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CorVel (CRVL) Financials

CorVel logo
$73.83 +0.42 (+0.57%)
Closing price 04:00 PM Eastern
Extended Trading
$73.78 -0.05 (-0.07%)
As of 04:36 PM Eastern
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Annual Income Statements for CorVel

Annual Income Statements for CorVel

This table shows CorVel's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 29 29 29 36 47 47 46 66 66 76
Consolidated Net Income / (Loss)		 29 29 29 36 47 47 46 66 66 76
Net Income / (Loss) Continuing Operations		 29 29 29 36 47 47 46 66 66 76
Total Pre-Tax Income 		46 46 48 48 62 61 59 85 85 95
Total Revenue		 493 504 519 558 596 592 553 646 719 795
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 493 504 519 558 596 592 553 646 719 795
Service Charges on Deposit Accounts		 493 504 - 558 - 592 - 646 719 795
Total Non-Interest Expense		 447 458 471 510 534 532 493 562 634 700
Other Operating Expenses		 447 458 471 510 534 532 493 562 634 700
Income Tax Expense		 17 18 18 12 15 13 13 18 18 19
Basic Earnings per Share		 $1.38 $1.44 $1.52 $1.90 $2.48 $2.59 $2.59 $3.74 $3.83 $4.45
Weighted Average Basic Shares Outstanding		 20.67M 19.83M 19.42M 18.83M 18.79M 18.33M 17.93M 17.75M 17.33M 17.12M
Diluted Earnings per Share		 $1.37 $1.43 $1.51 $1.87 $2.46 $2.55 $2.55 $3.66 $3.77 $4.40
Weighted Average Diluted Shares Outstanding		 20.89M 20.00M 19.57M 19.04M 19.01M 18.60M 18.17M 18.13M 17.59M 17.35M
Weighted Average Basic & Diluted Shares Outstanding		 408.40M 407.50M 368.50M 324.50M 259.50M 18.01M 17.85M 17.49M 17.14M 17.12M

Quarterly Income Statements for CorVel

This table shows CorVel's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 12/31/2022 3/31/2022 6/30/2023 9/30/2023 12/31/2023 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 17 18 20 20 17 22 23 24
Consolidated Net Income / (Loss)		 17 18 20 20 17 22 23 24
Net Income / (Loss) Continuing Operations		 17 18 20 20 17 22 23 24
Total Pre-Tax Income 		22 23 25 25 22 28 29 31
Total Revenue		 179 113 190 196 202 212 224 228
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 179 113 190 196 202 212 224 228
Other Non-Interest Income		 179 - 190 196 - - 224 228
Total Non-Interest Expense		 157 91 165 171 180 184 196 197
Other Operating Expenses		 157 91 165 171 180 184 196 197
Income Tax Expense		 5.37 4.34 5.62 4.82 5.27 6.46 5.27 7.03
Basic Earnings per Share		 $0.98 $0.97 $1.16 $1.16 $0.33 $1.26 $1.37 $0.46
Weighted Average Basic Shares Outstanding		 17.25M 17.75M 17.14M 17.12M 51.32M 17.12M 17.13M 51.39M
Diluted Earnings per Share		 $0.96 $0.93 $1.14 $1.15 $0.33 $1.25 $1.35 $0.46
Weighted Average Diluted Shares Outstanding		 17.49M 18.13M 17.39M 17.35M 51.98M 17.31M 17.34M 52.04M
Weighted Average Basic & Diluted Shares Outstanding		 17.16M 17.49M 17.11M 17.11M - 17.13M 17.13M 51.36M

Annual Cash Flow Statements for CorVel

This table details how cash moves in and out of CorVel's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Net Change in Cash & Equivalents		 -9.35 7.26 -4.17 27 36 -8.49 56 -42 -26 34
Net Cash From Operating Activities		 44 51 52 62 79 81 94 67 82 99
Net Cash From Continuing Operating Activities		 44 51 52 62 79 81 94 67 82 98
Net Income / (Loss) Continuing Operations		 29 29 29 36 47 47 46 66 66 76
Consolidated Net Income / (Loss)		 29 29 29 36 47 47 46 66 66 76
Provision For Loan Losses		 1.73 1.36 2.34 2.56 1.88 1.61 2.02 0.16 1.22 1.83
Depreciation Expense		 18 20 21 22 23 23 23 24 25 26
Non-Cash Adjustments to Reconcile Net Income		 2.80 0.82 1.95 3.49 6.11 6.10 -2.81 7.62 4.06 1.95
Changes in Operating Assets and Liabilities, net		 -6.80 0.66 -2.66 -1.37 0.97 3.22 25 -31 -14 -8.37
Net Cash From Investing Activities		 -24 -17 -31 -28 -15 -32 -17 -30 -26 -29
Net Cash From Continuing Investing Activities		 -24 -17 -31 -28 -15 -32 -17 -30 -26 -29
Purchase of Property, Leasehold Improvements and Equipment		 -23 -17 -31 -28 -15 -32 -17 -30 -26 -29
Net Cash From Financing Activities		 -29 -27 -25 -7.30 -27 -57 -21 -80 -82 -36
Net Cash From Continuing Financing Activities		 -29 -27 -25 -7.30 -27 -57 -21 -80 -82 -36
Repurchase of Common Equity		 -32 -32 -28 -11 -35 -66 -33 -90 -94 -46
Other Financing Activities, Net		 2.40 4.83 2.79 3.88 7.74 8.65 12 10 12 9.95
Cash Income Taxes Paid		 20 14 18 16 13 15 21 19 20 23

Quarterly Cash Flow Statements for CorVel

This table details how cash moves in and out of CorVel's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 12/31/2021 3/31/2022 6/30/2023 9/30/2023 12/31/2023 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -2.30 -23 15 5.16 15 26 6.44 25
Net Cash From Operating Activities		 11 -2.28 37 18 29 40 22 42
Net Cash From Continuing Operating Activities		 11 -2.28 37 18 29 40 22 42
Net Income / (Loss) Continuing Operations		 15 18 20 20 17 22 23 24
Consolidated Net Income / (Loss)		 15 18 20 20 17 22 23 24
Provision For Loan Losses		 -1.09 -0.92 0.44 0.15 0.71 1.33 0.44 -0.36
Depreciation Expense		 5.26 5.05 6.36 6.46 6.74 6.73 7.71 7.50
Non-Cash Adjustments to Reconcile Net Income		 1.20 4.51 1.00 2.92 -0.93 0.88 1.77 0.74
Changes in Operating Assets and Liabilities, net		 -10 -29 9.02 -11 5.75 9.93 -11 10
Net Cash From Investing Activities		 -5.05 -11 -5.05 -7.23 -6.92 -7.67 -9.89 -9.54
Net Cash From Continuing Investing Activities		 -5.05 -11 -5.05 -7.23 -6.92 -7.67 -9.89 -9.54
Purchase of Property, Leasehold Improvements and Equipment		 -5.05 -11 -5.05 -7.23 -6.92 -7.67 -9.89 -9.54
Net Cash From Financing Activities		 -7.89 -9.80 -16 -5.61 -7.21 -6.42 -5.98 -7.52
Net Cash From Continuing Financing Activities		 -7.89 -9.80 -16 -5.61 -7.21 -6.42 -5.98 -7.52
Repurchase of Common Equity		 -13 -15 -18 -9.42 -9.32 -9.53 -9.59 -9.49
Other Financing Activities, Net		 5.11 5.20 1.47 3.81 2.11 3.11 3.61 1.98
Cash Income Taxes Paid		 6.91 4.42 0.33 14 5.36 0.40 14 6.29

Annual Balance Sheets for CorVel

This table presents CorVel's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Total Assets		 212 220 235 274 318 416 425 415 394 455
Cash and Due from Banks		 26 33 29 56 92 83 140 98 71 106
Interest Bearing Deposits at Other Banks		 17 26 32 35 45 49 56 70 80 88
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 56 53 63 69 62 76 71 76 83 86
Goodwill		 37 37 37 37 37 37 37 37 37 37
Intangible Assets		 4.74 4.29 3.85 3.42 2.98 2.54 2.10 1.67 1.24 0.82
Other Assets		 71 67 71 73 79 169 119 133 122 137
Total Liabilities & Shareholders' Equity		 212 220 235 274 318 416 425 415 394 455
Total Liabilities		 84 88 97 103 123 227 204 203 192 207
Short-Term Debt		 16 13 - - - - 14 - - 17
Accrued Interest Payable		 58 67 73 85 105 117 149 157 153 168
Other Long-Term Liabilities		 9.56 7.91 6.69 4.84 6.29 93 42 31 24 23
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 128 132 139 171 195 190 220 212 202 248
Total Preferred & Common Equity		 128 132 139 171 195 190 220 212 202 248
Total Common Equity		 128 132 139 171 195 190 220 212 202 248
Common Stock		 123 130 136 144 156 169 186 202 219 234
Retained Earnings		 365 393 423 458 505 553 599 665 732 808
Treasury Stock		 -360 -392 -420 -431 -466 -532 -564 -655 -748 -794

Quarterly Balance Sheets for CorVel

This table presents CorVel's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 12/31/2022 6/30/2023 9/30/2023 6/30/2024 9/30/2024 12/31/2024
Total Assets		 408 418 434 486 519 539
Cash and Due from Banks		 78 87 92 132 138 163
Interest Bearing Deposits at Other Banks		 83 85 90 94 109 99
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 82 84 85 87 89 91
Goodwill		 37 37 37 37 37 37
Intangible Assets		 1.35 1.14 1.03 0.72 0.61 0.51
Other Assets		 127 124 129 136 145 148
Total Liabilities & Shareholders' Equity		 408 418 434 486 519 539
Total Liabilities		 213 211 212 222 236 238
Short-Term Debt		 17 20 15 - 14 17
Accrued Interest Payable		 170 167 171 182 199 200
Other Long-Term Liabilities		 26 23 25 22 23 21
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 195 207 223 264 283 301
Total Preferred & Common Equity		 195 207 223 264 283 301
Total Common Equity		 195 207 223 264 283 301
Common Stock		 211 221 227 238 243 247
Retained Earnings		 713 751 771 829 853 877
Treasury Stock		 -730 -766 -775 -803 -813 -823

Annual Metrics And Ratios for CorVel

This table displays calculated financial ratios and metrics derived from CorVel's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 2.88% 2.22% 3.00% 7.65% 6.70% -0.59% -6.68% 16.93% 11.19% 10.68%
EBITDA Growth		 -12.84% 3.86% 3.76% 1.72% 21.27% -1.50% -0.74% 31.25% 1.15% 10.65%
EBIT Growth		 -19.37% 1.09% 3.23% 0.74% 28.41% -1.30% -2.53% 42.82% 0.05% 12.47%
NOPAT Growth		 -16.87% -0.23% 3.34% 21.09% 30.84% 1.44% -2.16% 43.26% -0.07% 14.90%
Net Income Growth		 -16.87% -0.23% 3.34% 21.09% 30.84% 1.44% -2.16% 43.26% -0.07% 14.90%
EPS Growth		 -14.91% 4.38% 5.59% 23.84% 31.55% 3.66% 0.00% 43.53% 3.01% 16.71%
Operating Cash Flow Growth		 -19.13% 15.78% 1.44% 19.40% 26.53% 2.78% 16.77% -28.77% 22.41% 20.60%
Free Cash Flow Firm Growth		 107.61% -9.53% 33.20% -91.21% 629.04% 127.40% -96.01% 4,108.08% -12.96% -59.81%
Invested Capital Growth		 -0.89% 1.04% -4.50% 23.46% 13.80% -2.61% 23.33% -9.22% -4.81% 22.49%
Revenue Q/Q Growth		 0.40% 1.23% 1.03% 1.82% 1.28% -0.68% -0.27% -4.77% 0.00% 0.00%
EBITDA Q/Q Growth		 -4.87% 2.94% 3.59% -0.98% 5.87% -1.79% 6.05% 3.17% 0.00% 0.00%
EBIT Q/Q Growth		 -7.65% 3.54% 4.58% -2.29% 8.00% -2.13% 8.28% 3.94% 0.00% 0.00%
NOPAT Q/Q Growth		 -8.80% 3.98% 4.69% 2.80% 6.57% -0.19% 7.07% 5.40% 0.00% 0.00%
Net Income Q/Q Growth		 -8.80% 3.98% 4.69% 2.80% 6.57% -0.19% 7.07% 5.40% 0.00% 0.00%
EPS Q/Q Growth		 -9.87% 2.88% 5.59% 2.75% 6.96% 0.79% 6.69% 3.39% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 4.77% 6.86% 2.05% -5.00% -1.92% 4.92% 6.89% -5.33% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 17.51% -13.68% 307.91% -80.98% 72.46% 28.06% -93.02% 11.45% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.09% 3.94% -12.80% -3.34% -6.13% -11.36% 2.91% 0.46% 0.00% 0.00%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 12.90% 13.11% 13.21% 12.48% 14.18% 14.05% 14.95% 16.78% 15.26% 15.26%
EBIT Margin		 9.25% 9.15% 9.17% 8.58% 10.33% 10.25% 10.71% 13.08% 11.77% 11.96%
Profit (Net Income) Margin		 5.80% 5.66% 5.68% 6.39% 7.84% 8.00% 8.39% 10.28% 9.24% 9.59%
Tax Burden Percent		 62.75% 61.93% 62.00% 74.52% 75.92% 78.04% 78.34% 78.58% 78.49% 80.18%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 37.25% 38.07% 38.00% 25.48% 24.08% 21.96% 21.66% 21.42% 21.51% 19.82%
Return on Invested Capital (ROIC)		 19.81% 19.75% 20.77% 23.04% 25.52% 24.64% 21.88% 29.76% 32.02% 33.90%
ROIC Less NNEP Spread (ROIC-NNEP)		 19.81% 19.75% 20.77% 0.00% 0.00% 0.00% 21.88% 29.76% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 2.67% 2.20% 1.02% 0.00% 0.00% 0.00% 0.72% 0.93% 0.00% 0.00%
Return on Equity (ROE)		 22.47% 21.95% 21.79% 0.00% 0.00% 0.00% 22.61% 30.69% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 20.70% 18.72% 25.38% 2.04% 12.61% 27.29% 0.99% 39.43% 36.95% 13.69%
Operating Return on Assets (OROA)		 21.39% 21.33% 20.87% 18.81% 20.78% 16.54% 14.07% 20.12% 20.90% 22.41%
Return on Assets (ROA)		 13.42% 13.21% 12.94% 14.01% 15.78% 12.90% 11.02% 15.81% 16.40% 17.97%
Return on Common Equity (ROCE)		 22.47% 21.95% 21.79% 0.00% 0.00% 0.00% 22.61% 30.69% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 22.35% 21.62% 21.26% 20.85% 23.97% 24.97% 21.03% 31.27% 32.83% 30.79%
Net Operating Profit after Tax (NOPAT)		 29 29 29 36 47 47 46 66 66 76
NOPAT Margin		 5.80% 5.66% 5.68% 6.39% 7.84% 8.00% 8.39% 10.28% 9.24% 9.59%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 90.75% 90.85% 90.83% 91.42% 89.67% 89.75% 89.29% 86.92% 88.23% 88.04%
Earnings before Interest and Taxes (EBIT)		 46 46 48 48 62 61 59 85 85 95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 64 66 68 70 84 83 83 108 110 121
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 5.49 5.85 6.00 5.58 6.24 5.20 8.32 13.97 16.15 18.16
Price to Tangible Book Value (P/TBV)		 8.12 8.49 8.49 7.29 7.84 6.56 10.11 17.07 19.89 21.42
Price to Revenue (P/Rev)		 1.42 1.53 1.60 1.71 2.04 1.67 3.32 4.59 4.54 5.66
Price to Earnings (P/E)		 24.54 27.05 28.23 26.74 26.04 20.83 39.56 44.69 49.20 58.99
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 4.07% 3.70% 3.54% 3.74% 3.84% 4.80% 2.53% 2.24% 2.03% 1.70%
Enterprise Value to Invested Capital (EV/IC)		 4.69 5.00 5.56 5.04 5.54 4.51 7.06 13.19 15.40 17.38
Enterprise Value to Revenue (EV/Rev)		 1.37 1.44 1.49 1.55 1.81 1.44 2.99 4.33 4.33 5.41
Enterprise Value to EBITDA (EV/EBITDA)		 10.61 11.01 11.26 12.39 12.77 10.27 19.99 25.83 28.39 35.47
Enterprise Value to EBIT (EV/EBIT)		 14.81 15.77 16.21 18.02 17.54 14.08 27.91 33.14 36.82 45.26
Enterprise Value to NOPAT (EV/NOPAT)		 23.60 25.47 26.15 24.18 23.10 18.04 35.62 42.17 46.92 56.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.22 14.16 14.81 13.89 13.72 10.57 17.50 41.66 37.84 43.38
Enterprise Value to Free Cash Flow (EV/FCFF)		 22.57 26.87 21.41 272.71 46.76 16.29 789.75 31.83 40.66 139.84
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.12 0.10 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.13 0.11 0.05 0.00 0.00 0.00 0.03 0.03 0.00 0.00
Leverage Ratio		 1.67 1.66 1.68 1.64 1.62 1.91 2.05 1.94 1.95 1.89
Compound Leverage Factor		 1.67 1.66 1.68 1.64 1.62 1.91 2.05 1.94 1.95 1.89
Debt to Total Capital		 10.97% 9.11% 0.00% 0.00% 0.00% 0.00% 5.80% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 10.97% 9.11% 0.00% 0.00% 0.00% 0.00% 5.80% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 89.02% 90.89% 100.00% 100.00% 100.00% 100.00% 94.20% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.25 0.20 0.00 0.00 0.00 0.00 0.16 0.00 0.00 0.00
Net Debt to EBITDA		 -0.43 -0.68 0.00 0.00 0.00 0.00 -2.21 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.55 0.46 0.00 0.00 0.00 0.00 0.29 0.00 0.00 0.00
Net Debt to NOPAT		 -0.95 -1.58 0.00 0.00 0.00 0.00 -3.94 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 30 27 36 3.17 23 52 2.09 88 77 31
Operating Cash Flow to CapEx		 193.79% 306.22% 167.69% 224.46% 514.86% 249.77% 547.35% 225.43% 312.64% 339.39%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 2.31 2.33 2.28 2.19 2.01 1.61 1.31 1.54 1.78 1.87
Fixed Asset Turnover		 9.16 9.19 8.92 8.43 9.07 8.59 7.54 8.80 9.04 9.43
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 144 145 139 171 195 190 234 212 202 248
Invested Capital Turnover		 3.41 3.49 3.65 3.60 3.26 3.08 2.61 2.90 3.47 3.54
Increase / (Decrease) in Invested Capital		 -1.29 1.49 -6.54 33 24 -5.09 44 -22 -10 45
Enterprise Value (EV)		 675 727 771 863 1,079 855 1,651 2,801 3,114 4,304
Market Capitalization		 702 772 832 954 1,216 987 1,834 2,968 3,265 4,498
Book Value per Share		 $6.27 $6.74 $7.25 $9.07 $10.45 $10.48 $12.33 $12.05 $11.78 $14.46
Tangible Book Value per Share		 $4.24 $4.64 $5.12 $6.94 $8.32 $8.30 $10.15 $9.87 $9.56 $12.27
Total Capital		 144 145 139 171 195 190 234 212 202 248
Total Debt		 16 13 0.00 0.00 0.00 0.00 14 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -27 -45 -61 -91 -137 -132 -183 -167 -151 -194
Capital Expenditures (CapEx)		 23 17 31 28 15 32 17 30 26 29
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 16 13 0.00 0.00 0.00 0.00 14 0.00 0.00 0.00
Total Depreciation and Amortization (D&A)		 18 20 21 22 23 23 23 24 25 26
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.45
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.12M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.40
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.35M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.12M
Normalized Net Operating Profit after Tax (NOPAT)		 29 29 29 36 47 47 46 66 66 76
Normalized NOPAT Margin		 5.80% 5.66% 5.68% 6.39% 7.84% 8.00% 8.39% 10.28% 9.24% 9.59%
Pre Tax Income Margin		 9.25% 9.15% 9.17% 8.58% 10.33% 10.25% 10.71% 13.08% 11.77% 11.96%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 111.22% 110.52% 94.98% 31.34% 75.30% 138.48% 70.48% 135.65% 141.15% 59.95%

Quarterly Metrics And Ratios for CorVel

This table displays calculated financial ratios and metrics derived from CorVel's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 12/31/2022 3/31/2022 6/30/2023 9/30/2023 12/31/2023 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - -
Revenue Growth		 26.77% -22.27% 7.91% 10.20% 12.78% 11.28% 14.76% 12.69%
EBITDA Growth		 38.31% 9.37% 15.54% 25.35% 5.94% 9.34% 16.70% 31.58%
EBIT Growth		 59.19% 16.54% 19.95% 33.27% 0.65% 10.25% 16.01% 37.73%
NOPAT Growth		 48.06% 22.99% 18.66% 35.77% 1.46% 8.95% 17.59% 39.05%
Net Income Growth		 48.06% 22.99% 18.66% 35.77% 1.46% 8.95% 17.59% 39.05%
EPS Growth		 52.38% 14.81% 21.28% 38.55% 1.46% 9.65% 17.39% 39.39%
Operating Cash Flow Growth		 -68.95% -111.07% 22.00% 84.85% 176.06% 10.41% 23.98% 41.79%
Free Cash Flow Firm Growth		 1,770.66% 235.10% 1,071.74% -120.42% 596.80% -167.91% -1,025.17% -228.53%
Invested Capital Growth		 -7.01% -9.22% -0.93% 10.73% 0.00% 16.04% 24.81% 0.00%
Revenue Q/Q Growth		 1.10% -31.24% 68.20% 2.77% 3.47% 0.00% 5.98% 1.60%
EBITDA Q/Q Growth		 10.46% 0.48% 15.17% -1.94% -6.64% 0.00% 4.66% 5.26%
EBIT Q/Q Growth		 19.80% 1.51% 12.75% -2.81% -9.52% 0.00% 2.27% 7.43%
NOPAT Q/Q Growth		 14.96% 8.10% 8.74% 0.47% -14.09% 0.00% 8.44% 1.59%
Net Income Q/Q Growth		 14.96% 31.43% 8.74% 0.47% -14.09% 0.00% 8.44% 1.59%
EPS Q/Q Growth		 15.66% 22.37% 22.58% 0.88% -14.09% 0.00% 8.00% -65.93%
Operating Cash Flow Q/Q Growth		 9.31% -121.45% 1,705.00% -50.87% 63.25% 0.00% -44.84% 86.69%
Free Cash Flow Firm Q/Q Growth		 111.53% 21.34% -44.88% -114.43% 7,317.81% 0.00% -139.13% -724.49%
Invested Capital Q/Q Growth		 -1.60% 0.46% 7.06% 4.63% -100.00% 0.00% 12.53% 6.92%
Profitability Metrics		 - - - - - - - -
EBITDA Margin		 15.32% 24.40% 16.71% 15.94% 14.39% 16.42% 16.21% 16.80%
EBIT Margin		 12.39% 19.94% 13.37% 12.64% 11.05% 13.24% 12.78% 13.51%
Profit (Net Income) Margin		 9.39% 16.10% 10.41% 10.18% 8.45% 10.19% 10.43% 10.43%
Tax Burden Percent		 75.84% 80.76% 77.89% 80.51% 76.45% 76.96% 81.61% 77.18%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 24.16% 19.24% 22.11% 19.49% 23.55% 23.04% 18.39% 22.82%
Return on Invested Capital (ROIC)		 29.05% 46.63% 30.08% 30.49% 0.00% 30.70% 29.98% 52.19%
ROIC Less NNEP Spread (ROIC-NNEP)		 29.05% 46.63% 30.08% 30.49% 0.00% 30.70% 29.98% 52.19%
Return on Net Nonoperating Assets (RNNOA)		 2.45% 1.46% 3.23% 2.35% 0.00% 1.33% 1.75% 2.89%
Return on Equity (ROE)		 31.50% 48.09% 33.31% 32.84% 0.00% 32.03% 31.73% 55.08%
Cash Return on Invested Capital (CROIC)		 35.99% 39.43% 31.36% 22.84% 0.00% 12.89% 4.72% -150.67%
Operating Return on Assets (OROA)		 19.42% 30.68% 21.18% 20.56% 0.00% 21.69% 20.63% 19.92%
Return on Assets (ROA)		 14.73% 24.78% 16.50% 16.55% 0.00% 16.69% 16.83% 15.38%
Return on Common Equity (ROCE)		 31.50% 48.09% 33.31% 32.84% 0.00% 32.03% 31.73% 55.08%
Return on Equity Simple (ROE_SIMPLE)		 32.34% 0.00% 33.59% 33.59% 0.00% 25.82% 25.33% 26.03%
Net Operating Profit after Tax (NOPAT)		 17 18 20 20 17 22 23 24
NOPAT Margin		 9.39% 16.10% 10.41% 10.18% 8.45% 10.19% 10.43% 10.43%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 87.62% 80.06% 86.63% 87.36% 88.95% 86.76% 87.22% 86.49%
Earnings before Interest and Taxes (EBIT)		 22 23 25 25 22 28 29 31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 27 28 32 31 29 35 36 38
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 12.88 13.97 16.03 15.12 0.00 16.50 19.80 19.00
Price to Tangible Book Value (P/TBV)		 16.02 17.07 19.62 18.22 0.00 19.23 22.82 21.69
Price to Revenue (P/Rev)		 3.70 4.59 5.02 4.96 6.03 5.88 7.28 7.19
Price to Earnings (P/E)		 39.82 44.69 47.71 45.01 56.37 63.89 78.17 72.99
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.51% 2.24% 2.10% 2.22% 1.77% 1.57% 1.28% 1.37%
Enterprise Value to Invested Capital (EV/IC)		 11.19 13.19 13.92 13.45 0.00 15.64 18.07 17.23
Enterprise Value to Revenue (EV/Rev)		 3.48 4.33 4.80 4.72 0.00 5.58 6.98 6.89
Enterprise Value to EBITDA (EV/EBITDA)		 22.50 25.83 28.09 26.88 0.00 36.64 45.54 43.06
Enterprise Value to EBIT (EV/EBIT)		 29.08 33.14 35.68 33.70 0.00 47.36 58.90 54.95
Enterprise Value to NOPAT (EV/NOPAT)		 37.53 42.17 45.54 42.79 0.00 60.58 74.92 69.86
Enterprise Value to Operating Cash Flow (EV/OCF)		 33.31 41.66 42.88 38.97 0.00 47.94 59.36 53.27
Enterprise Value to Free Cash Flow (EV/FCFF)		 29.95 31.83 44.19 61.87 0.00 130.36 425.39 0.00
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.09 0.00 0.10 0.07 0.00 0.00 0.05 0.06
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.08 0.03 0.11 0.08 0.00 0.04 0.06 0.06
Leverage Ratio		 2.14 1.94 2.02 1.98 0.00 1.92 1.89 1.79
Compound Leverage Factor		 2.14 1.94 2.02 1.98 0.00 1.92 1.89 1.79
Debt to Total Capital		 7.86% 0.00% 8.98% 6.45% 0.00% 0.00% 4.77% 5.24%
Short-Term Debt to Total Capital		 7.86% 0.00% 8.98% 6.45% 0.00% 0.00% 4.77% 5.24%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 92.14% 100.00% 91.02% 93.55% 0.00% 100.00% 95.23% 94.76%
Debt to EBITDA		 0.16 0.00 0.18 0.13 0.00 0.00 0.12 0.13
Net Debt to EBITDA		 -1.37 0.00 -1.34 -1.40 0.00 0.00 -1.98 -1.93
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.26 0.00 0.29 0.21 0.00 0.00 0.20 0.21
Net Debt to NOPAT		 -2.29 0.00 -2.17 -2.23 0.00 0.00 -3.26 -3.14
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - -
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 33 40 22 -3.17 229 -15 -36 -294
Operating Cash Flow to CapEx		 210.90% -21.42% 725.41% 248.97% 424.65% 527.03% 225.65% 436.78%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 1.57 1.54 1.58 1.63 0.00 1.64 1.61 1.47
Fixed Asset Turnover		 8.78 8.80 7.86 8.10 0.00 8.65 8.84 8.71
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 211 212 227 238 0.00 264 297 317
Invested Capital Turnover		 3.09 2.90 2.89 3.00 0.00 3.01 2.88 5.01
Increase / (Decrease) in Invested Capital		 -16 -22 -2.13 23 -211 36 59 317
Enterprise Value (EV)		 2,365 2,801 3,166 3,199 0.00 4,128 5,367 5,471
Market Capitalization		 2,509 2,968 3,317 3,365 4,229 4,354 5,600 5,716
Book Value per Share		 $11.28 $12.05 $12.07 $13.01 $0.00 $15.41 $16.51 $17.57
Tangible Book Value per Share		 $9.07 $9.87 $9.86 $10.79 $0.00 $13.22 $14.32 $15.39
Total Capital		 211 212 227 238 0.00 264 297 317
Total Debt		 17 0.00 20 15 0.00 0.00 14 17
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -144 -167 -151 -167 0.00 -226 -233 -246
Capital Expenditures (CapEx)		 5.05 11 5.05 7.23 6.92 7.67 9.89 9.54
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 17 0.00 20 15 0.00 0.00 14 17
Total Depreciation and Amortization (D&A)		 5.26 5.05 6.36 6.46 6.74 6.73 7.71 7.50
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.98 $0.97 $1.16 $1.16 $0.00 $1.26 $1.37 $0.46
Adjusted Weighted Average Basic Shares Outstanding		 17.25M 17.75M 17.14M 17.12M 0.00 17.12M 17.13M 51.39M
Adjusted Diluted Earnings per Share		 $0.96 $0.93 $1.14 $1.15 $0.00 $1.25 $1.35 $0.46
Adjusted Weighted Average Diluted Shares Outstanding		 17.49M 18.13M 17.39M 17.35M 0.00 17.31M 17.34M 52.04M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.16M 17.49M 17.11M 17.11M 0.00 17.13M 17.13M 51.36M
Normalized Net Operating Profit after Tax (NOPAT)		 17 18 20 20 17 22 23 24
Normalized NOPAT Margin		 9.39% 16.10% 10.41% 10.18% 8.45% 10.19% 10.43% 10.43%
Pre Tax Income Margin		 12.39% 19.94% 13.37% 12.64% 11.05% 13.24% 12.78% 13.51%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 120.37% 135.65% 116.77% 86.94% 81.75% 125.36% 119.47% 109.50%

Financials Breakdown Chart

Key Financial Trends

Overview of Recent Financial Performance for CorVel (NASDAQ:CRVL)

CorVel has demonstrated consistent revenue growth and improving profitability over the last several quarters, with positive trends in net income and operating cash flow. Below is an analysis of key financial metrics and trends observed from Q3 2022 through Q3 2024.

  • Revenue Growth: Total non-interest income increased steadily from approximately $179 million in Q3 2022 to $228 million in Q3 2024, reflecting top-line growth.
  • Profitability Improvement: Net income rose from $17 million in Q3 2022 to nearly $24 million in Q3 2024, indicating solid net income growth over two years.
  • Stable Earnings Per Share (EPS): Diluted EPS improved from $0.33 in Q3 2023 to $0.46 in Q3 2024 despite a significant increase in shares outstanding, showing good operational leverage.
  • Operating Cash Flow Strength: Net cash from operating activities increased from $10.6 million in Q3 2022 to over $41 million in Q3 2024, signaling strong cash generation capacity.
  • Capital Investments: Consistent investments in property, equipment, and leasehold improvements (~$7-10 million quarterly) demonstrate commitment to maintaining and expanding operational capacity.
  • Share Repurchases: Ongoing repurchase of common equity with $7.5 to $9.5 million spent in recent quarters helps support shareholder value.
  • Stable Liabilities: Total liabilities have gradually increased but remain proportional to asset growth, with accrued interest payable steadily rising from $167 million in Q1 2023 to $200 million by Q3 2024.
  • Equity Growth: Total common equity increased from $207 million in Q1 2023 to $301 million in Q3 2024, reflecting retained earnings growth offset partially by treasury stock increases.
  • Rising Operating Expenses: Other operating expenses have grown from $157 million in Q3 2022 to nearly $197 million in Q3 2024, which may pressure margins if revenue growth slows.
  • Negative Cash Flow in Q4 2022: The company experienced a net cash outflow of $22.7 million in Q4 2022, driven by significant capital expenditure and a negative operating cash flow of $2.3 million, indicating a temporary liquidity strain before recovery in subsequent quarters.

Summary: CorVel has shown healthy growth in revenue and profitability, accompanied by strong operating cash flows and consistent capital expenditure to support future growth. The company continues to buy back shares, benefiting shareholders. However, rising operating costs and occasional fluctuations in cash flow warrant monitoring. Overall, CorVel's financial trajectory over the analyzed periods suggests a solid fundamental performance with positive momentum.

10/03/25 06:38 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About CorVel's Financials

When does CorVel's fiscal year end?

According to the most recent income statement we have on file, CorVel's financial year ends in March. Their financial year 2024 ended on March 31, 2024.

How has CorVel's net income changed over the last 9 years?

CorVel's net income appears to be on an upward trend, with a most recent value of $76.25 million in 2024, rising from $28.59 million in 2015. The previous period was $66.37 million in 2023. Find out what analysts predict for CorVel in the coming months.

How has CorVel's revenue changed over the last 9 years?

Over the last 9 years, CorVel's total revenue changed from $492.63 million in 2015 to $795.31 million in 2024, a change of 61.4%.

How much debt does CorVel have?

CorVel's total liabilities were at $207.03 million at the end of 2024, a 8.0% increase from 2023, and a 147.5% increase since 2015.

How much cash does CorVel have?

In the past 9 years, CorVel's cash and equivalents has ranged from $25.52 million in 2015 to $139.72 million in 2021, and is currently $105.56 million as of their latest financial filing in 2024.

How has CorVel's book value per share changed over the last 9 years?

Over the last 9 years, CorVel's book value per share changed from 6.27 in 2015 to 14.46 in 2024, a change of 130.6%.


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This page (NASDAQ:CRVL) was last updated on 10/3/2025 by MarketBeat.com Staff
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