CorVel vs Lifestance Health
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The short version
- Lifestance Health is the larger business, with $1.4B of revenue in fiscal 2025 against $959M for CorVel.
- Lifestance Health grew revenue faster (13.9%, against 7.0%).
- CorVel turned more of its sales into free cash flow (11.5% FCF margin, against 7.7%).
- Investors pay more for each dollar of Lifestance Healthβs earnings: a P/E of 99.5x against 37.3x for CorVel.
| Latest fiscal year | CRVL Β· FY26 | LFST Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $5.0B |
| Revenue | $959M | $1.4B |
| Free cash flow | $110M | $110M |
| Net income | $110M | $9.7M |
| Growth | ||
| Revenue growth | 7.0% | 13.9% |
| 5-year growth | 11.6% | 46.3% |
| Share count change | β0.7% | 3.2% |
| Profitability | ||
| Gross margin | 24.3% | β |
| Operating margin | β | 1.7% |
| Net margin | 11.5% | 0.7% |
| FCF margin | 11.5% | 7.7% |
| Return on capital | β | 1.2% |
| Return on equity | 30.8% | 0.7% |
| Balance sheet | ||
| Net debt | β | $34.2M |
| Net debt / EBITDA | β | 0.5x |
| Dividends and buybacks | $56.2M | $0.0M |
| Valuation & quality | ||
| P/E | 37.3x | 99.5x |
| Piotroski F-score | β | 7 |
Revenue
FY17
CRVL $519M
LFST β
FY18
CRVL $558M
LFST β
FY19
CRVL $596M
LFST $213M
FY20
CRVL $592M
LFST β
FY21
CRVL $553M
LFST $668M
FY22
CRVL $646M
LFST $860M
FY23
CRVL $719M
LFST $1.1B
FY24
CRVL $795M
LFST $1.3B
FY25
CRVL $896M
LFST $1.4B
FY26
CRVL $959M
LFST β
CRVL
LFST
Operating margin
FY17
CRVL β
LFST β
FY18
CRVL β
LFST β
FY19
CRVL β
LFST 7.2%
FY20
CRVL β
LFST β
FY21
CRVL β
LFST β42.9%
FY22
CRVL β
LFST β24.5%
FY23
CRVL β
LFST β17.9%
FY24
CRVL β
LFST β2.5%
FY25
CRVL β
LFST 1.7%
FY26
CRVL β
LFST β
CRVL
LFST
Free cash flow
FY17
CRVL $21.0M
LFST β
FY18
CRVL $34.5M
LFST β
FY19
CRVL $63.4M
LFST $2.7M
FY20
CRVL $48.5M
LFST β
FY21
CRVL $77.1M
LFST β$85.1M
FY22
CRVL $37.4M
LFST β$26.5M
FY23
CRVL $56.0M
LFST β$57.4M
FY24
CRVL $70.0M
LFST $85.7M
FY25
CRVL $91.6M
LFST $110M
FY26
CRVL $110M
LFST β
CRVL
LFST
Return on capital
FY17
CRVL β
LFST β
FY18
CRVL β
LFST β
FY19
CRVL β
LFST β
FY20
CRVL β
LFST β
FY21
CRVL β
LFST β
FY22
CRVL β
LFST β10.4%
FY23
CRVL β
LFST β9.1%
FY24
CRVL β
LFST β1.6%
FY25
CRVL β
LFST 1.2%
FY26
CRVL β
LFST β
CRVL
LFST
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.