CRVL

MKT CAP:$3B

CorVel Corporation

Market Cap

$3B

Financial Services·Insurance - Brokers·🇺🇸 United States·NASDAQ

Financials·Insurance·🇺🇸·NASDAQ

Stock Price

$56.76-$8.98 (-13.66%)

Apr 23, 2026

Company Details

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...

CEO

Michael G. Combs

IPO Date

Jun 28, 1991

Website

www.corvel.com

Key Metrics TTM

Revenue

$941M

+8.1% YoY

Net Income

$106M

EPS (Diluted)

$2.04

Free Cash Flow

$104M

Revenue / Share

$18.25

Gross Margin

24.2%

Operating Margin

14.5%

Net Margin

11.2%

FCF Margin

11.1%

P/S

3.1x

P/E

27.6x

Earnings Reports

Q3 2026

Feb 5, 2026

$236M+3.4%EPS $0.47

Q2 2026

Nov 6, 2025

$240M+6.8%EPS $0.54

Q1 2026

Aug 7, 2025

$235M+10.9%EPS $0.52

FY 2025

May 23, 2025

$896M+12.6%EPS $1.83

Q4 2025

May 23, 2025

$232M+11.7%EPS $0.51

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$171M	$43M	$26M
Q1 23	$176M	$40M	$21M
Q2 23	$177M	$36M	$19M
Q3 23	$179M	$40M	$22M
Q4 23	$185M	$42M	$23M
Q1 24	$190M	$42M	$25M
Q2 24	$196M	$44M	$25M
Q3 24	$202M	$42M	$22M
Q4 24	$207M	$43M	$23M
Q1 25	$212M	$48M	$28M
Q2 25	$224M	$51M	$29M
Q3 25	$228M	$53M	$31M
Q4 25	$232M	$58M	$33M
Q1 26	$235M	$57M	$35M
Q2 26	$240M	$58M	$36M
Q3 26	$236M	$55M	$32M

Valuation

Quarter	P/S	P/E
Q4 22	4.5x	43.9x
Q1 23	4.4x	44.0x
Q2 23	4.2x	45.0x
Q3 23	4.1x	43.0x
Q4 23	4.1x	44.0x
Q1 24	4.0x	42.0x
Q2 24	3.9x	39.1x
Q3 24	3.8x	38.9x
Q4 24	3.7x	38.3x
Q1 25	3.6x	37.4x
Q2 25	3.5x	35.8x
Q3 25	3.3x	33.1x
Q4 25	3.3x	30.7x
Q1 26	3.2x	28.9x
Q2 26	3.1x	27.7x
Q3 26	3.1x	27.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$17M	$5M
Q1 23	$30M	$22M
Q2 23	$10M	$5M
Q3 23	$30M	$24M
Q4 23	$13M	$6M
Q1 24	$37M	$32M
Q2 24	$18M	$11M
Q3 24	$29M	$22M
Q4 24	$15M	$5M
Q1 25	$40M	$33M
Q2 25	$22M	$12M
Q3 25	$42M	$32M
Q4 25	$23M	$14M
Q1 26	$55M	$40M
Q2 26	$25M	$15M
Q3 26	$46M	$35M

Capital Expenditures

Quarter	CapEx
Q4 22	$11M
Q1 23	$8M
Q2 23	$5M
Q3 23	$6M
Q4 23	$7M
Q1 24	$5M
Q2 24	$7M
Q3 24	$7M
Q4 24	$10M
Q1 25	$8M
Q2 25	$10M
Q3 25	$10M
Q4 25	$9M
Q1 26	$15M
Q2 26	$10M
Q3 26	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+17.8%	+15.0%
Q1 23	+15.5%	+17.5%
Q2 23	+12.5%	+15.3%
Q3 23	+9.0%	+7.0%
Q4 23	+8.2%	+12.2%
Q1 24	+7.9%	+6.3%
Q2 24	+10.2%	+7.5%
Q3 24	+12.8%	+14.5%
Q4 24	+11.8%	+13.4%
Q1 25	+11.3%	+11.4%
Q2 25	+14.8%	+14.6%
Q3 25	+12.7%	+9.6%
Q4 25	+11.7%	+7.3%
Q1 26	+10.9%	+8.6%
Q2 26	+6.8%	+4.1%
Q3 26	+3.4%	+3.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$1M	0.8%
Q1 23	$1M	0.8%
Q2 23	$950.0K	0.5%
Q3 23	$2M	0.9%
Q4 23	$2M	0.8%
Q1 24	$1M	0.7%
Q2 24	$1M	0.7%
Q3 24	$1M	0.5%
Q4 24	$1M	0.6%
Q1 25	$1M	0.5%
Q2 25	$1M	0.7%
Q3 25	$2M	0.8%
Q4 25	$1M	0.6%
Q1 26	$1M	0.6%
Q2 26	$1M	0.6%
Q3 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 22	$17M	—
Q1 23	$19M	—
Q2 23	$18M	—
Q3 23	$18M	—
Q4 23	$19M	—
Q1 24	$16M	—
Q2 24	$20M	—
Q3 24	$20M	—
Q4 24	$21M	—
Q1 25	$20M	—
Q2 25	$22M	—
Q3 25	$1M	$21M
Q4 25	$25M	—
Q1 26	$21M	—
Q2 26	$22M	—
Q3 26	$23M	—

Revenue Segments

Quarter	Network Solutions Services	Patient Management Services
Q4 22	$60M	$111M
Q1 23	$61M	$115M
Q2 23	$58M	$119M
Q3 23	$60M	$119M
Q1 24	$62M	$128M
Q2 24	$66M	$130M
Q3 24	$71M	$132M
Q4 24	$67M	$141M
Q1 25	$73M	$139M
Q2 25	$77M	$147M
Q3 25	$82M	$146M
Q4 25	$83M	$149M
Q1 26	$88M	$147M
Q2 26	$89M	$151M
Q3 26	$90M	$146M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$98M	$0	$98M
Q1 23	$94M	$0	$94M
Q2 23	$76M	$0	$76M
Q3 23	$78M	$0	$78M
Q4 23	$71M	$0	$71M
Q1 24	$87M	$0	$87M
Q2 24	$92M	$0	$92M
Q3 24	$107M	$0	$107M
Q4 24	$106M	$0	$106M
Q1 25	$132M	$0	$132M
Q2 25	$138M	$0	$138M
Q3 25	$163M	$0	$163M
Q4 25	$171M	$0	$171M
Q1 26	$202M	$0	$202M
Q2 26	$207M	$0	$207M
Q3 26	$230M	$0	$230M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	18M	-1.1%	-2.9%
Q1 23	18M	-1.1%	-2.3%
Q2 23	18M	-0.9%	-3.2%
Q3 23	17M	-0.9%	-4.0%
Q4 23	52M	+199.0%	+190.4%
Q1 24	52M	-0.2%	+193.0%
Q2 24	52M	-0.2%	+194.8%
Q3 24	52M	-0.1%	+197.2%
Q4 24	52M	+0.0%	-0.6%
Q1 25	52M	-0.1%	-0.4%
Q2 25	52M	+0.2%	-0.0%
Q3 25	52M	+0.0%	+0.1%
Q4 25	52M	0.0%	+0.1%
Q1 26	52M	-0.2%	-0.1%
Q2 26	52M	-0.4%	-0.6%
Q3 26	52M	-0.3%	-0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$40.5K	4K
Q1 23	$41.7K	4K
Q2 23	$41.9K	4K
Q3 23	$42.4K	4K
Q4 23	$41.7K	4K
Q1 24	$42.8K	4K
Q2 24	$44.0K	4K
Q3 24	$45.5K	4K
Q4 24	$42.6K	5K
Q1 25	$43.5K	5K
Q2 25	$46.1K	5K
Q3 25	$46.8K	5K
Q4 25	$45.6K	5K
Q1 26	$46.2K	5K
Q2 26	$47.2K	5K
Q3 26	$46.4K	5K

Revenue / Employee