Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Corcept Therapeutics Inc (CORT)
A forensic read on Corcept Therapeutics Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
9.0
Distress distance
Clean
Earnings quality
4
Forensic signals
15.0%
ROE
12.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Corcept Therapeutics Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 9.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
122% of FCF
FY2025
Shareholder returns.Returned $173M to shareholders (buybacks + dividends) in FY2025 — 122% of free cash flow. That is $31M (22%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash, short-term investments and long-term marketable securities fell $71M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $84M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 182%.
7.2%
FY2025
Return on invested capital.Return on invested capital is 7.2% in the latest fiscal year and slipping across FY2023–FY2025 from 24.0%. After-tax operating profit was $91M in FY2023 and $40M in FY2025, with operating income at 22.2% of revenue in FY2023, 20.3% in FY2024 and 5.9% in FY2025. The capital base behind it grew +47% across FY2023–FY2025, from $381M to $561M, while the return fell 16.8 points, so the dollars added over that window earned less than the 24.0% the older base was already earning. $444M of the $561M base at FY2025 is short-term investments and long-term marketable securities (79.1%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
+3.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +7% over the last 2 years to FY2025 (+3.6%/yr). The count is growing — 111.7M shares in FY2023, 120.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~7%.
11% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 11% of revenue and 60% of free cash flow in FY2025 — about $0.70 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.6% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$761.4M
Revenue Growth YoY+12.8%
Revenue CAGR (2yr)+25.6%
Net Margin13.1%
Free Cash Flow$141.8M
Return on Equity15.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Corcept Therapeutics Inc's actual 10-K/10-Q/8-K filings?