Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CorMedix Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.22
0.33
0.43
0.28
0.24
0.19
0.07
43.5
312
Cost of revenue
0.37
0.11
0.4
0.37
0.2
0.15
0
3.03
22.1
Gross profit
-0.14
0.21
0.03
-0.09
0.03
0.04
0.06
40.3
276
Research and development
15.7
24.5
18.8
11.1
13.4
13.1
10.7
13.2
3.94
19.3
Selling, general and administrative
8.07
9.87
13.9
16.3
20
35.8
Selling and marketing
18.1
28.7
38.1
General and administrative
8.88
8.65
8.07
17.7
30
68.2
Operating expenses
24.6
33.1
26.9
20.9
27.3
29.5
30.7
49
62.6
126
Operating income
-24.8
-32.9
-26.9
-21
-27.2
-29.4
-30.6
-49
-22.4
150
Interest expense
0
0.01
0
0.79
0.03
0.02
0.03
0.03
0.04
2.78
Interest income
0.13
0.11
0.04
0.32
0.12
0.01
0.33
2.68
2.58
3.85
Other non-operating income
-0.09
0.03
-0.49
0.02
-0.02
0.34
2.62
3.03
-0.13
Pre-tax income
-24.6
-33
-26.8
-21.5
-27.2
-29.5
-30.3
-46.3
-19.3
150
Income tax
-5.06
-5.17
-1.25
-0.59
-1.4
-13
Income from continuing operations
1.7
Net income to minority interests
22
28.2
Net income
-24.6
-33
-26.8
-16.4
-22
-28.2
-29.7
-46.3
-17.9
163
EBITDA
-24.7
-32.9
-26.8
-20.9
-27.1
-29.4
-30.5
-48.9
-22.2
151
EPS, basic
-3.27
-3.02
-1.51
-1.80
-0.77
-0.75
-0.74
-0.91
-0.30
2.25
EPS, diluted
-3.27
-3.02
-1.51
-1.80
-0.77
-0.75
-0.74
-0.91
-0.30
2.04
Shares, basic (weighted)
7.54
11
17.8
24.2
28.6
37.7
40.3
50.9
0.06
0.07
Shares, diluted (weighted)
7.54
11
17.8
24.2
28.6
37.7
40.3
50.9
0.06
0.08
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
8.06
10.4
17.6
16.4
41.9
53.3
43.1
43.6
40.7
145
Short-term investments
12.1
1.6
0
12
4.44
12.1
15.6
32.4
11
3.69
Receivables
0.01
0.06
0.01
51.7
171
Inventory
0.17
0.59
0.43
0.34
0.14
0
2.11
7.6
29.7
Other current assets
0.37
0.37
0.42
0.45
1.41
0.77
0.62
0.88
3.63
17.6
Total current assets
21.8
13.3
18.7
29.3
48.2
66.5
59.6
79.5
115
367
Property, plant and equipment
0.07
0.19
0.16
0.12
0.11
1.47
1.61
1.87
1.83
5.96
Lease right-of-use assets
0
1.01
0.9
0.78
0.64
0.49
3.02
Goodwill
30
Intangible assets
1.84
379
Total assets
21.9
13.5
18.8
29.5
49.3
68.9
62
82.1
119
826
Accounts payable
1.65
1.81
2.59
1.02
1.13
2.21
2.2
4.28
1.72
7.88
Accrued liabilities
2.34
4.36
5.17
4.8
2.92
3.01
3.97
6.97
32
163
Deferred revenue
0.1
0.09
0.01
0
Total current liabilities
4.09
6.26
7.77
5.83
4.16
5.35
6.31
11.4
33.8
174
Long-term debt
0.15
Lease liabilities
0
0
0.92
0.8
0.67
0.52
0.35
2.25
Other non-current liabilities
2.84
Total liabilities
4.09
6.26
13.9
5.83
5.09
6.15
6.98
11.9
34.2
421
Paid-in capital
137
159
184
219
262
308
330
392
424
582
Retained earnings
-119
-152
-179
-195
-217
-246
-275
-322
-340
-177
Other comprehensive income
0.08
0.1
0.1
0.1
0.1
0.09
0.08
0.09
0.09
0
Shareholders' equity
17.8
7.19
4.93
23.6
44.2
62.8
55.1
70.1
84.7
405
Total equity
17.8
7.19
4.93
23.6
44.2
62.8
55.1
70.1
84.7
405
Total liabilities and equity
21.9
13.5
18.8
29.5
49.3
68.9
62
82.1
119
826
Shares outstanding
8.03
14.2
21.8
25.7
33.6
38.1
42.8
54.9
64.4
79.3
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-24.6
-33
-26.8
-16.4
-22
-28.2
-29.7
-46.3
-17.9
163
Depreciation and amortization
0.03
0.04
0.07
0.07
0.13
0.06
0.08
0.07
0.15
0.68
Stock-based compensation
1.34
1.66
1.11
2.44
2.5
5.04
4.07
5.49
6.13
13.8
Deferred income tax
-25.8
Change in receivables
0.31
-0.05
0.05
0.01
-0
-0.04
0.04
-51.8
-90.9
Change in inventory
0.08
-0.1
0.17
0.06
0.15
0.15
0
-2.11
-5.49
-3.48
Change in payables
-0.06
0.16
0.78
-1.56
0.1
1.08
-0.01
2.08
-2.56
3.33
Cash from operations
-22.3
-28.6
-23.7
-15.1
-22
-21.2
-24.4
-38.4
-50.6
175
Capital expenditures
-0.06
-0.15
-0.05
-0.04
-0.11
-1.43
-0.22
-0.33
-0.12
-2.26
Acquisitions
-309
Purchases of investments
11.5
23.6
0
-77.1
-26.8
-5
Cash from investing
11.4
10.4
1.56
-12
7.43
-9.13
-3.71
-17.1
21.2
-308
Debt issued
7.5
Stock issued
0
0.3
0
15.2
18.4
41.5
17.8
12.9
18.9
7.79
Cash from financing
7.09
20.5
29.4
25.8
40.1
41.8
17.9
55.9
26.3
238
Exchange rate effect
0
0.02
-0.01
-0
0.01
-0.01
-0.01
0
-0
Net change in cash
-3.75
2.32
7.24
-1.27
25.6
11.5
-10.2
0.45
-3.07
105
Free cash flow
-22.3
-28.7
-23.7
-15.1
-22.1
-22.6
-24.6
-38.7
-50.7
173
Interest paid
0
0.01
0
0.01
0.03
0.02
0.03
0.03
0.04
0.02
Income taxes paid
0.01
0.06
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.85 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
82.8%
Gross profit / revenue.
Operating margin
47.0%
Operating income / revenue.
EBITDA margin
51.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
44.0%
Pre-tax income / revenue.
Net margin
40.5%
Net income / revenue.
FCF margin
54.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
54.9%
Cash from operations / revenue.
Effective tax rate
8.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
40.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
20.7%
Net income / average total assets.
Return on invested capital (ROIC)
97.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
6.0%
Research and development expense / revenue.
Stock-based pay / revenue
3.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.8%
Capital expenditures / revenue.
D&A / revenue
4.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
617.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
1,583.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
319.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
584.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
1,547.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
503.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
378.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
94.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
55.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
595.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
137.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
75.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
36.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-87.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-69.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.56x
Current assets / current liabilities.
Quick ratio
2.23x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.37x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
FCF conversion
133.8%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
1.4%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$2.02
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$5.00
Revenue / diluted weighted shares.
FCF per share
$2.71
Free cash flow / diluted weighted shares.
Operating cash flow per share
$2.75
Cash from operations / diluted weighted shares.
Book value per share
$5.93
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
3.27x
Market cap / net income. Only when net income is positive.
P/S
1.32x
Market cap / revenue.
P/B
1.33x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
8.46x
Market cap / tangible book value, when positive.
P/FCF
2.44x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
2.41x
Market cap / cash from operations, when positive.
EV/Sales
0.77x
Enterprise value / revenue.
EV/EBIT
1.64x
Enterprise value / operating income, when both are positive.
EV/EBITDA
1.49x
Enterprise value / EBITDA, when both are positive.
EV/FCF
1.42x
Enterprise value / free cash flow, when both are positive.
FCF yield
40.9%
Free cash flow / market cap.
Earnings yield
30.6%
Net income / market cap (the inverse of P/E).
What was CorMedix Inc.'s revenue in fiscal 2025?
CorMedix Inc. reported revenue of $311.7M for fiscal 2025, 617% higher than the year before.
Was CorMedix Inc. profitable in fiscal 2025?
Yes. Net income was $163.1M, a net margin of 52.3%.
How much free cash flow did CorMedix Inc. generate in fiscal 2025?
Cash from operations of $175.0M minus capital expenditures of $2.3M left free cash flow of $172.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.