Recent News
Jan 30–31, 2026: FDA issued a Complete Response Letter for relacorilant for hypercortisolism, finding additional evidence of effectiveness necessary. January–March 2026: multiple investor class-action and securities-fraud filings surfaced, with April 21, 2026 deadlines for lead-plaintiff motions. Jan 8, 2026: Corcept ended a specialty pharmacy agreement, prompting changes to commercial distribution. March 2026: Corcept released audited fourth-quarter and full-year 2025 results and noted an NDA for relacorilant plus nab‑paclitaxel in platinum‑resistant ovarian cancer with a mid‑July 2026 regulatory date.
Technical Analysis
ADX at 44.4 indicates very strong trend strength; with DI+ at 40.54 increasing and DI‑ at 19.34 decreasing, directional indicators favor near‑term upside relative to recent price action.
MACD sits at 0.50 with the MACD line above the signal line (signal -0.70) and MACD_trend increasing, which constitutes a bullish momentum signal and supports the idea of continued short‑term strength.
MRO reads 15.75 with a peak & reversal signal; the positive MRO implies price currently trades above WMDST’s target and the peak‑and‑reverse pattern signals downside pressure relative to that valuation target.
RSI at 46.34 and rising shows momentum building from a neutral base rather than an overbought condition, consistent with controlled buying rather than an exhausted rally.
Price sits above short‑term averages—12‑day EMA $38.34, 20‑day average $36.76, 50‑day average $37.86—while remaining well below the 200‑day average $63.42. This alignment implies short‑term bullishness within a longer‑term downtrend.
Bollinger bands place the close ($42.49) below the 1× upper band ($40.76) and 2× upper band ($44.76); volume currently trails the 10‑day average, suggesting follow‑through buying lacks broad participation despite the indicator set favoring near‑term upside.
Fundamental Analysis
Profitability: Operating (EBIT) margin equals 2.22%, above the industry peer mean and median (industry peer mean: -86.83%; industry peer median: 0.22%). QoQ EBIT margin contracted ~54.90% and YoY declined ~84.02%, reflecting meaningful compression from recent operating dynamics despite positive absolute margin today.
Earnings: Reported EPS $0.20 versus an estimate of $0.33, an EPS shortfall of $0.13 or roughly -39.39% versus expectations. Forward EPS sits at $0.402, implying a forward P/E of ~165.07x versus a reported trailing P/E near 259.37x, indicating the market prices high growth or binary clinical outcomes into the multiple.
Valuation multiples: Market capitalization approximates $5.50 billion with enterprise value near $5.13 billion; enterprise‑to‑revenue ratio about 25.38x and price‑to‑sales roughly 27.20x. Price/book near 8.49x sits modestly above the industry peer mean (~7.75x).
Cash, leverage, and margins: Cash and short‑term investments total $372.15 million, cash ratio ~2.24, current ratio ~2.92 and quick ratio ~2.85, supporting near‑term liquidity. Debt remains minimal: total debt ~$6.11 million and debt‑to‑assets ~0.73%. Gross margin extremely high at ~98.74%, and free cash flow yield low at ~0.70% but above the industry peer mean.
Growth and investment: Total revenue $202.13 million with revenue growth YoY ~6.40% while revenue growth (other series) shows a slight decline of ~2.66% on the reported measure; R&D spend $64.856 million sustains the pipeline. Operating leverage registers high, consistent with revenue sensitivity to clinical and commercial shifts.
WMDST valuation call: The current valuation as determined by WMDST rates the stock as over‑valued, reflecting rich multiples relative to cash flows and a valuation profile that depends on successful clinical and regulatory outcomes for relacorilant and pipeline assets.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-24 |
| NEXT REPORT DATE: | 2026-05-26 |
| CASH FLOW | Begin Period Cash Flow | $ 125.1 M |
| Operating Cash Flow | $ 38.4 M | |
| Capital Expenditures | $ -50.00 K | |
| Change In Working Capital | $ 9.2 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -4.64 M | |
| End Period Cash Flow | $ 120.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 202.1 M | |
| Forward Revenue | $ 88.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.5 M | |
| Depreciation | $ 482.0 K | |
| Depreciation and Amortization | $ 482.0 K | |
| Research and Development | $ 64.9 M | |
| Total Operating Expenses | $ 197.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 199.6 M | |
| EBITDA | $ 5.0 M | |
| EBIT | $ 4.5 M | |
| Operating Income | $ 4.5 M | |
| Interest Income | $ 5.4 M | |
| Interest Expense | — | |
| Net Interest Income | $ 5.4 M | |
| Income Before Tax | $ 9.9 M | |
| Tax Provision | $ -14.38 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 24.3 M | |
| Net Income From Continuing Operations | $ 24.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.33 | |
| EPS Actual | $ 0.20 | |
| EPS Difference | $ -0.13 | |
| EPS Surprise | -39.394 % | |
| Forward EPS | $ 0.40 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 836.7 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 647.8 M | |
| Total Current Assets | $ 485.5 M | |
| Cash and Short-Term Investments | $ 372.2 M | |
| Cash | $ 120.5 M | |
| Net Receivables | $ 59.8 M | |
| Inventory | $ 12.9 M | |
| Long-Term Investments | $ 16.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 40.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 166.1 M | |
| Net Debt | — | |
| Total Debt | $ 6.1 M | |
| Total Liabilities | $ 188.8 M | |
| EQUITY | ||
| Total Equity | $ 647.8 M | |
| Retained Earnings | $ 643.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.11 | |
| Shares Outstanding | 105.966 M | |
| Revenue Per-Share | $ 1.91 | |
| VALUATION | Market Capitalization | $ 5.5 B |
| Enterprise Value | $ 5.1 B | |
| Enterprise Multiple | 1032.551 | |
| Enterprise Multiple QoQ | 46.709 % | |
| Enterprise Multiple YoY | 349.81 % | |
| Enterprise Multiple IPRWA | CORT: 1032.551 high: 79.485 median: 58.093 mean: 19.059 low: -124.494 |
|
| EV/R | 25.384 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.292 | |
| Asset To Liability | 4.43 | |
| Debt To Capital | 0.009 | |
| Debt To Assets | 0.007 | |
| Debt To Assets QoQ | -5.44 % | |
| Debt To Assets YoY | -11.515 % | |
| Debt To Assets IPRWA | high: 0.934 mean: 0.12 CORT: 0.007 median: 0.003 low: 0.0 |
|
| Debt To Equity | 0.009 | |
| Debt To Equity QoQ | -6.262 % | |
| Debt To Equity YoY | -7.64 % | |
| Debt To Equity IPRWA | high: 1.524 mean: 0.137 CORT: 0.009 median: 0.005 low: -0.893 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.485 | |
| Price To Book QoQ | -32.498 % | |
| Price To Book YoY | -8.191 % | |
| Price To Book IPRWA | high: 20.409 CORT: 8.485 mean: 7.748 median: 6.164 low: -10.511 |
|
| Price To Earnings (P/E) | 259.366 | |
| Price To Earnings QoQ | -45.079 % | |
| Price To Earnings YoY | 12.854 % | |
| Price To Earnings IPRWA | CORT: 259.366 high: 75.085 mean: -0.878 median: -17.181 low: -123.688 |
|
| PE/G Ratio | 10.375 | |
| Price To Sales (P/S) | 27.195 | |
| Price To Sales QoQ | -28.912 % | |
| Price To Sales YoY | -21.246 % | |
| Price To Sales IPRWA | high: 773.807 mean: 49.217 CORT: 27.195 median: 20.207 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 165.071 | |
| Forward PE/G | 6.603 | |
| Forward P/S | 51.944 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 21.126 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.243 | |
| Asset Turnover Ratio QoQ | -4.701 % | |
| Asset Turnover Ratio YoY | 8.754 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 CORT: 0.243 mean: 0.116 median: 0.109 low: -0.066 |
|
| Receivables Turnover | 3.124 | |
| Receivables Turnover Ratio QoQ | 0.941 % | |
| Receivables Turnover Ratio YoY | -2.375 % | |
| Receivables Turnover Ratio IPRWA | high: 7.397 CORT: 3.124 mean: 1.428 median: 1.333 low: -1.505 |
|
| Inventory Turnover | 0.202 | |
| Inventory Turnover Ratio QoQ | -45.925 % | |
| Inventory Turnover Ratio YoY | -30.139 % | |
| Inventory Turnover Ratio IPRWA | high: 2.663 mean: 0.585 median: 0.471 CORT: 0.202 low: 0.007 |
|
| Days Sales Outstanding (DSO) | 29.212 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -463.897 | |
| Cash Conversion Cycle Days QoQ | 12.138 % | |
| Cash Conversion Cycle Days YoY | 149.023 % | |
| Cash Conversion Cycle Days IPRWA | high: 974.716 mean: 192.43 median: 189.511 CORT: -463.897 low: -1243.489 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.633 | |
| CapEx To Revenue | -0.0 | |
| CapEx To Depreciation | -0.104 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 647.8 M | |
| Net Invested Capital | $ 647.8 M | |
| Invested Capital | $ 647.8 M | |
| Net Tangible Assets | $ 647.8 M | |
| Net Working Capital | $ 319.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.241 | |
| Current Ratio | 2.923 | |
| Current Ratio QoQ | -6.948 % | |
| Current Ratio YoY | -12.749 % | |
| Current Ratio IPRWA | high: 28.952 mean: 3.921 CORT: 2.923 median: 2.827 low: 0.311 |
|
| Quick Ratio | 2.846 | |
| Quick Ratio QoQ | -7.3 % | |
| Quick Ratio YoY | -12.766 % | |
| Quick Ratio IPRWA | high: 13.851 CORT: 2.846 mean: 2.76 median: 2.452 low: 0.279 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.229 | |
| Cost Of Debt | 45.391 % | |
| Interest Coverage Ratio | 1.253 | |
| Interest Coverage Ratio QoQ | -56.092 % | |
| Interest Coverage Ratio YoY | -82.238 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 41.238 median: 3.11 CORT: 1.253 low: -1479.6 |
|
| Operating Cash Flow Ratio | 0.241 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 743.441 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.584 % | |
| Revenue Growth | -2.655 % | |
| Revenue Growth QoQ | -139.084 % | |
| Revenue Growth YoY | 639.554 % | |
| Revenue Growth IPRWA | high: 443.939 % mean: 13.167 % median: 2.23 % CORT: -2.655 % low: -242.388 % |
|
| Earnings Growth | 25.0 % | |
| Earnings Growth QoQ | -155.769 % | |
| Earnings Growth YoY | -168.334 % | |
| Earnings Growth IPRWA | high: 175.0 % CORT: 25.0 % median: -14.444 % mean: -17.402 % low: -237.5 % |
|
| MARGINS | ||
| Gross Margin | 98.741 % | |
| Gross Margin QoQ | 0.976 % | |
| Gross Margin YoY | 0.372 % | |
| Gross Margin IPRWA | high: 102.453 % CORT: 98.741 % mean: 78.72 % median: 78.702 % low: -14.773 % |
|
| EBIT Margin | 2.22 % | |
| EBIT Margin QoQ | -54.896 % | |
| EBIT Margin YoY | -84.016 % | |
| EBIT Margin IPRWA | high: 1869.082 % median: 21.964 % CORT: 2.22 % mean: -86.834 % low: -6450.825 % |
|
| Return On Sales (ROS) | 2.22 % | |
| Return On Sales QoQ | -54.896 % | |
| Return On Sales YoY | -84.016 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.297 % CORT: 2.22 % mean: -92.573 % low: -6602.998 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 38.4 M | |
| Free Cash Flow Yield | 0.699 % | |
| Free Cash Flow Yield QoQ | 1.895 % | |
| Free Cash Flow Yield YoY | -25.796 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % CORT: 0.699 % median: 0.303 % mean: 0.172 % low: -45.39 % |
|
| Free Cash Growth | -29.52 % | |
| Free Cash Growth QoQ | -222.221 % | |
| Free Cash Growth YoY | 63.745 % | |
| Free Cash Growth IPRWA | high: 177.21 % median: -24.526 % CORT: -29.52 % mean: -33.074 % low: -201.25 % |
|
| Free Cash To Net Income | 1.581 | |
| Cash Flow Margin | 19.835 % | |
| Cash Flow To Earnings | 1.651 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.926 % | |
| Return On Assets QoQ | 20.909 % | |
| Return On Assets YoY | -22.695 % | |
| Return On Assets IPRWA | high: 33.814 % CORT: 2.926 % median: 1.099 % mean: -2.709 % low: -59.608 % |
|
| Return On Capital Employed (ROCE) | 0.669 % | |
| Return On Equity (ROE) | 0.037 | |
| Return On Equity QoQ | 20.43 % | |
| Return On Equity YoY | -17.131 % | |
| Return On Equity IPRWA | high: 0.809 median: 0.039 CORT: 0.037 mean: 0.001 low: -1.124 |
|
| DuPont ROE | 3.796 % | |
| Return On Invested Capital (ROIC) | 0.547 % | |
| Return On Invested Capital QoQ | -57.199 % | |
| Return On Invested Capital YoY | -108.471 % | |
| Return On Invested Capital IPRWA | high: 35.992 % median: 3.016 % CORT: 0.547 % mean: -0.111 % low: -58.737 % |
|