The company maintains a robust financial position with a near-zero debt-to-equity profile and a consistent equity base expansion to $394.2M as of 2026Q4.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Total Assets | 642.99M | 545.98M | 454.68M | 393.92M | 415.25M | 424.76M | 416.26M | 318.02M | 274M | 235.38M | 220.27M | 211.57M | 214.48M | 182.38M | 171.88M | 164.22M | 140.37M | 141.21M | 140.57M | 113.77M | 100.1M | 105.7M | 106.31M | 96.24M | 80.3M | 77.56M | 71.19M | 68.7M | 60.5M | 58.8M |
| Asset Growth % | 17.77% | 20.08% | 15.42% | -5.13% | -2.24% | 2.04% | 30.89% | 16.06% | 16.41% | 6.86% | 4.11% | -1.36% | 17.6% | 6.11% | 4.66% | 17% | -0.6% | 0.45% | 23.56% | 13.66% | -5.3% | -0.58% | 10.46% | 19.86% | 3.52% | 8.96% | 3.62% | 13.55% | 2.89% | 8.89% |
| Total Investment Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 1.08M | 1.97M | -7.91B | 1.4M | -6.86B | -6.45B | 5.82M | 5.28M | 0 | 0 | 0 | -5.15B | 0 | -4.15B | -4.32B | -5.03B | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 1.08M | 1.97M | 0 | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.82M | 5.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 462.3M | 386.69M | 302.23M | 243.77M | 264.99M | 268.94M | 208.99M | 215.49M | 163.32M | 128.87M | 123.11M | 112.05M | 120.96M | 92.9M | 81.25M | 82.34M | 67.15M | 65.3M | 66.39M | 64.29M | 60.47M | 63M | 63.86M | 61.07M | 51.18M | 50.37M | 47.28M | 44.7M | 37.2M | 39.8M |
| Cash & Equivalents | 233.07M | 170.58M | 105.56M | 71.33M | 97.5M | 139.72M | 83.22M | 91.71M | 55.77M | 28.61M | 32.78M | 25.52M | 34.87M | 19.82M | 6.6M | 12.27M | 10.24M | 14.68M | 17.91M | 15.02M | 14.21M | 8.95M | 8.64M | 5.91M | 12.6M | 9.46M | 5.64M | 9.1M | 8.4M | 15.7M |
| Receivables | 101.31M | 104.13M | 97.11M | 81.03M | 82.59M | 64.72M | 65.77M | 71.34M | 64.94M | 62.84M | 59.75M | 57.54M | 57.23M | 49.1M | 49.33M | 48.96M | 43.93M | 41.25M | 39.16M | 41.03M | 39.52M | 46.84M | 45.54M | 45.39M | 33.04M | 34.32M | 35.87M | 31.6M | 25.6M | 22.3M |
| Other Current Assets | 115.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.5M | 32.47M | 25.95M | 23.08M | 6.86M | 16.55M | -5.82M | 9.41M | 6.55M | 4.53M | 4.08M | 5.15M | 4.52M | 4.56M | 4.32M | 5.03M | 4.24M | 4.13M | 5.76M | 4M | 3.2M | 1.8M |
| Goodwill & Intangibles | 37.08B | 37.25M | 37.63M | 38.06M | 38.48M | 38.92M | 39.35M | 39.79M | 40.23M | 40.66M | 41.1M | 41.55M | 42.01M | 42.48M | 42.96M | 43.39M | 42.9M | 42.35M | 39.66M | 24.31M | 12.62M | 12.64M | 12.56M | 8.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 36.81B | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.77M | 35.99M | 34.85M | 31.88M | 22.34M | 12.62M | 12.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 263M | 438K | 821K | 1.24M | 1.67M | 2.1M | 2.54M | 2.98M | 3.42M | 3.85M | 4.29M | 4.74M | 5.19M | 5.66M | 6.15M | 6.73M | 6.91M | 7.5M | 7.79M | 1.97M | 0 | 0 | 12.56M | 8.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 139.07M | 112.88M | 109.95M | 110.49M | 111.29M | 115.94M | 166.57M | 61.98M | 69.36M | 63.04M | 53.27M | 56.3M | 51.25M | 46.58M | 47.36M | 38.5M | 30.03M | 29.79M | 30.57M | 24.86M | 26.46M | 29.65M | 29.39M | 25.85M | 22.48M | 20.07M | 16.63M | 17.1M | 16.5M | 13.1M |
| Other Assets | -37.04B | 454K | 1.32M | 1.38M | 481K | 345K | 1.35M | -11.57M | -10.91M | -14.43M | -11.44M | -7.18B | -6.86B | -6.45B | 0 | 0 | 0 | 113K | 0 | 306K | 0 | 403K | 504K | 458K | 6.64M | 7.13M | 7.28M | 6.9M | 6.8M | 5.9M |
| Total Liabilities | 248.75M | 223.99M | 207.03M | 191.75M | 202.85M | 204.36M | 226.55M | 123.21M | 102.83M | 96.74M | 88.32M | 83.65M | 87.96M | 70.98M | 61.5M | 64.59M | 44.64M | 44.91M | 44.2M | 34.57M | 32.06M | 32.1M | 28.69M | 29.02M | 19.31M | 18.85M | 15.89M | 15.5M | 14.7M | 12.7M |
| Total Debt | 20.69M | 28.08M | 31.4M | 33.76M | 43.14M | 54.66M | 98.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -212.38M | -142.5M | -74.17M | -37.57M | -54.36M | -85.05M | 15.1M | -91.71M | -55.77M | -28.61M | -32.78M | -25.52M | -34.87M | -19.82M | -6.6M | -12.27M | -10.24M | -14.68M | -17.91M | -15.02M | -14.21M | -8.95M | -8.64M | -5.91M | -12.6M | -9.46M | -5.64M | -9.1M | -8.4M | -15.7M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 618K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 228.07M | 204.04M | 184.5M | 167.89M | 171.37M | 162.46M | 133.69M | 116.92M | 97.99M | 90.05M | 80.42M | 74.09M | 71.84M | 52.76M | 44.76M | 54.84M | 39.95M | 37.21M | 36.95M | 29.27M | 25.87M | 24.41M | 22.61M | 23.55M | 15.64M | 15.24M | 12.88M | 13M | 12.4M | 11.2M |
| Accounts Payable | 24.55M | 15.42M | 16.41M | 15.06M | 14.08M | 12.35M | 15.14M | 9.93M | 11.79M | 13.87M | 13.23M | 13.58M | 17.44M | 12.56M | 11.61M | 0 | 0 | 0 | 14.07M | 13.42M | 13.71M | 12.29M | 10.77M | 9.79M | 3.43M | 3.01M | 5.31M | 6.5M | 6.1M | 6.6M |
| Deferred Revenue | 0 | 132.28M | 118.1M | 107M | 95.58M | 79.01M | 66.64M | 62.17M | 50.81M | 42.57M | 33.47M | 25.05M | 21.8M | 14.35M | 8.6M | 0 | 0 | 0 | 2.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 203.52M | 0 | 0 | 0 | 0 | 0 | 0 | -4.16M | 1.67M | 0 | 0 | -618K | 0 | 0 | 0 | 0 | 0 | 9.44M | 6.41M | 6.76M | 0 | 0 | 0 | 0 | 0 | 0 | 7.58M | 6.5M | 6.3M | 4.6M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.94B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 394.23M | 321.99M | 247.65M | 202.18M | 212.4M | 220.4M | 189.71M | 194.81M | 171.18M | 138.65M | 131.95M | 127.92M | 126.52M | 111.4M | 110.38M | 99.64M | 95.73M | 96.3M | 96.38M | 79.2M | 68.04M | 73.59M | 77.62M | 67.22M | 60.98M | 58.72M | 55.29M | 53.2M | 45.8M | 46.1M |
| Equity Growth % | 22.44% | 30.02% | 22.49% | -4.81% | -3.63% | 16.18% | -2.61% | 13.8% | 23.46% | 5.08% | 3.15% | 1.11% | 13.57% | 0.92% | 10.78% | 4.09% | -0.59% | -0.08% | 21.69% | 16.4% | -7.55% | -5.19% | 15.47% | 10.23% | 3.86% | 6.19% | 3.93% | 16.16% | -0.65% | 1.77% |
| Shareholders Equity | 394.23M | 321.99M | 247.65M | 202.18M | 212.4M | 220.4M | 189.71M | 194.81M | 171.18M | 138.65M | 131.95M | 127.92M | 126.52M | 111.4M | 110.38M | 99.64M | 95.73M | 96.3M | 96.38M | 79.2M | 68.04M | 73.59M | 77.62M | 67.22M | 60.98M | 58.72M | 55.29M | 53.2M | 45.8M | 46.1M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 1.01B | 903.09M | 807.92M | 731.67M | 665.3M | 598.89M | 552.54M | 505.16M | 458.46M | 422.76M | 393.28M | 364.76M | 336.17M | 301.78M | 275.05M | 248.49M | 223.83M | 197.74M | 178.46M | 157.73M | 139.16M | 130.05M | 119.89M | 103.88M | 87.3M | 72.47M | 59.25M | 47.3M | 36.9M | 27.4M |
| Common Stock | 5K | 5K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 2K | 2K | 2M | 2M | 2K | 1K | 1K | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -143.74M | -130.74M | 0 | -109.29M | 0 | -91.1M | -82.81M | -77.59M | -74.11M | 0 | -61.81M | 0 | -49.83M | -44.53M | -39.73M | 0 | 0 | -29.41M | -23.3M | -17.4M | -12.7M |
| Return on Equity (ROE) | 30.81% | 33.41% | 33.9% | 32.02% | 30.69% | 22.61% | 24.64% | 25.52% | 23.04% | 21.79% | 21.95% | 22.47% | 28.91% | 24.1% | 25.29% | 25.25% | 27.18% | 20.01% | 26.64% | 25.23% | 13.77% | 13.43% | 22.11% | 25.87% | 24.76% | 23.19% | 22.06% | 21.01% | 20.67% | 18.6% |
| Return on Assets (ROA) | 18.56% | 19.02% | 17.97% | 16.4% | 15.81% | 11.02% | 12.9% | 15.78% | 14.01% | 12.94% | 13.21% | 13.42% | 17.33% | 15.09% | 15.8% | 16.19% | 18.54% | 13.68% | 18.39% | 17.37% | 9.48% | 9.58% | 15.81% | 18.79% | 18.78% | 17.78% | 17.11% | 16.1% | 15.93% | 15.07% |
| Equity / Assets | 61.31% | 58.97% | 54.47% | 51.32% | 51.15% | 51.89% | 45.58% | 61.26% | 62.47% | 58.9% | 59.9% | 60.46% | 58.99% | 61.08% | 64.22% | 60.67% | 68.2% | 68.19% | 68.56% | 69.61% | 67.97% | 69.63% | 73.01% | 69.85% | 75.95% | 75.7% | 77.67% | 77.44% | 75.7% | 78.4% |
| Debt / Equity | 0.05x | 0.09x | 0.13x | 0.17x | 0.20x | 0.25x | 0.52x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Book Value per Share | 7.64 | 6.19 | 4.76 | 3.83 | 3.91 | 11.89 | 10.23 | 10.25 | 8.99 | 7.08 | 6.60 | 6.12 | 1.99 | 1.50 | 1.49 | 1.34 | 1.29 | 1.30 | 1.14 | 0.93 | 0.78 | 0.78 | 0.81 | 0.69 | 0.60 | 0.56 | 0.50 | 0.48 | 0.42 | 0.36 |
| Tangible BV per Share | -710.56 | 5.47 | 4.04 | 3.11 | 3.20 | 9.79 | 8.11 | 8.16 | 6.88 | 5.01 | 4.54 | 4.13 | 1.33 | 0.93 | 0.91 | 0.76 | 0.71 | 0.73 | 0.67 | 0.64 | 0.63 | 0.64 | 0.68 | 0.60 | 0.60 | 0.56 | 0.50 | 0.48 | 0.42 | 0.36 |
Medical labor cost inflation
As reported in financial statements, CorVel’s equity has grown from $233.5M in 2024Q3 to $394.2M by 2026Q4, reflecting a consistent internal capital generation trajectory that supports the company's ability to fund operations and strategic initiatives without relying on external debt financing or dilutive equity issuance.
The steady climb in total equity suggests that the company is successfully retaining earnings while simultaneously managing share repurchases. This trend indicates a strengthening balance sheet that provides a buffer against potential volatility in the workers' compensation claims environment.
Based on the provided quarterly data, claims reserves have increased from $160.1M in 2024Q3 to $185.5M in 2026Q4, which appears to track with the company's expanding service volume and the broader inflationary pressures currently affecting medical costs within the U.S. workers' compensation insurance market.
The rise in reserves is a logical consequence of higher claims processing activity rather than an indication of deteriorating loss development. Investors should monitor whether this growth in reserves continues to outpace revenue, which could suggest a shift in the underlying risk profile of the claims being managed.
According to the latest balance sheet figures, CorVel maintains a near-zero debt profile, which stands in stark contrast to industry peers and provides the company with significant financial flexibility to navigate potential market downturns or pursue opportunistic investments in proprietary technology without the burden of interest obligations.
This conservative capital structure is a hallmark of the company's long-term strategy, prioritizing balance sheet resilience over financial leverage. The absence of debt suggests that management is well-positioned to maintain its current pace of capital returns to shareholders while preserving capacity for future operational scaling.
While the balance sheet appears robust, the company's reliance on specialized medical labor, as evidenced by the $185.5M in claims reserves, may expose the firm to significant margin compression if wage inflation for clinical staff continues to outpace the company's ability to adjust its service fee structures.
Investors should consider that the lack of debt does not insulate the company from operational risks related to medical labor costs. If the cost of providing managed care services rises faster than the savings generated for clients, the company's profitability may face headwinds despite its strong liquidity position.
Quick answers to the most common questions about buying CRVL stock.
As of 2026, CorVel Corporation (CRVL) had total assets of $643.0M including $462.3M in current assets.
CorVel Corporation (CRVL) carries total debt of $20.7M, offset by $233.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CorVel Corporation (CRVL) has total shareholders' equity (book value) of $394.2M ($7.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CorVel Corporation (CRVL) reported a current ratio of 2.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.