Latest Ratios: P/E Ratio 114.7x · EV/EBITDA 213.8x · 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 | $10.1B | $4.2B | $5.7B | $3.6B | $2.4B | $2.5B | $3.2B | $1.5B | $1.7B | $2.2B | $843M |
| Enterprise Value | $10.0B | $4.1B | $5.6B | $3.5B | $2.3B | $2.4B | $3.2B | $1.5B | $1.5B | $2.1B | $806M |
| P/E Ratio → | 114.68 | 42.44 | 40.97 | 34.55 | 23.34 | 22.25 | 30.78 | 15.71 | 22.27 | 17.37 | 103.71 |
| P/S Ratio | 13.26 | 5.48 | 8.47 | 7.52 | 5.86 | 6.81 | 9.18 | 4.84 | 6.74 | 14.13 | 10.37 |
| P/B Ratio | 17.42 | 6.45 | 8.41 | 7.16 | 4.69 | 6.64 | 6.21 | 4.00 | 6.14 | 11.78 | 20.38 |
| P/FCF | 71.21 | 29.45 | 29.19 | 28.60 | 19.64 | 14.90 | 21.55 | 10.98 | 14.67 | 37.16 | 46.34 |
| P/OCF | 71.10 | 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 | 213.79 | 86.99 | 40.48 | 32.25 | 20.11 | 18.95 | 24.34 | 12.79 | 16.56 | 40.50 | 78.54 |
| EV / EBIT | 222.81 | 90.66 | 40.87 | 32.57 | 20.33 | 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 | 0.9% | 2.4% | 2.4% | 2.9% | 4.3% | 4.5% | 3.2% | 6.4% | 4.5% | 5.8% | 1.0% |
| FCF Yield | 1.4% | 3.4% | 3.4% | 3.5% | 5.1% | 6.7% | 4.6% | 9.1% | 6.8% | 2.7% | 2.2% |
| Buyback Yield | 2.4% | 5.9% | 0.3% | 4.0% | 0.0% | 11.9% | 0.3% | 2.1% | 1.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.4% | 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 |
Generic entry patent litigation
As reported in recent financial statements, Corcept trades at a trailing P/E of 106.49, a multiple that appears to price in significant future growth optionality despite the decelerating revenue trajectory and the looming threat of generic competition for its primary Korlym franchise.
The current valuation multiples, including an EV/EBITDA of 198.34, suggest that the market is assigning a high premium to the company's proprietary cortisol modulation platform rather than its current earnings power. Investors should monitor whether this valuation remains sustainable if the legal environment for mifepristone continues to deteriorate, as the current forward P/E of 149.14 implies an expectation of significant margin expansion that may be difficult to achieve.
Based on historical data, Corcept's ROIC has trended downward from 6.6% in 2023Q4 to -6.9% in 2026Q1, indicating that the company's aggressive reinvestment into R&D and legal defense is currently failing to generate positive returns on invested capital for shareholders.
The decline in ROIC reflects the difficulty of maintaining high returns when the core asset faces a patent cliff and the pipeline remains in the costly development phase. This trend warrants further investigation into whether the current capital allocation strategy is value-destructive or merely a temporary bridge to the commercialization of relacorilant.
According to quarterly filings, the company's cash conversion cycle has shifted from -426 days in 2023Q4 to -722 days in 2026Q1, a trend that suggests increasing difficulty in managing inventory and accounts receivable relative to the company's specialized distribution model.
While a negative CCC is typically a sign of strength in a high-margin business, the extreme volatility in DIO and DPO suggests that the company's working capital management is being disrupted by the high costs of maintaining its specialty pharmacy network. This inefficiency may be masking the true underlying cash generation capability of the Korlym franchise.
As disclosed in recent financial statements, Corcept maintains a negligible debt-to-equity ratio of 0.02, providing a fortress-like balance sheet that effectively insulates the company from interest rate volatility and credit market tightening during this period of intense legal and clinical uncertainty.
The lack of debt is a critical defensive feature, allowing the company to fund its legal defense and R&D pipeline without the risk of covenant breaches or refinancing pressure. This financial flexibility is the primary factor preventing a more severe valuation contraction despite the recent deterioration in operating margins.
The P/E ratio is frequently misapplied to Corcept, as it obscures the impact of non-recurring legal expenses and significant R&D investments that are currently depressing earnings, making the company appear far more expensive than its underlying commercial cash flow would otherwise suggest.
Analysts should instead focus on EV/Sales or adjusted EBITDA, which better capture the value of the company's proprietary platform and the potential for future revenue from the relacorilant pipeline. Relying on P/E in a period of heavy litigation-related spending leads to a distorted view of the company's true earning power.
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 114.7x. 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 213.8x. 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 114.7x. 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.