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CorVel (CRVL) Financials

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$61.05 -1.69 (-2.69%)
As of 05/26/2026 04:00 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 3/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 29 29 36 47 47 46 66 66 76 95 110
Consolidated Net Income / (Loss)		 29 29 36 47 47 46 66 66 76 95 110
Net Income / (Loss) Continuing Operations		 29 29 36 47 47 46 66 66 76 95 110
Total Pre-Tax Income 		46 48 48 62 61 59 85 85 95 121 143
Total Revenue		 504 519 558 596 592 553 646 719 795 896 959
Net Interest Income / (Expense)		 0.00 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 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 0.00
Total Non-Interest Income		 504 519 558 596 592 553 646 719 795 896 959
Other Non-Interest Income		 - - - 596 - - - 719 - - 959
Total Non-Interest Expense		 458 471 510 534 532 493 562 634 700 775 815
Other Operating Expenses		 458 471 510 534 532 493 562 634 700 775 815
Income Tax Expense		 18 18 12 15 13 13 18 18 19 26 33
Basic Earnings per Share		 $1.44 $1.52 $1.90 $2.48 $2.59 $2.59 $3.74 $1.28 $1.48 $1.85 $2.15
Weighted Average Basic Shares Outstanding		 19.83M 19.42M 18.83M 18.79M 18.33M 17.93M 17.75M 51.98M 51.37M 51.38M 51.28M
Diluted Earnings per Share		 $1.43 $1.51 $1.87 $2.46 $2.55 $2.55 $3.66 $1.26 $1.47 $1.83 $2.14
Weighted Average Diluted Shares Outstanding		 20.00M 19.57M 19.04M 19.01M 18.60M 18.17M 18.13M 52.78M 52.04M 51.99M 51.63M
Weighted Average Basic & Diluted Shares Outstanding		 19.57M 368.50M 324.50M 18.50M 18.01M 17.85M 17.49M 17.14M 17.12M 51.35M 50.69M

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2023 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 17 9.57 20 20 17 19 22 23 24 21 27
Consolidated Net Income / (Loss)		 17 9.57 20 20 17 19 22 23 24 21 27
Net Income / (Loss) Continuing Operations		 17 9.57 20 20 17 19 22 23 24 21 27
Total Pre-Tax Income 		22 12 25 25 22 23 28 29 31 26 35
Total Revenue		 202 130 190 196 202 207 212 224 228 209 235
Net Interest Income / (Expense)		 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
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 202 130 190 196 202 207 212 224 228 209 235
Service Charges on Deposit Accounts		 202 - 190 196 202 207 212 224 228 - 235
Total Non-Interest Expense		 180 118 165 171 180 185 184 196 197 182 199
Other Operating Expenses		 180 118 165 171 180 185 184 196 197 182 199
Income Tax Expense		 5.27 2.48 5.62 4.82 5.27 3.14 6.46 5.27 7.03 5.31 8.05
Basic Earnings per Share		 $0.33 $0.18 $1.16 $1.16 $1.00 $0.38 $0.42 $0.46 $0.46 $0.40 $0.53
Weighted Average Basic Shares Outstanding		 51.32M 51.98M 17.14M 17.12M 17.11M 51.37M 51.37M 51.40M 51.39M 51.38M 51.35M
Diluted Earnings per Share		 $0.33 $0.18 $1.14 $1.15 $0.99 $0.38 $0.42 $0.45 $0.46 $0.40 $0.52
Weighted Average Diluted Shares Outstanding		 51.98M 52.78M 17.39M 17.35M 17.33M 52.04M 51.94M 52.02M 52.04M 51.99M 51.91M
Weighted Average Basic & Diluted Shares Outstanding		 17.09M 17.14M 17.11M 17.11M 17.09M 17.12M 17.13M 51.25M 51.15M 51.35M 51.31M

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 3/31/2025 3/31/2026
Net Change in Cash & Equivalents		 7.26 -4.17 27 36 -8.49 56 -42 -26 34 65 62
Net Cash From Operating Activities		 51 52 62 79 81 94 67 82 99 127 156
Net Cash From Continuing Operating Activities		 51 52 62 79 81 94 67 82 99 127 156
Net Income / (Loss) Continuing Operations		 29 29 36 47 47 46 66 66 76 95 110
Consolidated Net Income / (Loss)		 29 29 36 47 47 46 66 66 76 95 110
Provision For Loan Losses		 1.36 2.34 2.56 1.88 1.61 2.02 0.16 1.22 1.83 3.45 0.12
Depreciation Expense		 20 21 22 23 23 23 24 25 26 30 32
Non-Cash Adjustments to Reconcile Net Income		 0.82 1.95 3.49 6.11 6.10 -2.81 7.62 4.06 1.95 1.00 11
Changes in Operating Assets and Liabilities, net		 0.66 -2.66 -1.37 0.97 3.22 25 -31 -14 -7.05 -1.83 2.52
Net Cash From Investing Activities		 -17 -31 -28 -15 -32 -17 -30 -26 -29 -36 -45
Net Cash From Continuing Investing Activities		 -17 -31 -28 -15 -32 -17 -30 -26 -29 -36 -45
Purchase of Property, Leasehold Improvements and Equipment		 -17 -31 -28 -15 -32 -17 -30 -26 -29 -36 -45
Net Cash From Financing Activities		 -27 -25 -7.30 -27 -57 -21 -80 -82 -36 -27 -48
Net Cash From Continuing Financing Activities		 -27 -25 -7.30 -27 -57 -21 -80 -82 -36 -27 -48
Repurchase of Common Equity		 -32 -28 -11 -35 -66 -33 -90 -94 -46 -38 -56
Other Financing Activities, Net		 4.83 2.79 3.88 7.74 8.65 12 10 12 9.95 11 8.41
Cash Income Taxes Paid		 14 18 16 13 15 21 19 20 23 28 31

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2023 3/31/2023 6/30/2023 9/30/2024 12/31/2024 3/31/2024 6/30/2024 9/30/2025 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 15 -62 15 6.44 25 -1.43 26 11 25 7.64 31
Net Cash From Operating Activities		 29 -1.70 37 22 42 15 40 40 42 23 55
Net Cash From Continuing Operating Activities		 29 -1.70 37 22 42 15 40 40 42 23 55
Net Income / (Loss) Continuing Operations		 17 9.57 20 23 24 19 22 34 24 26 27
Consolidated Net Income / (Loss)		 17 9.57 20 23 24 19 22 34 24 26 27
Provision For Loan Losses		 0.71 -0.08 0.44 0.44 -0.36 0.53 1.33 -0.75 -0.36 2.05 0.19
Depreciation Expense		 6.74 5.55 6.36 7.71 7.50 6.68 6.73 8.71 7.50 7.60 7.59
Non-Cash Adjustments to Reconcile Net Income		 -0.93 1.07 1.00 1.77 0.74 -1.04 0.88 1.52 0.74 -2.40 1.08
Changes in Operating Assets and Liabilities, net		 5.75 -18 9.02 -11 10 -10 9.93 -3.44 10 -11 19
Net Cash From Investing Activities		 -6.92 -7.13 -5.05 -9.89 -9.54 -10 -7.67 -18 -9.54 -8.66 -15
Net Cash From Continuing Investing Activities		 -6.92 -7.13 -5.05 -9.89 -9.54 -10 -7.67 -18 -9.54 -8.66 -15
Purchase of Property, Leasehold Improvements and Equipment		 -6.92 -7.13 -5.05 -9.89 -9.54 -10 -7.67 -18 -9.54 -8.66 -15
Net Cash From Financing Activities		 -7.21 -53 -16 -5.98 -7.52 -6.63 -6.42 -12 -7.52 -6.62 -8.11
Net Cash From Continuing Financing Activities		 -7.21 -53 -16 -5.98 -7.52 -6.63 -6.42 -12 -7.52 -6.62 -8.11
Repurchase of Common Equity		 -9.32 -57 -18 -9.59 -9.49 -9.18 -9.53 -13 -9.49 -9.00 -9.62
Other Financing Activities, Net		 2.11 4.14 1.47 3.61 1.98 2.55 3.11 1.40 1.98 2.38 1.51
Cash Income Taxes Paid		 5.36 0.72 0.33 14 6.29 3.61 0.40 16 6.29 7.31 0.53

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 3/31/2025 3/31/2026
Total Assets		 220 235 274 318 416 425 415 394 455 546 643
Cash and Due from Banks		 33 29 56 92 83 140 98 71 106 171 233
Interest Bearing Deposits at Other Banks		 26 32 35 45 49 56 70 80 88 101 116
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 0.00
Premises and Equipment, Net		 53 63 69 62 76 71 76 83 86 92 118
Goodwill		 37 37 37 37 37 37 37 37 37 37 37
Intangible Assets		 4.29 3.85 3.42 2.98 2.54 2.10 1.67 1.24 0.82 0.44 0.26
Other Assets		 67 71 73 79 169 119 133 122 137 145 139
Total Liabilities & Shareholders' Equity		 220 235 274 318 416 425 415 394 455 546 643
Total Liabilities		 88 97 103 123 227 204 203 192 207 224 249
Short-Term Debt		 13 - - - - - - - - - 25
Accrued Interest Payable		 67 73 85 105 117 149 157 153 168 187 204
Other Long-Term Liabilities		 7.91 6.69 4.84 6.29 93 42 31 24 23 20 21
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 132 139 171 195 190 220 212 202 248 322 394
Total Preferred & Common Equity		 132 139 171 195 190 220 212 202 248 322 394
Total Common Equity		 132 139 171 195 190 220 212 202 248 322 394
Common Stock		 130 136 144 156 169 186 202 219 234 250 269
Retained Earnings		 393 423 458 505 553 599 665 732 808 903 1,013
Treasury Stock		 -392 -420 -431 -466 -532 -564 -655 -748 -794 -832 -888

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 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 12/31/2022 6/30/2023 9/30/2023 12/31/2022 6/30/2023 9/30/2023 12/31/2023 6/30/2024 9/30/2025 12/31/2025 6/30/2025
Total Assets		 408 418 434 408 418 434 445 486 612 645 597
Cash and Due from Banks		 78 87 92 78 87 92 107 132 207 230 202
Interest Bearing Deposits at Other Banks		 83 85 90 83 85 90 81 94 112 115 108
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 0.00
Premises and Equipment, Net		 82 84 85 82 84 85 85 87 111 114 108
Goodwill		 37 37 37 37 37 37 37 37 37 37 37
Intangible Assets		 1.35 1.14 1.03 1.35 1.14 1.03 0.93 0.72 0.35 0.31 0.39
Other Assets		 127 124 129 127 124 129 134 136 144 148 142
Total Liabilities & Shareholders' Equity		 408 418 434 408 418 434 445 486 612 645 597
Total Liabilities		 213 211 212 213 211 212 211 222 249 269 255
Short-Term Debt		 17 20 15 17 20 15 15 19 - - 31
Accrued Interest Payable		 170 167 171 170 167 171 173 182 207 220 205
Other Long-Term Liabilities		 26 23 25 26 23 25 23 22 19 19 20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 195 207 223 195 207 223 234 264 363 376 343
Total Preferred & Common Equity		 195 207 223 195 207 223 234 264 363 376 343
Total Common Equity		 195 207 223 195 207 223 234 264 363 376 343
Common Stock		 211 221 227 211 221 227 230 238 259 261 253
Retained Earnings		 713 751 771 713 751 771 788 829 958 982 930
Treasury Stock		 -730 -766 -775 -730 -766 -775 -785 -803 -854 -868 -841

Annual Metrics And Ratios for CorVel

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 3/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 51,152,437.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 51,152,437.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.22% 3.00% 7.65% 6.70% -0.59% -6.68% 16.93% 11.19% 10.68% 12.61% 7.03%
EBITDA Growth		 3.86% 3.76% 1.72% 21.27% -1.50% -0.74% 31.25% 1.15% 10.65% 23.90% 16.32%
EBIT Growth		 1.09% 3.23% 0.74% 28.41% -1.30% -2.53% 42.82% 0.05% 12.47% 27.05% 18.46%
NOPAT Growth		 -0.23% 3.34% 21.09% 30.84% 1.44% -2.16% 43.26% -0.07% 14.90% 24.80% 15.95%
Net Income Growth		 -0.23% 3.34% 21.09% 30.84% 1.44% -2.16% 43.26% -0.07% 14.90% 24.80% 15.95%
EPS Growth		 4.38% 5.59% 23.84% 31.55% 3.66% 0.00% 43.53% 3.01% 16.71% 24.49% 16.94%
Operating Cash Flow Growth		 15.78% 1.44% 19.40% 26.53% 2.78% 16.77% -28.77% 22.41% 20.60% 28.29% 22.25%
Free Cash Flow Firm Growth		 -9.53% 33.20% -91.21% 629.04% 127.40% -96.01% 4,108.08% -12.96% -59.81% -32.34% -34.93%
Invested Capital Growth		 1.04% -4.50% 23.46% 13.80% -2.61% 23.33% -9.22% -4.81% 22.49% 30.02% 30.06%
Revenue Q/Q Growth		 1.23% 1.03% 1.82% 1.28% -0.68% -0.27% -4.77% 0.00% 0.00% 0.14% 0.00%
EBITDA Q/Q Growth		 2.94% 3.59% -0.98% 5.87% -1.79% 6.05% 3.17% 0.00% 0.00% 3.01% 0.00%
EBIT Q/Q Growth		 3.54% 4.58% -2.29% 8.00% -2.13% 8.28% 3.94% 0.00% 0.00% 2.96% 0.00%
NOPAT Q/Q Growth		 3.98% 4.69% 2.80% 6.57% -0.19% 7.07% 5.40% 0.00% 0.00% 1.39% 0.00%
Net Income Q/Q Growth		 3.98% 4.69% 2.80% 6.57% -0.19% 7.07% 5.40% 0.00% 0.00% 1.39% 0.00%
EPS Q/Q Growth		 2.88% 5.59% 2.75% 6.96% 0.79% 6.69% 3.39% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 6.86% 2.05% -5.00% -1.92% 4.92% 6.89% -5.33% 0.00% 0.00% 6.42% 0.00%
Free Cash Flow Firm Q/Q Growth		 -13.68% 307.91% -80.98% 72.46% 28.06% -93.02% 11.45% 0.00% 0.00% -16.84% 0.00%
Invested Capital Q/Q Growth		 3.94% -12.80% -3.34% -6.13% -11.36% 2.91% 0.46% 0.00% 0.00% 1.42% 0.00%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 13.11% 13.21% 12.48% 14.18% 14.05% 14.95% 16.78% 15.26% 15.26% 16.79% 18.25%
EBIT Margin		 9.15% 9.17% 8.58% 10.33% 10.25% 10.71% 13.08% 11.77% 11.96% 13.49% 14.93%
Profit (Net Income) Margin		 5.66% 5.68% 6.39% 7.84% 8.00% 8.39% 10.28% 9.24% 9.59% 10.63% 11.51%
Tax Burden Percent		 61.93% 62.00% 74.52% 75.92% 78.04% 78.34% 78.58% 78.49% 80.18% 78.76% 77.09%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 38.07% 38.00% 25.48% 24.08% 21.96% 21.66% 21.42% 21.51% 19.82% 21.24% 22.91%
Return on Invested Capital (ROIC)		 19.75% 20.77% 23.04% 25.52% 24.64% 21.88% 29.76% 32.02% 33.90% 33.41% 29.79%
ROIC Less NNEP Spread (ROIC-NNEP)		 19.75% 20.77% 0.00% 0.00% 0.00% 21.88% 29.76% 0.00% 0.00% 0.00% 29.79%
Return on Net Nonoperating Assets (RNNOA)		 2.20% 1.02% 0.00% 0.00% 0.00% 0.72% 0.93% 0.00% 0.00% 0.00% 1.02%
Return on Equity (ROE)		 21.95% 21.79% 0.00% 0.00% 0.00% 22.61% 30.69% 0.00% 0.00% 0.00% 30.81%
Cash Return on Invested Capital (CROIC)		 18.72% 25.38% 2.04% 12.61% 27.29% 0.99% 39.43% 36.95% 13.69% 7.31% 3.66%
Operating Return on Assets (OROA)		 21.33% 20.87% 18.81% 20.78% 16.54% 14.07% 20.12% 20.90% 22.41% 24.15% 24.08%
Return on Assets (ROA)		 13.21% 12.94% 14.01% 15.78% 12.90% 11.02% 15.81% 16.40% 17.97% 19.02% 18.56%
Return on Common Equity (ROCE)		 21.95% 21.79% 0.00% 0.00% 0.00% 22.61% 30.69% 0.00% 0.00% 0.00% 30.81%
Return on Equity Simple (ROE_SIMPLE)		 21.62% 21.26% 20.85% 23.97% 24.97% 21.03% 31.27% 32.83% 30.79% 29.56% 27.99%
Net Operating Profit after Tax (NOPAT)		 29 29 36 47 47 46 66 66 76 95 110
NOPAT Margin		 5.66% 5.68% 6.39% 7.84% 8.00% 8.39% 10.28% 9.24% 9.59% 10.63% 11.51%
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% 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% 0.00%
Operating Expenses to Revenue		 90.85% 90.83% 91.42% 89.67% 89.75% 89.29% 86.92% 88.23% 88.04% 86.51% 85.07%
Earnings before Interest and Taxes (EBIT)		 46 48 48 62 61 59 85 85 95 121 143
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 66 68 70 84 83 83 108 110 121 150 175
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.85 6.00 5.58 6.24 5.20 8.32 13.97 16.15 18.16 17.86 7.09
Price to Tangible Book Value (P/TBV)		 8.49 8.49 7.29 7.84 6.56 10.11 17.07 19.89 21.42 20.20 7.83
Price to Revenue (P/Rev)		 1.53 1.60 1.71 2.04 1.67 3.32 4.59 4.54 5.66 6.42 2.92
Price to Earnings (P/E)		 27.05 28.23 26.74 26.04 20.83 39.56 44.69 49.20 58.99 60.43 25.33
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 3.70% 3.54% 3.74% 3.84% 4.80% 2.53% 2.24% 2.03% 1.70% 1.65% 3.95%
Enterprise Value to Invested Capital (EV/IC)		 5.00 5.56 5.04 5.54 4.51 7.06 13.19 15.40 17.38 17.02 5.90
Enterprise Value to Revenue (EV/Rev)		 1.44 1.49 1.55 1.81 1.44 2.99 4.33 4.33 5.41 6.12 2.58
Enterprise Value to EBITDA (EV/EBITDA)		 11.01 11.26 12.39 12.77 10.27 19.99 25.83 28.39 35.47 36.44 14.13
Enterprise Value to EBIT (EV/EBIT)		 15.77 16.21 18.02 17.54 14.08 27.91 33.14 36.82 45.26 45.34 17.27
Enterprise Value to NOPAT (EV/NOPAT)		 25.47 26.15 24.18 23.10 18.04 35.62 42.17 46.92 56.45 57.57 22.40
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.16 14.81 13.89 13.72 10.57 17.50 41.66 37.84 43.38 43.03 15.88
Enterprise Value to Free Cash Flow (EV/FCFF)		 26.87 21.41 272.71 46.76 16.29 789.75 31.83 40.66 139.84 263.08 182.38
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.10 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.06
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 0.00
Financial Leverage		 0.11 0.05 0.00 0.00 0.00 0.03 0.03 0.00 0.00 0.00 0.03
Leverage Ratio		 1.66 1.68 1.64 1.62 1.91 2.05 1.94 1.95 1.89 1.76 1.66
Compound Leverage Factor		 1.66 1.68 1.64 1.62 1.91 2.05 1.94 1.95 1.89 1.76 1.66
Debt to Total Capital		 9.11% 0.00% 0.00% 0.00% 0.00% 5.80% 0.00% 0.00% 0.00% 0.00% 5.86%
Short-Term Debt to Total Capital		 9.11% 0.00% 0.00% 0.00% 0.00% 5.80% 0.00% 0.00% 0.00% 0.00% 5.86%
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% 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% 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% 0.00%
Common Equity to Total Capital		 90.89% 100.00% 100.00% 100.00% 100.00% 94.20% 100.00% 100.00% 100.00% 100.00% 94.14%
Debt to EBITDA		 0.20 0.00 0.00 0.00 0.00 0.16 0.00 0.00 0.00 0.00 0.14
Net Debt to EBITDA		 -0.68 0.00 0.00 0.00 0.00 -2.21 0.00 0.00 0.00 0.00 -1.85
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 0.00
Debt to NOPAT		 0.46 0.00 0.00 0.00 0.00 0.29 0.00 0.00 0.00 0.00 0.22
Net Debt to NOPAT		 -1.58 0.00 0.00 0.00 0.00 -3.94 0.00 0.00 0.00 0.00 -2.94
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 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% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 27 36 3.17 23 52 2.09 88 77 31 21 14
Operating Cash Flow to CapEx		 306.22% 167.69% 224.46% 514.86% 249.77% 547.35% 225.43% 312.64% 339.39% 356.08% 343.14%
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 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 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 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.33 2.28 2.19 2.01 1.61 1.31 1.54 1.78 1.87 1.79 1.61
Fixed Asset Turnover		 9.19 8.92 8.43 9.07 8.59 7.54 8.80 9.04 9.43 10.07 9.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 145 139 171 195 190 234 212 202 248 322 419
Invested Capital Turnover		 3.49 3.65 3.60 3.26 3.08 2.61 2.90 3.47 3.54 3.14 2.59
Increase / (Decrease) in Invested Capital		 1.49 -6.54 33 24 -5.09 44 -22 -10 45 74 97
Enterprise Value (EV)		 727 771 863 1,079 855 1,651 2,801 3,114 4,304 5,479 2,471
Market Capitalization		 772 832 954 1,216 987 1,834 2,968 3,265 4,498 5,751 2,795
Book Value per Share		 $6.74 $7.25 $9.07 $10.45 $10.48 $12.33 $12.05 $11.78 $14.46 $6.27 $7.71
Tangible Book Value per Share		 $4.64 $5.12 $6.94 $8.32 $8.30 $10.15 $9.87 $9.56 $12.27 $5.54 $6.98
Total Capital		 145 139 171 195 190 234 212 202 248 322 419
Total Debt		 13 0.00 0.00 0.00 0.00 14 0.00 0.00 0.00 0.00 25
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -45 -61 -91 -137 -132 -183 -167 -151 -194 -272 -324
Capital Expenditures (CapEx)		 17 31 28 15 32 17 30 26 29 36 45
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 13 0.00 0.00 0.00 0.00 14 0.00 0.00 0.00 0.00 25
Total Depreciation and Amortization (D&A)		 20 21 22 23 23 23 24 25 26 30 32
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.45 $1.85 $2.15
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.12M 51.38M 51.28M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.40 $1.83 $2.14
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.35M 51.99M 51.63M
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 $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 17.12M 51.35M 50.69M
Normalized Net Operating Profit after Tax (NOPAT)		 29 29 36 47 47 46 66 66 76 95 110
Normalized NOPAT Margin		 5.66% 5.68% 6.39% 7.84% 8.00% 8.39% 10.28% 9.24% 9.59% 10.63% 11.51%
Pre Tax Income Margin		 9.15% 9.17% 8.58% 10.33% 10.25% 10.71% 13.08% 11.77% 11.96% 13.49% 14.93%
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 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 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 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 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% 0.00%
Augmented Payout Ratio		 110.52% 94.98% 31.34% 75.30% 138.48% 70.48% 135.65% 141.15% 59.95% 39.52% 50.94%

Quarterly Metrics And Ratios for CorVel

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2023 3/31/2023 6/30/2024 9/30/2024 12/31/2024 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.78% -23.85% 11.28% 14.76% 12.69% 58.82% 11.28% 14.76% 12.69% 0.62% 10.86%
EBITDA Growth		 5.94% -45.46% 9.34% 16.70% 31.58% 66.34% 9.34% 19.89% 31.58% 15.00% 23.33%
EBIT Growth		 0.65% -54.11% 10.25% 16.01% 37.73% 87.53% 10.25% 16.01% 37.73% 15.37% 25.85%
NOPAT Growth		 1.46% -51.28% 8.95% 17.59% 39.05% 103.34% 8.95% 17.59% 39.05% 6.72% 26.22%
Net Income Growth		 1.46% -51.28% 8.95% 17.59% 39.05% 103.34% 8.95% 17.59% 39.05% 6.72% 26.22%
EPS Growth		 1.46% -51.28% 9.65% 17.39% 39.39% 103.34% 8.95% 17.59% -53.54% 5.26% 23.81%
Operating Cash Flow Growth		 176.06% -110.13% 10.41% 23.98% 41.79% 994.66% 10.41% 120.06% 41.79% 50.35% 36.03%
Free Cash Flow Firm Growth		 596.80% -28.43% -167.91% -1,025.17% -228.53% -231.49% -253.08% -3,104.49% -123.59% -105.94% -88.91%
Invested Capital Growth		 0.00% -4.81% 16.04% 24.81% 0.00% 22.49% 24.25% 52.48% 27.67% 30.02% 32.09%
Revenue Q/Q Growth		 3.47% -35.50% 0.00% 5.98% 1.60% 2.44% 2.17% 5.98% 1.60% -8.53% 12.56%
EBITDA Q/Q Growth		 -6.64% -39.52% 0.00% 4.66% 5.26% 0.60% 18.72% 7.52% 7.82% -12.08% 27.32%
EBIT Q/Q Growth		 -9.52% -46.11% 0.00% 2.27% 7.43% 1.05% 24.07% 2.27% 7.43% -15.35% 35.33%
NOPAT Q/Q Growth		 -14.09% -44.04% 0.00% 8.44% 1.59% 13.80% 10.91% 8.44% 1.59% -12.66% 31.18%
Net Income Q/Q Growth		 -14.09% -44.04% 0.00% 8.44% 1.59% 13.80% 10.91% 8.44% 1.59% -12.66% 31.18%
EPS Q/Q Growth		 -14.09% -44.04% 0.00% 8.00% -65.93% 13.80% 10.91% 8.44% -65.93% -13.04% 30.00%
Operating Cash Flow Q/Q Growth		 63.25% -105.80% 0.00% -44.84% 86.69% -48.10% 165.26% -2.08% 438.35% -44.96% 140.00%
Free Cash Flow Firm Q/Q Growth		 7,317.81% -39.95% 0.00% -139.13% -724.49% -29.14% -29.06% -202.14% -26.45% -18.94% -18.39%
Invested Capital Q/Q Growth		 -100.00% -4.37% 0.00% 12.53% 6.92% -0.41% 14.10% 28.39% 6.92% 1.42% 15.91%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 14.39% 13.49% 16.42% 16.21% 16.80% 14.13% 16.42% 16.66% 16.80% 16.15% 18.27%
EBIT Margin		 11.05% 9.23% 13.24% 12.78% 13.51% 10.90% 13.24% 12.78% 13.51% 12.50% 15.03%
Profit (Net Income) Margin		 8.45% 7.33% 10.19% 10.43% 10.43% 9.39% 10.19% 10.43% 10.43% 9.96% 11.60%
Tax Burden Percent		 76.45% 79.39% 76.96% 81.61% 77.18% 86.09% 76.96% 81.61% 77.18% 79.63% 77.19%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 23.55% 20.61% 23.04% 18.39% 22.82% 13.91% 23.04% 18.39% 22.82% 20.37% 22.81%
Return on Invested Capital (ROIC)		 0.00% 25.42% 30.70% 29.98% 52.19% 33.20% 32.65% 29.36% 32.94% 31.31% 32.51%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 30.70% 29.98% 52.19% 0.00% 32.65% 29.36% 32.94% 0.00% 32.51%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 1.33% 1.75% 2.89% 0.00% 2.71% 0.77% 1.96% 0.00% 2.65%
Return on Equity (ROE)		 0.00% 0.00% 32.03% 31.73% 55.08% 0.00% 35.36% 30.13% 34.90% 0.00% 35.15%
Cash Return on Invested Capital (CROIC)		 0.00% 36.95% 12.89% 4.72% -150.67% 13.69% 8.97% -14.43% 8.85% 7.31% 3.10%
Operating Return on Assets (OROA)		 0.00% 16.40% 21.69% 20.63% 19.92% 20.44% 23.93% 20.66% 24.56% 22.38% 25.49%
Return on Assets (ROA)		 0.00% 13.02% 16.69% 16.83% 15.38% 17.60% 18.42% 16.86% 18.96% 17.82% 19.67%
Return on Common Equity (ROCE)		 0.00% 0.00% 32.03% 31.73% 55.08% 0.00% 35.36% 30.13% 34.90% 0.00% 35.15%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 25.82% 25.33% 26.03% 0.00% 29.57% 22.47% 31.20% 0.00% 29.43%
Net Operating Profit after Tax (NOPAT)		 17 9.57 22 23 24 19 22 23 24 21 27
NOPAT Margin		 8.45% 7.33% 10.19% 10.43% 10.43% 9.39% 10.19% 10.43% 10.43% 9.96% 11.60%
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% 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% 0.00%
Operating Expenses to Revenue		 88.95% 90.77% 86.76% 87.22% 86.49% 89.10% 86.76% 87.22% 86.49% 87.50% 84.97%
Earnings before Interest and Taxes (EBIT)		 22 12 28 29 31 23 28 29 31 26 35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 29 18 35 36 38 29 35 37 38 34 43
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 16.15 16.50 19.80 19.00 18.15 16.50 15.44 19.00 17.86 15.41
Price to Tangible Book Value (P/TBV)		 0.00 19.89 19.23 22.82 21.69 21.40 19.23 17.20 21.69 20.20 17.29
Price to Revenue (P/Rev)		 6.03 4.54 5.88 7.28 7.19 5.65 5.33 6.62 6.39 6.42 5.75
Price to Earnings (P/E)		 56.37 49.20 63.89 78.17 72.99 58.95 55.80 68.69 60.90 60.43 52.35
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 1.77% 2.03% 1.57% 1.28% 1.37% 1.70% 1.79% 1.46% 1.64% 1.65% 1.91%
Enterprise Value to Invested Capital (EV/IC)		 0.00 15.40 15.64 18.07 17.23 17.37 14.67 14.56 17.23 17.02 13.39
Enterprise Value to Revenue (EV/Rev)		 0.00 4.33 5.58 6.98 6.89 5.41 5.08 6.24 6.12 6.12 5.44
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 28.39 36.64 45.54 43.06 35.45 33.35 40.45 37.48 36.44 31.54
Enterprise Value to EBIT (EV/EBIT)		 0.00 36.82 47.36 58.90 54.95 45.23 42.44 51.94 46.62 45.34 39.03
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 46.92 60.58 74.92 69.86 56.41 53.14 64.77 58.29 57.57 49.58
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 37.84 47.94 59.36 53.27 43.34 40.24 42.36 45.73 43.03 35.23
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 40.66 130.36 425.39 0.00 139.74 181.31 0.00 218.46 263.08 492.16
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.05 0.06 0.00 0.07 0.00 0.06 0.00 0.09
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 0.00
Financial Leverage		 0.00 0.00 0.04 0.06 0.06 0.00 0.08 0.03 0.06 0.00 0.08
Leverage Ratio		 0.00 1.95 1.92 1.89 1.79 1.89 1.92 1.79 1.84 1.76 1.79
Compound Leverage Factor		 0.00 1.95 1.92 1.89 1.79 1.89 1.92 1.79 1.84 1.76 1.79
Debt to Total Capital		 0.00% 0.00% 0.00% 4.77% 5.24% 0.00% 6.61% 0.00% 5.24% 0.00% 8.22%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 4.77% 5.24% 0.00% 6.61% 0.00% 5.24% 0.00% 8.22%
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% 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% 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% 0.00%
Common Equity to Total Capital		 0.00% 100.00% 100.00% 95.23% 94.76% 100.00% 93.39% 100.00% 94.76% 100.00% 91.78%
Debt to EBITDA		 0.00 0.00 0.00 0.12 0.13 0.00 0.15 0.00 0.11 0.00 0.19
Net Debt to EBITDA		 0.00 0.00 0.00 -1.98 -1.93 0.00 -1.67 0.00 -1.68 0.00 -1.76
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 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.20 0.21 0.00 0.24 0.00 0.18 0.00 0.30
Net Debt to NOPAT		 0.00 0.00 0.00 -3.26 -3.14 0.00 -2.66 0.00 -2.62 0.00 -2.77
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 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% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 229 20 -15 -36 -294 -26 -34 -101 -45 -54 -63
Operating Cash Flow to CapEx		 424.65% -23.91% 527.03% 225.65% 436.78% 151.74% 527.03% 225.71% 436.78% 264.65% 355.76%
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 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 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 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 1.78 1.64 1.61 1.47 1.87 1.81 1.62 1.82 1.79 1.70
Fixed Asset Turnover		 0.00 9.04 8.65 8.84 8.71 9.43 9.55 8.62 10.14 10.07 9.41
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 202 264 297 317 248 283 363 317 322 373
Invested Capital Turnover		 0.00 3.47 3.01 2.88 5.01 3.54 3.20 2.82 3.16 3.14 2.80
Increase / (Decrease) in Invested Capital		 -211 -10 36 59 317 45 55 125 69 74 91
Enterprise Value (EV)		 0.00 3,114 4,128 5,367 5,471 4,301 4,146 5,280 5,471 5,479 4,998
Market Capitalization		 4,229 3,265 4,354 5,600 5,716 4,495 4,354 5,600 5,716 5,751 5,278
Book Value per Share		 $0.00 $11.78 $15.41 $16.51 $17.57 $14.49 $15.41 $21.18 $17.57 $6.27 $6.67
Tangible Book Value per Share		 $0.00 $9.56 $13.22 $14.32 $15.39 $12.29 $13.22 $19.01 $15.39 $5.54 $5.95
Total Capital		 0.00 202 264 297 317 248 283 363 317 322 373
Total Debt		 0.00 0.00 0.00 14 17 0.00 19 0.00 17 0.00 31
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 -151 -226 -233 -246 -194 -207 -320 -246 -272 -279
Capital Expenditures (CapEx)		 6.92 7.13 7.67 9.89 9.54 10 7.67 18 9.54 8.66 15
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 14 17 0.00 19 0.00 17 0.00 31
Total Depreciation and Amortization (D&A)		 6.74 5.55 6.73 7.71 7.50 6.68 6.73 8.71 7.50 7.60 7.59
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.06 $1.26 $1.37 $0.46 $0.13 $0.42 $0.15 $0.46 $0.40 $0.53
Adjusted Weighted Average Basic Shares Outstanding		 0.00 155.95M 17.12M 17.13M 51.39M 154.10M 51.37M 154.20M 51.39M 51.38M 51.35M
Adjusted Diluted Earnings per Share		 $0.00 $0.06 $1.25 $1.35 $0.46 $0.13 $0.42 $0.15 $0.46 $0.40 $0.52
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 158.33M 17.31M 17.34M 52.04M 156.12M 51.94M 156.07M 52.04M 51.99M 51.91M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.06 $0.00 $0.00 $0.00 $0.13 $0.00 $0.00 $0.00 $0.40 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 51.43M 17.13M 17.13M 51.36M 51.37M 51.39M 153.74M 51.36M 51.35M 51.31M
Normalized Net Operating Profit after Tax (NOPAT)		 17 9.57 22 23 24 19 22 23 24 21 27
Normalized NOPAT Margin		 8.45% 7.33% 10.19% 10.43% 10.43% 9.39% 10.19% 10.43% 10.43% 9.96% 11.60%
Pre Tax Income Margin		 11.05% 9.23% 13.24% 12.78% 13.51% 10.90% 13.24% 12.78% 13.51% 12.50% 15.03%
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 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 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 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 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% 0.00%
Augmented Payout Ratio		 81.75% 141.15% 125.36% 119.47% 109.50% 59.95% 48.00% 50.24% 40.26% 39.52% 37.39%

Financials Breakdown Chart

Key Financial Trends

CorVel’s latest quarter shows continued revenue and profit growth, strong cash generation, and a very cash-rich balance sheet, but also persistent share repurchases and a heavy liability structure to watch.

For Q1 fiscal 2026, CorVel reported revenue of $234.7 million, up from $208.5 million in Q4 2025 and $211.7 million in Q1 2025. Net income was $27.2 million, also ahead of the prior quarter’s $20.8 million and last year’s $21.6 million. Earnings per share improved to $0.53 from $0.40 in the prior quarter and $0.42 a year ago.

Profitability remains healthy, although operating expenses are rising alongside revenue. Total non-interest expense was $199.4 million in Q1 2026, versus $182.5 million in Q4 2025 and $183.7 million in Q1 2025. That means CorVel is growing, but investors should still watch whether expense growth stays in line with top-line gains.

Cash flow was another clear strength. The company generated $55.0 million in operating cash flow in Q1 2026, a sharp improvement from $22.9 million in Q4 2025 and $40.4 million in Q1 2025. Capital spending was $15.5 million, leaving solid free-cash-flow generation for the quarter.

On the balance sheet, CorVel ended Q1 2026 with $597.4 million in total assets, including $202.0 million in cash and $108.1 million in interest-bearing deposits. Equity stood at $342.5 million, up from $263.9 million a year earlier, while total liabilities were $254.9 million.

  • Revenue growth accelerated, with Q1 2026 revenue rising to $234.7 million from $208.5 million in Q4 2025.
  • Net income improved meaningfully to $27.2 million, above both the prior quarter and year-ago period.
  • EPS expanded to $0.53, reflecting better bottom-line performance.
  • Operating cash flow was strong at $55.0 million, suggesting the earnings are supported by real cash generation.
  • Liquidity remains solid with more than $310 million combined in cash and interest-bearing deposits.
  • Equity increased year over year, indicating continued retained earnings growth.
  • Operating expenses rose with revenue, so margin trends deserve close attention.
  • CorVel continues to repurchase shares, which supports EPS but uses cash that could otherwise stay on the balance sheet.
  • Liabilities remain elevated at $254.9 million, including a large accrued interest payable balance.
  • Property and equipment spending is ongoing, which could pressure free cash flow if growth capex stays high.

Looking at the last four years, CorVel has generally shown a steady upward trend in revenue, earnings, and cash flow. The company has moved from quarterly revenue around $190 million in early 2024 to more than $234 million in the latest quarter, while quarterly net income has climbed from the high teens to the high twenties in millions.

Overall, CorVel appears to be a consistently profitable, cash-generative business with a strong balance sheet and disciplined share repurchases. The main watch items are whether expense growth stays controlled and whether the company can keep converting revenue gains into durable margin expansion.

05/27/26 04:52 AM ETAI Generated. May Contain Errors.

CorVel Financials - Frequently Asked Questions

According to the most recent income statement we have on file, CorVel's fiscal year ends in March. Their fiscal year 2026 ended on March 31, 2026.

CorVel's net income appears to be on an upward trend, with a most recent value of $110.34 million in 2026, rising from $28.53 million in 2016. The previous period was $95.17 million in 2025. Find out what analysts predict for CorVel in the coming months.

Over the last 10 years, CorVel's total revenue changed from $503.58 million in 2016 to $958.53 million in 2026, a change of 90.3%.

CorVel's total liabilities were at $248.76 million at the end of 2026, a 11.1% increase from 2025, and a 181.6% increase since 2016.

In the past 10 years, CorVel's cash and equivalents has ranged from $28.61 million in 2017 to $233.07 million in 2026, and is currently $233.07 million as of their latest financial filing in 2026.

Over the last 10 years, CorVel's book value per share changed from 6.74 in 2016 to 7.71 in 2026, a change of 14.3%.


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Financial statements for NASDAQ:CRVL last updated on 5/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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