MeritValue

CorMedix Inc.

CRMDdata completeness 88%19 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

CorMedix Inc. earns about -112% on invested capital, and has bought back 100% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$190,9361$65,4082—$43.5M3$311.7M3
Net income−$28.2M4−$29.7M5−$46.3M6−$17.9M7$163.1M7
Operating cash flow−$21.2M8−$24.4M9−$38.4M10−$50.6M11$175M11
Capital expenditure$1.43M12$219,36013$327,30014$116,00015$2.26M15
Free cash flow (derived)−$22.6M8−$24.6M9−$38.7M10−$50.7M11$172.8M11
Total debt—————
Cash & equivalents$53.3M16$43.1M17$43.6M18$40.7M19$144.8M19
Diluted shares37.7M40.3M50.9M58,87280,308

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$50,469.07
your share of equity
Profit it earned you last year
$20,303.71
Free cash flow it threw off
$21,515.42
Debt you’d be carrying
—

10 shares is a claim on $50,469.07 of net worth that earned you $20,303.71 and generated $21,515.42 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-112% avg · 5y
FY21 -245%FY22 -201%FY23 -138%FY24 -32%FY25 58%

It earned an average -112% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$481.3
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-024310 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-021585 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-023889 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-024310 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-021585 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001013762-25-001852 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-023889 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-024310 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-021585 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001013762-25-001852 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-023889 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-024310 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-021585 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-001852 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-023889 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-024310 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-021585 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001013762-25-001852 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-023889 (CashAndCashEquivalentsAtCarryingValue)