CorVel Corporation CRVL

Health CareHealthcare Providers & ServicesUnited States of America

Last close 82.22 USD on Nov 1, 2026, +21.5% year to date

Quant rating

Quant rating D Rank 486 of 565 in Health Care

Growth D 544 of 565
Valuation C 379 of 565
Quality C 383 of 565
Revisions D 548 of 565
Momentum B 117 of 565

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.2B
Enterprise value: 3.9B
52-week range: 44.83 – 85.01
3-year range: 44.83 – 128.46
Dividend yield: –
Beta (5 years): 1.09
Shares outstanding: 50.5M
Next earnings: –

About the company

CorVel Corporation applies technology, including artificial intelligence, machine learning and natural language processing, to enhance the management of episodes of care and the related health-care costs. The Company partners with employers, third-party administrators, insurance companies and government agencies to assist its customers in managing the medical costs of workers compensation, group health and auto insurance, and in monitoring the quality of care provided to claimants. Its services include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care and Medicare services. It delivers its solutions in three ways - as a fully integrated claims-management program, as discrete standalone services, or as targeted add-ons that enhance an existing client workflow. Integrated, end-to-end bundled programs are designed primarily for buyers such as self-insured employers who want a single, turnkey partner.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	959	896	795	719	646	–
Revenue growth	7.0%	12.6%	10.7%	11.2%	16.9%	11.6%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	24.3%	23.4%	21.6%	22.0%	23.5%	23.0%
Net margin	11.5%	10.6%	9.6%	9.2%	10.3%	10.2%
ROE	30.8%	33.4%	33.9%	32.0%	30.7%	32.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	256
Current ratio	1.94x
Long-term debt (mil)	0
Net debt (mil)	−256
Total equity (mil)	409
Net debt / equity	−0.63x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	959	+7.0%	4.1x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CRVL CorVel Corporation	4.2B	–	11.5%	10.17x	–	–	–	–
OPCH Option Care Health Inc	4.8B	2.05x	3.7%	3.78x	16.9x	15.6x	11.9x	11.1x
LFST LifeStance Health Group, Inc.	5.1B	0.30x	0.7%	3.47x	81.6x	58.3x	22.6x	19.2x
MD Pediatrix Medical Group Inc	2.3B	0.55x	8.6%	2.74x	12.3x	11.8x	8.4x	8.3x
ADUS Addus Homecare Corp	2.3B	−0.21x	6.7%	2.04x	17.6x	16.5x	11.7x	11.0x
NEO NeoGenomics, Inc.	2.2B	5.56x	−14.9%	2.80x	87.5x	54.5x	41.7x	30.4x
Mean		1.65x	2.7%	4.17x	43.2x	31.3x	19.3x	16.0x
Median		0.55x	5.2%	3.13x	17.6x	16.5x	11.9x	11.1x

Technical analysis

1M+11.3%
3M+33.4%
1Y+9.7%
3Y+29.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CorVel Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	959	896	795	719	646	553
Cost of revenue	726	686	624	560	494	429
Gross profit	233	210	172	158	152	124
Selling, general & administrative expenses	89.7	88.9	76.6	73.7	67.6	64.4
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	143	121	95.1	84.6	84.5	59.2
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	143	121	95.1	84.6	84.5	59.2
Provision for taxes	32.8	25.7	18.8	18.2	18.1	12.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	110	95.2	76.3	66.4	66.4	46.4
Extraordinary items	–	–	–	–	–	0
Net income	110	95.2	76.3	66.4	66.4	46.4
EBIT, normalized	143	121	95.1	84.6	84.5	59.2
EBITDA, normalized	175	150	121	110	108	82.6
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CorVel Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	233	171	106	71.3	97.5	140
Receivables	101	104	97.1	81.0	82.6	64.7
Total inventory	–	–	–	–	–	–
Prepaid expenses	12.2	10.5	11.4	11.4	15.1	8.0
Other current assets	116	101	88.1	80.0	69.8	56.5
Total current assets	462	387	302	244	265	269
Property, plant & equipment	139	113	110	110	111	116
Goodwill	36.8	36.8	36.8	36.8	36.8	36.8
Intangibles	0.3	0.4	0.8	1.2	1.7	2.1
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	4.5	9.2	4.9	1.6	0.5	1.0
Total assets	643	546	455	394	415	425
Liabilities
Accounts payable	24.3	15.4	16.4	15.1	14.1	12.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	55.6	55.0	49.8	45.6	61.4	69.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	148	134	118	107	95.9	80.2
Total current liabilities	228	204	184	168	171	162
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	20.7	20.0	22.5	23.9	31.5	41.9
Total liabilities	249	224	207	192	203	204
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	269	250	234	219	202	186
Retained earnings (accumulated deficit)	1,013	903	808	732	665	599
Treasury stock	−888	−832	−794	−748	−655	−564
Other equity	0	0	0	0	0	0
Total equity	394	322	248	202	212	220
Total liabilities & shareholders' equity	643	546	455	394	415	425

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CorVel Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	110	95.2	76.3	66.4	66.4	46.4
Depreciation, depletion & amortization	31.8	29.5	26.3	25.1	23.9	23.4
Deferred taxes	4.8	−5.2	−3.3	−1.9	2.3	−8.4
Non-cash items	6.2	9.6	7.1	7.2	5.5	7.6
Changes in working capital	2.5	−1.8	−7.0	−14.5	−30.9	25.4
Cash from operations	156	127	99.2	82.3	67.2	94.4
Investing activities
Capital expenditures	−45.4	−35.8	−29.2	−26.3	−29.8	−17.2
Other investing cash flows	0	0	0	0	0	0
Cash from investing	−45.4	−35.8	−29.2	−26.3	−29.8	−17.2
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−47.8	−26.5	−35.8	−82.1	−79.6	−20.6
Cash from financing	−47.8	−26.5	−35.8	−82.1	−79.6	−20.6
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	62.5	65.0	34.2	−26.2	−42.2	56.5
Free cash flow	110	91.6	70.0	56.0	37.4	77.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.