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CORT, Corcept Therapeutics Incorporated

Pharmaceuticals consumer brand Cyclical

We are a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol.

Cortisol influences metabolism and the immune system and contributes to emotional stability.

Hypercortisolism can affect every organ system in the body and can be lethal if not treated.

Latest annual: FY2025 10-K

CORT · Corcept Therapeutics Incorporated

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$761M

+12.8% YoY · 17% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $769M 5-yr avg $537M

Operating margin −1.1% 5-yr avg 22.1%

ROIC −2% 5-yr avg 23%

Owner-earnings margin 16% 5-yr avg 30%

Free cash flow margin 16% 5-yr avg 30%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 98% and operating margin about 28% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 5.9% to 36% — on a steadier 98% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. The cash cycle has run negative through the cycle (a median of −342 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 25%, above 15% in 8 of 9 years). Owner earnings agree: roughly 34% of revenue reaches owners as cash, consistently, and customers and suppliers fund the business through negative working capital. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$81M	$159M	$251M	$306M	$354M	$366M	$402M	$482M	$675M	$761M	$769M	RevenueRevenue
97%	98%	98%	98%	98%	99%	99%	99%	98%	98%	98%	Gross marginGross mgn
56%	39%	32%	33%	30%	33%	38%	38%	42%	59%	65%	SG&A / revenueSG&A/rev
29%	25%	30%	29%	32%	31%	33%	38%	37%	33%	34%	R&D / revenueR&D/rev
$10M	$53M	$89M	$112M	$128M	$124M	$113M	$107M	$137M	$45M	($8M)	Operating incomeOp. inc.
12.5%	33.2%	35.6%	36.4%	36.2%	34.0%	28.0%	22.2%	20.3%	5.9%	−1.1%	Operating marginOp. mgn
$8M	$129M	$75M	$94M	$106M	$113M	$101M	$106M	$141M	$100M	$47M	Net incomeNet inc.
0%	—	18%	19%	19%	10%	13%	15%	13%	—	—	Effective tax rateTax rate
											Cash flow & returns
$18M	$61M	$116M	$136M	$152M	$168M	$120M	$127M	$198M	$142M	$120M	Operating cash flowOp. cash
$87K	$106K	$236K	$703K	$525K	$1M	$1M	$1M	$795K	$1M	$1M	DepreciationDeprec.
$3M	($82M)	$16M	$12M	$12M	$11M	($25M)	($29M)	($5M)	($43M)	($14M)	Working capital & otherWC & other
$194K	$419K	$298K	$1M	$1M	$469K	$413K	$139K	$2M	$211K	$308K	CapexCapex
0.2%	0.3%	0.1%	0.4%	0.3%	0.1%	0.1%	0.0%	0.3%	0.0%	0.0%	Capex / revenueCapex/rev
$18M	$61M	$115M	$135M	$151M	$167M	$120M	$127M	$198M	$142M	$120M	Owner earningsOwner earn.
22.5%	38.2%	45.9%	44.2%	42.8%	45.7%	29.8%	26.2%	29.3%	18.6%	15.6%	Owner earnings marginOE mgn
$18M	$61M	$115M	$135M	$151M	$167M	$120M	$127M	$196M	$142M	$120M	Free cash flowFCF
22.4%	38.0%	45.9%	44.1%	42.6%	45.7%	29.8%	26.2%	29.1%	18.6%	15.6%	Free cash flow marginFCF mgn
$0	$0	$24M	$31M	$10M	—	$0	$0	$16M	$173M	—	BuybacksBuybacks
—	33%	31%	27%	23%	38%	23%	25%	22%	8%	-2%	ROICROIC
20%	68%	27%	25%	20%	30%	20%	21%	21%	15%	7%	Return on equityROE
20%	68%	27%	25%	20%	30%	20%	21%	21%	15%	7%	Retained to equityRetained/eq
											Balance sheet
$52M	$104M	$42M	$31M	$76M	$78M	$437M	$425M	$603M	$532M	$515M	Cash & investmentsCash+inv
$10M	$15M	$18M	$20M	$26M	$28M	$31M	$41M	$54M	$60M	$39M	ReceivablesReceiv.
$2M	$5M	$5M	$5M	$5M	$5M	$6M	$8M	$12M	$13M	$13M	InventoryInvent.
$2M	$9M	$8M	$8M	$11M	$7M	$12M	$17M	$15M	$40M	$33M	Accounts payablePayables
$10M	$11M	$14M	$18M	$21M	$26M	$25M	$31M	$51M	$32M	$19M	Operating working capitalOper. WC
$66M	$124M	$237M	$307M	$479M	$266M	$499M	$459M	$472M	$485M	$426M	Current assetsCur. assets
$27M	$30M	$36M	$39M	$47M	$48M	$72M	$105M	$141M	$166M	$149M	Current liabilitiesCur. liab.
2.4×	4.2×	6.7×	7.9×	10.1×	5.6×	6.9×	4.4×	3.4×	2.9×	2.9×	Current ratioCurr. ratio
$69M	$221M	$312M	$412M	$572M	$424M	$583M	$622M	$841M	$837M	$815M	Total assetsAssets
$15M	$0	—	—	—	—	—	—	—	—	$0	Total debtDebt
($37M)	($104M)	—	—	—	—	—	—	—	—	($515M)	Net debt / (cash)Net debt
$41M	$191M	$276M	$371M	$523M	$376M	$502M	$507M	$680M	$648M	$638M	Shareholders’ equityEquity
8.7%	8.4%	9.5%	9.6%	9.5%	11.7%	10.6%	10.1%	9.1%	11.1%	11.1%	Stock comp / revenueSBC/rev
											Per share
116M	125M	127M	123M	124M	126M	116M	112M	113M	120M	104M	Shares out (diluted)Shares
$0.70	$1.28	$1.98	$2.50	$2.85	$2.91	$3.47	$4.32	$5.95	$6.35	$7.36	Revenue / shareRev/sh
$0.07	$1.04	$0.60	$0.77	$0.85	$0.89	$0.87	$0.95	$1.24	$0.83	$0.45	EPS (diluted)EPS
$0.16	$0.49	$0.91	$1.10	$1.22	$1.33	$1.03	$1.13	$1.74	$1.18	$1.15	Owner earnings / shareOE/sh
$0.16	$0.49	$0.91	$1.10	$1.21	$1.33	$1.03	$1.13	$1.73	$1.18	$1.15	Free cash flow / shareFCF/sh
$0.00	$0.00	$0.00	$0.01	$0.01	$0.00	$0.00	$0.00	$0.02	$0.00	$0.00	Cap. spending / shareCapex/sh
$0.36	$1.53	$2.18	$3.03	$4.21	$2.98	$4.33	$4.53	$5.99	$5.40	$6.11	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+27.8%/yr	+17.4%/yr
Owner earnings / share	+25.1%/yr	−0.6%/yr
EPS	+31.6%/yr	−0.5%/yr
Capital spending / share	+0.6%/yr	−29.3%/yr
Book value / share	+35.3%/yr	+5.1%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

120Mpeak FY2018

ROIC

8%low FY2025

Gross margin

98%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$142Mowner earningsvs.$100Mnet incomelow FY2016

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $100M of profit into $142M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$100M

Owner earnings$142M · 19% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$100M	$141M	$106M	$101M	$113M
Depreciation & amortizationnon-cash charge added back	+$1M	+$795K	+$1M	+$1M	+$1M
Stock-based compensationreal costnon-cash, but a real cost	+$85M	+$61M	+$49M	+$42M	+$43M
Working capital & othertiming of cash in and out, other non-cash items	−$43M	−$5M	−$29M	−$25M	+$11M
Cash from operations	$142M	$198M	$127M	$120M	$168M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$211K	−$795K	−$139K	−$413K	−$469K
Owner earnings	$142M	$198M	$127M	$120M	$167M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$1M	—	—	—
Free cash flow	$142M	$196M	$127M	$120M	$167M
Owner-earnings marginowner earnings ÷ revenue	19%	29%	26%	30%	46%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $85M), owner earnings is nearer $57M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 22.0×

Comfortable

Operating income $45M ÷ interest expense $2M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$372M

Net cash, debt-free

Cash $120M + ST investments $252M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $372M, on net the company owes nothing, and can act from strength when others can't. It also holds $160M in longer-dated marketable securities; counting those, it sits at net cash of $532M. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -747d

Negative, funded by others

DSO 29 + DIO 362 − DPO 1138 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital 25%

High through the cycle

9-yr median, range 8%–38%; 8% latest = NOPAT $45M ÷ invested capital $527M

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 8% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 30%

High through the cycle

10-yr median margin, range 19%–46%; latest $142M = operating cash $142M − maintenance capex $211K

Industry peers: median 16%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 19% of revenue this year, a 30% median across 10 years. Treating stock comp as the real expense it is (less $85M of SBC) leaves $57M.
Are earnings backed by cash? 1.42×

Cash-backed

Cash from ops $142M ÷ net income $100M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 122%

Returned more than it generated

Dividends + buybacks $173M ÷ Owner Earnings $142M

What this means
The company returned more than it generated: against $142M of Owner Earnings, $173M (122%) went back to shareholders, $0 dividends, $173M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $85M stock comp, the real buyback was about $88M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.18×

Harvesting

Capex $211K ÷ depreciation $1M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $761M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.92×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $0 vs $319M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +63%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.08/share (latest year $0.93), the averaged base the calculator's gate runs on, and book value is $6.03/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 27% → 16% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.

What this means
Through the cycle the operating margin slipped — about 27% early to 16% lately, median 28% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +18%/yr

What this means
Owner earnings grew about 18% a year over the record.
Worst year 2025 · 5.9% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.4%/yr

What this means
Roughly flat share count, little dilution, little buyback.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$426M

Cash & short-term investments$338M
Receivables$39M
Inventory$13M
Other current assets$36M

Current liabilities$149M

Accounts payable$33M
Other current liabilities$116M

Current ratio2.86×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.77×stricter: inventory excluded

Cash ratio2.27×strictest: cash alone against what's due

Working capital$277Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+4.9%the freshest read on whether the business is still growing

Current ratio, recent quarters5.6× → 2.9×

Deeper floors

Tangible book value$638Mequity stripped of goodwill & intangibles

Net current asset value$249MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$10M$10M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $1.2B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$7M · 1%
Buybacks$253M · 20%
Retained (debt / cash)$978M · 79%

Returned to owners$253M
21% of the owner earnings the business produced over the span, $0 as dividends and $253M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell $15M and cash and short-term investments rose $287M.
Average price paid for buybacks—
Buybacks ran $253M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−10.1%
The diluted count fell from 116M to 104M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained13%
Of the earnings it kept rather than paid out ($721M over the span), annual owner earnings (first three years vs last three) grew $90M, so each retained $1 added about 0.13 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Dr. Belanoff	$11.0M	$4.3M	$167M
2022	Dr. Belanoff	$7.4M	$9.6M	$120M
2023	Dr. Belanoff	$9.3M	$15.8M	$127M
2024	Dr. Belanoff	$9.9M	$22.8M	$198M
2025	Dr. Belanoff	$15.3M	$14.8M	$142M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership20.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$85M
The slice of the business handed to employees in shares this year, 11% of revenue, equal to 189% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Corcept Therapeutics Incorporated is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereIs it less profitable than it was?24.7% vs 35.6%
The owner-earnings margin averaged 35.6% early in the record and 24.7% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.

And these came back clean

Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
HRMYHarmony Biosciences Holdings Inc.	$868M	79%	26.7%	38%	32%
ARWRArrowhead Pharmaceuticals	$829M	—	-106.8%	-51%	-77%
COLLCollegium Pharmaceutical Inc.	$781M	56%	6.8%	44%	31%
CORTCorcept Therapeutics Incorporated	$761M	98%	30.6%	25%	34%
EBSEmergent BioSolutions Inc.	$743M	58%	12.5%	6%	8%
PCRXPacira BioSciences	$726M	73%	3.7%	2%	16%
SUPNSupernus Pharmaceuticals Inc.	$719M	90%	20.0%	11%	26%
KNSAKiniksa Pharmaceuticals International, PLC	$678M	88%	-9.3%	-6%	5%
Group median	—	79%	9.6%	8%	21%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Corcept Therapeutics Incorporated has delivered.

Today’s price $

Through the cycle, Corcept Therapeutics Incorporated earns about $259M on its 34.0% median owner-earnings margin. This year’s 18.6% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($259M) Net of stock comp (−$86M) Steady-state · maintenance capex ($120M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+4%/yr

Owner-earnings growth · ’16→’25+18%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $120M on 107M shares outstanding, per the 10-Q cover, as of 2026-04-23; net cash $515M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($308K) runs well above depreciation ($1M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $120M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CORT against another business →

Cite: Owner Scorecard, "Corcept Therapeutics Incorporated (CORT), the owner's record," https://ownerscorecard.com/c/CORT, data as of 2026-07-09.

Manual order: ← COR its page in the Manual CORZ →

Industry order: ← COLL the Pharmaceuticals chapter CPHI →