# CorMedix Inc. (CRMD)

> Source: Nexqual · https://nexqual.com/CRMD · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, CorMedix Inc. (CRMD), nexqual.com/CRMD" · informational, not investment advice.

**Price:** USD 7.46 (+0.95% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 7.39 · day 7.44–7.7 · 52w 6.13–13.02 · market cap $581M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $462M, net income $187M (40.5% margin), free cash flow $250M (SEC filings).
- Valuation: P/E 3.1x (avg 0.0x at the last 1 fiscal year-ends).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (6 analysts), mean target USD 15.33 (range 13–19).
- Total return with dividends: 1Y -26.0% vs S&P 500 +18.1%; 5Y +50.7% vs S&P 500 +85.1%.
- Next earnings: 2026-11-16, EPS estimate USD -0.11, revenue estimate $53.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $191K | $65K | — | $43.5M | $312M | $462M |
| Gross profit | $42K | $62K | — | $40.3M | $276M | — |
| Operating income | -$29.4M | -$30.6M | -$49.0M | -$22.4M | $150M | $217M |
| Net income | -$28.2M | -$29.7M | -$46.3M | -$17.9M | $163M | $187M |
| EPS (diluted) | -$0.75 | -$0.74 | -$0.91 | -$0.30 | $2.04 | — |
| Free cash flow | -$22.6M | -$24.6M | -$38.7M | -$50.7M | $173M | $250M |
| Gross margin | 22.0% | 94.3% | — | 92.7% | 88.5% | — |
| Operating margin | -15417.5% | -46819.9% | — | -51.4% | 48.2% | 47.0% |
| Net margin | -14774.7% | -45409.9% | — | -41.2% | 52.3% | 40.5% |
| Revenue growth | -20.2% | -65.7% | — | — | +617.0% | — |
| Cash + short-term investments | $65.5M | $58.8M | $76.0M | $51.7M | $149M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 3.1x · P/S 1.3x · P/FCF 2.3x · P/B 1.3x · FCF yield 43.07% · Earnings yield 32.19%
P/E at fiscal year-ends: Dec 2025 0.0x.

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 6 analysts; mean target USD 15.33 (low 13, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | Oppenheimer | Initiated | Outperform | $15 |
| 2026-08-14 | RBC Capital | Target raised | Outperform | $13 → $14 |
| 2026-07-07 | RBC Capital | Target lowered | Outperform | $14 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | -26.0% | +50.7% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -26.1% | +8.5% |
| Volatility (annualized) | 64.7% | 75.7% |
| Max drawdown | -50.9% (Dec 2025→Mar 2026) | -60.3% (Aug 2022→Sep 2022) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 87.97 +1.57% · BLTE (Belite Bio, Inc) USD 152.62 +0.49% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.72 +1.52% · PRAX (Praxis Precision Medicines, Inc) USD 248.24 +2.01% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.12 +4.11% · SYRE (Spyre Therapeutics, Inc.) USD 80.1 -0.44%

## More
Full page: https://nexqual.com/CRMD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt