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CorVel
(NASDAQ:CRVL)
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Rating:78Outperform
Price Target:
$75.00
▲(25.29% Upside)
Action:Reiterated
Date:08/17/26
CRVL scores well primarily due to strong financial quality (high profitability/ROE and very low leverage) and a constructive earnings outlook driven by accelerating bookings and multiyear payer implementations. The score is tempered by premium valuation (P/E ~29) and some near-term technical stretch signals, plus execution risk around scaling CERIS benefits and normalizing staffing following the CEO transition.
Positive Factors
Conservative balance sheet and strong returns
Very low leverage limits financial risk and preserves flexibility to invest in technology, pursue acquisitions, or withstand claims-market volatility. Sustained ROE near 30% also indicates effective use of shareholder capital.
Negative Factors
Top-line growth has materially decelerated
Slower revenue expansion could constrain future earnings growth if margin improvement moderates. It also raises the importance of successful payer implementations and product adoption to sustain momentum across the broader business.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and strong returns
Very low leverage limits financial risk and preserves flexibility to invest in technology, pursue acquisitions, or withstand claims-market volatility. Sustained ROE near 30% also indicates effective use of shareholder capital.
Read all positive factors
CorVel Key Performance Indicators (KPIs)
Any
Revenue by Service Line
Breaks down sales across CorVel’s business lines (claims administration, bill review, network and specialty services), showing which areas drive growth and profits. A shift toward higher‑margin or rapidly growing services indicates better future earnings power, while concentration in one line increases vulnerability to pricing pressure, regulatory changes, or competitive loss.
Breaks down sales across CorVel’s business lines (claims administration, bill review, network and specialty services), showing which areas drive growth and profits. A shift toward higher‑margin or rapidly growing services indicates better future earnings power, while concentration in one line increases vulnerability to pricing pressure, regulatory changes, or competitive loss.
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The Fly
The FlyCorVel (CRVL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.54B
Dividend YieldN/A
Average Volume (3M)163.23K
Price to Earnings (P/E)31.2
Beta (1Y)0.55
Revenue Growth7.09%
EPS Growth14.95%
CountryUS
Employees5,239
SectorFinancial
Sector Strength70
IndustryInsurance - Brokers
Share Statistics
EPS (TTM)2.25
Shares Outstanding50,516,570
10 Day Avg. Volume168,294
30 Day Avg. Volume163,227
Financial Highlights & Ratios
PEG Ratio1.57
Price to Book (P/B)7.11
Price to Sales (P/S)2.92
P/FCF Ratio25.41
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
CorVel Business Overview & Revenue Model
Company Description
CorVel Corporation delivers comprehensive solutions designed to assist employers, third-party administrators, insurance providers, and government entities in effectively managing healthcare claims. The company focuses on controlling medical expend...
How the Company Makes Money
CorVel primarily makes money by providing fee-based services and technology that support the administration and medical cost management of insurance claims. Key revenue streams generally include: (1) Claims administration/TPA services: CorVel is p...
CorVel Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives: revenue and EPS growth (quarterly and fiscal), improved margins, robust new bookings (+56%) and pipeline expansion (RFPs +20%), cash generation, a debt-free balance sheet and aggressive share repurchases. Strategic wins for CERIS, expansion of prepaid solutions and continued AI/automation investments position the company for scalable growth. Offset risks include a higher effective tax rate, some one-time/timing-driven CERIS benefits that may not fully recur, only low single-digit growth in patient management, near-term staffing costs, and industry headwinds including rising claims severity and cybersecurity risks. Overall, the favorable results, expanding bookings and strong cash/return-of-capital program materially outweigh the noted challenges.Positive Updates
Quarterly Revenue Growth
March quarter revenues were $249 million, up 7% year-over-year from $232 million in March 2025.
Negative Updates
Higher Effective Tax Rate
Effective tax rate increased compared to the prior year because the prior year included a discrete benefit from stock option exercises that did not recur, which tempered EPS growth.
Read all updates
Q4-2026 Updates
Positive
Negative
Quarterly Revenue Growth
March quarter revenues were $249 million, up 7% year-over-year from $232 million in March 2025.
Read all positive updates
Company Guidance
The company guided that momentum from CERIS and recently signed enterprise programs—4 large payer implementations in 2026, including 2 new multiyear partnerships with top‑10 national payers—should drive ongoing revenue and profit tailwinds, with new bookings up 56% year‑over‑year and RFP activity up 20%, and those multiyear bookings expected to contribute meaningfully to revenue and profit growth in the back half of the calendar year as implementations scale; management also said a timing‑related CERIS benefit added $0.02 to EPS in the period. They expect prepaid solutions (revenue realization in about 1–2 months versus ~6+ months for postpaid) and expanded automation/AI to deliver sustained productivity gains, normalize elevated personnel levels as deployments mature, reduce manual work and improve operating leverage through the remainder of the year and into 2027. Supporting this push, CorVel pointed to a strong, debt‑free balance sheet with $233M cash, $66M free cash flow for FY2026, and ongoing share repurchases (872,744 shares repurchased for $56M in FY2026; 366,306 for $20M in Q4; 115.3M total repurchased to date for $868M, ~69% of shares outstanding at an average $7.70), which management said funds continued investment in technology, product expansion and M&A optionality.CorVel Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 983.74M | 958.53M | 895.59M | 795.31M | 718.56M | 646.23M |
| Gross Profit | 235.13M | 232.86M | 209.73M | 171.69M | 158.26M | 152.11M |
| EBITDA | 183.90M | 174.90M | 150.36M | 121.35M | 109.67M | 108.43M |
| Net Income | 115.33M | 110.34M | 95.17M | 76.25M | 66.36M | 66.41M |
Balance Sheet | ||||||
| Total Assets | 689.74M | 642.99M | 545.98M | 454.68M | 393.92M | 415.25M |
| Cash, Cash Equivalents and Short-Term Investments | 255.88M | 233.07M | 170.58M | 105.56M | 71.33M | 97.50M |
| Total Debt | 28.39M | 28.11M | 28.08M | 31.40M | 33.76M | 43.14M |
| Total Liabilities | 280.84M | 248.75M | 223.99M | 207.03M | 191.75M | 202.85M |
| Stockholders Equity | 408.89M | 394.23M | 321.99M | 247.65M | 202.18M | 212.40M |
Cash Flow | ||||||
| Free Cash Flow | 113.82M | 110.28M | 91.56M | 70.00M | 55.97M | 37.40M |
| Operating Cash Flow | 150.55M | 155.64M | 127.31M | 99.24M | 82.29M | 67.22M |
| Investing Cash Flow | -36.73M | -45.36M | -35.76M | -29.24M | -26.32M | -29.82M |
| Financing Cash Flow | -59.96M | -47.80M | -26.54M | -35.76M | -82.14M | -79.61M |
CorVel Technical Analysis
Positive
59.86
Price Trends
62.25
Positive
59.97
Positive
61.62
Positive
Market Momentum
2.20
Negative
71.74
Negative
86.93
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRVL, the sentiment is Positive. The current price of 59.86 is below the 20-day moving average (MA) of 63.61, below the 50-day MA of 62.25, and below the 200-day MA of 61.62, indicating a bullish trend. The MACD of 2.20 indicates Negative momentum. The RSI at 71.74 is Negative, neither overbought nor oversold. The STOCH value of 86.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CRVL.
CorVel Risk Analysis
CorVel disclosed 32 risk factors in its most recent earnings report. CorVel reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CorVel Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $24.40B | 20.14 | 9.62% | 0.95% | 34.22% | 3.21% | |
78 Outperform | $3.54B | 31.18 | 29.93% | ― | 7.09% | 14.95% | |
73 Outperform | $1.57B | 48.27 | 12.67% | ― | 33.12% | 45.43% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | $611.78M | 27.63 | 13.01% | 2.73% | -4.12% | -20.24% | |
55 Neutral | $611.78M | 27.63 | 13.01% | 2.97% | -4.12% | -20.24% | |
55 Neutral | $4.45B | -27.36 | -10.59% | ― | 18.95% | -275.68% |
* Financial Sector Average
CRVL
CorVel
70.15
-20.30
-22.44%
BRO
Brown & Brown
72.92
-22.87
-23.88%
CRD.A
Crawford & Company A
13.26
2.26
20.55%
CRD.B
Crawford & Company B
12.24
1.65
15.54%
BWIN
Baldwin Insurance Group
31.90
-1.43
-4.29%
TWFG
TWFG, Inc. Class A
28.96
0.36
1.26%
CorVel Corporate Events
Executive/Board ChangesShareholder Meetings
CorVel Shareholders Back Board, Auditor and Executive Pay
Positive
Aug 11, 2026
At its annual meeting of stockholders held on August 6, 2026, CorVel Corporation shareholders elected six directors to serve until the 2027 annual meeting or until their successors are chosen. The voting results showed broad support for most nomin...
Business Operations and StrategyExecutive/Board Changes
CorVel Announces CEO Transition to Sarah Scott
Positive
Jun 1, 2026
On June 1, 2026, CorVel announced a planned leadership transition under which long-time executive Michael G. Combs will step down as CEO and president effective July 1, 2026, to become executive chair, focusing on advising his successor, supportin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.