Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Cormedix Inc. (CRMD)
A forensic read on Cormedix Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.5
Distress distance
Watch
Earnings quality
4
Forensic signals
3.3
P / E (ttm)
40.2%
ROE
$586M
Market cap
617.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cormedix Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.
What the filings flag
4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 4% of revenue and 8% of free cash flow in FY2025. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 23.2% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
0.87×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, operating cash flow was 0.87× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+142.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +142.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply, and much of it is accounted for. The build is led by inventory up +291% against +1027% in cost of sales and receivables up +231% against revenue +617%. That build tracks a +617% revenue year: net operating assets grew +492% and receivables +231%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. This is the fifth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
n/m (stock split)
FY2022–FY2025
Share count (stock split).
Key fundamentals
Latest Revenue$311.7M
Revenue Growth YoY+617.0%
Revenue CAGR (3yr)+1581.7%
Net Margin52.3%
Free Cash Flow$172.8M
Return on Equity40.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cormedix Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Diluted share count changed -100% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -87.4%/yr figure isn't a real buyback/dilution read here.
Cormedix Inc. (CRMD) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy