBITDA reaches $140M. On a business with a clean second year of the enlarged portfolio the market pays 8.0 times. Enterprise value $1,120M, less $4.9M, over 77.7 million shares. This case sits just below the $15.40 mean of the five published analyst targets.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY24 | – | – | – |
| FY25 | – | – | – |
| TTM · | 3.4× | 1.4× | 2.6× |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CRMD | $0.64B | 3.4× | 1.4× | 2.6× | +191.0% | 82.8% | 40.5% |
| COLL | $0.92B | 19.1× | 1.1× | 4.8× | +23.6% | 60.0% | 5.9% |
| AMPH | $0.94B | 11.9× | 1.3× | 7.8× | -1.7% | 47.7% | 10.8% |
| SUPN | $2.54B | – | 3.1× | – | +8.6% | 88.1% | -13.2% |
| HROW | $1.40B | – | 5.1× | 39.9× | +21.0% | 73.3% | -13.5% |
Financials
| Line Item | H1 2025 | H1 2026 | YoY |
|---|---|---|---|
| Total revenue and grant income The second quarter alone was $101.9M, of which DefenCath was $66.1M and the Melinta portfolio $35.8M | $78.8M | $229.4M | +191% |
| Cost of sales The Melinta portfolio carries a materially higher cost of sales than DefenCath did on its own | $3.4M | $26.5M | +690.2% |
| Amortisation of intangibles Non-cash, and the whole increase comes from the intangibles recognised on the Melinta purchase | $0.1M | $20.6M | n/m |
| Gross profit Trailing twelve-month gross margin 82.8% | $75.4M | $182.2M | +141.8% |
| Research and development Includes pediatric studies across several brands and DefenCath for total parenteral nutrition | $5.6M | $13.9M | +146.6% |
| Selling and marketing | $10.9M | $25.0M | +130.1% |
| General and administrative The second quarter carried a $4.2M credit for expected insurance reimbursement of legal fees, $2.4M of it relating to first-quarter legal fees and $1.5M to the second | $19.2M | $36.8M | +91.7% |
| Income from operations | $39.7M | $106.6M | +168.6% |
| Tax expense An effective rate of 31.6% against almost nothing a year earlier, and against a $13.0M benefit for fiscal 2025 as a whole | $0.5M | $29.8M | n/m |
| Net income Diluted EPS $0.72 against $0.58. The diluted count of 92.5 million includes 11.1 million shares for the convertible notes | $40.5M | $64.6M | +59.6% |
| Adjusted EBITDA (non-GAAP) Full-year guidance is $125M to $140M, so the implied second half is minus $3.7M to plus $11.3M | $46.0M | $128.7M | +179.7% |
| Line Item | Dec 31 2025 | Jun 30 2026 | Change |
|---|---|---|---|
| Cash and equivalents Restricted cash of $1.0M sits in other assets and is excluded from every figure on this page | $144.8M | $256.7M | +77.2% |
| Short-term investments Matured during the half and was not replaced | $3.7M | nil | n/m |
| Trade receivables, net Fell while first-half revenue nearly tripled, which is the right direction | $171.2M | $161.3M | -5.8% |
| Inventories | $29.7M | $38.6M | +29.8% |
| Goodwill and intangible assets 43.0% of total assets. The fall is amortisation, not impairment | $409.1M | $388.5M | -5% |
| Total assets | $826.1M | $904.1M | +9.4% |
| Accrued expenses and other liabilities Includes accrued sales allowances of $50.9M and volume incentive rebates of $79.0M | $163.4M | $173.2M | +6% |
| Convertible senior notes, net $150.0M face, 4.00% coupon, due 1 August 2030, conversion price $13.47. No conversion condition had been satisfied at the balance sheet date | $144.6M | $145.2M | +0.4% |
| Contingent consideration The Melinta earn-out. The $10.9M first-half increase runs through the income statement | $102.1M | $111.6M | +9.3% |
| Total liabilities | $420.8M | $443.2M | +5.3% |
| Stockholders' equity The accumulated deficit narrowed from $176.6M to $112.0M | $405.3M | $460.8M | +13.7% |
| Line Item | H1 2025 | H1 2026 | YoY |
|---|---|---|---|
| Operating cash flow Trailing twelve months $253.9M | $49.7M | $128.6M | +158.6% |
| Purchases of property and equipment Capital expenditure is under 1% of revenue. Manufacturing is outsourced | $0.0M | $1.3M | n/m |
| Free cash flow Trailing twelve months $250.4M, a 38.8% yield on the market capitalisation. The screen found this figure, and the guidance says it is ending | $49.7M | $127.3M | +156.2% |
| Repurchase of common stock The share count fell 2.0% net of option exercises | nil | $17.5M | n/m |
| Proceeds from share issuance A public offering and an at-the-market programme in the prior half. Neither was repeated | $89.1M | nil | n/m |
| Cash paid for interest The 4.00% coupon on the convertible notes, first payable February 2026 | $0.0M | $2.8M | n/m |
Figures come from the Form 10-Q for the quarter ended 30 June 2026, filed 13 August 2026, the Form 10-K for the year ended 31 December 2025, filed 5 March 2026, and the second-quarter earnings release filed as Form 8-K Exhibit 99.1 on the same day as the 10-Q. Adjusted EBITDA is the company's own measure, taken from the reconciliation table in that release. The income and cash flow tables compare the six months to 30 June 2026 with the same six months of 2025, which is the only clean comparison available, because the Melinta results are included from 29 August 2025 and the prior-year period therefore contains DefenCath alone. Source: 10-Q filed 2026-08-13 ↗
Catalysts
Jul 1 '26
Regulationhigh relevance
TDAPA ended and the add-on reset
The Form 10-Q states that on 1 July 2026 DefenCath's TDAPA reimbursement transitioned into a post-TDAPA add-on adjustment calculated by CMS, that as a result of the methodology the level of reimbursement provided to institutions treating dialysis patients significantly declined, and that the company expects a corresponding reduction to its net pricing and lower net sales for DefenCath in the second half of 2026 relative to historical periods. That single fact governs the page.
Aug 13 '26
Earningshigh relevance
A record quarter, and guidance that implies the next two will not be
Second-quarter revenue was $101.9M and adjusted EBITDA $58.7M, both far ahead of the prior year. Full-year revenue guidance of $325M to $345M was maintained, unchanged from the first quarter, and adjusted EBITDA guidance was raised from $115M to $135M up to $125M to $140M, a $7.5M move at the midpoint. Against first-half revenue of $229.4M and first-half adjusted EBITDA of $128.7M, the raised guidance implies second-half revenue of $95.6M to $115.6M and second-half adjusted EBITDA of minus $3.7M to plus $11.3M.
Q3 '26
Earningshigh relevance
The first quarter reported entirely under the new add-on
The third quarter is the first full period at the post-TDAPA rate, so it is the first observation that separates a price reset from a volume reset. Two lines settle it. DefenCath revenue against the $66.1M of the second quarter shows how far net pricing fell, and the ratio of that fall to any change in units shows whether the large dialysis operators kept ordering. The company has said it expects lower net sales and has not quantified the split.
Q3 '26
Regulatory
The REZZAYO supplemental application
The company states that with its global development partner Mundipharma it anticipates submitting a supplemental new drug application in the third quarter of 2026 for an expanded REZZAYO indication covering prophylaxis of invasive fungal disease, and that if the application is accepted it anticipates agency action in the first half of 2027. REZZAYO came with the Melinta purchase and its net sales are one of the triggers behind the contingent consideration carried at $111.6M.
2027
Regulationhigh relevance
The 2027 add-on rate
The Form 10-Q states that the company currently estimates, based on the known CMS methodology for calculating the post-TDAPA add-on, that the 2027 payment could increase meaningfully above the payment rate for the second half of 2026. That sentence carries the base case on this page. It is an estimate of a rate the company does not set, stated as a possibility, and it is the difference between the bear case at $3.03 and the bull case at $14.36.
Jun '26
Litigation
The Federal Circuit upheld the MINOCIN patents
On 8 June 2026 the United States Court of Appeals for the Federal Circuit affirmed the judgment of the District Court for the Northern District of Illinois that the patents covering MINOCIN for Injection are valid and infringed by the product developed by Nexus Pharmaceuticals. MINOCIN came with the Melinta portfolio, which contributed $35.8M of second-quarter revenue, and this is the part of the company that the dialysis add-on does not touch.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Full-year 2026 adjusted EBITDA guidance of $125M to $140M against first-half adjusted EBITDA of $128.7M implies a second half of minus $3.7M to plus $11.3M. | Earnings Quality | High | Certain | Every trailing multiple on this page is measuring a period the company has told holders will not repeat. Free cash flow of $250.4M and a 38.8% yield are accurate for the twelve months to 30 June 2026 and are not a forward run rate. A reader who takes the 3.4 times earnings figure at face value is paying for earnings the company has already guided away. Revenue guidance implies the same thing less starkly, at $95.6M to $115.6M for the second half against $229.4M for the first. |
| DefenCath's reimbursement is set by a CMS methodology the company neither controls nor can appeal, and the 2027 rate is not yet known. | Regulation | High | Certain | The company states that the post-TDAPA add-on caused reimbursement to institutions to decline significantly and that it estimates the 2027 payment could increase meaningfully above the second-half 2026 rate. Both halves of that sentence are outside its control. The gap between the bear case and the bull case on this page is almost entirely the gap between those two rates, which is why the conviction here is low despite the balance sheet. |
| Fiscal 2025 net income of $163.1M exceeded pre-tax income of $150.0M because the year carried a $13.0M income tax benefit rather than a charge. | Earnings Quality | medium | Certain | The trailing twelve months blends that untaxed year with a first half of 2026 taxed at 31.6%, so the 3.4 times trailing earnings multiple flatters the company twice over, once through the reimbursement level and once through the tax line. Trailing pre-tax income was $203.4M against net income of $187.2M. A reader comparing this company with a normally taxed peer should use the pre-tax figure. |
| Goodwill and intangible assets of $388.5M are 43.0% of total assets, and a Melinta earn-out of $111.6M sits alongside them as a liability. | Balance Sheet | medium | Possible | Both sides of the Melinta purchase are estimates that move. The earn-out rose from $102.1M at the year end to $111.6M at 30 June and the $10.9M increase was charged through the income statement in the first half. Carrying value on the asset side assumes the acquired products deliver. If they do not, the impairment and the earn-out release move in opposite directions on the income statement while cash moves in neither. |
| DefenCath revenue fell 32.2% from the first quarter to the second, from $97.5M to $66.1M, entirely before the reimbursement change took effect on 1 July. | Growth | High | Certain | This is the fact that separates a price reset from a business in decline, and it points the wrong way. The first quarter also carried a $9.0M favourable change in estimate the company describes as non-recurring, so the underlying fall is 25.3%. Total revenue fell 20.0% sequentially and adjusted EBITDA fell 16.1%, cushioned only because the acquired portfolio grew from $29.9M to $35.8M. A reader who assumes the second half is weak purely because of the add-on is being too kind to the first half. |
| Sales allowances of $259.3M in the second quarter exceeded the $94.3M of net product sales they were deducted from, so 73.3% of gross product sales never reached the revenue line. | Revenue Quality | High | Certain | Across the first half the deduction was $448.4M against $216.3M of net product sales, 67.5% of a $664.7M gross figure, where the same deduction was 36.9% of gross a year earlier. Reported revenue is therefore the small residue of a much larger gross number after an estimate that has roughly doubled as a share of gross in twelve months. A change in that estimate moves revenue without a unit moving, and the first half already carried a $9.0M favourable change which the company strips out of adjusted EBITDA. The accrued balances that remain on the balance sheet, $50.9M of sales allowances and $79.0M of volume incentive rebates, are the residue of this flow rather than the measure of it. |
| Four customers were 82% of second-quarter revenue and one of them is 47% of gross accounts receivable, while both DefenCath active ingredients have a single FDA-approved manufacturing source. | Concentration | High | Certain | The customers disclosed at 10% or more of revenue were 25%, 20%, 27% and 10% of the quarter and 86% of the first half. Receivable concentration is worse than revenue concentration and moved the wrong way, from 41% to 47% for the largest. The offsetting fact is that the base broadened sharply, with the largest customer falling from 68% of first-half revenue a year earlier to 24%, which is the Melinta portfolio and a new dialysis operator arriving. On the supply side the filing states one FDA-approved contract manufacturer for each of taurolidine and heparin sodium, with an alternate heparin supplier identified and possibly qualified over the next twelve months, and one approved manufacturer for each product in the Melinta portfolio. |
| Short interest is 22.3% of a 66.0 million share float and the consolidated securities class action filed in 2021 remains live. | Liquidity | medium | Certain | The action in the District of New Jersey covers purchasers of CorMedix securities between 16 October 2019 and 8 August 2022, survived a motion to dismiss in March 2024 and names the company and six current and former officers. The second quarter recognised $4.2M of expected insurance reimbursement of legal fees, $2.4M of it for legal fees incurred in the first quarter and $1.5M for the second, so reported general and administrative expense was lower than the underlying run rate by the whole credit. Meanwhile a fifth of the float is short into a known reimbursement reset, which cuts both ways on any surprise. |
| The scenarios on this page rest on forward EBITDA figures that no filing states. | Data Integrity | medium | Certain | Everything historical here is transcribed from the 10-K, the 10-Q and the earnings release and re-derived by a numeric gate. The three scenarios are not. They apply a stated multiple to a stated EBITDA of $40M, $95M and $140M, chosen so that the bear case is roughly twice the implied second half, the bull case is roughly the 2026 guided level, and the base sits between them. Those three inputs are judgement, and the method is written out in each scenario so a reader who disagrees can substitute their own and redo the arithmetic in one line. |
Technical Snapshot
52-Week Range
$6.25$8.43$13.09
RSI (14)
55.8
neutral
50-Day MA
$8.05
+4.7%above
200-Day MA
$8.25
+2.2%above
Avg Vol (30d)
1.3M
-38%vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. closing prices, 252 sessions to the last close; average volume over the last 30 sessions
Ownership & Insider Activity
Institutional Holdersvia Q2 2026 Form 10-Q, balance sheet, income per common share and convertible senior notes
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
There were 77,667,011 common shares outstanding at 30 June 2026, down from 79,260,667 at the year end after $17.5M of repurchases, a 2.0% reduction net of option exercises. A separate class of 91,623 preferred shares was unchanged. The diluted weighted average count for the quarter was 92.5 million, which is 14.0 million above the basic count, and 11.1 million of that gap is the convertible notes brought in under the if-converted method. That inclusion is required regardless of whether conversion is likely, and here it is not likely: the conversion price is $13.47 against a share price of $8.30, a 62.3% premium, and the filing states no condition permitting conversion had been satisfied at the balance sheet date. Institutional ownership is 58.1% and insider ownership 7.6% on the data feed used here, and short interest is 22.3% of a 66.0 million share float.
Detailed insider transactions unavailable
This research record does not include a transaction-level table.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CRMD | $0.64B | 3.4× | 1.4× | 2.6× | +191.0% | 82.8% | 40.5% |
| COLL | $0.92B | 19.1× | 1.1× | 4.8× | +23.6% | 60.0% | 5.9% |
| AMPH | $0.94B | 11.9× | 1.3× | 7.8× | -1.7% | 47.7% | 10.8% |
| SUPN | $2.54B | – | 3.1× | – | +8.6% | 88.1% | -13.2% |
| HROW | $1.40B | – | 5.1× | 39.9× | +21.0% | 73.3% | -13.5% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-08-29Verified against the filed statements for both periods
The subtraction that decides this page
Adjusted EBITDA for the six months to 30 June 2026 was $128,720 thousand, stated in the reconciliation table of the second-quarter earnings release. Full-year 2026 adjusted EBITDA guidance in the same release was raised to $125M to $140M. The implied second half is the difference, minus $3.7M to plus $11.3M, with a midpoint of $3.8M. The second quarter on its own produced $58.7M, about 15 times that midpoint. On revenue the same subtraction gives $95.6M to $115.6M for the second half against $229.4M for the first, a fall near 54% at the midpoint. The company explains why in its own words in the 10-Q, stating that on 1 July 2026 DefenCath's TDAPA reimbursement transitioned into a post-TDAPA add-on adjustment, that the level of reimbursement to institutions significantly declined as a result of the CMS methodology, and that it expects a corresponding reduction to net pricing and lower net sales in the second half. Guidance was raised, and it still implies this.
2026-08-29Q1 and Q2 2026 earnings releases
The quarter before the change is the one worth reading
The post-TDAPA add-on took effect on 1 July 2026, so the quarter ended 30 June contains none of it and is the last clean read on the old rate. DefenCath contributed $97.5M of the $127.4M of first-quarter revenue and $66.1M of the $101.9M of second-quarter revenue, a fall of 32.2%. The first quarter included a $9.0M favourable change in estimate on sales allowances which the company calls non-recurring; excluding it the fall is 25.3%. The acquired portfolio moved the other way over the same two quarters, $29.9M to $35.8M, which is why total revenue fell 20.0% and adjusted EBITDA only 16.1%, from $70.0M to $58.7M. Guidance history matters here too. Revenue guidance of $325M to $345M has not moved since the first quarter. Only the adjusted EBITDA range was raised, from $115M to $135M up to $125M to $140M, and even after that raise the implied second half is between minus $3.7M and plus $11.3M.
2026-08-29Recomputed from the 10-K and the 10-Q
Why the trailing figures on this page differ from a data feed
The fiscal year ends 31 December, so the twelve months to 30 June 2026 is fiscal 2025 less the six months to 30 June 2025 plus the six months to 30 June 2026. That gives revenue of $462.2M, net income of $187.2M, operating cash flow of $253.9M and free cash flow of $250.4M. The market data feed this site harvests from reported trailing revenue near $400M and trailing net income near $181M for the same company on the same day. The figures published here are the ones the arithmetic produces from the filed statements, and a numeric gate re-derives all of them before the page can build. No figure on this page other than the share price, the price range, the analyst targets and the ownership percentages comes from a feed.
2026-08-29Q2 2026 Form 10-Q, convertible senior notes
How enterprise value is struck when the debt is convertible
On 12 August 2025 the company placed $150M of 4.00% convertible senior notes due 1 August 2030 at par, incurring $5.7M of costs for net proceeds of $144.3M. The conversion rate is 74.2515 shares per $1,000, an initial conversion price of about $13.47, and the filing states that no condition permitting holders to convert had been satisfied at 30 June 2026. Enterprise value here is therefore the market capitalisation of $644.6M struck on the 77.7 million shares actually outstanding, plus the $150.0M face of the notes, plus the $111.6M Melinta earn-out, less $256.7M of cash, giving $649.6M. Restricted cash of $1.0M is excluded because it is not available to an owner. Counting the notes as 11.1 million shares instead, as the diluted earnings per share calculation must, would be the alternative treatment; it is not used here because at a 62.3% premium the notes are debt in substance.
2026-08-29FY2025 Form 10-K and Q2 2026 Form 10-Q
Two things flatter the trailing earnings multiple, not one
The first is reimbursement, and it is the subject of this whole page. The second is tax. Fiscal 2025 reported an income tax benefit of $13.0M, so net income of $163.1M came in above pre-tax income of $150.0M, the signature of releasing a valuation allowance against deferred tax assets. The cash flow statement shows the mechanism, with deferred income taxes of minus $25.8M among the reconciling items. The first half of 2026 then paid tax at 31.6%. Trailing net income of $187.2M therefore contains six months at a full rate and six at none, and the 3.4 times multiple struck on it is not comparable with a peer that has paid tax throughout. Trailing pre-tax income of $203.4M is the fairer basis.
2026-08-29Screen and rank output for this cycle
What the screen saw and what the filings said
This company entered the pipeline from a wide screen of the US market ranked on recomputed free cash flow yield, balance sheet strength and profitability, and it placed second out of several hundred survivors on figures derived from raw statements rather than from a feed's precomputed ratios. Everything the screen measured was correct. A 38.8% free cash flow yield, an 82.8% gross margin and 2.6 times enterprise value to EBITDA are all true of the twelve months to 30 June 2026. The screen has no way to read the sentence in the 10-Q that says the payment behind those figures changed on 1 July, or to subtract a first half from a full-year guide. That is the whole argument for reading filings after screening rather than instead of it, and it is why this page ends at a fair value close to the share price rather than at the multiple the screen implied.
Sources
CorMedix Inc. valuation questions
Is CorMedix Inc. (CRMD) stock undervalued?
Against the fair value estimate shown on this page, CorMedix Inc. trades below: $8.30 today versus a $8.50 estimate, about +2%. The methodology and per-scenario sources are set out in the Valuation section. Treat it as research, not advice, and do your own homework.
What is CorMedix Inc.'s fair value?
The fair value estimate shown for CRMD is $8.50. Its valuation scenarios span bear $3.03, base $8.50, bull $14.36. See the Valuation section for the basis of each.
What is CorMedix Inc.'s market cap?
CorMedix Inc. (CRMD) has a market capitalization (its market value, often searched as "net worth") of $645M, and an enterprise value of $650M.
What is the bull and bear case for CRMD?
Valuation scenarios: bull $14.36, base $8.50, bear $3.03. Each reflects a distinct set of assumptions; the drivers and sources are detailed in the Valuation section above.