Latest Ratios: P/E Ratio 137.7x · EV/EBITDA 257.2x · ROE 15.0%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.1B | $4.2B | $5.7B | $3.6B | $2.4B | $2.5B | $3.2B | $1.5B | $1.7B | $2.2B | $843M |
| Enterprise Value | $12.0B | $4.1B | $5.6B | $3.5B | $2.3B | $2.4B | $3.2B | $1.5B | $1.5B | $2.1B | $806M |
| P/E Ratio → | 137.73 | 42.44 | 40.97 | 34.55 | 23.34 | 22.25 | 30.78 | 15.71 | 22.27 | 17.37 | 103.71 |
| P/S Ratio | 15.92 | 5.48 | 8.47 | 7.52 | 5.86 | 6.81 | 9.18 | 4.84 | 6.74 | 14.13 | 10.37 |
| P/B Ratio | 20.92 | 6.45 | 8.41 | 7.16 | 4.69 | 6.64 | 6.21 | 4.00 | 6.14 | 11.78 | 20.38 |
| P/FCF | 85.51 | 29.45 | 29.19 | 28.60 | 19.64 | 14.90 | 21.55 | 10.98 | 14.67 | 37.16 | 46.34 |
| P/OCF | 85.39 | 29.41 | 28.87 | 28.57 | 19.57 | 14.86 | 21.38 | 10.90 | 14.63 | 36.90 | 45.85 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.33 | 8.29 | 7.24 | 5.70 | 6.60 | 8.97 | 4.75 | 5.91 | 13.47 | 9.91 |
| EV / EBITDA | 257.24 | 86.99 | 40.48 | 32.25 | 20.11 | 18.95 | 24.34 | 12.79 | 16.56 | 40.50 | 78.54 |
| EV / EBIT | 268.10 | 61.10 | 34.66 | 28.05 | 19.71 | 19.33 | 24.77 | 13.04 | 16.60 | 40.58 | 80.08 |
| EV / FCF | — | 28.64 | 28.57 | 27.53 | 19.10 | 14.44 | 21.07 | 10.78 | 12.88 | 35.44 | 44.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.3% | 98.3% | 98.4% | 98.7% | 98.7% | 98.6% | 98.4% | 98.2% | 97.9% | 97.8% | 97.5% |
| Operating Margin | 5.9% | 5.9% | 20.3% | 22.2% | 28.0% | 34.0% | 36.2% | 36.4% | 35.6% | 33.2% | 12.5% |
| Net Profit Margin | 13.1% | 13.1% | 20.7% | 22.0% | 25.2% | 30.7% | 30.0% | 30.7% | 30.0% | 81.1% | 10.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.0% | 15.0% | 23.6% | 21.0% | 23.1% | 25.0% | 23.7% | 29.1% | 32.3% | 111.1% | 27.2% |
| ROA | 11.9% | 11.9% | 19.1% | 17.6% | 20.1% | 22.6% | 21.5% | 26.0% | 28.3% | 89.3% | 13.5% |
| ROIC | 6.2% | 6.2% | 22.1% | 19.9% | 23.0% | 24.9% | 24.2% | 40.6% | 86.0% | 86.7% | — |
| ROCE | 6.5% | 6.5% | 22.5% | 20.9% | 25.4% | 27.6% | 28.6% | 34.4% | 38.3% | 45.5% | 28.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | — | — | 0.35 |
| Debt / EBITDA | 0.13 | 0.13 | 0.05 | 0.00 | 0.01 | 0.00 | 0.02 | 0.03 | — | — | 1.43 |
| Net Debt / Equity | — | -0.18 | -0.18 | -0.27 | -0.13 | -0.21 | -0.14 | -0.07 | -0.75 | -0.54 | -0.89 |
| Net Debt / EBITDA | -2.45 | -2.45 | -0.87 | -1.25 | -0.57 | -0.60 | -0.56 | -0.24 | -2.30 | -1.96 | -3.59 |
| Debt / FCF | — | -0.81 | -0.62 | -1.07 | -0.54 | -0.46 | -0.49 | -0.21 | -1.79 | -1.72 | -2.03 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | 1078.67 | 4.94 |
Net cash position: cash ($120M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.92 | 2.92 | 3.35 | 4.39 | 6.89 | 5.60 | 10.07 | 7.91 | 6.72 | 4.75 | 2.40 |
| Quick Ratio | 2.85 | 2.85 | 3.26 | 4.31 | 6.80 | 5.50 | 9.97 | 7.77 | 6.26 | 4.47 | 2.31 |
| Cash Ratio | 2.24 | 2.24 | 2.72 | 3.52 | 5.95 | 4.70 | 9.28 | 7.10 | 5.77 | 3.52 | 1.88 |
| Asset Turnover | — | 0.91 | 0.80 | 0.78 | 0.69 | 0.86 | 0.62 | 0.74 | 0.81 | 0.72 | 1.18 |
| Inventory Turnover | 1.01 | 1.01 | 0.88 | 0.84 | 0.88 | 1.06 | 1.14 | 1.01 | 0.32 | 0.42 | 0.88 |
| Days Sales Outstanding | — | 28.66 | 31.40 | 43.00 | 42.56 | 28.95 | 27.02 | 23.73 | 25.55 | 64.64 | 44.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 2.4% | 2.4% | 2.9% | 4.3% | 4.5% | 3.2% | 6.4% | 4.5% | 5.8% | 1.0% |
| FCF Yield | 1.2% | 3.4% | 3.4% | 3.5% | 5.1% | 6.7% | 4.6% | 9.1% | 6.8% | 2.7% | 2.2% |
| Buyback Yield | 2.0% | 5.9% | 0.3% | 4.0% | 0.0% | 11.9% | 0.3% | 2.1% | 1.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.0% | 5.9% | 0.3% | 4.0% | 0.0% | 11.9% | 0.3% | 2.1% | 1.4% | 0.0% | 0.0% |
| Shares Outstanding | — | $120M | $113M | $112M | $116M | $126M | $124M | $123M | $127M | $125M | $116M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying CORT stock.
Corcept Therapeutics Incorporated's current P/E ratio is 137.7x. The historical average is 35.3x. This places it at the 100th percentile of its historical range.
Corcept Therapeutics Incorporated's current EV/EBITDA is 257.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.2x.
Corcept Therapeutics Incorporated's return on equity (ROE) is 15.0%. The historical average is -53.6%.
Based on historical data, Corcept Therapeutics Incorporated is trading at a P/E of 137.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Corcept Therapeutics Incorporated has 98.3% gross margin and 5.9% operating margin.
Corcept Therapeutics Incorporated's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Patent litigation and generic entry
Metrics are mathematically derived from official filings.
Margin Compression Amidst Reinvestment
Gross margin held at 98.4% in 2026Q2, yet operating margin fell to 16.1% from 25.5% a year earlier, reflecting aggressive R&D and SG&A spending, as per financial statements.
The 98%+ gross margin underscores the negligible cost of goods for Korlym, but the operating margin compression from 25.5% in 2024Q3 to 16.1% in 2026Q2 indicates that the company is channeling its cash flow into pipeline development and legal defense. Net margin of 16.5% in 2026Q2 slightly exceeds operating margin, suggesting non-operating income, likely interest on cash, is supplementing core earnings. Investors should monitor whether this reinvestment yields relacorilant approval, as the current margin trajectory may not be sustainable if generic competition emerges.
ROIC Volatility Masks Underlying Value
ROIC swung from 7.1% in 2024Q3 to -6.9% in 2026Q1, then recovered to 5.4% in 2026Q2, per reported figures, reflecting the lumpy nature of clinical trial spending.
The wide quarterly swings in ROIC, driven by R&D timing, obscure the company's underlying earning power. Despite the volatility, the asset-light model (minimal PPE) means returns are primarily a function of margin and working capital efficiency. The negative ROIC in 2026Q1 was due to an operating loss, but the recovery to 5.4% in 2026Q2 suggests the core business remains profitable. However, with a P/B of 20.89, the market is pricing in significant future returns, which may be optimistic given the patent cliff risk.
Negative CCC Reflects Supplier Leverage
Cash conversion cycle remained deeply negative at -227 days in 2026Q2, driven by DPO of 540 days, as reported in the financials, indicating Corcept holds cash from suppliers for extended periods.
The negative CCC, which has persisted for ten quarters, is a hallmark of a company with minimal inventory and significant negotiating power over suppliers. DPO of 540 days in 2026Q2 is unusually high, suggesting that Corcept is delaying payments to conserve cash, though this may not be sustainable. DSO of 21 days is efficient, reflecting a specialty pharmacy model with quick collections. The working capital efficiency is a key strength, but investors should watch for any normalization in DPO that could pressure cash flow.
Minimal Debt Masks Litigation Risk
Debt-to-equity stands at 0.01 with negligible debt of $9.4M, as per the latest balance sheet, providing a fortress balance sheet, but the real leverage is legal and regulatory.
Corcept's balance sheet is virtually debt-free, with interest coverage not reported due to minimal interest expense. This financial flexibility allows the company to fund its pipeline internally and weather operational setbacks. However, the true risk lies in the Hatch-Waxman litigation with Teva, which could erode revenue if generic Korlym enters. The market's EV/EBITDA of 256.92 reflects this binary outcome, as the multiple is extremely high, implying either robust growth or a sharp decline. Investors should monitor court rulings as they will have a more significant impact than traditional financial leverage.
Liquidity Buffer Remains Robust
Current ratio of 2.86 and quick ratio of 2.77 in 2026Q2, as reported in the balance sheet, indicate ample short-term liquidity, though cash has declined from $120M to $111M.
The current ratio has declined from 5.57 in 2024Q2 to 2.86 in 2026Q2, reflecting increased investment in R&D and working capital. Despite this, the liquidity position remains strong, with cash and marketable securities providing a cushion against operational shocks. The company's ability to fund its operations without debt is a key strength, but the declining cash balance warrants monitoring, especially if legal expenses escalate. The fortress balance sheet provides flexibility to pursue strategic M&A or weather a generic entry.
P/E Misleads on Patent Cliff
The trailing P/E of 137.56 and forward P/E of 55.70, based on reported multiples, are distorted by the binary outcome of patent litigation, making EV/EBITDA a more relevant metric.
The P/E ratio is commonly misapplied to Corcept because it fails to account for the non-operating income that inflates net income and the potential for a sharp earnings decline if generic competition emerges. EV/EBITDA of 256.92 is also elevated, but it better reflects the company's operating performance and cash generation. Investors should focus on the sustainability of EBITDA, which is heavily dependent on Korlym's exclusivity. A more appropriate valuation metric would be a probability-weighted DCF that incorporates the likelihood of generic entry and the potential of relacorilant.