CORTCORCEPT THERAPEUTICS INC
Pharmaceutical Preparations
- Revenue
- $761M
- 13% YoY
- Operating margin
- 5.9%
- 71% YoY
- EBITDA
- $46M
- 67% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- -1.7×
- −$77M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear142% of net incomeCash flow under 80% of net income
- Dilutive SBCFired11% of revenueOver 10% of revenue
- Payouts exceed cash flowFired122% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $366M | $402M | $482M | $675M | $761M | 13% |
| Operating income | $124M | $113M | $107M | $137M | $45M | 67% |
| Net income | $113M | $101M | $106M | $141M | $100M | 29% |
| Operating cash flow | $168M | $120M | $127M | $198M | $142M | 28% |
| Capex | $469K | $413K | $139K | $2M | $211K | 90% |
| Stock-based comp | $43M | $42M | $49M | $61M | $85M | 38% |
| Buybacks | — | $0 | $0 | $16M | $173M | 1004% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $15M | $15M | 133 | 120 |
| FY2024 | $10M | $23M | 193 | 91 |
| FY2023 | $9M | $16M | 124 | 92 |
| FY2022 | $7M | $10M | 78 | 89 |
| FY2021 | $11M | $4M | 76 | 99 |