Corcept Therapeutics Incorporated (CORT)

Pretax margin

Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm) US$ in thousands 161,492 166,341 149,783 141,117 124,558 112,025 108,644 107,776 116,191 128,651 131,951 131,942 125,006 119,077 108,114 112,333 131,602 137,255 146,266 135,805
Revenue (ttm) US$ in thousands 675,040 628,555 569,610 523,529 482,375 450,026 428,153 413,824 401,858 397,624 392,027 380,229 365,978 352,891 343,087 340,064 353,874 356,034 351,212 334,904
Pretax margin 23.92% 26.46% 26.30% 26.95% 25.82% 24.89% 25.38% 26.04% 28.91% 32.35% 33.66% 34.70% 34.16% 33.74% 31.51% 33.03% 37.19% 38.55% 41.65% 40.55%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $161,492K ÷ $675,040K
= 23.92%

The pretax margin of Corcept Therapeutics Incorporated has shown fluctuations over the past few years. Starting at a high of 40.55% in March 2020, the pretax margin increased to 41.65% by June 2020 before slightly dropping to 38.55% in September 2020. Despite some variability, the pretax margin remained relatively stable around the 30-35% range from March 2021 to June 2022.

However, a noticeable decline in the pretax margin was observed in the later part of 2022 and into 2023, with figures dropping below 30% by December 2022. This downward trend continued through 2023, hitting a low of 24.89% by September 2023.

While there was a slight recovery in the pretax margin in the subsequent quarters of 2023 and 2024, the figures still remained below the levels seen earlier. The pretax margin was recorded at 26.95% in March 2024, followed by 26.30% in June 2024 and 26.46% in September 2024, indicating a slight improvement but not reaching previous highs.

The decreasing trend in the pretax margin from the end of 2022 to the end of 2024 suggests potential challenges in managing costs and expenses relative to revenue generation during this period. This metric is essential for assessing the efficiency of the company in generating profits before accounting for taxes and should be closely monitored for any signs of long-term financial health and sustainability.