Operational efficiency has improved significantly, with free cash flow margins reaching 32.7% in 2026Q1 alongside the initiation of an $11.1M share repurchase program.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 197.69M | 175.05M | -50.61M | -38.41M | -24.36M | -21.16M | -21.97M | -15.05M | -23.7M | -28.59M | -22.27M | -12.53M | -6.32M | -3.62M | -2.28M | -6.3M | -3.67M | -2.15M | -4.11M |
| Operating CF Margin % | - | 56.16% | -116.43% | - | -37238.15% | -11079.75% | -9182.61% | -5313.74% | -5514.36% | -8680.48% | -9935.25% | -5961.5% | -3339.51% | -180926.6% | - | - | - | - | - |
| Operating CF Growth % | 2536.85% | 445.84% | -31.78% | -57.7% | -15.13% | 3.7% | -45.94% | 36.49% | 17.09% | -28.39% | -77.74% | -98.18% | -74.68% | -58.97% | 63.85% | -71.65% | -70.91% | 47.81% | - |
| Net Income | 181.01M | 163.06M | -17.93M | -46.34M | -29.7M | -28.21M | -22.03M | -16.43M | -26.83M | -33.01M | -24.64M | -18.19M | -20.45M | -9.13M | -3.43M | -6.71M | -10.91M | -8.12M | -9M |
| Depreciation & Amortization | 14.98M | 0 | 309.78K | 70.75K | 84.62K | 61.89K | 127.96K | 73.29K | 74.22K | 36.89K | 25.6K | 15.08K | 15.07K | 5.16K | 7.02K | 12.25K | 12.17K | 9.95K | 1.04M |
| Stock-Based Compensation | 16.42M | 0 | 6.13M | 5.49M | 4.07M | 5.04M | 2.5M | 2.44M | 1.11M | 1.66M | 1.34M | 3.23M | 2.17M | 1.35M | 274.36K | 692.4K | 1.17M | 114.14K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -578.95K | -3.13M | -4.57M | 0 | 0 | 9.17M | 1.54M | 0 | 0 | 1.49M | 692.71K | 0 |
| Other Non-Cash Items | 38.3M | 4.72M | 284.58K | 134.81K | 124.42K | 115.13K | 78.37K | 1.38M | 3.13M | 4.42M | 130K | 1.82M | 2.55M | 2.67M | 355.68K | 0 | 3.95M | 5.46M | 3.79M |
| Working Capital Changes | -53.03M | 7.27M | -39.41M | 2.23M | 1.07M | 1.84M | -2.65M | -1.93M | 1.94M | 2.88M | 887.48K | 598.66K | 222.3K | -43.86K | 512.36K | -290.1K | 615.8K | -302.1K | 48.84K |
| Change in Receivables | -53.34M | -90.92M | -51.79M | 0 | 42.14K | -44.08K | -3.09K | 10.63K | 51.99K | -47.6K | 307.77K | -248.19K | -85.41K | -2.28K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.73M | -3.48M | -5.49M | -2.11M | 3.01K | 145.46K | 149.6K | 59.28K | 165.68K | -100.46K | 79.84K | -38.54K | -558.01K | -80.02K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 19.63M | 3.33M | -2.56M | 2.08M | -6.57K | 1.08M | 103.33K | -1.56M | 782.06K | 157.53K | -63.59K | 825.11K | 8.05K | 10.56K | -15.74K | -130.78K | 589.64K | -63.66K | -390.36K |
| Cash from Investing | -305.27M | -308.43M | 21.23M | -17.06M | -3.71M | -9.13M | 7.43M | -12.02M | 1.56M | 10.36M | 11.42M | -23.61M | -25.4K | -35.68K | 0 | -1.63K | -10.36K | 0 | 0 |
| Capital Expenditures | -1.29M | -2.26M | -115.73K | -327.3K | -219.36K | -1.43M | -112.64K | -36.57K | -48.89K | -151.99K | -58.72K | -15.45K | -25.4K | -35.68K | 0 | -1.63K | -10.36K | 0 | 0 |
| CapEx % of Revenue | 0.32% | 0.73% | 0.27% | - | 335.37% | 746.5% | 47.08% | 12.91% | 11.38% | 46.15% | 26.2% | 7.35% | 13.42% | 1784.15% | - | - | - | - | - |
| Acquisitions | 1.49M | -308.51M | 0 | 0 | 0 | 0 | 0 | 11.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -287.6M | 0 | 0 | 0 | 0 | 0 | 0 | -11.98M | 1.6M | 10.51M | 11.48M | -23.59M | 0 | -1.03M | 0 | -1.63K | -10.46M | 0 | 0 |
| Cash from Financing | 220.26M | 238.45M | 26.32M | 55.92M | 17.9M | 41.76M | 40.1M | 25.8M | 29.4M | 20.52M | 7.09M | 43.63M | 8.36M | 5.2M | 1.13M | 0 | 10.46M | 2.27M | 2.96M |
| Debt Issued (Net) | -5.59M | 144.08M | 0 | 0 | 0 | 0 | 0 | 0 | 7.5M | 0 | 0 | 0 | 0 | 0 | 1.2M | 0 | 0 | 2.81M | 3.1M |
| Equity Issued (Net) | 77.08M | 96.55M | 18.88M | 55.83M | 17.77M | 41.46M | 39.69M | 15.23M | 21.97M | 20.52M | 6.23M | 28.45M | 1.32M | 3.96M | 0 | 0 | 10.46M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -384.31K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -11.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 148.77M | -2.18M | 7.44M | 89.3K | 128.63K | 301.92K | 411.75K | 10.57M | -70.94K | 6.8K | 863.1K | 15.18M | 7.04M | 1.63M | -70.2K | 0 | 0 | -539.1K | -141.87K |
| Net Change in Cash | 112.68M | 105.07M | -3.07M | 448.45K | -10.18M | 11.45M | 25.57M | -1.27M | 7.24M | 2.32M | -3.75M | 7.48M | 1.97M | 1.54M | -1.15M | -6.3M | 6.78M | 125.17K | 0 |
| Free Cash Flow | 196.39M | 172.79M | -50.73M | -38.74M | -24.58M | -22.58M | -22.08M | -15.09M | -23.75M | -28.74M | -22.32M | -12.54M | -6.35M | -3.65M | -2.28M | -6.3M | -3.68M | -2.15M | -4.11M |
| FCF Margin % | 49.09% | 55.43% | -116.7% | - | -37573.53% | -11826.24% | -9229.69% | -5326.65% | -5525.74% | -8726.64% | -9961.45% | -5968.85% | -3352.93% | -182710.75% | - | - | - | - | - |
| FCF Growth % | 1540.59% | 440.6% | -30.96% | -57.62% | -8.84% | -2.27% | -46.34% | 36.47% | 17.36% | -28.74% | -77.99% | -97.63% | -73.67% | -60.54% | 63.86% | -71.21% | -71.39% | 47.81% | - |
| FCF per Share | 2.11 | 2.15 | -0.86 | -0.76 | -0.61 | -0.60 | -0.77 | -0.62 | -1.33 | -2.61 | -2.94 | -2.00 | -1.48 | -1.32 | -1.00 | -2.76 | -1.94 | -12.53 | -24.42 |
| FCF Conversion (FCF/Net Income) | 1.08x | 1.07x | 2.82x | 0.83x | 0.82x | 0.75x | 1.00x | 0.92x | 0.88x | 0.87x | 0.90x | 0.69x | 0.31x | 0.40x | 0.66x | 0.94x | 0.34x | 0.26x | 0.46x |
| Interest Paid | 6.67K | 0 | 36.41K | 34.3K | 26.52K | 15.94K | 33.23K | 12.55K | 1.87K | 5.62K | 1.2K | 3.96K | 2.07K | 118.06K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Reimbursement cliff and adoption
As reported in recent financial statements, CorMedix's OCF/NI ratio has fluctuated significantly, reaching a peak of 6.74 in 2025Q4 before normalizing to 1.10 in 2026Q1, which suggests that the company is successfully converting its accounting profits into actual cash as the commercial launch matures.
The wide variance in the OCF/NI ratio indicates that early-stage commercialization involves significant non-cash adjustments and working capital volatility. Investors should monitor whether this ratio stabilizes near unity, as a sustained divergence would suggest that reported net income may be overly reliant on non-cash accounting benefits rather than operational cash generation.
Based on the provided cash flow data, CorMedix has transitioned from a cash-burning entity to one generating positive free cash flow, with margins reaching 32.7% in 2026Q1, reflecting the successful scaling of DefenCath and the realization of high-margin revenue streams post-regulatory approval.
The shift from negative FCF in 2024 to consistent positive generation in 2025 and 2026 marks a critical inflection point for the company's financial health. This trajectory appears to be driven by the rapid adoption of its lead product, though the sustainability of these margins remains contingent on maintaining current reimbursement levels.
According to the quarterly cash flow statements, CorMedix experienced a substantial working capital outflow of $32.7M in 2026Q1, which highlights the operational challenges of managing inventory and receivables during a period of rapid commercial expansion and shifting procurement cycles with large dialysis organizations.
The significant swings in working capital suggest that the company is still refining its supply chain and collection processes as it scales. Analysts should investigate whether these outflows represent temporary inventory builds to support future demand or potential difficulties in collecting payments from large-scale healthcare providers.
As indicated by recent filings, CorMedix initiated a $11.1M share repurchase program in 2026Q1, signaling management's confidence in the company's cash-generating capacity and a shift toward returning capital to shareholders following the successful commercialization of its primary therapeutic asset.
The decision to initiate buybacks so soon after achieving positive cash flow warrants careful scrutiny regarding the company's long-term capital needs. Investors should consider whether this capital would be better deployed toward pipeline expansion or if it reflects a lack of high-return internal investment opportunities.
Quick answers to the most common questions about buying CRMD stock.
CorMedix Inc. (CRMD) generated $175.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CorMedix Inc. (CRMD) generated $172.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CorMedix Inc. (CRMD) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.