CorVel Corporation (CRVL) 10-Year Financial Performance & Capital Metrics

CRVL • • Insurance & Managed Care

Financial ServicesInsurance BrokersClaims Management & Risk ServicesWorkers' Compensation & Healthcare Solutions

AboutCorVel Corporation provides workers' compensation, auto, liability, and health solutions for employers, third party administrators, insurance companies, and government agencies to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims. It applies technology, including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and the related health care costs. The company offers network solutions services, including automated medical fee auditing, preferred provider management and reimbursement services, retrospective utilization review, facility claim review, professional review, pharmacy services, directed care services, Medicare solutions, clearinghouse services, independent medical examinations, and inpatient medical bill review. It also provides a range of patient management services, such as claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, and life care planning, as well as processing of claims for self-insured payors with respect to property and casualty insurance. The company was incorporated in 1987 and is headquartered in Fort Worth, Texas.Show more

Revenue $896M +12.6%
Combined Ratio 86.51% -1.7%
Net Income $95M +24.8%
Return on Equity 33.41% -1.4%
Medical Cost Ratio 76.58% -2.3%
Operating Margin 13.49% +12.8%
Net Margin 10.63% +10.8%
ROA 19.02% +5.8%
Equity / Assets 58.97% +8.3%
Book Value per Share 6.19 +30.0%
Tangible BV/Share 5.47 +35.6%
Debt/Equity 0.09 -31.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Profitable underwriting: 86.5% combined ratio
✓Excellent 3Y average ROE of 33.1%
✓Strong Piotroski F-Score: 8/9

✗Weaknesses

✗Weak momentum: RS Rating 15 (bottom 15%)
✗Trading more than 30% below 52-week high
✗Expensive at 11.2x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.16%

5Y8.62%

3Y11.49%

TTM10.43%

Profit (Net Income) CAGR

10Y12.78%

5Y14.97%

3Y12.74%

TTM29.2%

EPS CAGR

10Y2.94%

5Y-6.49%

3Y14.47%

TTM29.3%

ROCE

10Y Avg32.3%

5Y Avg33.78%

3Y Avg37.93%

Latest39.48%

Peer Comparison

Workers' Compensation & Healthcare Solutions

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CRVLCorVel Corporation	3.55B	69.18	37.80	12.61%	11.28%	29.03%	2.58%	0.09

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue+	503.58M	518.69M	558.35M	595.74M	592.23M	552.64M	646.23M	718.56M	795.31M	895.59M
Revenue Growth %	0.02%	0.03%	0.08%	0.07%	-0.01%	-0.07%	0.17%	0.11%	0.11%	0.13%
Medical Costs & Claims+	399.04M	413.89M	451.1M	470.93M	466.3M	429.02M	494.12M	560.3M	623.62M	685.86M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	104.54M	104.79M	107.25M	124.81M	125.92M	123.62M	152.11M	158.26M	171.69M	209.73M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	0%	0.02%	0.16%	0.01%	-0.02%	0.23%	0.04%	0.08%	0.22%
Operating Expenses+	58.48M	57.24M	59.35M	63.3M	65.21M	64.45M	67.6M	73.7M	76.59M	88.9M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	19.95M	20.97M	21.77M	22.98M	22.52M	23.44M	23.92M	25.12M	26.25M	29.54M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	46.06M	47.55M	47.9M	61.51M	60.71M	59.17M	84.51M	84.55M	95.1M	120.82M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.01%	0.03%	0.01%	0.28%	-0.01%	-0.03%	0.43%	0%	0.12%	0.27%
EBITDA+	66.01M	68.52M	69.68M	84.5M	83.23M	82.61M	108.43M	109.67M	121.35M	150.36M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	0	0	0	0	0	0	0	0	0	0
Non-Operating Income	0	0	0	0	0	0	0	0	0	0
Pretax Income+	46.06M	47.55M	47.9M	61.51M	60.71M	59.17M	84.51M	84.55M	95.1M	120.82M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	17.54M	18.07M	12.21M	14.81M	13.33M	12.82M	18.1M	18.19M	18.85M	25.66M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	28.52M	29.48M	35.7M	46.7M	47.38M	46.36M	66.41M	66.36M	76.25M	95.17M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0%	0.03%	0.21%	0.31%	0.01%	-0.02%	0.43%	-0%	0.15%	0.25%
EPS (Diluted)+	1.43	1.51	1.87	2.46	2.56	2.50	1.22	1.26	1.47	1.83
EPS Growth %	0.04%	0.06%	0.24%	0.32%	0.04%	-0.02%	-0.51%	0.03%	0.17%	0.24%
EPS (Basic)	0.47	0.51	0.63	0.83	0.86	0.86	1.25	1.28	1.48	1.85
Diluted Shares Outstanding	20M	19.57M	19.04M	19.01M	18.54M	18.54M	54.38M	52.78M	52.04M	52.04M

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets+	220.27M	235.38M	274M	318.02M	416.26M	424.76M	415.25M	393.92M	454.68M	545.98M
Asset Growth %	0.04%	0.07%	0.16%	0.16%	0.31%	0.02%	-0.02%	-0.05%	0.15%	0.2%
Total Investment Assets+	-7.91B	1.97M	1.08M	200K	0	0	0	0	0	0
Long-Term Investments	0	1.97M	1.08M	200K	0	0	0	0	0	0
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	123.11M	128.87M	163.32M	215.49M	208.99M	268.94M	264.99M	243.77M	302.23M	386.69M
Cash & Equivalents	32.78M	28.61M	55.77M	91.71M	83.22M	139.72M	97.5M	71.33M	105.56M	170.58M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	25.95M	32.47M	35.5M	0	0	0	0	0	0	0
Goodwill & Intangibles+	41.1M	40.66M	40.23M	39.79M	39.35M	38.92M	38.48M	38.06M	37.63M	37.25M
Goodwill	36.81M	36.81M	36.81M	36.81M	36.81M	36.81M	36.81M	36.81M	36.81M	36.81M
Intangible Assets	4.29M	3.85M	3.42M	2.98M	2.54M	2.1M	1.67M	1.24M	821K	438K
PP&E (Net)	53.27M	63.04M	69.36M	61.98M	166.57M	115.94M	111.29M	110.49M	109.95M	112.88M
Other Assets	-11.44M	-14.43M	-10.91M	-11.57M	1.35M	345K	481K	1.38M	1.32M	454K
Total Liabilities	88.32M	96.74M	102.83M	123.21M	226.55M	204.36M	202.85M	191.75M	207.03M	223.99M
Total Debt+	0	0	0	0	98.32M	54.66M	43.14M	33.76M	31.4M	28.08M
Net Debt	-32.78M	-28.61M	-55.77M	-91.71M	15.1M	-85.05M	-54.36M	-37.57M	-74.17M	-142.5M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	80.42M	90.05M	97.99M	116.92M	133.69M	162.46M	171.37M	167.89M	184.5M	204.04M
Accounts Payable	11.19M	13.87M	11.79M	9.93M	15.14M	12.35M	14.08M	15.06M	16.41M	15.42M
Deferred Revenue	33.47M	42.57M	50.81M	62.17M	66.64M	79.01M	95.58M	107M	118.1M	132.28M
Other Current Liabilities	0	0	1.67M	-4.16M	0	0	0	0	0	0
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	0	1000K	0	0	0
Other Liabilities	0	0	0	0	0	0	0	0	0	0
Total Equity+	131.95M	138.65M	171.18M	194.81M	189.71M	220.4M	212.4M	202.18M	247.65M	321.99M
Equity Growth %	0.03%	0.05%	0.23%	0.14%	-0.03%	0.16%	-0.04%	-0.05%	0.22%	0.3%
Shareholders Equity	131.95M	138.65M	171.18M	194.81M	189.71M	220.4M	212.4M	202.18M	247.65M	321.99M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	393.28M	422.76M	458.46M	505.16M	552.54M	598.89M	665.3M	731.67M	807.92M	903.09M
Common Stock	3K	3K	3K	3K	3K	3K	3K	3K	3K	5K
Accumulated OCI	-130.74M	-143.74M	0	-178.29M	0	0	0	0	0	0
Return on Equity (ROE)	0.22%	0.22%	0.23%	0.26%	0.25%	0.23%	0.31%	0.32%	0.34%	0.33%
Return on Assets (ROA)	0.13%	0.13%	0.14%	0.16%	0.13%	0.11%	0.16%	0.16%	0.18%	0.19%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	-	-	-	-	0.52x	0.25x	0.20x	0.17x	0.13x	0.09x
Book Value per Share	6.60	7.08	8.99	10.25	10.23	11.89	3.91	3.83	4.76	6.19
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	51.31M	52.05M	62.15M	78.64M	80.83M	94.38M	67.22M	82.29M	99.24M	127.31M
Operating CF Growth %	0.16%	0.01%	0.19%	0.27%	0.03%	0.17%	-0.29%	0.22%	0.21%	0.28%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	28.52M	29.48M	35.7M	46.7M	47.38M	46.36M	66.41M	66.36M	76.25M	95.17M
Depreciation & Amortization	19.95M	20.95M	21.77M	22.98M	22.52M	23.44M	23.92M	25.12M	26.25M	29.54M
Stock-Based Compensation	2.19M	2.43M	3.16M	4.35M	4.49M	4.98M	5.2M	5.56M	4.98M	5.71M
Deferred Taxes	-1.66M	-1.22M	-874K	1.46M	1.47M	-8.38M	2.3M	-1.91M	-3.32M	-5.16M
Other Non-Cash Items	1.64M	3.07M	3.76M	2.18M	1.75M	2.61M	280K	1.63M	2.12M	3.89M
Working Capital Changes	655K	-2.65M	-1.37M	966K	3.22M	25.37M	-30.88M	-14.47M	-7.05M	-1.83M
Cash from Investing+	-17.36M	-31.01M	-27.69M	-15.27M	-32.36M	-17.24M	-29.82M	-26.32M	-29.24M	-35.76M
Capital Expenditures	-16.76M	-31.04M	-27.69M	-15.27M	-32.36M	-17.24M	-29.82M	-26.32M	-29.24M	-35.76M
Acquisitions	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-600K	34K	0	0	0	0	0	0	0	0
Cash from Financing+	-26.69M	-25.21M	-7.3M	-27.42M	-56.96M	-20.64M	-79.61M	-82.14M	-35.76M	-26.54M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-31.52M	-28M	-11.19M	-35.17M	-65.61M	-32.67M	-90.08M	-93.67M	-45.71M	-37.6M
Stock Issued	4.12M	2.79M	3.88M	7.74M	0	0	0	0	0	0
Debt Issuance (Net)	0	0	0	0	0	0	0	0	0	0
Other Financing	4.83M	2.79M	3.88M	7.74M	8.65M	12.03M	10.47M	11.53M	9.95M	11.07M
Net Change in Cash+	7.26M	-4.17M	27.16M	35.94M	-8.49M	56.49M	-42.21M	-26.18M	34.23M	65.02M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	25.52M	32.78M	28.61M	55.77M	91.71M	83.22M	139.72M	97.5M	71.33M	105.56M
Cash at End	32.78M	28.61M	55.77M	91.71M	83.22M	139.72M	97.5M	71.33M	105.56M	170.58M
Free Cash Flow+	34.55M	21.01M	34.46M	63.37M	48.47M	77.14M	37.4M	55.97M	70M	91.56M
FCF Growth %	0.61%	-0.39%	0.64%	0.84%	-0.24%	0.59%	-0.52%	0.5%	0.25%	0.31%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	1.73	1.07	1.81	3.33	2.61	4.16	0.69	1.06	1.35	1.76

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Combined Ratio	90.85%	90.83%	91.42%	89.67%	89.75%	89.29%	86.92%	88.23%	88.04%	86.51%
Medical Cost Ratio	79.24%	79.8%	80.79%	79.05%	78.74%	77.63%	76.46%	77.98%	78.41%	76.58%
Return on Equity (ROE)	21.95%	21.79%	23.04%	25.52%	24.64%	22.61%	30.69%	32.02%	33.9%	33.41%
Return on Assets (ROA)	13.21%	12.94%	14.01%	15.78%	12.9%	11.02%	15.81%	16.4%	17.97%	19.02%
Equity / Assets	59.9%	58.9%	62.47%	61.26%	45.58%	51.89%	51.15%	51.32%	54.47%	58.97%
Book Value / Share	6.6	7.08	8.99	10.25	10.23	11.89	3.91	3.83	4.76	6.19
Debt / Equity	-	-	-	-	0.52x	0.25x	0.20x	0.17x	0.13x	0.09x
Revenue Growth	2.22%	3%	7.65%	6.7%	-0.59%	-6.68%	16.93%	11.19%	10.68%	12.61%

Revenue by Segment

	2019	2020	2021	2022	2024	2025
Patient Management Services	368.2M	386.81M	368.85M	424.05M	530M	581.19M
Patient Management Services Growth	-	5.06%	-4.64%	14.96%	24.98%	9.66%
Network Solutions Services	227.54M	205.41M	183.79M	222.18M	265.32M	314.4M
Network Solutions Services Growth	-	-9.73%	-10.53%	20.89%	19.41%	18.50%

Frequently Asked Questions

Valuation & Price

CorVel Corporation (CRVL) has a price-to-earnings (P/E) ratio of 37.8x. This suggests investors expect higher future growth.

Growth & Financials

CorVel Corporation (CRVL) grew revenue by 12.6% over the past year. This is steady growth.

Yes, CorVel Corporation (CRVL) is profitable, generating $105.3M in net income for fiscal year 2025 (10.6% net margin).

Dividend & Returns

CorVel Corporation (CRVL) has a return on equity (ROE) of 33.4%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

CorVel Corporation (CRVL) has a combined ratio of 86.5%. A ratio below 100% indicates underwriting profitability.

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