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CorMedix Inc. (CRMD) stock analysis

CRMDNasdaqPharmaceutical PreparationsFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 12, 2026Score 15/3085% below fair value
$4.84−0.46 (-8.68%)

Close on Nov 12, 2026Market cap $377.25MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value3Growth3Performance4Health5Dividend0

Solid15 of 30 checks passed

CorMedix passes 15 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
3/6
Growth
3/6
Past performance
4/6
Financial health
5/6
Dividend
0/6

What stands out

  • Margin of safety over 20%

    The price is 84.5% below fair value, more than the 20% cushion we look for.

  • Trading below fair value

    The share price of $5.30 is below our fair value estimate of $34.21.

  • Return on capital over 10%

    Return on invested capital was 37.4%, above the 10% that usually covers the cost of capital.

  • No debt

    CorMedix has no borrowings on its latest balance sheet.

What to watch

  • Return on equity under 15%

    Return on equity was 15.3% over the last twelve months and averaged -26.8% over five years; we look for 15% on both.

  • Elevated bankruptcy risk

    The Altman Z-score is 1.76; above 3 is the safe zone and below 1.8 the distress zone.

  • Gross margin slipping

    Gross margin was 77.5% over the last twelve months, against 92.6% a year earlier.

  • No dividend

    CorMedix has not paid a dividend in the last twelve months.

Valuation3/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B below the industry

    CorMedix's price-to-book of 0.89 is below the Drugs median of 2.29.

  • Trading below fair value

    The share price of $5.30 is below our fair value estimate of $34.21.

  • Margin of safety over 20%

    The price is 84.5% below fair value, more than the 20% cushion we look for.

Growth3/6

  • Revenue growing 10%+ a year

    Revenue grew 1583% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 92.5% over the last twelve months; the Drugs median is 8.0%.

  • Guidance raised

    CorMedix raised its full-year Cash OpEx outlook on Aug 13, 2026.

  • Gross margin slipping

    Gross margin was 77.5% over the last twelve months, against 92.6% a year earlier.

Past performance4/6

  • Return on equity under 15%

    Return on equity was 15.3% over the last twelve months and averaged -26.8% over five years; we look for 15% on both.

  • Return on capital over 10%

    Return on invested capital was 37.4%, above the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    CorMedix's return on equity of 15.3% is above the Drugs median of -58.9%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was 15.5% over the last twelve months, against a 5-year average of -15043%.

  • Net margin above the industry

    CorMedix's net margin of 15.5% is above the Drugs median of -53.0%.

Financial health5/6

  • No debt

    CorMedix has no borrowings on its latest balance sheet.

  • Debt not rising

    With no debt today, leverage cannot have risen.

  • Debt covered by cash flow

    There is no debt to cover.

  • Interest well covered

    No meaningful interest expense to cover.

  • Short-term assets cover short-term debts

    Current assets are 2.43 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is 1.76; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    CorMedix has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$34.21

The share price is 85% below this estimate.

20%+ below
Near fair value
20%+ above
$5.30Price$34.21Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
EV/EBITDA17.1×–17.1×$39.4278%
P/B2.7×3.1×2.3×$15.9622%
Earnings powerleft out, too far from the others11.9% cost of equity––$3.00–
Fair value$34.21100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • EV/EBITDA at month end
  • Drugs median 17.1

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day
$10.60M
Value traded per 1% price move
$4.64M

Downside

High risk

Typical loss in a bad month
39.3%
Volatility (annualized)
64%
Sharpe ratio, 1 year
-0.89
Beta to the S&P 500 (5Y)
1.40

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

88.5%+74.1 pts over 5 years

Operating margin

48.2%+11426.6 pts over 5 years

Net margin

52.3%+9260.0 pts over 5 years

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