CRMDCorMedix Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.3×), margins widening, and elite returns on assets.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 41% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CRMD?
CorMedix Inc. earns 84% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 75 points above what the capital costs: growth creates value
- Operating margin
- 47%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Cash conversion
- 1.27×
Cash conversion · 0.62× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +29%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −11378% |
| FY2021 | −15418% |
| FY2022 | −46820% |
| FY2024 | −51% |
| FY2025 | 48% |
Details›
- Gross margin12 months to Q2 2026
- 83%
- Operating margin12 months to Q2 2026
- 47%
- Net margin12 months to Q2 2026
- 40%
- Free cash flow margin
- 54%
- R&D as % of revenue
- 6.0%
- Revenue, trailing twelve months
- $462M
- Free cash flow, trailing twelve months
- $250M
- Net income, trailing twelve months
- $187M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 84%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.