Recent News
On December 31, 2025 the company disclosed receipt of a complete response letter from the FDA for relacorilant in hypercortisolism, triggering a severe market reaction.
In early January 2026 a national plaintiff firm announced an investigation into whether disclosures around relacorilant misled investors following the December CRL.
In late January 2026 outlets reported renewed investor interest after clinical data showed relacorilant plus nab‑paclitaxel reduced risk of progression and death in a platinum‑resistant ovarian cancer cohort.
Technical Analysis
ADX at 46.49 indicates very strong trend strength; that strength increases the probability of sizable near‑term swings and elevates the importance of directional signals when assessing bias.
DI+ increasing at 17.32 while DI‑ decreasing at 42.83 signals a shift toward buyer pressure; despite DI‑ remaining numerically above DI+, the directional indicators tilt toward accumulation and suggest directional conflict resolving toward higher prices if the DI+ advance continues.
MACD stands at ‑6.71 with the MACD line above the signal line (signal ‑8.56) and the MACD trend increasing; that crossover constitutes a bullish momentum signal that supports a near‑term price lift relative to recent levels.
MRO at ‑11.95 with the MRO trend decreasing shows price sits below the model target and signals potential for upward mean reversion as the shortfall persists.
RSI 41.72 with a dip & reversal indicates recent buying after a pullback; that pattern, combined with a MACD crossover, supports a constructive short‑term momentum picture but leaves room for further consolidation.
Price sits below long‑term averages (200‑day $71.17, 50‑day $64.85) while trading above the 20‑day average ($39.25) and the 12‑day EMA ($42.97, dip & reversal). This alignment points to short‑term strength inside a longer‑term downstate, increasing the likelihood of volatile intramarket moves rather than a clean trend continuation.
Bollinger bands show a 1σ upper at $44.12 and 2σ upper at $49.00 with the close at $45.85, placing the stock between the 1σ and 2σ upper bands and indicating elevated near‑term volatility but not extreme extension. Ichimoku components place price between Tenkan and Kijun levels, reflecting mixed momentum on multiple horizons.
Fundamental Analysis
Revenue totaled $207,638,000 with YoY revenue growth reported at ‑40.66% and quarter‑over‑quarter revenue change at ‑71.30%; the company still reports a year‑to‑date revenue growth metric of 6.79% alongside QoQ deterioration, showing divergent timing effects in recent results.
Operating income (EBIT) reached $10,219,000 and EBITDA $10,696,000, yielding an EBIT margin of 4.92%; that margin sits above the industry peer mean of ‑94.70% but below the industry peer median of 42.31%, placing Corcept inside the industry peer range yet well short of the median profitability level.
EPS came in at $0.16 versus an estimate of $0.14, an EPS surprise of +14.29%. Forward EPS sits at $0.183 with a forward PE of 168.00, while the trailing PE registers at 472.26, reflecting a valuation multiple well above the industry peer mean of 4.82 and median of 30.96.
Balance sheet strength stands out: cash and short‑term investments $421,683,000, cash ratio 244.79%, current ratio 314.13%, and total debt only $6,358,000 (debt to assets 0.77%), indicating ample liquidity to fund operations and development despite recent regulatory setbacks.
Gross margin 97.79% and free cash flow $54,481,000 yield a free cash flow yield of 0.69%; free cash flow growth 24.15% contrasts with a free cash flow yield slightly above the industry peer mean, suggesting cash generation that supports continued R&D and regulatory activity.
Earnings growth measures show contraction: earnings growth ‑44.83% with QoQ and YoY declines; operating margin QoQ and YoY both negative in change terms, underscoring pressure on near‑term profitability despite positive cash metrics.
Valuation summary: enterprise value $7,527,938,000, enterprise multiple 703.81, price‑to‑book 12.57 (above the industry peer mean of 6.84), and PS 38.26. WMDST values the stock as over‑valued given these multiples versus cash and earnings dynamics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 102.7 M |
| Operating Cash Flow | $ 54.5 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 3.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 22.4 M | |
| End Period Cash Flow | $ 125.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 207.6 M | |
| Forward Revenue | $ 50.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 4.6 M | |
| Depreciation | $ 477.0 K | |
| Depreciation and Amortization | $ 477.0 K | |
| Research and Development | $ 68.8 M | |
| Total Operating Expenses | $ 197.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 203.0 M | |
| EBITDA | $ 10.7 M | |
| EBIT | $ 10.2 M | |
| Operating Income | $ 10.2 M | |
| Interest Income | $ 5.0 M | |
| Interest Expense | — | |
| Net Interest Income | $ 5.0 M | |
| Income Before Tax | $ 15.2 M | |
| Tax Provision | $ -4.42 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 19.7 M | |
| Net Income From Continuing Operations | $ 19.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.14 | |
| EPS Actual | $ 0.16 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 14.286 % | |
| Forward EPS | $ 0.18 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 823.6 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 631.9 M | |
| Total Current Assets | $ 541.1 M | |
| Cash and Short-Term Investments | $ 421.7 M | |
| Cash | $ 125.1 M | |
| Net Receivables | $ 69.6 M | |
| Inventory | $ 12.3 M | |
| Long-Term Investments | $ 20.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 34.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 172.3 M | |
| Net Debt | — | |
| Total Debt | $ 6.4 M | |
| Total Liabilities | $ 191.7 M | |
| EQUITY | ||
| Total Equity | $ 631.9 M | |
| Retained Earnings | $ 619.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.01 | |
| Shares Outstanding | 105.124 M | |
| Revenue Per-Share | $ 1.98 | |
| VALUATION | Market Capitalization | $ 7.9 B |
| Enterprise Value | $ 7.5 B | |
| Enterprise Multiple | 703.809 | |
| Enterprise Multiple QoQ | 167.113 % | |
| Enterprise Multiple YoY | 737.158 % | |
| Enterprise Multiple IPRWA | CORT: 703.809 high: 52.77 median: 28.451 mean: 8.472 low: -82.433 |
|
| EV/R | 36.255 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.303 | |
| Asset To Liability | 4.296 | |
| Debt To Capital | 0.01 | |
| Debt To Assets | 0.008 | |
| Debt To Assets QoQ | -6.311 % | |
| Debt To Assets YoY | 601.818 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.24 median: 0.183 CORT: 0.008 low: 0.0 |
|
| Debt To Equity | 0.01 | |
| Debt To Equity QoQ | -3.176 % | |
| Debt To Equity YoY | 645.185 % | |
| Debt To Equity IPRWA | high: 1.461 mean: 0.344 median: 0.106 CORT: 0.01 low: -0.897 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 12.57 | |
| Price To Book QoQ | 6.737 % | |
| Price To Book YoY | 85.076 % | |
| Price To Book IPRWA | high: 16.86 CORT: 12.57 mean: 6.844 median: 6.057 low: -8.555 |
|
| Price To Earnings (P/E) | 472.256 | |
| Price To Earnings QoQ | 94.228 % | |
| Price To Earnings YoY | 367.233 % | |
| Price To Earnings IPRWA | CORT: 472.256 high: 56.753 median: 30.96 mean: 4.825 low: -93.179 |
|
| PE/G Ratio | -10.535 | |
| Price To Sales (P/S) | 38.255 | |
| Price To Sales QoQ | -0.664 % | |
| Price To Sales YoY | 60.945 % | |
| Price To Sales IPRWA | high: 1040.421 mean: 65.006 CORT: 38.255 median: 18.442 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 168.004 | |
| Forward PE/G | -3.748 | |
| Forward P/S | 65.438 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -9.081 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.256 | |
| Asset Turnover Ratio QoQ | 8.295 % | |
| Asset Turnover Ratio YoY | 4.889 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 CORT: 0.256 mean: 0.119 median: 0.107 low: -0.004 |
|
| Receivables Turnover | 3.095 | |
| Receivables Turnover Ratio QoQ | 0.578 % | |
| Receivables Turnover Ratio YoY | -3.751 % | |
| Receivables Turnover Ratio IPRWA | high: 5.5 CORT: 3.095 median: 1.573 mean: 1.457 low: -0.057 |
|
| Inventory Turnover | 0.373 | |
| Inventory Turnover Ratio QoQ | 44.856 % | |
| Inventory Turnover Ratio YoY | 6.764 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.645 median: 0.477 CORT: 0.373 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 29.487 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -413.685 | |
| Cash Conversion Cycle Days QoQ | -6.352 % | |
| Cash Conversion Cycle Days YoY | 13.869 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 median: 189.366 mean: 180.481 CORT: -413.685 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.563 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 631.9 M | |
| Net Invested Capital | $ 631.9 M | |
| Invested Capital | $ 631.9 M | |
| Net Tangible Assets | $ 631.9 M | |
| Net Working Capital | $ 368.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.448 | |
| Current Ratio | 3.141 | |
| Current Ratio QoQ | 2.554 % | |
| Current Ratio YoY | -15.097 % | |
| Current Ratio IPRWA | high: 25.502 mean: 4.057 CORT: 3.141 median: 2.865 low: 0.02 |
|
| Quick Ratio | 3.07 | |
| Quick Ratio QoQ | 3.069 % | |
| Quick Ratio YoY | -15.579 % | |
| Quick Ratio IPRWA | high: 13.391 CORT: 3.07 mean: 2.553 median: 1.998 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.594 | |
| Cost Of Debt | 43.647 % | |
| Interest Coverage Ratio | 2.854 | |
| Interest Coverage Ratio QoQ | -61.691 % | |
| Interest Coverage Ratio YoY | -78.07 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 37.981 median: 6.583 CORT: 2.854 low: -1337.523 |
|
| Operating Cash Flow Ratio | 0.151 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 770.442 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.73 % | |
| Revenue Growth | 6.793 % | |
| Revenue Growth QoQ | -71.304 % | |
| Revenue Growth YoY | -40.657 % | |
| Revenue Growth IPRWA | high: 301.849 % mean: 8.179 % CORT: 6.793 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | -44.828 % | |
| Earnings Growth QoQ | -163.507 % | |
| Earnings Growth YoY | -259.388 % | |
| Earnings Growth IPRWA | high: 162.5 % median: -6.25 % mean: -8.26 % CORT: -44.828 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 97.787 % | |
| Gross Margin QoQ | -0.455 % | |
| Gross Margin YoY | -0.652 % | |
| Gross Margin IPRWA | high: 105.39 % CORT: 97.787 % median: 81.951 % mean: 79.62 % low: -35.147 % |
|
| EBIT Margin | 4.922 % | |
| EBIT Margin QoQ | -64.125 % | |
| EBIT Margin YoY | -80.718 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 42.305 % CORT: 4.922 % mean: -94.703 % low: -8139.786 % |
|
| Return On Sales (ROS) | 4.922 % | |
| Return On Sales QoQ | -64.125 % | |
| Return On Sales YoY | -80.718 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.431 % CORT: 4.922 % mean: -90.689 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 54.5 M | |
| Free Cash Flow Yield | 0.686 % | |
| Free Cash Flow Yield QoQ | 17.065 % | |
| Free Cash Flow Yield YoY | -58.774 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 1.086 % CORT: 0.686 % mean: 0.607 % low: -57.887 % |
|
| Free Cash Growth | 24.153 % | |
| Free Cash Growth QoQ | -96.877 % | |
| Free Cash Growth YoY | -68.671 % | |
| Free Cash Growth IPRWA | high: 201.164 % mean: 25.297 % CORT: 24.153 % median: 22.832 % low: -200.947 % |
|
| Free Cash To Net Income | 2.77 | |
| Cash Flow Margin | 12.489 % | |
| Cash Flow To Earnings | 1.318 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.42 % | |
| Return On Assets QoQ | -43.259 % | |
| Return On Assets YoY | -61.587 % | |
| Return On Assets IPRWA | high: 30.5 % CORT: 2.42 % median: 2.255 % mean: -1.401 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 1.569 % | |
| Return On Equity (ROE) | 0.031 | |
| Return On Equity QoQ | -43.687 % | |
| Return On Equity YoY | -57.876 % | |
| Return On Equity IPRWA | high: 0.948 median: 0.047 CORT: 0.031 mean: 0.013 low: -1.385 |
|
| DuPont ROE | 3.103 % | |
| Return On Invested Capital (ROIC) | 1.278 % | |
| Return On Invested Capital QoQ | -61.436 % | |
| Return On Invested Capital YoY | -111.67 % | |
| Return On Invested Capital IPRWA | high: 31.965 % median: 5.759 % CORT: 1.278 % mean: 0.942 % low: -73.241 % |
|