Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 20, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
18.0
Distress distance
Clean
Earnings quality
3
Forensic signals
216.1
P / E (ttm)
15.4%
ROE
$12.7B
Market cap
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 18.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+1.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+1.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.1% 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 FY2022 has been diluted ~3%.
122% of FCF
FY2025
Shareholder returns.Returned $173M to shareholders (buybacks + dividends) in FY2025 — 122% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, 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%.
7.3%
FY2025
Return on invested capital.Return on invested capital is 7.3% in the latest fiscal year, against 38% in FY2021, having run between 7.3% and 37.5% across FY2021–FY2025 with no direction held — slightly below the ~10% cost of capital we hold this sector to — reinvestment to date is roughly a wash. The capital base behind it grew +84% across FY2021–FY2025, from $299M to $550M, while the return fell 30.2 points, so the dollars added over that window earned less than the 38% the older base was already earning.
Key fundamentals
Latest Revenue$761.4M
Revenue Growth YoY+12.8%
Revenue CAGR (3yr)+23.7%
Net Margin13.1%
Free Cash Flow$141.8M
Return on Equity15.4%
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?