CorVel Corporation provides workers' compensation, general and auto liability, and hospital bill auditing and payment integrity solutions. It applies technology, including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and the related health care costs. The company also offers network solutions services, including automated medical fee auditing, preferred provider management and reimbursement, retrospective utilization review, facility claim review, professional review, pharmacy, directed care, clearinghouse, independent medical examination, and inpatient medical bill review services, as well as Medicare solutions. In addition, it provides a range of patient management services, such as claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, and life care planning, as well as processing of claims for self-insured payors with respect to property and casualty insurance. The company offers solutions to employers, third party administrators, insurance companies, and government agencies to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims. CorVel Corporation was incorporated in 1987 and is based in Fort Worth, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $959M | $175M | $110M | $110M | 28.0% | 7.0% | 16.0% |
| 2025 | $896M | $150M | $95M | $92M | 29.6% | 12.6% | 24.8% |
| 2024 | $795M | $121M | $76M | $70M | 30.8% | 10.7% | 14.9% |
| 2023 | $719M | $110M | $66M | $56M | 32.8% | - | - |
| 2022 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 718.56 | 795.31 | 895.59 | 958.53 |
| Operating Revenue | - | 718.56 | 795.31 | 895.59 | 958.53 |
| Cost Of Revenue | - | 560.30 | 623.62 | 685.86 | 725.66 |
| Gross Profit | - | 158.26 | 171.69 | 209.73 | 232.86 |
| Operating Expense | - | 73.70 | 76.59 | 88.90 | 89.73 |
| Selling General And Administration | - | 73.70 | 76.59 | 88.90 | 89.73 |
| Total Expenses | - | 634.01 | 700.21 | 774.76 | 815.40 |
| Operating Income | - | 84.55 | 95.10 | 120.82 | 143.13 |
| EBITDA | - | 109.68 | 121.35 | 150.36 | 174.90 |
| Normalized EBITDA | - | 109.68 | 121.35 | 150.36 | 174.90 |
| EBIT | - | 84.55 | 95.10 | 120.82 | 143.13 |
| Pretax Income | - | 84.55 | 95.10 | 120.82 | 143.13 |
| Tax Provision | - | 18.19 | 18.85 | 25.66 | 32.79 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 66.36 | 76.25 | 95.16 | 110.34 |
| Net Income From Continuing And Discontinued Operation | - | 66.36 | 76.25 | 95.16 | 110.34 |
| Net Income From Continuing Operation Net Minority Interest | - | 66.36 | 76.25 | 95.16 | 110.34 |
| Net Income | - | 66.36 | 76.25 | 95.16 | 110.34 |
| Net Income Common Stockholders | - | 66.36 | 76.25 | 95.16 | 110.34 |
| Net Income Including Noncontrolling Interests | - | 66.36 | 76.25 | 95.16 | 110.34 |
| Normalized Income | - | 66.36 | 76.25 | 95.16 | 110.34 |
| Diluted NI Availto Com Stockholders | - | 66.36 | 76.25 | 95.16 | 110.34 |
| Basic Average Shares | 53.26 | 51.98 | 51.37 | 51.38 | - |
| Diluted Average Shares | 54.38 | 52.78 | 52.04 | 51.99 | - |
| Reconciled Depreciation | - | 25.12 | 26.25 | 29.54 | 31.76 |
| Reconciled Cost Of Revenue | - | 560.30 | 623.62 | 685.86 | 725.66 |
| General And Administrative Expense | - | 73.70 | 76.59 | 88.90 | 89.73 |
| Other Gand A | - | 73.70 | 76.59 | 88.90 | 89.73 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CorVel Corporationthis co. | CRVL | $3.0B | 27.21β premium | 7.61 | 28.0% | 15.99 |
| First Financial Bancorp. | FFBC | $3.2B | 12.54 | 1.16 | 9.2% | - |
| Park National Corporation | PRK | $3.1B | 17.38 | 2.31 | 13.3% | - |
| Simmons First National Corporation | SFNC | $3.1B | -7.86 | 0.91 | -11.6% | - |
| Bank of Hawaii Corporation | BOH | $3.0B |
| - |
| - |
| - |
| - |
| - |
| 14.70 |
| 2.01 |
| 13.7% |
| - |
| Banc of California, Inc. | BANC | $3.0B | 13.02 | 0.98 | 7.5% | - |
| Seacoast Banking Corporation of Florida | SBCF | $2.9B | 20.25 | 1.08 | 5.3% | - |
| Provident Financial Services, Inc. | PFS | $2.9B | 10.00 | 1.03 | 10.3% | - |
| WisdomTree, Inc. | WT | $2.9B | 26.77 | 7.01 | 26.2% | 19.33 |
| Peer Median | - | 13.86 | 1.12 | 9.8% | 19.33 | |