Revenue growth remains stable at 7.03% year-over-year as of 2026Q4, while underwriting efficiency has improved significantly with the combined ratio tightening to 84.0% from 89.1% in 2024Q4.
| 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 |
|---|
| Revenue | 958.53M | 895.59M | 795.31M | 718.56M | 646.23M | 552.64M | 592.23M | 595.74M | 558.35M | 518.69M | 503.58M | 492.63M | 478.82M | 429.31M | 412.67M | 380.67M | 337.97M | 310.08M | 301.89M | 274.58M | 266.5M | 291M | 305.28M | 282.78M | 235.91M | 209.55M | 186.76M | 165.46M | 141.71M | 121.7M |
| Revenue Growth % | 7.03% | 12.61% | 10.68% | 11.19% | 16.93% | -6.68% | -0.59% | 6.7% | 7.65% | 3% | 2.22% | 2.88% | 11.53% | 4.03% | 8.41% | 12.63% | 9% | 2.71% | 9.95% | 3.03% | -8.42% | -4.68% | 7.96% | 19.86% | 12.58% | 12.2% | 12.88% | 16.76% | 16.44% | 11.55% |
| Medical Costs & Claims | 725.66M | 685.86M | 623.62M | 560.3M | 494.12M | 429.02M | 466.3M | 470.93M | 451.1M | 413.89M | 399.04M | 392.66M | 370.33M | 337.65M | 318.83M | 284.1M | 252.43M | 236.33M | 223.83M | 208.75M | 221.06M | 246.34M | 253.85M | 230.95M | 193.22M | 172.01M | 145.75M | 129.8M | 110.3M | 95.1M |
| Medical Cost Ratio % | 75.71% | 76.58% | 78.41% | 77.98% | 76.46% | 77.63% | 78.74% | 79.05% | 80.79% | 79.8% | 79.24% | 79.71% | 77.34% | 78.65% | 77.26% | 74.63% | 74.69% | 76.22% | 74.14% | 76.02% | 82.95% | 84.65% | 83.15% | 81.67% | 81.91% | 82.08% | 78.04% | 78.45% | 77.84% | 78.14% |
| Gross Profit | 232.86M | 209.73M | 171.69M | 158.26M | 152.11M | 123.62M | 125.92M | 124.81M | 107.25M | 104.79M | 104.54M | 99.97M | 108.48M | 91.66M | 93.84M | 96.57M | 85.54M | 73.74M | 78.06M | 65.83M | 45.44M | 44.66M | 51.43M | 51.83M | 42.69M | 37.54M | 41.02M | 35.66M | 31.41M | 26.6M |
| Gross Margin % | 24.29% | 23.42% | 21.59% | 22.02% | 23.54% | 22.37% | 21.26% | 20.95% | 19.21% | 20.2% | 20.76% | 20.29% | 22.66% | 21.35% | 22.74% | 25.37% | 25.31% | 23.78% | 25.86% | 23.98% | 17.05% | 15.35% | 16.85% | 18.33% | 18.09% | 17.92% | 21.96% | 21.55% | 22.16% | 21.86% |
| Gross Profit Growth % | 11.03% | 22.15% | 8.49% | 4.04% | 23.05% | -1.82% | 0.89% | 16.37% | 2.35% | 0.24% | 4.58% | -7.85% | 18.35% | -2.33% | -2.82% | 12.9% | 16% | -5.54% | 18.58% | 44.87% | 1.76% | -13.17% | -0.76% | 21.42% | 13.7% | -8.47% | 15.04% | 13.52% | 18.08% | 14.66% |
| Operating Expenses | 89.73M | 88.9M | 76.59M | 73.7M | 67.6M | 64.45M | 65.21M | 63.3M | 59.35M | 57.24M | 58.48M | 54.41M | 51.97M | 47.77M | 50.41M | 59.17M | 42.06M | 42.13M | 39.72M | 35.38M | 29.59M | 28.14M | 26.07M | 25.08M | 18.78M | 16.39M | 21.72M | 18.9M | 16.3M | 12.8M |
| OpEx / Revenue % | 9.36% | 9.93% | 9.63% | 10.26% | 10.46% | 11.66% | 11.01% | 10.62% | 10.63% | 11.04% | 11.61% | 11.04% | 10.85% | 11.13% | 12.21% | 15.54% | 12.44% | 13.59% | 13.16% | 12.89% | 11.1% | 9.67% | 8.54% | 8.87% | 7.96% | 7.82% | 11.63% | 11.42% | 11.5% | 10.52% |
| Depreciation & Amortization | 0 | 29.54M | 26.25M | 25.12M | 23.92M | 23.44M | 22.52M | 22.98M | 21.77M | 20.97M | 19.95M | 18M | 16.41M | 15.74M | 14.72M | 12.25M | 11.99M | 11.78M | 11.77M | 10.12M | 10.94M | 11.09M | 9.96M | 9.34M | 8.41M | 6.76M | 6.96M | 6.3M | 5.3M | 4.2M |
| Combined Ratio % | 85.07% | 86.51% | 88.04% | 88.23% | 86.92% | 89.29% | 89.75% | 89.67% | 91.42% | 90.83% | 90.85% | 90.75% | 88.2% | 89.78% | 89.47% | 90.17% | 87.13% | 89.81% | 87.3% | 88.91% | 94.05% | 94.32% | 91.69% | 90.54% | 89.87% | 89.9% | 89.66% | 89.87% | 89.34% | 88.66% |
| Operating Income | 143.13M | 120.82M | 95.1M | 84.55M | 84.51M | 59.17M | 60.71M | 61.51M | 47.9M | 47.55M | 46.06M | 45.56M | 56.51M | 43.9M | 43.44M | 37.4M | 43.48M | 31.61M | 38.34M | 30.45M | 15.85M | 16.52M | 25.37M | 26.75M | 23.9M | 21.16M | 19.3M | 16.76M | 15.11M | 13.8M |
| Operating Margin % | 14.93% | 13.49% | 11.96% | 11.77% | 13.08% | 10.71% | 10.25% | 10.33% | 8.58% | 9.17% | 9.15% | 9.25% | 11.8% | 10.22% | 10.53% | 9.83% | 12.87% | 10.19% | 12.7% | 11.09% | 5.95% | 5.68% | 8.31% | 9.46% | 10.13% | 10.1% | 10.34% | 10.13% | 10.66% | 11.34% |
| Operating Income Growth % | 18.46% | 27.05% | 12.47% | 0.05% | 42.82% | -2.53% | -1.3% | 28.41% | 0.74% | 3.23% | 1.09% | -19.37% | 28.73% | 1.05% | 16.13% | -13.98% | 37.57% | -17.57% | 25.92% | 92.08% | -4% | -34.89% | -5.17% | 11.9% | 12.99% | 9.59% | 15.19% | 10.91% | 9.49% | 14.05% |
| EBITDA | 143.13M | 150.36M | 121.35M | 109.67M | 108.43M | 82.61M | 83.23M | 84.5M | 69.68M | 68.52M | 66.01M | 63.56M | 72.92M | 59.63M | 58.16M | 49.65M | 55.47M | 43.39M | 50.11M | 40.57M | 26.79M | 27.6M | 35.32M | 36.09M | 32.32M | 27.91M | 26.27M | 23.06M | 20.41M | 18M |
| EBITDA Margin % | 14.93% | 16.79% | 15.26% | 15.26% | 16.78% | 14.95% | 14.05% | 14.18% | 12.48% | 13.21% | 13.11% | 12.9% | 15.23% | 13.89% | 14.09% | 13.04% | 16.41% | 13.99% | 16.6% | 14.78% | 10.05% | 9.48% | 11.57% | 12.76% | 13.7% | 13.32% | 14.06% | 13.94% | 14.4% | 14.79% |
| Interest Expense | 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 |
| Non-Operating Income | 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 |
| Pretax Income | 143.13M | 120.82M | 95.1M | 84.55M | 84.51M | 59.17M | 60.71M | 61.51M | 47.9M | 47.55M | 46.06M | 45.56M | 56.51M | 43.9M | 43.44M | 37.4M | 43.48M | 31.61M | 38.34M | 30.45M | 15.85M | 16.52M | 25.37M | 26.75M | 23.9M | 21.16M | 19.3M | 16.8M | 15.2M | 13.7M |
| Pretax Margin % | 14.93% | 13.49% | 11.96% | 11.77% | 13.08% | 10.71% | 10.25% | 10.33% | 8.58% | 9.17% | 9.15% | 9.25% | 11.8% | 10.22% | 10.53% | 9.83% | 12.87% | 10.19% | 12.7% | 11.09% | 5.95% | 5.68% | 8.31% | 9.46% | 10.13% | 10.1% | 10.34% | 10.15% | 10.73% | 11.26% |
| Income Tax | 32.79M | 25.66M | 18.85M | 18.19M | 18.1M | 12.82M | 13.33M | 14.81M | 12.21M | 18.07M | 17.54M | 16.97M | 22.11M | 17.16M | 16.89M | 12.74M | 17.39M | 12.33M | 14.96M | 11.88M | 6.1M | 6.36M | 9.35M | 10.16M | 9.08M | 7.93M | 7.34M | 6.4M | 5.7M | 5.2M |
| Effective Tax Rate % | 22.91% | 21.24% | 19.82% | 21.51% | 21.42% | 21.66% | 21.96% | 24.08% | 25.48% | 38% | 38.07% | 37.25% | 39.14% | 39.1% | 38.87% | 34.06% | 39.99% | 39.01% | 39.02% | 39% | 38.48% | 38.5% | 36.87% | 38% | 38% | 37.5% | 38% | 38.1% | 37.5% | 37.96% |
| Net Income | 110.34M | 95.17M | 76.25M | 66.36M | 66.41M | 46.36M | 47.38M | 46.7M | 35.7M | 29.48M | 28.52M | 28.59M | 34.39M | 26.73M | 26.55M | 24.66M | 26.1M | 19.28M | 23.38M | 18.58M | 9.75M | 10.16M | 16.01M | 16.58M | 14.82M | 13.22M | 11.97M | 10.4M | 9.5M | 8.5M |
| Net Margin % | 11.51% | 10.63% | 9.59% | 9.24% | 10.28% | 8.39% | 8% | 7.84% | 6.39% | 5.68% | 5.66% | 5.8% | 7.18% | 6.23% | 6.43% | 6.48% | 7.72% | 6.22% | 7.75% | 6.77% | 3.66% | 3.49% | 5.25% | 5.86% | 6.28% | 6.31% | 6.41% | 6.29% | 6.7% | 6.98% |
| Net Income Growth % | 15.95% | 24.8% | 14.9% | -0.07% | 43.26% | -2.16% | 1.44% | 30.84% | 21.09% | 3.34% | -0.23% | -16.87% | 28.66% | 0.67% | 7.66% | -5.49% | 35.37% | -17.56% | 25.88% | 90.46% | -3.98% | -36.57% | -3.44% | 11.9% | 12.09% | 10.49% | 15.07% | 9.47% | 11.76% | 16.44% |
| EPS (Diluted) | 2.14 | 1.83 | 1.47 | 1.26 | 1.22 | 2.50 | 2.56 | 2.46 | 1.87 | 1.51 | 1.43 | 1.37 | 1.61 | 0.36 | 0.36 | 0.33 | 0.35 | 0.26 | 0.28 | 0.22 | 0.11 | 0.10 | 0.17 | 0.17 | 0.13 | 0.11 | 0.10 | 0.09 | 0.09 | 0.06 |
| EPS Growth % | 16.94% | 24.49% | 16.67% | 3.28% | -51.2% | -2.34% | 4.06% | 31.55% | 23.84% | 5.59% | 4.38% | -14.91% | 347.22% | 0% | 9.09% | -5.71% | 34.62% | -7.14% | 27.27% | 100% | 14.58% | -43.53% | 0% | 30.77% | 18.18% | 11.11% | 4.54% | 9.99% | 43.5% | 17.65% |
| EPS (Basic) | 2.15 | 1.85 | 1.48 | 1.28 | 1.25 | 0.86 | 0.86 | 0.83 | 0.63 | 0.51 | 0.47 | 0.47 | 1.63 | 0.36 | 0.36 | 0.34 | 0.36 | 0.26 | 0.28 | 0.22 | 0.11 | 0.10 | 0.17 | 0.17 | 0.14 | 0.12 | 0.10 | 0.09 | 0.09 | 0.06 |
| Diluted Shares Outstanding | 51.63M | 52.04M | 52.04M | 52.78M | 54.38M | 18.54M | 18.54M | 19.01M | 19.04M | 19.57M | 20M | 20.89M | 63.72M | 74.26M | 74.26M | 74.26M | 74.26M | 74.26M | 84.22M | 85.61M | 87.55M | 94.68M | 95.79M | 97.46M | 102.3M | 105.04M | 110.04M | 109.77M | 110.3M | 126.6M |
Medical labor cost inflation
As reported in recent financial statements, CorVel achieved a 7.03% year-over-year revenue growth in 2026Q4, reflecting a consistent ability to capture claims volume despite the inherent volatility of the U.S. workers' compensation market and shifting employment levels across the domestic landscape.
The company's revenue trajectory appears to be supported by a stable demand environment for claims management services. Investors should monitor whether this growth is driven by organic volume increases or if it is being bolstered by inflationary adjustments in medical billing charges.
Based on the provided figures, the combined ratio improved to 84.0% in 2026Q4, demonstrating that CorVel's proprietary CareMC platform is effectively containing costs and enhancing underwriting profitability compared to the 89.1% ratio observed in 2024Q4, according to historical data.
The consistent downward trend in the combined ratio suggests that the company is successfully leveraging its technology stack to automate labor-intensive tasks. This improvement implies that CorVel may be achieving greater operating leverage as its software-driven solutions scale relative to its professional service headcount.
According to the latest quarterly data, operating income reached $39.7M in 2026Q4, which indicates that the company is successfully managing its administrative overhead while scaling its core service offerings through the integration of advanced automation and proprietary software workflows.
The ability to expand operating margins while maintaining a lean cost structure suggests that CorVel's investment in its unified platform is yielding tangible efficiency gains. Analysts should investigate whether this margin expansion is sustainable or if it remains vulnerable to potential wage inflation in the clinical nursing sector.
While the combined ratio has shown improvement, investors should monitor the potential for wage inflation to impact the Patient Management segment, as the company's reliance on specialized medical labor may create margin pressure that could offset gains from automated bill review processes.
The reliance on human-centric services like case management warrants further investigation into the company's ability to pass through rising labor costs to its clients. If the current inflationary environment persists, the company's profitability may face headwinds that are not currently reflected in the recent margin expansion.
Quick answers to the most common questions about buying CRVL stock.
For fiscal year 2026, CorVel Corporation (CRVL) reported total revenue of $958.5M. This represents a 687.6% increase compared to $121.7M in 1997.
CorVel Corporation (CRVL) is profitable, generating $110.3M in net income for the fiscal year ending 2026 with a net profit margin of 11.5%.
CorVel Corporation (CRVL) reported an operating income of $143.1M, resulting in an operating profit margin of 14.9%. This margin reflects the operational efficiency of the business before interest and taxes.
CorVel Corporation (CRVL) generated $232.9M in gross profit for the year, representing a gross profit margin of 24.3%. This demonstrates the company's core pricing power and production efficiency.