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CorVel

CRVL Nasdaq Health Care Services Financials FY2017–FY2026

CorVel's revenue rose 7.0% to $958 million in fiscal 2026. Its net margin was 11.5%, up from 10.6% a year earlier. Free cash flow was $110 million, up 20.4%. It paid out $56 million in dividends and buybacks, 51% of free cash flow. The diluted share count fell 0.7%.

Last close · Oct 23, 2026

$83.87

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$959M
7.0% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$110M
15.9%
Free cash flow Cash from operations minus capital spending.
$110M
20.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$4.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
37.3x
On $2.25 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis.

What CorVel does

No business description yet.

Legal name
CORVEL CORPORATION
Fiscal year ends
March 31, 2026
Latest annual report
—
Accession · CIK
0001193125-26-237024
0000874866

Revenue and margins

CorVel had $959M of revenue in fiscal 2026, up 7.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 17.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $110M in fiscal 2026, 11.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

CorVel returned $56.2M to shareholders in fiscal 2026, 51% of free cash flow. The diluted share count fell 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value CorVel yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 51.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 37.3x · peers 31.8x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably CorVel can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $97.5M$71.3M$106M$171M$233M
Current ratio 1.6x1.5x1.6x1.9x2.0x
Quick ratio 1.6x1.5x1.6x1.9x2.0x
Total assets $415M$394M$455M$546M$643M
Total liabilities $203M$192M$207M$224M$249M
Shareholders' equity $212M$202M$248M$322M$394M
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$17.3M

5 insiders

Of sales under plans

96%

$16.6M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Corstar Holdings Inc10% owner Sold plan 127,824 $70.16 $9.0M Form 4
Sep 11, 2026 Corstar Holdings Inc10% owner Sold plan 30,925 $69.05 $2.1M Form 4
Sep 4, 2026 Corstar Holdings Inc10% owner Sold plan 14,538 $68.76 $1.0M Form 4
Sep 3, 2026 Corstar Holdings Inc10% owner Sold plan 51,713 $68.91 $3.6M Form 4
Sep 1, 2026 Jessup R JuddDirector Sold 4,023 $70.07 $0.3M Form 4
Aug 27, 2026 Jessup R JuddDirector Sold 1,262 $70.64 $0.1M Form 4
Aug 26, 2026 Jessup R JuddDirector Sold 1,562 $70.71 $0.1M Form 4
Aug 20, 2026 Jennifer YossVice President of Accounting Sold 2,100 $70.92 $0.1M Form 4
Jun 12, 2026 Maxim ShishinChief Information Officer Sold 2,250 $60.59 $0.1M Form 4
Jun 12, 2026 Michael G CombsCEO & President Sold plan 500 $60.79 $0.0M Form 4
Jun 11, 2026 Michael G CombsCEO & President Sold plan 7,000 $60.55 $0.4M Form 4
Jun 10, 2026 Michael G CombsCEO & President Sold plan 7,000 $61.38 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score — / 9— / 9— / 9
Accruals ratio −5.4%−6.4%−7.6%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
CorVel CRVL $4.3B 7.0% — 11.5% — 37.3x —
Sotera Health SHC $5.2B 5.7% — 12.8% 6.7% 31.8x 7 Compare →
Tempus AI TEM $13.5M 83.4% −19.9% −18.8% — — 5 Compare →
Addus HomeCare ADUS $2.3B 23.2% 9.7% 7.3% 9.4% 21.3x 5 Compare →
Lifestance Health LFST $5.0B 13.9% 1.7% 7.7% 1.2% 99.5x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $519M $558M $596M $592M $553M $646M $719M $795M $896M $959M
Gross profit $105M $107M $125M $126M $124M $152M $158M $172M $210M $233M
Pretax income $47.5M $47.9M $61.5M $60.7M $59.2M $84.5M $84.6M $95.1M $121M $143M
Income tax $18.1M $12.2M $14.8M $13.3M $12.8M $18.1M $18.2M $18.8M $25.7M $32.8M
Net income $29.5M $35.7M $46.7M $47.4M $46.4M $66.4M $66.4M $76.3M $95.2M $110M
Diluted EPS $0.50 $0.62 $0.82 $0.85 $0.85 $1.22 $1.26 $1.47 $1.83 $2.14
Diluted shares 0.06B 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $52.1M $62.2M $78.6M $80.8M $94.4M $67.2M $82.3M $99.2M $127M $156M
Capital expenditure $31.0M $27.7M $15.3M $32.4M $17.2M $29.8M $26.3M $29.2M $35.8M $45.4M
Free cash flow $21.0M $34.5M $63.4M $48.5M $77.1M $37.4M $56.0M $70.0M $91.6M $110M
Depreciation and amortization $20.9M $21.8M $23.0M $22.5M $23.4M $23.9M $25.1M $26.3M $29.5M $31.8M
Stock-based compensation $2.4M $3.2M $4.3M $4.5M $5.0M $5.2M $5.6M $5.0M $5.7M $5.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $28.0M $11.2M $35.2M $65.6M $32.7M $90.1M $93.7M $45.7M $37.6M $56.2M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $28.0M $11.2M $35.2M $65.6M $32.7M $90.1M $93.7M $45.7M $37.6M $56.2M
Balance sheet
Cash and short-term investments $28.6M $55.8M $91.7M $83.2M $140M $97.5M $71.3M $106M $171M $233M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $129M $163M $216M $209M $269M $265M $244M $302M $387M $462M
Current liabilities $90.1M $98.0M $117M $134M $163M $171M $168M $185M $204M $228M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $63.0M $69.4M $62.0M $75.9M $70.6M $76.3M $82.8M $85.9M $92.1M $118M
Total assets $235M $274M $318M $416M $425M $415M $394M $455M $546M $643M
Total liabilities $96.7M $103M $123M $227M $204M $203M $192M $207M $224M $249M
Shareholders' equity $139M $171M $195M $190M $220M $212M $202M $248M $322M $394M
Margins
Gross margin 20.2% 19.2% 21.0% 21.3% 22.4% 23.5% 22.0% 21.6% 23.4% 24.3%
Net margin 5.7% 6.4% 7.8% 8.0% 8.4% 10.3% 9.2% 9.6% 10.6% 11.5%
FCF margin 4.1% 6.2% 10.6% 8.2% 14.0% 5.8% 7.8% 8.8% 10.2% 11.5%
Returns
Return on equity 21.8% 23.0% 25.5% 24.6% 22.6% 30.7% 32.0% 33.9% 33.4% 30.8%
Return on assets 12.9% 14.0% 15.8% 12.9% 11.0% 15.8% 16.4% 18.0% 19.0% 18.6%
Growth
Revenue growth — 7.7% 6.7% −0.6% −6.7% 16.9% 11.2% 10.7% 12.6% 7.0%
Net income growth 3.3% 21.1% 30.8% 1.4% −2.2% 43.3% −0.1% 14.9% 24.8% 16.0%
EPS growth 5.6% 23.8% 31.6% 3.7% 0.0% 43.5% 3.3% 16.7% 24.5% 16.9%
FCF growth −39.2% 64.0% 83.9% −23.5% 59.2% −51.5% 49.6% 25.1% 30.8% 20.5%
Share count change −2.2% −2.7% −0.2% −2.1% −2.3% −0.2% −3.0% −1.4% −0.1% −0.7%
Financial health
Current ratio 1.4x 1.7x 1.8x 1.6x 1.7x 1.6x 1.5x 1.6x 1.9x 2.0x
Quick ratio 1.4x 1.7x 1.8x 1.6x 1.7x 1.6x 1.5x 1.6x 1.9x 2.0x
Capital allocation
Capex / revenue 6.0% 5.0% 2.6% 5.5% 3.1% 4.6% 3.7% 3.7% 4.0% 4.7%
Stock comp / revenue 0.5% 0.6% 0.7% 0.8% 0.9% 0.8% 0.8% 0.6% 0.6% 0.6%
Payouts / FCF 133.3% 32.5% 55.5% 135.4% 42.4% 240.9% 167.4% 65.3% 41.1% 51.0%
Quality scores
Accruals ratio −9.9% −10.4% −10.8% −9.1% −11.4% −0.2% −3.9% −5.4% −6.4% −7.6%

Source: SEC EDGAR XBRL filings (CIK 0000874866). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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