Detailed financial statements for CorVel Corporation (CRVL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CorVel Corporation delivers comprehensive solutions designed to assist employers, third-party administrators, insurance providers, and government entities in effectively managing healthcare claims. The company focuses on controlling medical expenditures and ensuring high-quality care across various sectors, including workers' compensation, auto liability, and general health.
Analysis Summary
CorVel Corporation reported revenue of $958.5M in the most recent fiscal year, growing at a 5-year CAGR of 11.6%. Net income reached $110.3M, with a 18.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 23.9%, operating margin 15.4%, net margin 11.7%. Free cash flow grew at 7.4% CAGR over 5 years.
At the current price of $76.00, CRVL trades at a P/E of 33.54 and an ROE of 29.93%. Market capitalisation stands at $3.9B.
Balance sheet quality for CRVL: current ratio of 2.0, net cash position of $205.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $110.3M represents 100% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $518.7M | $558.4M | $595.7M | $592.2M | $552.6M | $646.2M | $718.6M | $795.3M | $895.6M | $958.5M |
| Cost of Revenue | $413.9M | $451.1M | $470.9M | $466.3M | $429.0M | $494.1M | $560.3M | $623.6M | $685.9M | $725.7M |
| Gross Profit | $104.8M | $107.3M | $124.8M | $125.9M | $123.6M | $152.1M | $158.3M | $171.7M | $209.7M | $232.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $57.2M | $59.4M | $63.3M | $65.2M | $64.4M | $67.6M | $73.7M | $76.6M | $88.9M | $89.73B |
| Operating Expenses | $57.2M | $59.4M | $63.3M | $65.2M | $64.4M | $67.6M | $73.7M | $76.6M | $88.9M | $89.7M |
| Operating Income | $47.5M | $47.9M | $61.5M | $60.7M | $59.2M | $84.5M | $84.6M | $95.1M | $120.8M | $143.1M |
| EBITDA | $68.5M | $69.7M | $84.5M | $83.2M | $82.6M | $108.4M | $109.7M | $121.4M | $150.4M | $174.9M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $47.5M | $47.9M | $61.5M | $60.7M | $59.2M | $84.5M | $84.6M | $95.1M | $120.8M | $143.1M |
| Income Tax | $18.1M | $12.2M | $14.8M | $13.3M | $12.8M | $18.1M | $18.2M | $18.8M | $25.7M | $32.8M |
| Net Income | $29.5M | $35.7M | $46.7M | $47.4M | $46.4M | $66.4M | $66.4M | $76.3M | $95.2M | $110.3M |
| EPS | $1.51 | $1.87 | $2.46 | $2.56 | $2.50 | $1.25 | $1.28 | $1.48 | $1.85 | $2.15 |
| EPS (Diluted) | $1.51 | $1.87 | $2.46 | $2.56 | $2.50 | $1.22 | $1.26 | $1.47 | $1.83 | $2.14 |
| Shares Outstanding (Diluted) | $19.6M | $19.0M | $19.0M | $18.5M | $18.5M | $54.4M | $52.8M | $52.0M | $52.0M | $51.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $239.6M | $235.6M | $248.5M | $259.9M |
| Gross Profit | $58.2M | $54.9M | $63.0M | $59.0M |
| Operating Income | $35.9M | $32.2M | $39.7M | $43.3M |
| EBITDA | $43.7M | $40.1M | $48.0M | $52.1M |
| Net Income | $27.9M | $24.2M | $31.0M | $32.2M |
| EPS | $0.54 | $0.47 | $0.61 | $0.63 |
| EPS (Diluted) | $0.54 | $0.47 | $0.61 | $0.63 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.6M | $55.8M | $91.7M | $83.2M | $139.7M | $97.5M | $71.3M | $105.6M | $170.6M | $233.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $62.8M | $64.9M | $71.3M | $65.8M | $64.7M | $82.6M | $81.0M | $97.1M | $104.1M | $101.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $128.9M | $163.3M | $215.5M | $209.0M | $268.9M | $265.0M | $243.8M | $302.2M | $386.7M | $462.3M |
| Property, Plant & Equipment | $63.0M | $69.4M | $62.0M | $166.6M | $115.9M | $111.3M | $110.5M | $110.0M | $112.9M | $139.1M |
| Goodwill | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M |
| Intangible Assets | $3.9M | $3.4M | $3.0M | $2.5M | $2.1M | $1.7M | $1.2M | $821,000 | $438,000 | $263,000 |
| Total Assets | $235.4M | $274.0M | $318.0M | $416.3M | $424.8M | $415.2M | $393.9M | $454.7M | $546.0M | $643.0M |
| Accounts Payable | $13.9M | $11.8M | $9.9M | $15.1M | $12.4M | $14.1M | $15.1M | $16.4M | $15.4M | $24.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $90.1M | $98.0M | $116.9M | $133.7M | $162.5M | $171.4M | $167.9M | $184.5M | $204.0M | $228.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $96.7M | $102.8M | $123.2M | $226.5M | $204.4M | $202.9M | $191.7M | $207.0M | $224.0M | $248.8M |
| Retained Earnings | $422.8M | $458.5M | $505.2M | $552.5M | $598.9M | $665.3M | $731.7M | $807.9M | $903.1M | $1.01B |
| Total Equity | $138.6M | $171.2M | $194.8M | $189.7M | $220.4M | $212.4M | $202.2M | $247.6M | $322.0M | $394.2M |
| Total Debt | 0 | 0 | 0 | $98.3M | $54.7M | $43.1M | $33.8M | $31.4M | $28.1M | $28.1M |
| Net Debt | -$28.6M | -$55.8M | -$91.7M | $15.1M | -$85.1M | -$54.4M | -$37.6M | -$74.2M | -$142.5M | -$205.0M |
| Working Capital | $38.8M | $65.3M | $98.6M | $75.3M | $106.5M | $93.6M | $75.9M | $117.7M | $182.7M | $234.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $207.5M | $230.0M | $233.1M | $255.9M |
| Total Assets | $611.7M | $644.8M | $643.0M | $689.7M |
| Total Liabilities | $248.9M | $269.1M | $248.8M | $280.8M |
| Total Equity | $362.8M | $375.7M | $394.2M | $408.9M |
| Total Debt | $44.5M | $44.6M | $28.1M | $28.4M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $29.5M | $35.7M | $46.7M | $47.4M | $46.4M | $66.4M | $66.4M | $76.3M | $95.2M | $110.3M |
| Depreciation & Amortization | $20.9M | $21.8M | $23.0M | $22.5M | $23.4M | $23.9M | $25.1M | $26.3M | $29.5M | $31.8M |
| Stock-based Compensation | $2.4M | $3.2M | $4.3M | $4.5M | $5.0M | $5.2M | $5.6M | $5.0M | $5.7M | $5.4M |
| Change in Working Capital | -$2.7M | -$1.4M | $966,000 | $3.2M | $25.4M | -$30.9M | -$14.5M | -$7.0M | -$1.8M | $2.5M |
| Operating Cash Flow | $52.1M | $62.2M | $78.6M | $80.8M | $94.4M | $67.2M | $82.3M | $99.2M | $127.3M | $155.6M |
| Capital Expenditure | -$31.0M | -$27.7M | -$15.3M | -$32.4M | -$17.2M | -$29.8M | -$26.3M | -$29.2M | -$35.8M | -$45.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$28.0M | -$11.2M | -$35.2M | -$65.6M | -$32.7M | -$90.1M | -$93.7M | -$45.7M | -$37.6M | -$56.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $21.0M | $34.5M | $63.4M | $48.5M | $77.1M | $37.4M | $56.0M | $70.0M | $91.6M | $110.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $25.0M | $46.1M | $29.5M | $49.9M |
| Capital Expenditure | -$9.8M | -$11.0M | -$9.2M | -$6.8M |
| Free Cash Flow | $15.3M | $35.2M | $20.3M | $43.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.4M | 0 | $5.41B | $1.4M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.6% | +6.7% | -0.6% | -6.7% | +16.9% | +11.2% | +10.7% | +12.6% | +7.0% | |
| Net Income Growth (YoY) | +21.1% | +30.8% | +1.4% | -2.2% | +43.3% | -0.1% | +14.9% | +24.8% | +16.0% | |
| EPS Growth (YoY) | +23.8% | +31.6% | +4.1% | -2.3% | -50.0% | +2.4% | +15.6% | +25.0% | +16.2% | |
| Shares Change (YoY) | -2.7% | -0.2% | -2.5% | +0.0% | +193.4% | -3.0% | -1.4% | -0.0% | -0.8% | |
| FCF Growth (YoY) | +64.0% | +83.9% | -23.5% | +59.2% | -51.5% | +49.6% | +25.1% | +30.8% | +20.4% | |
| Gross Margin | 20.2% | 19.2% | 21.0% | 21.3% | 22.4% | 23.5% | 22.0% | 21.6% | 23.4% | 24.3% |
| Operating Margin | 9.2% | 8.6% | 10.3% | 10.3% | 10.7% | 13.1% | 11.8% | 12.0% | 13.5% | 14.9% |
| EBITDA Margin | 13.2% | 12.5% | 14.2% | 14.1% | 14.9% | 16.8% | 15.3% | 15.3% | 16.8% | 18.2% |
| Net Margin | 5.7% | 6.4% | 7.8% | 8.0% | 8.4% | 10.3% | 9.2% | 9.6% | 10.6% | 11.5% |
| FCF Margin | 4.1% | 6.2% | 10.6% | 8.2% | 14.0% | 5.8% | 7.8% | 8.8% | 10.2% | 11.5% |
| Effective Tax Rate | 38.0% | 25.5% | 24.1% | 22.0% | 21.7% | 21.4% | 21.5% | 19.8% | 21.2% | 22.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.07 | $1.81 | $3.33 | $2.61 | $4.16 | $0.69 | $1.06 | $1.35 | $1.76 | $2.14 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $19.6M | $19.0M | $19.0M | $18.5M | $18.5M | $53.3M | $52.0M | $51.4M | $51.4M | $51.3M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 29.93% |
| Return on Invested Capital | 26.37% |
| Return on Assets | 16.72% |
| Gross Margin | 23.90% |
| Operating Margin | 15.37% |
| Net Margin | 11.72% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 1.94 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 11.63 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.60 | 9.01 | 8.89 | 7.10 | 13.68 | 44.92 | 49.55 | 57.82 | 60.52 | 25.42 |
| P/B | 2.05 | 1.87 | 2.13 | 1.78 | 2.88 | 14.08 | 16.31 | 17.75 | 17.87 | 7.11 |
| P/S | 0.55 | 0.57 | 0.70 | 0.57 | 1.15 | 4.63 | 4.59 | 5.53 | 6.42 | 2.92 |
| Gross Margin | 20.2% | 19.2% | 21.0% | 21.3% | 22.4% | 23.5% | 22.0% | 21.6% | 23.4% | 24.3% |
| Operating Margin | 9.2% | 8.6% | 10.3% | 10.3% | 10.7% | 13.1% | 11.8% | 12.0% | 13.5% | 14.9% |
| Net Margin | 5.7% | 6.4% | 7.8% | 8.0% | 8.4% | 10.3% | 9.2% | 9.6% | 10.6% | 11.5% |
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Explore sector: Financial Services · Insurance - Brokers
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