Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.1
Distress distance
Watch
Earnings quality
4
Forensic signals
66.6%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+25.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +58% over the last 2 years to FY2025 (+25.6%/yr). The count is growing — 50.9M shares in FY2023, 80.3M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~25.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~37%.
4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 4% of revenue and 8% of free cash flow in FY2025 — about $0.17 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 25.6% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
0.87×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative 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.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+109.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +109.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply, and much of it is accounted for. Net operating assets also rose $49.3M through acquisitions (shares issued for businesses); that purchase is investing and is excluded from this ratio. 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 +380% 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. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 8% of net operating assets, against an accruals ratio of 109.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$311.7M
Revenue Growth YoY+617.0%
Net Margin52.3%
Free Cash Flow$172.8M
Return on Equity66.6%
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?