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Provides technology-enabled managed care and cost-containment services for workers' compensation and health claims.
Provides technology-enabled managed care and cost-containment services for workers' compensation and health claims.
Paid through fees from insurers and employers, often as a share of the savings it achieves on medical bills, a fee per claim handled or an hourly rate for nurse case managers, so workers' compensation claim volumes and medical cost trends affect it. Most business is repeat accounts. It is based in Irvine, California.
Moat: narrow (scale, process know-how, switching costs). Integrated claims-technology platform embedded in customer claims workflows creates switching costs.
Headquarters: Fort Worth, Texas, United States · Founded: 1987 · Employees: 5,239
Size CorVel (CRVL) is a United States Financials company (Insurance Brokers/Services) with a market value of $4.20B, the 1317th largest of 3,117 United States companies the cockpit tracks. Shares closed at $83.16 on 6 Nov 2026.
Performance Over six months the shares gained 42.1%, against +41.0% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 9 in its peer set.
Growth Revenue grew 8.3% over the last twelve months (peer median +17.2%); the operating margin is 15.9% (peer median 21.6%).
Valuation It trades at 10.74× book value against a peer median of 3.10× (2nd most expensive of 7).
Price implies The share price implies a return on equity of about 80.5%; CorVel delivers 30.6%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was $34.8M at 30 Sep 2026, up 13% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.01B | $959M | $896M | $795M | $719M |
| Revenue growth | — | +7% | +13% | +11% | — |
| Gross profit | $266M | $233M | $180M | $145M | $133M |
| EBITDA | n/a | $175M | $150M | $121M | $110M |
| Net income | $122M | $110M | $95.2M | $76.3M | $66.4M |
| Free cash flow | n/a | $110M | $91.6M | $70.0M | $56.0M |
| Capital expenditure | n/a | $45.4M | $35.8M | $29.2M | $26.3M |
| Total debt | $25.6M | $28.1M | $28.1M | $31.4M | $33.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| CorVel CRVL | $4.20B | +42% | +8% | 31% | 10.74× | 80.5% |
| Crawford & CRD-A | $539M | +15% | -4% | 14% | 2.96× | 21.0% |
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CRVL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | +9.9% | 4th lowest of 9 |
| 6-month return | +42.1% | +41.0% | 5th highest of 9 |
| Return on equity | 30.6% | 11.9% | highest of 7 |
| Price / book | 10.74× | 3.10× | 2nd most expensive of 7 |
| Trailing P/E | 35.0× | 40.5× | 3rd cheapest of 8 |
| ROE the price implies | 80.5% | 21.9% | most demanding of 7 |
| ROE delivered | 30.6% | 11.9% | highest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| CorVel CRVL | United States | $4.20B | +42% | +8% | 31% | 10.74× | 80.5% | 30.6% |
| Steadfast SDF.AX | Australia | $4.46B | +46% | +17% | 11% | 2.73× | 14.3% | 11.3% |
| Baldwin Insurance BWIN | United States | $4.48B | +58% | +19% | -11% | 3.48× | 26.6% | -10.7% |
| Neptune Insurance NP | United States | $3.86B | -7% | +34% | n/a | n/a | n/a | n/a |
| AUB AUB.AX | Australia | $2.75B | +26% | +6% | 5% | 2.11× | 17.1% | 5.4% |
| Goosehead Insurance GSHD | United States | $1.97B | +36% | +18% | n/a | n/a | n/a | n/a |
| TWFG TWFG | United States | $1.52B | +47% | +33% | 14% | 7.79× | 29.2% | 13.6% |
| Ryan Specialty RYAN | United States | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% | 19.4% |
| Tryg A/S TRYG.CO | Denmark | $14.2B | +10% | +5% | 12% | 2.61× | 8.1% | 12.4% |
CorVel reported $34.8M of remaining performance obligations at 30 Sep 2026, up 13% from a year earlier and up 5% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.