Corcept Therapeutics vs Innoviva
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KIRA’s take AI analyst
I put Corcept Therapeutics and Innoviva side by side, using each one’s latest annual report. Here is what stands out:
- Corcept Therapeutics is the larger business, with $761M of revenue in fiscal 2025 against $411M for Innoviva, about 1.9 times as much.
- Innoviva grew revenue faster (14.7%, against 12.8%).
- Innoviva kept more of each dollar of sales as operating profit (39.8% operating margin, against 5.9%).
- Innoviva turned more of its sales into free cash flow (47.6% FCF margin, against 18.6%).
- Innoviva earned a higher return on the capital invested in it (17.9%, against 15.7%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Corcept Therapeutics
CORT
3/10
5-year growthGross marginShare count change
Innoviva
INVA
7/10
Revenue growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | CORT FY25 | INVA FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.2B | $1.5B |
| Revenue | $761M | $411M |
| Free cash flow | $142M | $196M |
| Net income | $99.7M | $271M |
| Growth | ||
| Revenue growth | 12.8% | 14.7% |
| 5-year growth | 16.6% | 4.1% |
| Share count change | 5.7% | 14.3% |
| Profitability | ||
| Gross margin | 98.3% | 74.8% |
| Operating margin | 5.9% | 39.8% |
| Net margin | 13.1% | 65.9% |
| FCF margin | 18.6% | 47.6% |
| Return on capital | 15.7% | 17.9% |
| Return on equity | 15.0% | 29.1% |
| Balance sheet | ||
| Net debt | −$372M | −$293M |
| Net debt / EBITDA | −8.1x | — |
| Dividends and buybacks | $173M | $4.5M |
| Valuation & quality | ||
| P/E | — | 5.0x |
| Piotroski F-score | 3 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.

