Recent News
On December 31, 2025 Corcept disclosed receipt of a Complete Response Letter from the FDA for relacorilant’s NDA, and an updated redacted CRL published January 30, 2026 highlighted FDA concerns about the evidence of effectiveness. Subsequent weeks brought multiple securities-class-action notices and law-firm investigations alleging disclosures around relacorilant; law firms set an April 21, 2026 deadline for lead plaintiff applications.
Technical Analysis
ADX at 41.39 signals very strong trend strength; that strength increases the likelihood that current directional pressure sustains near term and that technical setups will move decisively rather than chop.
DI+ stands at 27.32 and shows an increasing trend, which reads as bullish; DI- at 26.35 shows a decreasing trend, which also reads as bullish. The paired directional-indicator behavior implies bullish directional bias within the strong ADX environment.
MACD sits at -0.92 with the signal line at -1.87 and the MACD trend increasing; the MACD has crossed above its signal line, a bullish momentum signal that supports the short-term directional bias.
MRO equals 25.49 with an increasing trend; MRO positive indicates price presently sits above the model target and thus introduces a contracting pressure that can cap gains until momentum cools.
RSI at 42.29 and rising indicates improving buying pressure without yet reaching overbought levels, which supports continued upside runs while leaving room before exhaustion.
Price relationships favor near-term strength: the close at $38.53 trades above the 12- and 26-day EMAs ($35.45 and $36.02) and above the 20- and 50-day averages ($34.28 and $37.42), consistent with a short-term constructive setup even as the 200-day average ($64.20) stands well above price, signaling longer-term underperformance versus the multi‑month trend.
Bollinger geometry places the close between the 1x and 2x upper bands (1x upper $36.92; 2x upper $39.56), indicating elevated price dispersion and heightened short-term volatility; volume running above the 10-day average confirms participation behind recent moves.
Fundamental Analysis
Revenue totaled $202,125,000 with reported YoY revenue growth of 6.40% and a QoQ revenue change of -139.08% (reported as -1.39084), reflecting divergent short- and longer-term dynamics in top-line performance. Gross profit reached $199,580,000, and gross margin stood at 98.74%, which implies very high product-level profitability.
Operating income (EBIT) equals $4,487,000 and operating margin registers 2.22%; operating-margin QoQ fell roughly 54.90% and YoY dropped about 84.02%, indicating compression of operating leverage versus recent periods. Industry peer mean operating-margin sits near -0.78%, placing Corcept’s 2.22% operating margin above the industry peer mean.
Net income amounted to $24,288,000 and EPS actual $0.20 missed the estimate of $0.33, an EPS surprise of -39.39%. Trailing PE registers about 259.37 while forward PE equals 165.07, both reflecting high earnings multiple expectations; the price‑to‑book ratio of 8.49 sits above the industry peer mean of 5.13.
Cash and short-term investments total $372,152,000 with a cash ratio of 2.24 and a current ratio of 2.92, indicating strong liquidity and capacity to fund operations and trials without near-term financing. Total debt equals $6,107,000 and debt-to-assets stands at 0.73%, reflecting a very conservative capital structure.
Free cash flow totaled $38,398,000 for a free-cash-flow yield of ~0.70%, which exceeds the industry peer mean free-cash-flow yield of ~0.30%. R&D expense totaled $64,856,000, consistent with the company’s pipeline emphasis and ongoing trials for relacorilant and other candidates.
Valuation summary: WMDST values the stock as over-valued, a conclusion consistent with elevated multiples (trailing and forward PE, P/B) despite healthy cash reserves and above-peer free-cash-flow yield. Key fundamental risks include compressed operating margin QoQ and the EPS miss; key supports include large cash balances and minimal leverage.
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: 102.834 median: 58.093 mean: 22.911 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: 0.255 median: 0.191 CORT: 0.007 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: 1.62 mean: 0.404 median: 0.109 CORT: 0.009 low: -0.957 |
|
| 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: 19.432 CORT: 8.485 median: 5.784 mean: 5.13 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: 90.06 median: 53.472 mean: 14.75 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: 728.195 mean: 48.637 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: 6.2 CORT: 3.124 mean: 1.432 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: 3.085 mean: 0.587 median: 0.473 CORT: 0.202 low: 0.009 |
|
| 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: 937.301 mean: 193.692 median: 192.562 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: 30.664 mean: 5.486 CORT: 2.923 median: 2.901 low: 0.337 |
|
| Quick Ratio | 2.846 | |
| Quick Ratio QoQ | -7.3 % | |
| Quick Ratio YoY | -12.766 % | |
| Quick Ratio IPRWA | high: 15.324 CORT: 2.846 mean: 2.679 median: 2.464 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: 404.333 mean: 39.179 median: 3.319 CORT: 1.253 low: -696.975 |
|
| 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: 308.684 % mean: 13.088 % median: 3.233 % CORT: -2.655 % low: -200.0 % |
|
| Earnings Growth | 25.0 % | |
| Earnings Growth QoQ | -155.769 % | |
| Earnings Growth YoY | -168.334 % | |
| Earnings Growth IPRWA | high: 203.846 % CORT: 25.0 % mean: -21.311 % median: -28.395 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | 98.741 % | |
| Gross Margin QoQ | 0.976 % | |
| Gross Margin YoY | 0.372 % | |
| Gross Margin IPRWA | high: 102.453 % CORT: 98.741 % median: 79.505 % mean: 78.222 % low: -13.436 % |
|
| 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: -77.877 % low: -4382.24 % |
|
| 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: 27.569 % CORT: 2.22 % mean: -82.098 % low: -4382.24 % |
|
| 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: 0.299 % low: -34.522 % |
|
| Free Cash Growth | -29.52 % | |
| Free Cash Growth QoQ | -222.221 % | |
| Free Cash Growth YoY | 63.745 % | |
| Free Cash Growth IPRWA | high: 155.964 % median: -24.462 % mean: -28.018 % CORT: -29.52 % low: -220.947 % |
|
| 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: 27.866 % CORT: 2.926 % median: 1.475 % mean: -1.948 % low: -47.9 % |
|
| 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: 0.657 median: 0.051 CORT: 0.037 mean: 0.015 low: -0.924 |
|
| 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 % mean: 0.883 % CORT: 0.547 % low: -50.412 % |
|