CORVEL CORP CRVL
CorVel is an independent nationwide provider of medical cost containment and managed care services designed to address the escalating medical costs of workers' compensation benefits, automobile insurance claims, and group health insurance. CorVel applies certain technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and the related health-care costs. We provide services to insurance companies, third-party administrators ("TPAs"), government entities, and self-administered employers to assist them in managing the increasing medical costs of workers' compensation, group health and auto insurance, and monitoring the quality of care provided to claimants. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support its clients, as well as their customers and patients.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $958.5M | $895.6M | $795.3M | $718.6M | $646.2M | $552.6M | $592.2M | $595.7M | $558.4M | $518.7M |
| Cost of revenue | $725.7M | $685.9M | $623.6M | $560.3M | $494.1M | $429.0M | $466.3M | $470.9M | $451.1M | $413.9M |
| Gross profit | $232.9M | $209.7M | $171.7M | $158.3M | $152.1M | $123.6M | $125.9M | $124.8M | $107.3M | $104.8M |
| SG&A | $89.7M | $88.9M | $76.6M | $73.7M | $67.6M | $64.4M | $65.2M | $63.3M | $59.4M | $57.2M |
| Pre-tax income | $143.1M | $120.8M | $95.1M | $84.6M | $84.5M | $59.2M | $60.7M | $61.5M | $47.9M | $47.5M |
| Income tax | $32.8M | $25.7M | $18.8M | $18.2M | $18.1M | $12.8M | $13.3M | $14.8M | $12.2M | $18.1M |
| Net income | $110.3M | $95.2M | $76.3M | $66.4M | $66.4M | $46.4M | $47.4M | $46.7M | $35.7M | $29.5M |
| EPS, basic | 2.15 | 1.85 | 1.48 | 1.28 | 3.74 | 2.59 | 2.59 | 2.48 | 1.90 | 1.52 |
| EPS, diluted | 2.14 | 1.83 | 1.47 | 1.26 | 3.66 | 2.55 | 2.55 | 2.46 | 1.87 | 1.51 |
| Shares, diluted (wtd. avg.) | $51.6M | $52.0M | $52.0M | $52.8M | $18.1M | $18.2M | $18.6M | $19.0M | $19.0M | $19.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $233.1M | $170.6M | $105.6M | $71.3M | $97.5M | $139.7M | $83.2M | $91.7M | $55.8M | $28.6M |
| Receivables | $101.3M | $104.1M | $97.1M | $81.0M | $82.6M | $64.7M | $65.8M | $71.3M | $64.9M | $62.8M |
| Total current assets | $462.3M | $386.7M | $302.2M | $243.8M | $265.0M | $268.9M | $209.0M | $215.5M | $163.3M | $128.9M |
| Property, plant and equipment | $117.9M | $92.1M | $85.9M | $82.8M | $76.3M | $70.6M | $75.9M | $62.0M | $69.4M | $63.0M |
| Goodwill | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M | $36.8M |
| Other intangibles | $263.0K | $438.0K | $821.0K | $1.2M | $1.7M | $2.1M | $2.5M | $3.0M | $3.4M | $3.9M |
| Total assets | $643.0M | $546.0M | $454.7M | $393.9M | $415.2M | $424.8M | $416.3M | $318.0M | $274.0M | $235.4M |
| Accounts payable | $24.3M | $15.4M | $16.4M | $15.1M | $14.1M | $12.4M | $15.1M | $9.9M | $11.8M | $13.9M |
| Total current liabilities | $228.1M | $204.0M | $184.5M | $167.9M | $171.4M | $162.5M | $133.7M | $116.9M | $98.0M | $90.1M |
| Total liabilities | $248.8M | $224.0M | $207.0M | $191.7M | $202.9M | $204.4M | $226.5M | $123.2M | $102.8M | $96.7M |
| Retained earnings | $1.01B | $903.1M | $807.9M | $731.7M | $665.3M | $598.9M | $552.5M | $505.2M | $458.5M | $422.8M |
| Total equity | $394.2M | $322.0M | $247.6M | $202.2M | $212.4M | $220.4M | $189.7M | $194.8M | $171.2M | $138.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $155.6M | $127.3M | $99.2M | $82.3M | $67.2M | $94.4M | $80.8M | $78.6M | $62.2M | $52.1M |
| Depreciation and amortisation | $31.8M | $29.5M | $26.3M | $25.1M | $23.9M | $23.4M | $22.5M | $23.0M | $21.8M | $20.9M |
| Stock-based compensation | $5.4M | $5.7M | $5.0M | $5.6M | $5.2M | $5.0M | $4.5M | $4.3M | $3.2M | $2.4M |
| Capital expenditure | $45.4M | $35.8M | $29.2M | $26.3M | $29.8M | $17.2M | $32.4M | $15.3M | $27.7M | $31.0M |
| Investing cash flow | -$45.4M | -$35.8M | -$29.2M | -$26.3M | -$29.8M | -$17.2M | -$32.4M | -$15.3M | -$27.7M | -$31.0M |
| Financing cash flow | -$47.8M | -$26.5M | -$35.8M | -$82.1M | -$79.6M | -$20.6M | -$57.0M | -$27.4M | -$7.3M | -$25.2M |
| Buybacks | $56.2M | $37.6M | $45.7M | $93.7M | $90.1M | $32.7M | $65.6M | $35.2M | $11.2M | $28.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-285509.
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