CorMedix Inc. (CRMD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-103.7%

-$0.20

vs $5.39 price

Levered DCF

-$15.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.08

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.17×	-27×	-4.13×	-5.7×	-6.07×	-9.65×	-10.71×	-4.27×
P/B	2.07×	5.63×	2.73×	3.08×	2.73×	4.8×	-0.9×	-0.64×
P/S	2.69×	10.97×	0×	2,589.59×	896.33×	887.07×	620.71×	267.38×
EV / EBITDA	5.02×	-23.01×	-3.21×	-4.2×	-4.04×	-6.34×	-7.61×	-3.87×
Gross margin	88.5%	92.7%	0.0%	94.3%	22.0%	14.4%	-31.8%	7.7%
Operating margin	48.2%	-51.4%	0.0%	-46819.9%	-15417.5%	-11378.4%	-7416.3%	-6250.4%
Net margin	52.3%	-41.2%	0.0%	-45409.9%	-14774.7%	-9207.7%	-5801.3%	-6242.4%
Current ratio	2.11×	3.39×	6.97×	9.44×	12.44×	11.58×	5.04×	2.4×
Debt / equity	0.37×	0.01×	0.01×	0.01×	0.01×	0.02×	-0×	-0.03×
Interest coverage	53.97×	-614.1×	-1,427.51×	-1,154.97×	-1,846.43×	-819.26×	-26.68×	-14,342.87×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	40.2%	-21.2%	-66.1%	-53.9%	-44.9%	-49.8%	8.4%	15.0%
Return on invested capital	23.0%	-24.4%	-69.1%	-53.8%	-44.2%	-48.7%	-88.8%	-242.9%
Return on assets	19.7%	-15.1%	-56.5%	-47.9%	-40.9%	-44.7%	-55.8%	-142.5%
Free cash flow yield	20.6%	-10.6%	-20.2%	-14.5%	-13.2%	-10.4%	-8.6%	-20.7%
Earnings yield	19.5%	-3.8%	-24.2%	-17.5%	-16.5%	-10.4%	-9.3%	-23.3%
Enterprise value	$840.8M	$436.7M	$148.4M	$126.8M	$118.7M	$171.3M	$159.3M	$103.4M
Net debt / EBITDA	0.02×	2.11×	0.93×	1.41×	1.78×	1.51×	0.79×	0.43×
Cash conversion cycle (days)	422	1,106	-3,859	-215,261	-5,321	-1,749	-671	-1,978