CorVel vs Sotera Health
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The short version
- Sotera Health is the larger business, with $1.2B of revenue in fiscal 2025 against $959M for CorVel.
- CorVel grew revenue faster (7.0%, against 5.7%).
- Sotera Health turned more of its sales into free cash flow (12.8% FCF margin, against 11.5%).
- Investors pay more for each dollar of CorVel’s earnings: a P/E of 37.3x against 31.8x for Sotera Health.
| Latest fiscal year | CRVL · FY26 | SHC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $5.2B |
| Revenue | $959M | $1.2B |
| Free cash flow | $110M | $149M |
| Net income | $110M | $77.9M |
| Growth | ||
| Revenue growth | 7.0% | 5.7% |
| 5-year growth | 11.6% | 7.3% |
| Share count change | −0.7% | 0.5% |
| Profitability | ||
| Gross margin | 24.3% | 55.5% |
| Operating margin | — | — |
| Net margin | 11.5% | 6.7% |
| FCF margin | 11.5% | 12.8% |
| Return on capital | — | 6.7% |
| Return on equity | 30.8% | 15.4% |
| Balance sheet | ||
| Net debt | — | $1.9B |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $56.2M | $0.0M |
| Valuation & quality | ||
| P/E | 37.3x | 31.8x |
| Piotroski F-score | — | 7 |
Revenue
FY17
CRVL $519M
SHC —
FY18
CRVL $558M
SHC —
FY19
CRVL $596M
SHC $778M
FY20
CRVL $592M
SHC $818M
FY21
CRVL $553M
SHC $932M
FY22
CRVL $646M
SHC $1.0B
FY23
CRVL $719M
SHC $1.0B
FY24
CRVL $795M
SHC $1.1B
FY25
CRVL $896M
SHC $1.2B
FY26
CRVL $959M
SHC —
CRVL
SHC
Operating margin
FY17
CRVL —
SHC —
FY18
CRVL —
SHC —
FY19
CRVL —
SHC 23.6%
FY20
CRVL —
SHC 25.2%
FY21
CRVL —
SHC 27.6%
FY22
CRVL —
SHC 24.7%
FY23
CRVL —
SHC 26.4%
FY24
CRVL —
SHC 27.1%
FY25
CRVL —
SHC —
FY26
CRVL —
SHC —
CRVL
SHC
Free cash flow
FY17
CRVL $21.0M
SHC —
FY18
CRVL $34.5M
SHC —
FY19
CRVL $63.4M
SHC $91.8M
FY20
CRVL $48.5M
SHC $67.1M
FY21
CRVL $77.1M
SHC $179M
FY22
CRVL $37.4M
SHC $95.6M
FY23
CRVL $56.0M
SHC −$363M
FY24
CRVL $70.0M
SHC $45.1M
FY25
CRVL $91.6M
SHC $149M
FY26
CRVL $110M
SHC —
CRVL
SHC
Return on capital
FY17
CRVL —
SHC —
FY18
CRVL —
SHC —
FY19
CRVL —
SHC —
FY20
CRVL —
SHC —
FY21
CRVL —
SHC 7.6%
FY22
CRVL —
SHC 9.3%
FY23
CRVL —
SHC 6.3%
FY24
CRVL —
SHC 6.1%
FY25
CRVL —
SHC 6.7%
FY26
CRVL —
SHC —
CRVL
SHC
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.