Latest Ratios: P/E Ratio 4.3x · EV/EBITDA 4.2x · ROE 66.6%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $690M | $934M | $477M | $191M | $170M | $171M | $212M | $176M | $115M | $28M | $58M |
| Enterprise Value | $693M | $937M | $437M | $148M | $127M | $119M | $171M | $159M | $103M | $17M | $50M |
| P/E Ratio → | 4.31 | 5.70 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.21 | 3.00 | 10.97 | — | 2598.42 | 897.58 | 887.07 | 620.71 | 267.38 | 83.72 | 259.21 |
| P/B Ratio | 1.74 | 2.30 | 5.63 | 2.73 | 3.09 | 2.73 | 4.80 | — | — | — | 3.26 |
| P/FCF | 3.99 | 5.41 | — | — | — | — | — | — | — | — | — |
| P/OCF | 3.94 | 5.34 | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.01 | 10.05 | — | 1947.55 | 623.18 | 716.22 | 562.39 | 240.62 | 52.20 | 223.22 |
| EV / EBITDA | 4.19 | 5.67 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 4.61 | 6.24 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 5.42 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.5% | 88.5% | 92.7% | — | 94.3% | 22.0% | 14.4% | -31.8% | 7.7% | 65.1% | -63.6% |
| Operating Margin | 48.2% | 48.2% | -51.4% | — | -46819.9% | -15417.5% | -11378.4% | -7416.3% | -6250.4% | -9997.4% | -11048.8% |
| Net Profit Margin | 52.3% | 52.3% | -41.2% | — | -45409.9% | -14774.7% | -9207.7% | -5801.3% | -6242.4% | -10023.4% | -10996.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 66.6% | 66.6% | -23.2% | -74.0% | -50.4% | -52.7% | -49.8% | — | — | — | -95.1% |
| ROA | 34.5% | 34.5% | -17.8% | -64.3% | -45.4% | -47.7% | -55.9% | -68.0% | -166.2% | -186.7% | -83.5% |
| ROIC | 49.7% | 49.7% | -46.8% | -185.2% | -200.7% | -321.0% | -609.4% | — | — | — | -116.3% |
| ROCE | 40.8% | 40.8% | -28.7% | -77.5% | -51.3% | -54.1% | -79.1% | -121.1% | -294.4% | -263.3% | -95.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | — | — | — | — |
| Debt / EBITDA | 0.90 | 0.90 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.01 | -0.47 | -0.61 | -0.77 | -0.83 | -0.92 | — | — | — | -0.45 |
| Net Debt / EBITDA | 0.02 | 0.02 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.02 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 53.97 | 53.97 | -529.83 | — | -1141.27 | -1846.86 | -817.55 | -26.68 | -14323.42 | -5873.70 | -18797.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.11 | 2.11 | 3.39 | 6.97 | 9.44 | 12.44 | 11.58 | 5.04 | 2.40 | 2.12 | 5.34 |
| Quick Ratio | 1.94 | 1.94 | 3.16 | 6.78 | 9.44 | 12.43 | 11.54 | 4.98 | 2.35 | 2.02 | 5.29 |
| Cash Ratio | 0.86 | 0.86 | 1.53 | 6.67 | 9.35 | 12.25 | 11.14 | 4.89 | 2.27 | 1.91 | 4.93 |
| Asset Turnover | — | 0.38 | 0.37 | — | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | 0.02 | 0.01 |
| Inventory Turnover | 1.21 | 1.21 | 0.42 | 0.10 | — | 49.51 | 1.43 | 1.10 | 0.93 | 0.19 | 2.20 |
| Days Sales Outstanding | — | 200.51 | 433.69 | — | — | 86.73 | 5.12 | — | 9.26 | 71.10 | 19.57 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 23.2% | 17.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 25.1% | 18.5% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $80M | $59M | $51M | $40M | $38M | $29M | $24M | $18M | $11M | $8M |
Reimbursement cliff and adoption
Based on reported figures, CorMedix trades at a P/E of 3.85 and an EV/EBITDA of 3.75, suggesting that the market remains skeptical of the long-term sustainability of current earnings as the company transitions from its initial launch phase into a more competitive, volume-driven market environment.
The current valuation multiples appear to price in a significant discount relative to the broader biotech sector, likely reflecting investor anxiety regarding the transition from NTAP-supported pricing to a potential bundle-integrated model. This pricing suggests that the market is not yet willing to assign a growth premium to the company's earnings until the long-term stability of the DefenCath revenue stream is proven.
As reported in financial statements, CorMedix maintains robust gross margins exceeding 80%, peaking at 96.2% in 2024Q4, which highlights the significant pricing power afforded by its unique regulatory status and the current NTAP reimbursement pathway for its antimicrobial catheter lock solution.
While these margins are impressive, they are heavily dependent on the current reimbursement structure, which may not be representative of long-term steady-state profitability. Investors should monitor whether these margins compress as the company scales and potentially faces pressure to lower prices to secure broader adoption within the dialysis provider networks.
According to recent SEC filings, CorMedix's ROIC has demonstrated a volatile but positive trend, reaching 11.8% in 2026Q1, which indicates that the company is beginning to generate meaningful returns on the capital deployed to build its commercial infrastructure and market access capabilities.
The rapid improvement from negative returns in 2024 to double-digit ROIC suggests that the company's asset-light manufacturing model is beginning to pay off as revenue scales. However, the sustainability of these returns depends on management's ability to maintain high margins without requiring significant additional capital investment in the coming years.
Based on the provided quarterly data, the cash conversion cycle remains elevated at 195 days in 2026Q1, reflecting the inherent challenges of managing inventory and receivables within the highly consolidated and slow-paying dialysis provider landscape that characterizes the company's primary customer base.
The high DSO and DIO figures suggest that CorMedix is currently providing significant credit terms to its customers, which may be a necessary lever to drive initial adoption. Analysts should watch for a contraction in this cycle as the product becomes a standard of care, which would signal improved bargaining power over its large-scale dialysis partners.
The P/E ratio is frequently misapplied to CorMedix, as it obscures the temporary nature of current earnings that are inflated by specific reimbursement programs, making an EV/Sales or adjusted cash flow metric a more reliable indicator of the company's true underlying business value.
Using P/E in a company undergoing a transition from R&D to commercialization often leads to a false sense of security regarding earnings stability. Investors should instead focus on the underlying volume growth and the potential for margin compression once the product is integrated into the standard ESRD bundle payment system.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying CRMD stock.
CorMedix Inc.'s current P/E ratio is 4.3x. The historical average is 5.7x.
CorMedix Inc.'s current EV/EBITDA is 4.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.7x.
CorMedix Inc.'s return on equity (ROE) is 66.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -68.4%.
Based on historical data, CorMedix Inc. is trading at a P/E of 4.3x. Compare with industry peers and growth rates for a complete picture.
CorMedix Inc. has 88.5% gross margin and 48.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CorMedix Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.