A Business at a Glance
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CORVEL CORP
CRVL
$3.1B
Mkt Cap
$59.86
+1.44%
CORVEL CORP (CRVL) has a current P/E ratio of 24.6, compared to its historical median P/E of 38.5. The stock is currently considered Fair based on its historical valuation range.
CORVEL CORP (CRVL) has a 5-year average return on invested capital (ROIC) of 30.5%. This indicates strong capital allocation and a potential competitive advantage.
CORVEL CORP (CRVL) has a market capitalization of $3.1B. It is classified as a mid-cap stock.
CORVEL CORP (CRVL) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.21%.
Based on historical P/E analysis, CORVEL CORP (CRVL) appears fair. The current P/E of 24.6 is 36% below its historical median of 38.5. The estimated fair value CAGR (P/E method) is 16.6%.
CORVEL CORP (CRVL) operates in the Insurance Agents, Brokers & Service industry, within the Financials sector.
CORVEL CORP (CRVL) reported annual revenue of $896 million in its most recent fiscal year, based on SEC EDGAR filings.
CorVel applies certain technology, including artificial intelligence, machine learning and natural language processing, to enhance the management of episodes of care and the related health-care costs. We partner with employers, third-party administrators (“TPAs”), insurance companies and government agencies to assist our customers in managing the increasing medical costs of workers’ compensation, group health and auto insurance, and in monitoring the quality of care provided to claimants. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel’s customized services, delivered locally, are backed by a national team to support its clients, as well as their customers and patients. The Company’s services include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care and Medicare services.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 896M | 896M | 795M | 719M | 646M | 553M |
| Net Income | 95M | 95M | 76M | 66M | 66M | 46M |
| EPS | $1.83 | $1.83 | $0.49 | $0.42 | $1.22 | $0.85 |
| Free Cash Flow | 92M | 92M | 70M | 56M | 37M | 77M |
| ROIC | 62.9% | 33.4% | 33.9% | 32.0% | 30.7% | 22.6% |
| Gross Margin | 23.4% | 23.4% | 21.6% | 22.0% | 23.5% | 22.4% |
| Debt/Equity | 0.00 | 0.70 | 0.84 | 0.95 | 0.96 | 0.93 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 121M | 121M | 95M | 85M | 85M | 59M |
| Operating Margin | 13.5% | 13.5% | 12.0% | 11.8% | 13.1% | 10.7% |
| ROE | 29.6% | 33.4% | 33.9% | 32.0% | 30.7% | 22.6% |
| Shares Outstanding | 52M | 52M | 156M | 158M | 54M | 55M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 479M | 493M | 504M | 519M | 558M | 596M | 592M | 553M | 646M | 719M | 795M | 896M | 896M |
| Gross Margin | 22.7% | 20.3% | 20.8% | 20.2% | 19.2% | 21.0% | 21.3% | 22.4% | 23.5% | 22.0% | 21.6% | 23.4% | 23.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 52M | 54M | 58M | 57M | 59M | 63M | 65M | 64M | 68M | 74M | 77M | 89M | 89M |
| EBIT | 57M | 46M | 46M | 48M | 48M | 62M | 61M | 59M | 85M | 85M | 95M | 121M | 121M |
| Op. Margin | 11.8% | 9.2% | 9.1% | 9.2% | 8.6% | 10.3% | 10.3% | 10.7% | 13.1% | 11.8% | 12.0% | 13.5% | 13.5% |
| Net Income | 34M | 29M | 29M | 29M | 36M | 47M | 47M | 46M | 66M | 66M | 76M | 95M | 95M |
| Net Margin | 7.2% | 5.8% | 5.7% | 5.7% | 6.4% | 7.8% | 8.0% | 8.4% | 10.3% | 9.2% | 9.6% | 10.6% | 10.6% |
| Non-Recurring | -78K | -285K | -286K | -733K | -1.2M | -306K | -149K | -590K | -122K | -415K | -290K | -443K | -443K |
| Returns on Capital | |||||||||||||
| ROIC | 28.9% | 22.5% | 22.0% | 21.8% | 23.0% | 25.5% | 24.6% | 22.6% | 30.7% | 32.0% | 33.9% | 33.4% | 62.9% |
| ROE | 28.9% | 22.5% | 22.0% | 21.8% | 23.0% | 25.5% | 24.6% | 22.6% | 30.7% | 32.0% | 33.9% | 33.4% | 29.6% |
| ROA | 17.3% | 13.4% | 13.2% | 12.9% | 14.0% | 15.8% | 12.9% | 11.0% | 15.8% | 16.4% | 18.0% | 19.0% | 17.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 55M | 44M | 51M | 52M | 62M | 79M | 81M | 94M | 67M | 82M | 99M | 127M | 127M |
| Free Cash Flow | 36M | 21M | 35M | 21M | 34M | 63M | 48M | 77M | 37M | 56M | 70M | 92M | 92M |
| Owner Earnings | 36M | 24M | 29M | 29M | 37M | 51M | 54M | 66M | 38M | 52M | 68M | 92M | 92M |
| CapEx | 18M | 23M | 17M | 31M | 28M | 15M | 32M | 17M | 30M | 26M | 29M | 36M | 36M |
| Maint. CapEx | 16M | 18M | 20M | 21M | 22M | 23M | 23M | 23M | 24M | 25M | 26M | 30M | 30M |
| Growth CapEx | 1.9M | 4.9M | 0 | 10M | 5.9M | 0 | 9.8M | 0 | 5.9M | 1.2M | 3.0M | 6.2M | 6.2M |
| D&A | 16M | 18M | 20M | 21M | 22M | 23M | 23M | 23M | 24M | 25M | 26M | 30M | 30M |
| CapEx/OCF | 33.5% | 51.6% | 32.7% | 59.6% | 44.6% | 19.4% | 40.0% | 18.3% | 44.4% | 32.0% | 29.5% | 28.1% | 28.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 27M | 32M | 32M | 28M | 11M | 35M | 66M | 33M | 90M | 94M | 46M | 38M | 38M |
| Buyback Yield | 3.5% | 3.4% | 4.4% | 2.7% | 0.9% | 2.1% | 3.4% | 0.9% | 3.5% | 2.1% | 0.8% | 1.0% | 1.2% |
| Stock-Based Comp | 2.1M | 2.2M | 2.2M | 2.4M | 3.2M | 4.3M | 4.5M | 5.0M | 5.2M | 5.6M | 5.0M | 5.7M | 5.7M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -25M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -171M |
| Cash & Equiv. | 35M | 26M | 33M | 29M | 56M | 92M | 83M | 140M | 98M | 71M | 106M | 171M | 171M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.70 | 0.00 | 0.67 | 0.70 | 0.60 | 0.63 | 1.19 | 0.93 | 0.96 | 0.95 | 0.84 | 0.70 | 0.00 |
| Interest Coverage | 326.6 | 799.4 | 639.7 | 1358.5 | 903.8 | 2796.0 | N/A | 768.5 | 862.4 | 919.1 | 1105.8 | 1510.3 | 1510.3 |
| Equity | 127M | 128M | 132M | 139M | 171M | 195M | 190M | 220M | 212M | 202M | 248M | 322M | 322M |
| Total Assets | 214M | 212M | 220M | 235M | 274M | 318M | 416M | 425M | 415M | 394M | 455M | 546M | 546M |
| Total Liabilities | 88M | 84M | 88M | 97M | 103M | 123M | 227M | 204M | 203M | 192M | 207M | 224M | 224M |
| Intangibles | 5.2M | 4.7M | 4.3M | 3.9M | 3.4M | 3.0M | 2.5M | 2.1M | 1.7M | 1.2M | 821K | 438K | 438K |
| Retained Earnings | 336M | 365M | 393M | 423M | 458M | 505M | 553M | 599M | 665M | 732M | 808M | 903M | 903M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.54 | 0.46 | 0.48 | 0.50 | 0.62 | 0.82 | 0.85 | 0.85 | 1.22 | 0.42 | 0.49 | 1.83 | 1.83 |
| Owner EPS | 0.57 | 0.39 | 0.49 | 0.49 | 0.65 | 0.90 | 0.97 | 1.21 | 0.70 | 0.33 | 0.44 | 1.77 | 1.77 |
| Book Value | 1.97 | 2.04 | 2.20 | 2.37 | 2.99 | 3.42 | 3.40 | 4.04 | 3.90 | 1.28 | 1.59 | 6.19 | 6.19 |
| Cash Flow/Share | 0.86 | 0.71 | 0.86 | 0.89 | 1.09 | 1.38 | 1.45 | 1.73 | 1.23 | 0.52 | 0.64 | 2.45 | 2.40 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 64.1M | 62.6M | 59.8M | 58.6M | 57.3M | 57.0M | 55.7M | 54.5M | 54.4M | 158.0M | 155.6M | 52.0M | 52.0M |
| Valuation | |||||||||||||
| P/E Ratio | 22.5 | 32.3 | 25.1 | 35.4 | 33.5 | 35.1 | 41.1 | 81.7 | 39.3 | 66.6 | 77.4 | 37.8 | 32.7 |
| P/FCF | 21.2 | 43.1 | 20.7 | 49.7 | 34.7 | 25.9 | 40.2 | 49.1 | 69.7 | 236.4 | 252.9 | 39.2 | 34.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 24.4 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | 10.3 | 17.2 | 12.3 | 21.9 | 23.8 | 11.2 | 9.7 |
| Price/Sales | 1.9 | 1.5 | 1.6 | 1.8 | 1.9 | 2.4 | 2.4 | 4.6 | 4.4 | 4.9 | 6.1 | 5.6 | 3.5 |
| FCF Yield | 4.7% | 2.3% | 4.8% | 2.0% | 2.9% | 3.9% | 2.5% | 2.0% | 1.4% | 1.3% | 1.2% | 2.5% | 2.9% |
| Market Cap | 773M | 924M | 716M | 1.0B | 1.2B | 1.6B | 1.9B | 3.8B | 2.6B | 4.4B | 5.9B | 3.6B | 3.1B |
| Avg. Price | 14.15 | 11.56 | 13.63 | 15.92 | 18.46 | 25.24 | 25.83 | 47.03 | 52.77 | 66.05 | 93.74 | 95.96 | 59.86 |
| Year-End Price | 12.06 | 14.77 | 11.97 | 17.83 | 20.91 | 28.77 | 34.92 | 69.48 | 47.91 | 83.74 | 113.74 | 69.09 | 59.86 |
CORVEL CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
CORVEL CORP trades at 24.6x trailing earnings, compared to its 15-year median P/E of 38.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 26.4x vs a median of 39.7x. The company's 5-year average ROIC is 30.5% with a gross margin of 22.6%. Total shareholder yield (buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is +9.4%.
CORVEL CORP (CRVL) has a net profit margin of 10.6%. This is a healthy margin.
CORVEL CORP (CRVL) generated $92 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CORVEL CORP (CRVL) has a debt-to-equity ratio of 0.70. This indicates moderate leverage.
CORVEL CORP (CRVL) reported earnings per share (EPS) of $1.83 in its most recent fiscal year.
CORVEL CORP (CRVL) has a return on equity (ROE) of 33.4%. This indicates the company generates strong returns for shareholders.
CORVEL CORP (CRVL) has a 5-year average gross margin of 22.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for CORVEL CORP (CRVL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CORVEL CORP (CRVL) has a book value per share of $6.19, based on its most recent annual SEC filing.