CORTCORCEPT THERAPEUTICS INC

Pharmaceutical Preparations

Revenue: $761M; 13% YoY
Operating margin: 5.9%; 71% YoY
EBITDA: $46M; 67% YoY
Market cap: $8.6B
Employees: 500; $2M revenue each
Net debt / EBITDA: -1.7×; −$77M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 3 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$10M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
142% of net income
Cash flow under 80% of net income
Dilutive SBCYes
11% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
122% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
66% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 86th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$98M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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

Open-market buys, 12 mo: $3M · 2
Open-market sells, 12 mo: $101M · 110
Net: −$98M

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