NASDAQ : CRVL
CorVel Corporation — Financial statements
Financials · Insurance Brokers · United States
Last price 82.19 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.15B
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Financial statements
CorVel Corporation (CRVL) reported revenue of 983.74M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 983.74M | 958.53M | 895.59M | 795.31M | 718.56M | 646.23M |
| Cost of Revenue | 739.85M | 725.66M | 685.86M | 623.62M | 560.30M | 494.12M |
| Gross Profit | 243.90M | 232.86M | 209.73M | 171.69M | 158.26M | 152.11M |
| Selling, General & Admin | 92.71M | 89.73M | 88.90M | 76.59M | 73.70M | 67.60M |
| Operating Expenses | 92.71M | 89.73M | 88.90M | 76.59M | 73.70M | 67.60M |
| Operating Income | 151.19M | 143.13M | 120.82M | 95.10M | 84.55M | 84.51M |
| Pretax Income | 151.19M | 143.13M | 120.82M | 95.10M | 84.55M | 84.51M |
| Income Tax Expense | 35.85M | 32.79M | 25.66M | 18.85M | 18.19M | 18.10M |
| Net Income | 115.33M | 110.34M | 95.17M | 76.25M | 66.36M | 66.41M |
| Net Income to Common | 115.33M | 110.34M | 95.17M | 76.25M | 66.36M | 66.41M |
| Shares Outstanding (Basic) | 51.15M | 51.28M | 51.38M | 51.37M | 51.98M | 53.26M |
| Shares Outstanding (Diluted) | 51.38M | 51.62M | 51.99M | 52.04M | 52.78M | 54.38M |
| EPS (Basic) | 2.25 | 2.15 | 1.85 | 1.48 | 1.28 | 1.25 |
| EPS (Diluted) | 2.25 | 2.14 | 1.83 | 1.47 | 1.26 | 1.22 |
| Free Cash Flow | 113.82M | 110.28M | 91.56M | 70.00M | 55.97M | 37.40M |
| Free Cash Flow Per Share | 2.21 | 2.14 | 1.76 | 1.34 | 1.06 | 0.69 |
| Gross Margin | 24.79% | 24.29% | 23.42% | 21.59% | 22.02% | 23.54% |
| Operating Margin | 15.37% | 14.93% | 13.49% | 11.96% | 11.77% | 13.08% |
| Profit Margin | 11.72% | 11.51% | 10.63% | 9.59% | 9.24% | 10.28% |
| Free Cash Flow Margin | 11.57% | 11.51% | 10.22% | 8.80% | 7.79% | 5.79% |
| EBITDA | 184.13M | 174.90M | 150.36M | 121.35M | 109.67M | 108.43M |
| EBITDA Margin | 18.72% | 18.25% | 16.79% | 15.26% | 15.26% | 16.78% |
| D&A For EBITDA | 32.94M | 31.76M | 29.54M | 26.25M | 25.12M | 23.92M |
| EBIT | 151.19M | 143.13M | 120.82M | 95.10M | 84.55M | 84.51M |
| EBIT Margin | 15.37% | 14.93% | 13.49% | 11.96% | 11.77% | 13.08% |
| Effective Tax Rate | 23.71% | 22.91% | 21.24% | 19.82% | 21.51% | 21.42% |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 255.88M | 233.07M | 170.58M | 105.56M | 71.33M | 97.50M |
| Cash & Short-Term Investments | 255.88M | 233.07M | 170.58M | 105.56M | 71.33M | 97.50M |
| Receivables | 111.00M | 101.31M | 104.13M | 97.11M | 81.03M | 82.59M |
| Prepaid Expenses | 10.85M | 10.92M | 10.51M | 9.25M | 9.57M | 12.76M |
| Other Current Assets | 127.05M | 116.99M | 101.47M | 90.31M | 81.84M | 72.15M |
| Total Current Assets | 504.78M | 462.30M | 386.69M | 302.23M | 243.77M | 264.99M |
| Property, Plant & Equipment | 142.49M | 89.49M | 70.12M | 72.78M | 76.80M | 81.48M |
| Goodwill | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M | 36.81M |
| Other Intangible Assets | 219.00K | 49.84M | 43.19M | 37.99M | 34.94M | 31.48M |
| Long-Term Deferred Tax Assets | 4.26M | 3.92M | 8.70M | 3.54M | 224.00K | |
| Other Long-Term Assets | 1.17M | 618.00K | 454.00K | 1.32M | 1.38M | 481.00K |
| Total Assets | 689.74M | 642.99M | 545.98M | 454.68M | 393.92M | 415.25M |
| Accounts Payable | 20.29M | 24.32M | 15.42M | 16.41M | 15.06M | 14.08M |
| Accrued Expenses | 62.36M | 48.16M | 46.84M | 40.90M | 35.68M | 48.01M |
| Current Portion of Leases | 7.61M | 7.42M | 8.13M | 8.86M | 9.90M | 13.35M |
| Current Income Taxes Payable | 9.80M | 227.00K | 1.37M | 221.00K | 251.00K | 351.00K |
| Current Unearned Revenue | 32.95M | 32.23M | 30.81M | 29.96M | 26.98M | 25.80M |
| Other Current Liabilities | 127.05M | 115.71M | 101.47M | 88.14M | 80.02M | 69.78M |
| Total Current Liabilities | 260.06M | 228.07M | 204.04M | 184.50M | 167.89M | 171.37M |
| Long-Term Leases | 20.79M | 20.69M | 19.95M | 22.53M | 23.86M | 29.79M |
| Long-Term Deferred Tax Liabilities | 1.69M | |||||
| Total Liabilities | 280.84M | 248.75M | 223.99M | 207.03M | 191.75M | 202.85M |
| Common Stock | 5.00K | 5.00K | 5.00K | 3.00K | 3.00K | 3.00K |
| Additional Paid-In Capital | 272.92M | 268.51M | 250.41M | 233.63M | 218.70M | 201.61M |
| Retained Earnings | 1.05B | 1.01B | 903.09M | 807.92M | 731.67M | 665.30M |
| Treasury Stock | -909.68M | -887.72M | -831.51M | -793.90M | -748.20M | -654.52M |
| Shareholders' Equity | 408.89M | 394.23M | 321.99M | 247.65M | 202.18M | 212.40M |
| Total Liabilities & Equity | 689.74M | 642.99M | 545.98M | 454.68M | 393.92M | 415.25M |
| Total Debt | 28.39M | 28.11M | 28.08M | 31.40M | 33.76M | 43.14M |
| Net Cash (Debt) | 227.49M | 204.97M | 142.50M | 74.17M | 37.57M | 54.36M |
| Net Cash Per Share | 4.43 | 3.97 | 2.74 | 1.43 | 0.71 | 1.00 |
| Filing Date Shares Outstanding | 50.52M | 50.69M | 51.35M | 51.37M | 51.43M | 52.47M |
| Total Common Shares Outstanding | 50.60M | 50.91M | 51.36M | 51.39M | 51.51M | 52.71M |
| Working Capital | 244.72M | 234.23M | 182.65M | 117.73M | 75.88M | 93.62M |
| Book Value Per Share | 8.08 | 7.74 | 6.27 | 4.82 | 3.93 | 4.03 |
| Tangible Book Value | 371.86M | 307.57M | 241.98M | 172.85M | 130.42M | 144.11M |
| Tangible Book Value Per Share | 7.35 | 6.04 | 4.71 | 3.36 | 2.53 | 2.73 |
| Land | 11.05M | 11.05M | 11.12M | 11.08M | 11.08M | |
| Machinery | 76.79M | 65.43M | 66.61M | 68.25M | 77.38M | |
| Leasehold Improvements | 23.07M | 22.61M | 18.01M | 18.30M | 18.58M |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 115.33M | 110.34M | 95.17M | 76.25M | 66.36M | 66.41M |
| Depreciation & Amortization | 32.94M | 31.76M | 29.54M | 26.25M | 25.12M | 23.92M |
| Asset Writedown & Restructuring Costs | 695.00K | 710.00K | 443.00K | 290.00K | 415.00K | 122.00K |
| Stock-Based Compensation | 5.35M | 5.41M | 5.71M | 4.98M | 5.56M | 5.20M |
| Provision & Write-off of Bad Debts | 349.00K | 115.00K | 3.44M | 1.83M | 1.22M | 158.00K |
| Other Operating Activities | 4.79M | 4.78M | -5.16M | -3.32M | -1.91M | 2.30M |
| Change in Accounts Receivable | -9.37M | 2.70M | -10.46M | -17.90M | 336.00K | -18.02M |
| Change in Accounts Payable | -5.00M | -728.00K | 162.00K | 1.32M | -4.39M | 1.42M |
| Change in Other Net Operating Assets | 5.12M | 546.00K | 8.47M | 9.53M | -10.42M | -14.29M |
| Operating Cash Flow | 150.55M | 155.64M | 127.31M | 99.24M | 82.29M | 67.22M |
| Capital Expenditures | -36.73M | -45.36M | -35.76M | -29.24M | -26.32M | -29.82M |
| Investing Cash Flow | -36.73M | -45.36M | -35.76M | -29.24M | -26.32M | -29.82M |
| Issuance of Common Stock | 8.60M | 8.41M | 11.07M | 9.95M | 11.53M | 10.47M |
| Repurchase of Common Stock | -68.56M | -56.21M | -37.60M | -45.71M | -93.67M | -90.08M |
| Financing Cash Flow | -59.96M | -47.80M | -26.54M | -35.76M | -82.14M | -79.61M |
| Net Cash Flow | 53.86M | 62.49M | 65.02M | 34.23M | -26.18M | -42.21M |
| Free Cash Flow | 113.82M | 110.28M | 91.56M | 70.00M | 55.97M | 37.40M |
| Free Cash Flow Margin | 11.57% | 11.51% | 10.22% | 8.80% | 7.79% | 5.79% |
| Free Cash Flow Per Share | 2.21 | 2.14 | 1.76 | 1.34 | 1.06 | 0.69 |
| Levered Free Cash Flow | 91.71M | 92.89M | 75.85M | 54.85M | 52.22M | 22.18M |
| Unlevered Free Cash Flow | 91.71M | 92.89M | 75.85M | 54.85M | 52.22M | 22.18M |
| Cash Income Tax Paid | 31.16M | 31.14M | 28.09M | 22.87M | 19.99M | 19.41M |
| Change in Working Capital | -8.92M | 2.52M | -1.83M | -7.05M | -14.47M | -30.88M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.20B | 2.80B | 5.75B | 4.50B | 3.27B | 2.97B |
| Enterprise Value | 3.98B | 2.59B | 5.62B | 4.42B | 3.22B | 2.90B |
| Last Close Price | 83.23 | 54.65 | 111.97 | 87.65 | 63.43 | 56.15 |
| PE Ratio | 37.00 | 25.33 | 60.43 | 58.95 | 49.20 | 44.69 |
| Forward PE | 22.18 | 22.18 | 22.18 | 22.18 | 22.18 | |
| PS Ratio | 4.27 | 2.92 | 6.42 | 5.65 | 4.54 | 4.59 |
| PB Ratio | 10.30 | 7.09 | 17.86 | 18.15 | 16.15 | 13.97 |
| P/TBV Ratio | 11.31 | 9.09 | 23.77 | 26.01 | 25.03 | 20.60 |
| P/FCF Ratio | 36.94 | 25.35 | 62.81 | 64.22 | 58.34 | 79.35 |
| P/OCF Ratio | 27.93 | 17.96 | 45.17 | 45.30 | 39.68 | 44.15 |
| EV/Sales Ratio | 4.04 | 2.70 | 6.27 | 5.56 | 4.49 | 4.50 |
| EV/EBITDA Ratio | 21.60 | 14.82 | 37.36 | 36.43 | 29.39 | 26.79 |
| EV/EBIT Ratio | 26.30 | 18.11 | 46.49 | 46.48 | 38.12 | 34.37 |
| EV/FCF Ratio | 34.94 | 23.50 | 61.35 | 63.15 | 57.59 | 77.66 |
| Debt / Equity Ratio | 0.07 | 0.07 | 0.09 | 0.13 | 0.17 | 0.20 |
| Debt / EBITDA Ratio | 0.15 | 0.15 | 0.18 | 0.24 | 0.28 | 0.35 |
| Debt / FCF Ratio | 0.25 | 0.26 | 0.31 | 0.45 | 0.60 | 1.15 |
| Net Debt / Equity Ratio | -0.56 | -0.52 | -0.44 | -0.30 | -0.19 | -0.26 |
| Net Debt / EBITDA Ratio | -1.24 | -1.17 | -0.95 | -0.61 | -0.34 | -0.50 |
| Net Debt / FCF Ratio | -2.00 | -1.86 | -1.56 | -1.06 | -0.67 | -1.45 |
| Asset Turnover | 1.53 | 1.61 | 1.79 | 1.87 | 1.78 | 1.54 |
| Quick Ratio | 1.41 | 1.47 | 1.35 | 1.10 | 0.91 | 1.05 |
| Current Ratio | 1.94 | 2.03 | 1.90 | 1.64 | 1.45 | 1.55 |
| Return on Equity (ROE) | 30.70% | 30.81% | 33.41% | 33.90% | 32.02% | 30.69% |
| Return on Assets (ROA) | 14.68% | 15.05% | 15.09% | 14.01% | 13.06% | 12.58% |
| Return on Invested Capital (ROIC) | 62.23% | 59.85% | 53.92% | 45.11% | 41.14% | 45.27% |
| Return on Capital Employed (ROCE) | 35.20% | 34.50% | 35.30% | 35.20% | 37.40% | 34.70% |
| Earnings Yield | 2.70% | 3.95% | 1.65% | 1.70% | 2.03% | 2.24% |
| FCF Yield | 2.71% | 3.94% | 1.59% | 1.56% | 1.71% | 1.26% |
| Buyback Yield / Dilution | 1.17% | 0.71% | 0.09% | 1.39% | 2.95% | 0.21% |