Tearsheet

CorVel (CRVL)

Market Price (12/25/2025): $68.88 | Market Cap: $3.5 Bil
Sector: Health Care | Industry: Health Care Services

CorVel (CRVL)

Market Price (12/25/2025): $68.88
Market Cap: $3.5 Bil
Sector: Health Care
Industry: Health Care Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%	Weak multi-year price returns 2Y Excs Rtn is -62%, 3Y Excs Rtn is -32%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 34x
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34%		Key risks CRVL key risks include [1] rapid AI innovation threatening its established business model and competitive position, Show more.
2	Low stock price volatility Vol 12M is 30%
3	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine, and Artificial Intelligence. Themes include Health Data Analytics, Remote Patient Monitoring, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34%
2	Low stock price volatility Vol 12M is 30%
3	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine, and Artificial Intelligence. Themes include Health Data Analytics, Remote Patient Monitoring, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -62%, 3Y Excs Rtn is -32%
5	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 34x
6	Key risks CRVL key risks include [1] rapid AI innovation threatening its established business model and competitive position, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022
Share Price CYE	$68.88	$111.26	$82.40	$48.44
Market Cap CYE ($ Bil)	3.5	5.7	4.2	2.5
Total Debt ($ Bil)	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.2	0.2	0.1	0.1
Enterprise Value ($ Bil)	3.4	5.7	4.2	2.5
Valuation Ratios
P/S TTM	3.8	6.4	5.3	3.5
P/EBIT TTM	26.1	47.3	44.5	29.8
P/E TTM	33.6	60.1	55.5	37.9
P/FCF TTM	34.9	62.4	60.5	45.0
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9	4.5
P/EBIT TTM (Sector)	-1.4	-1.3	-1.4	-1.3
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5

	12/25/25	2024	2023
Share Price CYE	$68.88	$111.26	$82.40
Market Cap CYE ($ Bil)	3.5	5.7	4.2
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.2	0.2	0.1
Enterprise Value ($ Bil)	3.4	5.7	4.2
Valuation Ratios
P/S TTM	3.8	6.4	5.3
P/EBIT TTM	26.1	47.3	44.5
P/E TTM	33.6	60.1	55.5
P/FCF TTM	34.9	62.4	60.5
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9
P/EBIT TTM (Sector)	-1.4	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	CRVL	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.9
Rev Chg Q	6.8%	7.3%
Rev Chg LTM	10.4%	6.1%
Rev Chg 3Y Avg	10.6%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	14.5%	18.8%
CFO/Rev LTM	15.5%	20.4%
Net Inc Mgn	11.3%	13.1%
VALUATION	HIGH
P/S	3.8	3.2
P/CFO	24.4	15.7
P/FCF	34.9	20.6
P/E	33.6	23.5
STABILITY	VERY GOOD
Debt/Equity	0.01	0.21
Cash/Assets	0.34	0.07

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Metric	Value	Date	Source
Number of Team Members	more than 5,000	3312025	Link
PPO Network Size	over 1.2 million providers	3312025	Link
Number of Clients	Over 1,000	11062025	Link
Average Network Utilization	80%	1092023	Link
Decrease in Medical Costs (Custom Networks)	43%	1092023	Link

Upcoming
2/03/2026	Earnings Release	Rev: - EPS: -

CRVL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are key points highlighting potential reasons for a -22.7% stock movement for CorVel (CRVL) from approximately August 31, 2025, to December 25, 2025: 1. Post-Q2 2026 Earnings Stock Drift

Following its Q2 2026 earnings report on November 4, 2025, CorVel's stock price experienced a decline of 7.7% over the subsequent 44 days. Despite reported increases in revenue and earnings per share, this post-earnings drift suggests investor apprehension or a negative market interpretation of other factors, contributing to a downward pressure on the stock during the specified period. 2. Elevated AI Risk

A news report from November 12, 2025, specifically highlighted "AI Proliferation Remains An Elevated Risk" for CorVel. This suggests that market participants may be perceiving increased competitive threats or operational challenges for the company due to rapid advancements and widespread adoption of artificial intelligence technologies, potentially impacting future growth and profitability. Show more Here are key points highlighting potential reasons for a -22.7% stock movement for CorVel (CRVL) from approximately August 31, 2025, to December 25, 2025: 1. Post-Q2 2026 Earnings Stock Drift

Following its Q2 2026 earnings report on November 4, 2025, CorVel's stock price experienced a decline of 7.7% over the subsequent 44 days. Despite reported increases in revenue and earnings per share, this post-earnings drift suggests investor apprehension or a negative market interpretation of other factors, contributing to a downward pressure on the stock during the specified period. 2. Elevated AI Risk

A news report from November 12, 2025, specifically highlighted "AI Proliferation Remains An Elevated Risk" for CorVel. This suggests that market participants may be perceiving increased competitive threats or operational challenges for the company due to rapid advancements and widespread adoption of artificial intelligence technologies, potentially impacting future growth and profitability. 3. Negative Technical Indicators and Analyst Sentiment

CorVel's stock has shown "sell signals from both short and long-term Moving Averages" and is within a "wide and falling trend." Furthermore, the company has maintained a consensus "Hold" rating from analysts, with limited recent research coverage, indicating a cautious or unenthusiastic sentiment among market professionals. 4. Valuation Concerns

CorVel's Price to Book Value per Share Ratio was noted at 10.85. This high ratio (typically, P/B ratios above 3 can suggest overvaluation) indicates that the company's stock might be considered expensive relative to its assets and liabilities, potentially prompting a correction or contributing to a downward movement as investors re-evaluate its fair value. 5. Sustained Negative Performance

Over the past year, CorVel (CRVL) has experienced a significant overall decrease in its stock value, with a decline of approximately -42.54% and -39.73%. This broader negative trend suggests ongoing underlying pressures and a challenging market environment for the company, making a -22.7% drop within a shorter period a continuation of this trajectory. Show less

Stock Movement Drivers

Fundamental Drivers

The -13.0% change in CRVL stock from 9/24/2025 to 12/24/2025 was primarily driven by a -16.8% change in the company's P/E Multiple.

	9242025	12242025	Change
Stock Price ($)	79.18	68.88	-13.01%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	918.58	933.84	1.66%
Net Income Margin (%)	10.98%	11.28%	2.76%
P/E Multiple	40.33	33.56	-16.79%
Shares Outstanding (Mil)	51.35	51.31	0.07%
Cumulative Contribution			-13.01%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
CRVL	-13.0%
Market (SPY)	4.4%	11.3%
Sector (XLV)	14.2%	26.4%

Fundamental Drivers

The -32.9% change in CRVL stock from 6/25/2025 to 12/24/2025 was primarily driven by a -39.5% change in the company's P/E Multiple.

	6252025	12242025	Change
Stock Price ($)	102.68	68.88	-32.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	895.59	933.84	4.27%
Net Income Margin (%)	10.63%	11.28%	6.15%
P/E Multiple	55.42	33.56	-39.45%
Shares Outstanding (Mil)	51.36	51.31	0.10%
Cumulative Contribution			-32.92%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
CRVL	-32.9%
Market (SPY)	14.0%	16.3%
Sector (XLV)	16.9%	27.4%

Fundamental Drivers

The -40.5% change in CRVL stock from 12/24/2024 to 12/24/2025 was primarily driven by a -54.0% change in the company's P/E Multiple.

	12242024	12242025	Change
Stock Price ($)	115.82	68.88	-40.53%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	845.64	933.84	10.43%
Net Income Margin (%)	9.64%	11.28%	17.00%
P/E Multiple	73.02	33.56	-54.05%
Shares Outstanding (Mil)	51.40	51.31	0.17%
Cumulative Contribution			-40.53%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
CRVL	-40.5%
Market (SPY)	15.8%	36.3%
Sector (XLV)	13.3%	33.8%

Fundamental Drivers

The 43.6% change in CRVL stock from 12/25/2022 to 12/24/2025 was primarily driven by a 35.4% change in the company's Total Revenues ($ Mil).

	12252022	12242025	Change
Stock Price ($)	47.97	68.88	43.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	689.60	933.84	35.42%
Net Income Margin (%)	9.40%	11.28%	19.96%
P/E Multiple	38.58	33.56	-13.03%
Shares Outstanding (Mil)	52.16	51.31	1.62%
Cumulative Contribution			43.56%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
CRVL	-17.1%
Market (SPY)	48.9%	38.1%
Sector (XLV)	18.8%	35.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CRVL Return	21%	96%	-30%	70%	35%	-39%	134%
Peers Return	6%	29%	11%	30%	-2%	-8%	77%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
CRVL Win Rate	67%	83%	25%	67%	67%	33%
Peers Win Rate	47%	55%	57%	48%	55%	57%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CRVL Max Drawdown	-46%	-7%	-37%	-3%	-9%	-40%
Peers Max Drawdown	-38%	-7%	-13%	-14%	-17%	-25%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AJG, CRD-A, CI, UNH, ELV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	CRVL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-37.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	59.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	328 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-50.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	102.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	217 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-20.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	26.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	175 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-66.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	199.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	699 days	1,480 days

Compare to ADUS, CVS, CI, LH, DGX

In The Past

CorVel's stock fell -37.1% during the 2022 Inflation Shock from a high on 1/3/2022. A -37.1% loss requires a 59.0% gain to breakeven.

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About CorVel (CRVL)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

CorVel Corporation provides workers' compensation, auto, liability, and health solutions for employers, third party administrators, insurance companies, and government agencies to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims. It applies technology, including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and the related health care costs. The company offers network solutions services, including automated medical fee auditing, preferred provider management and reimbursement services, retrospective utilization review, facility claim review, professional review, pharmacy services, directed care services, Medicare solutions, clearinghouse services, independent medical examinations, and inpatient medical bill review. It also provides a range of patient management services, such as claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, and life care planning, as well as processing of claims for self-insured payors with respect to property and casualty insurance. The company was incorporated in 1987 and is headquartered in Fort Worth, Texas.

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1. ADP for workers' compensation and auto claims management.

2. Optum for injury claims and healthcare cost management.

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Workers' Compensation Solutions: Comprehensive services managing medical care, claims administration, and return-to-work programs for workplace injuries.
Auto & Liability Solutions: Medical management and cost containment services for auto accident and other liability claims.
Group Health Solutions: Health management services, including utilization review and case management, for employer-sponsored health plans.
Claims Administration (TPA Services): Third-Party Administrator services encompassing claims processing and benefit payment for self-insured organizations.
PPO Network Solutions: Development and management of preferred provider networks to provide discounted medical services for all types of claims.

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CorVel (CRVL) sells primarily to other companies (B2B) rather than individuals.

CorVel does not publicly disclose the names of its specific major customer companies. This is common for B2B service providers due to client confidentiality, and CorVel's SEC filings indicate that no single customer accounts for more than 10% of its revenues, meaning there isn't one overriding "major" customer that requires specific disclosure.

However, CorVel's major customers can be categorized into the following types of organizations:

Insurance Companies: This category includes a wide range of insurers, such as workers' compensation carriers, property and casualty insurers (for auto and liability claims), and group health insurance companies. These entities utilize CorVel's services for claims management, medical cost containment, network solutions, and pharmacy benefits management.
Third-Party Administrators (TPAs): CorVel partners with TPAs that manage claims on behalf of various organizations. These TPAs leverage CorVel's integrated solutions, including care management, medical review, bill review, and data analytics, to provide efficient and cost-effective claims services to their own clients.
Self-Insured Entities: A significant portion of CorVel's client base consists of large employers, municipalities, and state and federal agencies that self-insure their workers' compensation, liability, or employee health benefits. These self-insured organizations engage CorVel to manage their claims, control medical expenditures, and ensure compliant and timely claims resolution.

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Michael G. Combs, President & CEO, Chairman

Michael G. Combs has been with CorVel for over 30 years, initially joining the company as a software engineer in October 1991. He advanced through several leadership roles, including Vice President of Information Systems, Deputy Chief Information Officer, Chief Information Officer, and President, before being appointed Chief Executive Officer in January 2019 and Chairman in November 2024. Prior to his extensive career at CorVel, Mr. Combs gained experience as a software engineer at SAIC from 1989 to October 1991.

Brian Nichols, Chief Financial Officer

Brian Nichols serves as the Chief Financial Officer for CorVel.

Maxim Shishin, Chief Information Officer

Maxim Shishin is the Chief Information Officer at CorVel Corporation. He previously held the position of VP of Information Systems at CorVel and worked as a Software Developer at In Think Corporation.

Mark E. Bertels, Executive Vice President, Risk Management Services

Mark E. Bertels is the Executive Vice President of Risk Management Services at CorVel.

Jeff Gurtcheff, Chief Claims Officer

Jeff Gurtcheff holds the position of Chief Claims Officer at CorVel.

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The key risks to CorVel's business include:

Rapid AI Innovation and Technological Changes: CorVel faces headwinds from rapid AI innovation, which may level the competitive landscape and dampen investor sentiment. While CorVel invests in artificial intelligence, the rapid proliferation and evolution of AI technologies pose an elevated risk to the company's established business model and competitive position.
Shortage of Qualified Professionals: There is a significant concern within the industry regarding a lack of qualified professionals, with more workers reportedly exiting the space than entering it. This shortage could impede CorVel's ability to grow, despite its efforts to address the problem through initiatives like its own university.
Competitive and Regulatory Pressures: CorVel operates in a highly competitive and regulated healthcare cost containment industry. The company experiences pricing pressure, particularly in its CERiS segment. The workers' compensation space, which accounts for a significant portion of CorVel's revenue, is subject to complex state and federal laws, and changes in these regulations can necessitate costly system updates or alter the economics of services. Furthermore, CorVel competes with larger entities and faces the risk of customers developing in-house capabilities.

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CorVel (CRVL) operates predominantly in the United States, with less than 2% of its revenue derived from international markets. The addressable markets for its main products and services in the U.S. are as follows:

Workers' Compensation Solutions: The U.S. Workers' Compensation Insurance market size was approximately $56.7 billion in 2024. CorVel provides comprehensive workers' compensation solutions, including claims management and cost containment services.
Pharmacy Benefit Management (PBM): The U.S. Pharmacy Benefit Management market size was $638.0 billion in 2025. CorVel offers pharmacy benefit management services.
Medical Bill Review and Auditing: The U.S. medical billing outsourcing market size was estimated at $6.28 billion in 2024 and is projected to grow to $6.95 billion in 2025. This market is expected to reach approximately $18.74 billion by 2034. CorVel provides hospital bill auditing and payment integrity solutions.
Telehealth and Virtual Care Services: The U.S. telehealth market size was valued at $42.6 billion in 2024 and is anticipated to increase to $52.76 billion in 2025. CorVel offers virtual care services, including telehealth.
Disability Management Services: The U.S. Disability Insurance market was valued at $1.7 billion in 2024 and is anticipated to reach approximately $4.6 billion by 2034. CorVel provides disability management services.
Enterprise Risk Management Services: The United States risk management market size reached $3.3 billion in 2024 and is expected to reach $8.3 billion by 2033. CorVel offers comprehensive risk management solutions.
Auto Liability Claims Management: The specific addressable market size for auto liability claims management within the U.S. is not distinctly provided in the search results. While the broader North America Insurance Claims Management market was $6,033.55 million in 2024, this includes various insurance types and a wider geographical scope than requested. Therefore, a precise U.S. market size for auto liability claims management cannot be identified.

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Here are 3-5 expected drivers of future revenue growth for CorVel (CRVL) over the next 2-3 years:

Advancements and Deployment of Artificial Intelligence (AI) and Generative AI: CorVel is heavily investing in and deploying AI and Generative AI functionalities across its operations. These technologies are expected to drive revenue growth by increasing efficiencies in claims management, automating objective tasks, improving cost containment, optimizing claims, and enhancing fraud detection. For example, AI is being used in the review of clinical bills to identify anomalies and document activities, allowing users to focus on reviewing procedures and achieving optimal cost containment.
Growth in Network Solutions and Patient Management Services: The company anticipates continued growth in both its Network Solutions and Patient Management segments. This growth is driven by expanding business with existing partners through new service offerings and enhanced programs like bill review. CorVel has seen increased utilization of its CERiS, Ancillary Care, and Bill Review Solutions. Its patient management services, including Third Party Administration (TPA) customers, have also been a significant contributor to overall revenue growth.
Strategic Acquisitions: CorVel has demonstrated a strategy of acquiring technology firms to bolster its capabilities and expand its market reach. A recent example includes the acquisition of assets and key talent from a privately held technology firm to enhance the capabilities of its CERIS group health division and strengthen foundational technologies. These acquisitions are expected to be accretive, expanding CorVel's addressable market and accelerating its AI-driven roadmap.
Expansion of Partnerships and Customer Base: CorVel's growth is also being fueled by the expansion of its services and scale with both existing carrier and payer partners. The company's focus on delivering quality results for existing services enables organic growth through the addition of new services and offerings. Initiatives like CorVel University are also aimed at developing new talent and strengthening long-term capabilities to address workforce challenges, positioning the company as a leader in workforce development.

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CorVel (CRVL) has demonstrated a focused approach to capital allocation over the last 3-5 years, prioritizing share repurchases, managing share issuance through a stock split, and making strategic investments in technology and a recent acquisition.

Share Repurchases

CorVel repurchased 377,154 shares of its common stock in fiscal year 2025.
The company spent $45.7 million to repurchase 215,313 shares of common stock in fiscal year 2024.
As of March 31, 2025, CorVel had 2,523,309 shares authorized for repurchase remaining under its program.

Share Issuance

In December 2024 (fiscal year 2025), CorVel executed a three-for-one forward stock split of its common stock, which retroactively adjusted all prior period share and per share amounts.
The company grants shares of common stock to key employees, non-employee directors, and consultants under an Omnibus Plan, with 1,775,459 shares available for issuance as of November 3, 2025.

Outbound Investments

During the first quarter of fiscal year 2026 (ended June 30, 2025), CorVel completed an acquisition to enhance its CERIS group health division.

Capital Expenditures

CorVel has historically funded its operations and capital expenditures primarily from cash flow from operations.
A significant focus of capital allocation has been on technological innovation, including increased investment in AI to enhance communication platforms, streamline operations, and implement AI-driven functionality for tasks and fraud detection.
Investments have been made in system and workflow enhancements to reduce costs, improve customer experience, and optimize day-to-day operations.

Better Bets than CorVel (CRVL)

INDUSTRY: Health Care Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRVL: 10.6% | 3.8x)

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRVL: 10.6% | 26.1x)

BTSG (24.3% | 22.5x)

BrightSpring Health Services

PGNY (23.1% | 25.6x)

Progyny

ADUS (13.3% | 16.3x)

Addus HomeCare

Higher Rev Chg LTM (Value for CRVL: 10.4%)

HIMS (78.0%)

Hims & Hers Health

BTSG (37.1%)

BrightSpring Health Services

CI (20.9%)

Cigna

DGX (13.7%)

Quest Diagnostics

RDNT (11.1%)

RadNet

Higher Rev Chg 3Y Avg (Value for CRVL: 10.6%)

HIMS (71.0%)

Hims & Hers Health

BTSG (24.3%)

BrightSpring Health Services

VCYT (20.5%)

Veracyte

CI (13.6%)

Cigna

RDNT (12.6%)

RadNet

Higher Op Mgn LTM (Value for CRVL: 14.5%)

SHC (29.9%)

Sotera Health

CON (15.5%)

Concentra Parent

DVA (14.6%)

DaVita

Higher CFO/Rev LTM (Value for CRVL: 15.5%)

PINC (34.8%)

Premier

VCYT (21.9%)

Veracyte

SHC (20.8%)

Sotera Health

DGX (17.4%)

Quest Diagnostics

CHE (16.6%)

Chemed

Higher FCF/Rev LTM (Value for CRVL: 10.8%)

PINC (26.4%)

Premier

VCYT (19.8%)

Veracyte

PGNY (15.2%)

Progyny

CHE (14.2%)

Chemed

DGX (12.8%)

Quest Diagnostics

Higher Total Yield (Value for CRVL: 3.0%)

DVA (9.4%)

DaVita

CI (9.0%)

Cigna

DGX (6.7%)

Quest Diagnostics

LH (5.2%)

Labcorp

CVS (3.8%)

CVS Health

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRVL: 10.6% | 3.8x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CI (13.6% | 0.3x)

Cigna

HUM (11.4% | 0.2x)

Humana

BMRN (15.5% | 3.7x)

BioMarin Pharmaceutical

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRVL: 10.6% | 26.1x)

UNH (11.4% | 11.3x)

UnitedHealth

AMGN (11.2% | 20.7x)

Amgen

MCK (12.6% | 18.7x)

McKesson

RMD (13.3% | 20.3x)

ResMed

UTHR (19.0% | 14.8x)

United Therapeutics

Higher Rev Chg LTM (Value for CRVL: 10.4%)

LLY (36.8%)

Eli Lilly

ISRG (22.2%)

Intuitive Surgical

BSX (21.6%)

Boston Scientific

AMGN (10.6%)

Amgen

UNH (10.5%)

UnitedHealth

Higher Rev Chg 3Y Avg (Value for CRVL: 10.6%)

LLY (23.4%)

Eli Lilly

ISRG (16.3%)

Intuitive Surgical

BSX (15.6%)

Boston Scientific

UNH (11.4%)

UnitedHealth

AMGN (11.2%)

Amgen

Higher Op Mgn LTM (Value for CRVL: 14.5%)

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

JNJ (26.2%)

Johnson & Johnson

ABBV (24.1%)

AbbVie

TMO (18.4%)

Thermo Fisher Scientific

Higher CFO/Rev LTM (Value for CRVL: 15.5%)

ABBV (35.0%)

AbbVie

MRK (26.6%)

Merck

JNJ (26.3%)

Johnson & Johnson

LLY (20.5%)

Eli Lilly

TMO (17.5%)

Thermo Fisher Scientific

Higher FCF/Rev LTM (Value for CRVL: 10.8%)

ABBV (33.0%)

AbbVie

MRK (20.3%)

Merck

JNJ (20.3%)

Johnson & Johnson

ABT (15.8%)

Abbott Laboratories

TMO (14.0%)

Thermo Fisher Scientific

Higher Total Yield (Value for CRVL: 3.0%)

MRK (10.2%)

Merck

UNH (8.6%)

UnitedHealth

JNJ (7.5%)

Johnson & Johnson

ABBV (3.4%)

AbbVie

TMO (3.0%)

Thermo Fisher Scientific

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRVL: 10.6% | 3.8x)

AMZN (11.3% | 3.7x)

Amazon.com

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

AXP (11.6% | 3.8x)

American Express

RY (10.9% | 3.6x)

Royal Bank of Canada

UBER (19.6% | 3.4x)

Uber Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRVL: 10.6% | 26.1x)

META (17.3% | 20.5x)

Meta Platforms

V (10.9% | 17.3x)

Visa

MU (28.3% | 23.4x)

Micron Technology

BKNG (17.8% | 19.6x)

Booking

NEE (11.4% | 22.4x)

NextEra Energy

Higher Rev Chg LTM (Value for CRVL: 10.4%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for CRVL: 10.6%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for CRVL: 14.5%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for CRVL: 15.5%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for CRVL: 10.8%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for CRVL: 3.0%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

		Best Bets In Health Care Sector
	CRVL	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	33.6	22.2	13.5	32.5	13.8	11.9	79.4	74.9	28.1	11.4	58.7
P/EBIT	26.1	10.7	10.5	33.3	11.6	9.0	57.8	73.1	27.4	7.6	68.2
What You Get
Rev Chg Q	6.8%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	10.4%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	10.6%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	9.7%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	CorVel Earnings Notes
2	CorVel Earnings Notes
3	How Low Can CorVel Stock Really Go?	Return
4	CorVel vs Microsoft: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	CorVel vs Eli Lilly: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Better Bet Than CRVL Stock: Pay Less Than CorVel To Get More From META, LLY
7	Better Bet Than CRVL Stock: Pay Less Than CorVel To Get More From LLY, BMRN
8	Why CorVel Stock Moved: CRVL Stock Has Gained 40% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
9	CRVL Dip Buy Analysis
10	CorVel (CRVL) Valuation Ratios Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CRVL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	20.9%	20.9%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.4%	-7.4%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	13.5%	13.5%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	1.6%	1.6%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.8%	11.8%	-5.1%
CRVL_1312022_Quality_Momentum_RoomToRun_10%	01312022	CRVL	CorVel	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-6.0%	1.2%	-25.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for CorVel

Peers to compare with:

Financials

	CRVL	AJG	CRD-A	CI	UNH	ELV	Median
Name	CorVel	Arthur J.	Crawford	Cigna	UnitedHe.	Elevance.
Mkt Price	68.88	260.77	11.83	274.86	327.58	343.30	267.81
Mkt Cap	3.5	66.9	0.6	73.2	296.8	76.7	70.0
Rev LTM	934	13,030	1,349	261,220	435,159	194,820	103,925
Op Inc LTM	135	2,682	79	-	26,357	-	1,408
FCF LTM	101	1,767	52	3,944	17,372	3,767	2,767
FCF 3Y Avg	82	1,972	45	7,773	18,968	4,295	3,133
CFO LTM	145	1,916	92	5,292	20,958	4,912	3,414
CFO 3Y Avg	116	2,133	84	9,197	22,443	5,519	3,826

Growth & Margins

	CRVL	AJG	CRD-A	CI	UNH	ELV	Median
Name	CorVel	Arthur J.	Crawford	Cigna	UnitedHe.	Elevance.
Rev Chg LTM	10.4%	15.6%	4.4%	20.9%	10.5%	12.0%	11.2%
Rev Chg 3Y Avg	10.6%	15.3%	4.1%	13.6%	11.4%	8.4%	11.0%
Rev Chg Q	6.8%	19.9%	-2.9%	11.2%	12.2%	12.3%	11.7%
QoQ Delta Rev Chg LTM	1.7%	4.5%	-0.7%	2.7%	2.9%	2.9%	2.8%
Op Mgn LTM	14.5%	20.6%	5.8%	-	6.1%	-	10.3%
Op Mgn 3Y Avg	13.1%	19.5%	5.6%	-	7.7%	-	10.4%
QoQ Delta Op Mgn LTM	0.5%	-0.5%	0.2%	-	-1.2%	-	-0.1%
CFO/Rev LTM	15.5%	14.7%	6.8%	2.0%	4.8%	2.5%	5.8%
CFO/Rev 3Y Avg	13.7%	19.1%	6.3%	4.4%	5.8%	3.1%	6.0%
FCF/Rev LTM	10.8%	13.6%	3.9%	1.5%	4.0%	1.9%	3.9%
FCF/Rev 3Y Avg	9.7%	17.7%	3.4%	3.8%	4.9%	2.4%	4.3%

Valuation

	CRVL	AJG	CRD-A	CI	UNH	ELV	Median
Name	CorVel	Arthur J.	Crawford	Cigna	UnitedHe.	Elevance.
Mkt Cap	3.5	66.9	0.6	73.2	296.8	76.7	70.0
P/S	3.8	5.1	0.4	0.3	0.7	0.4	0.6
P/EBIT	26.1	25.7	8.5	8.8	11.3	9.0	10.2
P/E	33.6	41.8	18.0	14.6	16.9	13.9	17.4
P/CFO	24.4	34.9	6.4	13.8	14.2	15.6	14.9
Total Yield	3.0%	2.8%	8.0%	9.0%	8.6%	9.2%	8.3%
Dividend Yield	0.0%	0.4%	2.4%	2.2%	2.6%	2.0%	2.1%
FCF Yield 3Y Avg	2.0%	3.2%	9.3%	9.0%	4.5%	4.7%	4.6%
D/E	0.0	0.2	0.5	0.4	0.3	0.4	0.3
Net D/E	-0.1	0.2	0.4	0.4	0.2	-0.0	0.2

Returns

	CRVL	AJG	CRD-A	CI	UNH	ELV	Median
Name	CorVel	Arthur J.	Crawford	Cigna	UnitedHe.	Elevance.
1M Rtn	-6.8%	5.3%	8.3%	1.8%	3.4%	4.7%	4.0%
3M Rtn	-13.0%	-14.1%	7.5%	-5.2%	-6.3%	5.7%	-5.7%
6M Rtn	-32.9%	-17.5%	13.8%	-12.1%	9.9%	-7.2%	-9.6%
12M Rtn	-40.5%	-8.8%	6.0%	0.2%	-33.7%	-6.2%	-7.5%
3Y Rtn	43.6%	42.3%	131.8%	-13.2%	-34.9%	-30.2%	14.6%
1M Excs Rtn	-10.2%	2.0%	4.9%	-1.6%	-0.0%	1.3%	0.6%
3M Excs Rtn	-17.1%	-18.7%	4.0%	-7.7%	-9.5%	4.0%	-8.6%
6M Excs Rtn	-45.5%	-30.6%	0.4%	-28.7%	-3.2%	-19.9%	-24.3%
12M Excs Rtn	-57.1%	-24.0%	-9.9%	-15.6%	-49.8%	-21.3%	-22.6%
3Y Excs Rtn	-32.3%	-36.7%	56.7%	-93.8%	-115.5%	-110.1%	-65.3%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 3/31	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	3/31/2025	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020
Filing Date	11/6/2025	5/23/2025	5/24/2024	5/26/2023	5/27/2022	5/28/2021	6/10/2020
Key Financials
Total Revenue	934	896	795	719	646	553	592
EBITDA	166	150	121	110	108	83	83
Operating Income	135	121	95	85	85	59	61
Net Income	105	95	76	66	66	46	47
EPS	2.04	1.85	1.48	1.28	1.25	0.86	0.86
Growth Rates
Total Revenue Growth	10.4%	12.6%	10.7%	11.2%	16.9%	-6.7%	-0.6%
EBITDA Growth	28.0%	23.9%	10.6%	1.2%	31.3%	-0.7%	-1.5%
Operating Income Growth	33.1%	27.0%	12.5%	0.0%	42.8%	-2.5%	-1.3%
Net Income Growth	29.2%	24.8%	14.9%	-0.1%	43.3%	-2.2%	1.4%
Margins
EBITDA Margin	17.8%	16.8%	15.3%	15.3%	16.8%	14.9%	14.1%
Operating Income Margin	14.5%	13.5%	12.0%	11.8%	13.1%	10.7%	10.3%
Net Income Margin	11.3%	10.6%	9.6%	9.2%	10.3%	8.4%	8.0%
Cash & Debt
Total Cash	207	171	106	71	98	140	83
Total Debt	26	28	31	34	43	55	98
Net Debt / (Cash)	-182	-143	-74	-38	-54	-85	15
Cash Flows
Net Cash from Operations	145	127	99	82	67	94	81
Free Cash from Operations	101	92	70	56	37	77	48
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	41	38	46	94	90	33	66

$ Mil \| FY: 3/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/23/2025	2/6/2025	11/7/2024	8/1/2024	5/24/2024	2/1/2024	11/2/2023	8/3/2023	5/26/2023	2/2/2023
Key Financials Quarterly
Total Revenue	240	235	232	228	224	212	207	202	196	190	185	179
Ebitda	44	43	41	38	36	35	29	29	31	32	29	28
Operating Income	36	35	33	31	29	28	23	22	25	25	23	22
Net Income	28	27	26	24	23	22	19	17	20	20	18	17
EPS	0.54	0.53	0.51	0.46	0.46	0.42	0.38	0.33	0.39	0.39	0.36	0.33
Key Financials TTM
Total Revenue TTM	934	919	896	871	846	817	795	774	751	733	719	704
Ebitda TTM	166	158	150	139	130	124	121	121	120	114	110	113
Operating Income TTM	135	128	121	110	102	98	95	95	95	89	85	88
Net Income TTM	105	101	95	88	82	78	76	75	75	69	66	68
Growth Rates Quarterly
Total Revenue Growth	6.8%	10.9%	11.7%	12.7%	14.8%	11.3%	11.8%	12.8%	10.2%	7.9%	8.2%	9.0%
EBITDA Growth	20.2%	23.3%	39.8%	31.6%	16.7%	9.3%	1.5%	2.4%	25.3%	15.5%	-10.6%	19.8%
Operating Income Growth	25.2%	25.9%	47.5%	37.7%	16.0%	10.3%	0.0%	0.7%	33.3%	20.0%	-14.0%	25.6%
Net Income Growth	19.3%	26.2%	35.8%	39.1%	17.6%	8.9%	7.1%	1.5%	35.8%	18.7%	-7.5%	21.6%
Margins Quarterly
EBITDA Margin	18.3%	18.3%	17.7%	16.8%	16.2%	16.4%	14.1%	14.4%	15.9%	16.7%	15.6%	15.9%
Operating Income Margin	15.0%	15.0%	14.4%	13.5%	12.8%	13.2%	10.9%	11.1%	12.6%	13.4%	12.2%	12.4%
Net Income Margin	11.6%	11.6%	11.4%	10.4%	10.4%	10.2%	9.4%	8.5%	10.2%	10.4%	9.8%	9.4%
Cash & Debt
Total Cash	207	202	171	163	138	132	106	107	92	87	71	78
Total Debt	26	27	28	30	32	30	31	32	35	32	34	36
Net Debt / (Cash)	-182	-175	-143	-133	-107	-101	-74	-75	-57	-54	-38	-42
Cash Flows Quarterly
FCF from Operations	25	55	23	42	22	40	15	29	18	37	13	30
Cash Flows TTM
FCF from Operations TTM	145	142	127	120	107	103	99	97	97	89	82	86
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	13	10	9	9	10	10	9	9	9	18	19	23
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Patient management services	530	479	424	369	387
Network solutions services	265	240	222	184	205
Total	795	719	646	553	592

Price Behavior

Price Behavior

Market Price	$68.88
Market Cap ($ Bil)	3.5
First Trading Date	06/28/1991
Distance from 52W High	-46.4%
	50 Days	200 Days
DMA Price	$72.59	$92.12
DMA Trend	down	down
Distance from DMA	-5.1%	-25.2%
	3M	1YR
Volatility	26.5%	30.4%
Downside Capture	32.45	84.79
Upside Capture	-39.27	20.50
Correlation (SPY)	10.9%	36.3%

CRVL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.36	0.22	0.26	0.46	0.61	0.72
Up Beta	0.23	0.36	0.63	1.26	0.81	0.92
Down Beta	1.82	0.94	0.47	0.44	0.27	0.54
Up Capture	15%	-29%	-44%	-32%	21%	36%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	19	27	50	110	374
Down Capture	22%	5%	56%	92%	95%	87%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	22	35	73	136	371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of CRVL With Other Asset Classes (Last 1Y)
	CRVL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-38.2%	16.4%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	30.6%	17.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	-1.56	0.72	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		33.9%	36.7%	-6.8%	3.2%	42.4%	12.5%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of CRVL With Other Asset Classes (Last 5Y)
	CRVL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.7%	8.6%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	30.3%	14.5%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.55	0.41	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		40.1%	41.7%	1.8%	3.8%	39.7%	19.6%

Based On 10-Year Data

		Comparison of CRVL With Other Asset Classes (Last 10Y)
	CRVL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.7%	9.8%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	33.2%	16.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.58	0.48	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		47.1%	50.5%	-0.7%	12.8%	46.9%	15.3%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	567,481
Short Interest: % Change Since 11302025	0.5%
Average Daily Volume	187,679
Days-to-Cover Short Interest	3.02
Basic Shares Quantity	51,314,000
Short % of Basic Shares	1.1%

Returns Analyses

	Title
0	How Low Can CorVel Stock Really Go?

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	-0.8%	2.0%	-9.1%
8/5/2025	0.8%	2.5%	-1.9%
5/22/2025	-3.7%	-2.9%	-8.6%
2/4/2025	3.1%	-5.3%	-13.0%
11/5/2024	11.0%	13.7%	11.3%
5/22/2024	-1.6%	-14.3%	-11.4%
1/30/2024	-0.8%	-2.0%	2.8%
10/31/2023	0.5%	2.0%	7.7%
...
SUMMARY STATS
# Positive	8	10	9
# Negative	11	9	10
Median Positive	1.8%	2.9%	7.0%
Median Negative	-0.8%	-5.3%	-6.4%
Max Positive	13.7%	13.7%	11.3%
Max Negative	-6.3%	-14.3%	-21.7%

	Forward Returns
11/4/2025	-0.8%	2.0%	-9.1%
8/5/2025	0.8%	2.5%	-1.9%
5/22/2025	-3.7%	-2.9%	-8.6%
2/4/2025	3.1%	-5.3%	-13.0%
11/5/2024	11.0%	13.7%	11.3%
5/22/2024	-1.6%	-14.3%	-11.4%
1/30/2024	-0.8%	-2.0%	2.8%
10/31/2023	0.5%	2.0%	7.7%
5/25/2023	-2.9%	1.4%	-3.2%
1/31/2023	2.9%	5.2%	2.1%
11/1/2022	-1.8%	-7.3%	-3.4%
5/26/2022	0.6%	-3.9%	-4.2%
2/1/2022	-6.3%	-7.8%	-1.9%
11/2/2021	-0.1%	2.7%	5.1%
5/27/2021	0.8%	-3.7%	7.2%
2/2/2021	-0.4%	3.2%	0.2%
11/3/2020	-0.2%	8.6%	7.0%
5/27/2020	13.7%	7.0%	9.1%
2/4/2020	-0.4%	-6.5%	-21.7%
SUMMARY STATS
# Positive	8	10	9
# Negative	11	9	10
Median Positive	1.8%	2.9%	7.0%
Median Negative	-0.8%	-5.3%	-6.4%
Max Positive	13.7%	13.7%	11.3%
Max Negative	-6.3%	-14.3%	-21.7%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5232025	10-K 3/31/2025
12312024	2062025	10-Q 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5242024	10-K 3/31/2024
12312023	2012024	10-Q 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5262023	10-K 3/31/2023
12312022	2022023	10-Q 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5272022	10-K 3/31/2022
12312021	2032022	10-Q 12/31/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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CorVel (CRVL)

Market Price (12/25/2025): $68.88 | Market Cap: $3.5 BilSector: Health Care | Industry: Health Care Services

CorVel (CRVL)

Market Price (12/25/2025): $68.88Market Cap: $3.5 BilSector: Health CareIndustry: Health Care Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

CRVL Stock

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Qualitative Assessment

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About CorVel (CRVL)

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Better Bets than CorVel (CRVL)

INDUSTRY: Health Care Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRVL: 10.6% | 3.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRVL: 10.6% | 26.1x)

Higher Rev Chg LTM (Value for CRVL: 10.4%)

Higher Rev Chg 3Y Avg (Value for CRVL: 10.6%)

Higher Op Mgn LTM (Value for CRVL: 14.5%)

Higher CFO/Rev LTM (Value for CRVL: 15.5%)

Higher FCF/Rev LTM (Value for CRVL: 10.8%)

Higher Total Yield (Value for CRVL: 3.0%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRVL: 10.6% | 3.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRVL: 10.6% | 26.1x)

Higher Rev Chg LTM (Value for CRVL: 10.4%)

Higher Rev Chg 3Y Avg (Value for CRVL: 10.6%)

Higher Op Mgn LTM (Value for CRVL: 14.5%)

Higher CFO/Rev LTM (Value for CRVL: 15.5%)

Higher FCF/Rev LTM (Value for CRVL: 10.8%)

Higher Total Yield (Value for CRVL: 3.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRVL: 10.6% | 3.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRVL: 10.6% | 26.1x)

Higher Rev Chg LTM (Value for CRVL: 10.4%)

Higher Rev Chg 3Y Avg (Value for CRVL: 10.6%)

Higher Op Mgn LTM (Value for CRVL: 14.5%)

Higher CFO/Rev LTM (Value for CRVL: 15.5%)

Higher FCF/Rev LTM (Value for CRVL: 10.8%)

Higher Total Yield (Value for CRVL: 3.0%)

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Market Price (12/25/2025): $68.88 | Market Cap: $3.5 Bil
Sector: Health Care | Industry: Health Care Services

Market Price (12/25/2025): $68.88
Market Cap: $3.5 Bil
Sector: Health Care
Industry: Health Care Services