Latest Ratios: P/E Ratio 34.7x · EV/EBITDA 21.7x · ROE 30.8%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $2.8B | $5.8B | $4.6B | $3.3B | $3.1B | $634M | $337M | $413M | $321M | $284M |
| Enterprise Value | $4.0B | $2.6B | $5.7B | $4.5B | $3.3B | $3.0B | $549M | $352M | $322M | $265M | $255M |
| P/E Ratio → | 34.69 | 25.54 | 61.19 | 59.63 | 50.34 | 46.02 | 13.68 | 7.10 | 8.84 | 9.01 | 9.60 |
| P/S Ratio | 4.19 | 2.94 | 6.51 | 5.74 | 4.66 | 4.73 | 1.15 | 0.57 | 0.69 | 0.57 | 0.55 |
| P/B Ratio | 10.89 | 7.16 | 18.10 | 18.42 | 16.56 | 14.38 | 2.88 | 1.78 | 2.12 | 1.87 | 2.05 |
| P/FCF | 33.18 | 25.58 | 63.64 | 65.17 | 59.81 | 81.64 | 8.22 | 6.95 | 6.52 | 9.31 | 13.51 |
| P/OCF | 27.25 | 18.13 | 45.77 | 45.96 | 40.68 | 45.42 | 6.72 | 4.17 | 5.26 | 5.16 | 5.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.73 | 6.35 | 5.64 | 4.61 | 4.64 | 0.99 | 0.59 | 0.54 | 0.47 | 0.49 |
| EV / EBITDA | 21.68 | 14.96 | 37.80 | 36.98 | 30.18 | 27.66 | 6.64 | 4.23 | 3.81 | 3.80 | 3.73 |
| EV / EBIT | 28.20 | 18.28 | 47.05 | 47.18 | 39.15 | 35.49 | 9.28 | 5.80 | 5.23 | 5.53 | 5.37 |
| EV / FCF | — | 23.72 | 62.08 | 64.11 | 59.14 | 80.18 | 7.12 | 7.26 | 5.08 | 7.69 | 12.14 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.3% | 24.3% | 23.4% | 21.6% | 22.0% | 23.5% | 22.4% | 21.3% | 21.0% | 19.2% | 20.2% |
| Operating Margin | 14.9% | 14.9% | 13.5% | 12.0% | 11.8% | 13.1% | 10.7% | 10.3% | 10.3% | 8.6% | 9.2% |
| Net Profit Margin | 11.5% | 11.5% | 10.6% | 9.6% | 9.2% | 10.3% | 8.4% | 8.0% | 7.8% | 6.4% | 5.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.8% | 30.8% | 33.4% | 33.9% | 32.0% | 30.7% | 22.6% | 24.6% | 25.5% | 23.0% | 21.8% |
| ROA | 18.6% | 18.6% | 19.0% | 18.0% | 16.4% | 15.8% | 11.0% | 12.9% | 15.8% | 14.0% | 12.9% |
| ROIC | 58.2% | 58.2% | 51.3% | 42.2% | 39.3% | 43.2% | 26.1% | 29.6% | 42.2% | 31.9% | 34.1% |
| ROCE | 37.8% | 37.8% | 39.5% | 38.3% | 36.0% | 33.4% | 21.7% | 25.1% | 32.6% | 29.8% | 33.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.09 | 0.13 | 0.17 | 0.20 | 0.25 | 0.52 | — | — | — |
| Debt / EBITDA | 0.16 | 0.16 | 0.19 | 0.26 | 0.31 | 0.40 | 0.66 | 1.18 | — | — | — |
| Net Debt / Equity | — | -0.52 | -0.44 | -0.30 | -0.19 | -0.26 | -0.39 | 0.08 | -0.47 | -0.33 | -0.21 |
| Net Debt / EBITDA | -1.17 | -1.17 | -0.95 | -0.61 | -0.34 | -0.50 | -1.03 | 0.18 | -1.09 | -0.80 | -0.42 |
| Debt / FCF | — | -1.86 | -1.56 | -1.06 | -0.67 | -1.45 | -1.10 | 0.31 | -1.45 | -1.62 | -1.36 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($233M) exceeds total debt ($28M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.03 | 2.03 | 1.90 | 1.64 | 1.45 | 1.55 | 1.66 | 1.56 | 1.84 | 1.67 | 1.43 |
| Quick Ratio | 2.03 | 2.03 | 1.90 | 1.64 | 1.45 | 1.55 | 1.66 | 1.56 | 1.84 | 1.67 | 1.43 |
| Cash Ratio | 1.02 | 1.02 | 0.84 | 0.57 | 0.42 | 0.57 | 0.86 | 0.62 | 0.78 | 0.57 | 0.32 |
| Asset Turnover | — | 1.49 | 1.64 | 1.75 | 1.82 | 1.56 | 1.30 | 1.42 | 1.87 | 2.04 | 2.20 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 3.9% | 1.6% | 1.7% | 2.0% | 2.2% | 7.3% | 14.1% | 11.3% | 11.1% | 10.4% |
| FCF Yield | 3.0% | 3.9% | 1.6% | 1.5% | 1.7% | 1.2% | 12.2% | 14.4% | 15.3% | 10.7% | 7.4% |
| Buyback Yield | 1.3% | 2.0% | 0.6% | 1.0% | 2.8% | 3.0% | 5.2% | 19.5% | 8.5% | 3.5% | 9.9% |
| Total Shareholder Yield | 1.3% | 2.0% | 0.6% | 1.0% | 2.8% | 3.0% | 5.2% | 19.5% | 8.5% | 3.5% | 9.9% |
| Shares Outstanding | — | $52M | $52M | $52M | $53M | $54M | $19M | $19M | $19M | $19M | $20M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CRVL stock.
CorVel Corporation's current P/E ratio is 34.7x. The historical average is 22.2x. This places it at the 87th percentile of its historical range.
CorVel Corporation's current EV/EBITDA is 21.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.2x.
CorVel Corporation's return on equity (ROE) is 30.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.4%.
Based on historical data, CorVel Corporation is trading at a P/E of 34.7x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CorVel Corporation has 24.3% gross margin and 14.9% operating margin. Operating margin between 10-20% is typical for established companies.
CorVel Corporation's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Dependence on investment income
Metrics are mathematically derived from official filings.
Combined Ratio Nears Record Lows
CorVel's combined ratio improved to 83.3% in 2027Q1 from 89.1% in 2024Q4, as reported in financial statements, indicating sustained underwriting profitability and margin expansion.
The combined ratio has improved for ten consecutive quarters, driven primarily by a declining loss ratio (79.1% to 73.9%). The expense ratio has remained remarkably stable around 9-10%, suggesting that the improvement is not from cost-cutting but from better loss experience or favorable reserve development. Investors should monitor whether the loss ratio improvement is sustainable or partly due to prior-year reserve releases, which may not recur.
ROE Steady Despite Rising Equity
ROE has held near 8% over the past ten quarters, as per financial statements, even as equity grew 65%, implying that earnings growth is keeping pace with the expanding capital base.
ROE has been remarkably stable, ranging from 6.5% to 8.6%, despite a 65% increase in equity. This stability suggests that the company is efficiently deploying its growing capital base. However, the prior income statement analysis indicated that operating income was negative in 2027Q1, implying that investment income is a significant contributor to net income. If investment income is volatile, ROE could be more fragile than it appears.
Expense Ratio Remains a Competitive Moat
CorVel's expense ratio has stayed between 9.2% and 10.6% over the last ten quarters, based on reported figures, indicating exceptional operating efficiency and scale benefits.
The expense ratio is exceptionally low for an insurance carrier, reflecting CorVel's technology-driven brokerage model. This efficiency provides a competitive advantage, as it allows the company to generate underwriting profits even with a relatively high loss ratio. The stability of the expense ratio suggests that the company is not experiencing significant cost inflation, which is positive for future profitability.
Underwriting Leverage Declines as Capital Grows
Premium-to-surplus ratio appears to be declining as equity grew 65% while liabilities rose only 36%, according to balance sheet data, indicating reduced underwriting leverage and a stronger capital buffer.
The balance sheet data shows equity growing faster than liabilities, which implies a declining premium-to-surplus ratio. This suggests that CorVel is becoming less leveraged, which is generally viewed favorably by rating agencies. However, the reported $0 investment portfolio is unusual for an insurer and may indicate that the company holds minimal invested assets, which could limit investment income generation. Investors should monitor whether the company is under-utilizing its capital.
Premium Valuation Reflects Superior Underwriting
CorVel trades at a P/B of 8.22 versus peers like AMSF at 2.11 and GBLI at 0.57, as per market data, reflecting its superior underwriting profitability and growth prospects.
CorVel's P/B multiple is significantly higher than its peers, justified by its combined ratio of 83.3% versus AMSF's likely higher ratio and its consistent ROE of ~8%. The market is pricing in continued growth and profitability, but the forward P/E of 36.06 suggests that expectations are high. If the combined ratio deteriorates or growth slows, the multiple could compress.
Combined Ratio May Overstate Underlying Strength
The combined ratio, while strong, may be flattered by favorable reserve development, as the loss ratio improved 5.2 points over ten quarters, according to reported figures, warranting scrutiny of reserve adequacy.
The combined ratio is the most commonly used metric for insurers, but it can be misleading if reserve releases are boosting current results. CorVel's loss ratio has improved steadily, which could indicate genuine improvement in claims experience or could be due to prior-year reserve releases. Investors should adjust the combined ratio for reserve development to assess the true underwriting profitability. Additionally, the negative operating income in 2027Q1 suggests that investment income is critical to overall profitability, which is not captured in the combined ratio.