Corcept Therapeutics Incorporated

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 6.8× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 6.8× operating cash profit, lifted by income outside the core business.

  Corcept Therapeutics's reported profit is 6.8× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Corcept Therapeutics's reported profit is 6.8× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Stock pay outran buybacks. Stock-based pay expense $195M vs $189M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.2% from December 2022 to July 2026.

  Over three fiscal years Corcept Therapeutics recorded $195M of stock-based pay expense and spent $189M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Corcept Therapeutics recorded $195M of stock-based pay expense and spent $189M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Operating margin at a 6-year low. 5.9% in 2025, the weakest of the last 6 years.

  Corcept Therapeutics's operating margin fell to 5.9% in 2025, its lowest in the 6 years of filings we have.

• Stock-based pay is a large cost. Stock pay was 11% of revenue in 2025.

  Corcept Therapeutics paid employees $85M in stock in 2025, 11% of its $761M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.