Corvel vs Innovage Holding
Corvel and Innovage Holding are similar in size: $959m and $990m of revenue in their latest fiscal years. Innovage Holding grew faster (15.9% against 7.0%). Corvel kept more of each dollar of sales as profit: a net margin of 11.5% against -0.3%. Corvel carries less debt relative to equity (0.0% against 20.7%).
| Latest fiscal year | CorvelCRVL, 2026 | Innovage HoldingINNV, 2026 |
|---|---|---|
| Revenue | $959m | $990m |
| Revenue growth | 7.0% | 15.9% |
| Net income | $110m | −$2.5m |
| Operating margin | — | 0.3% |
| Net margin | 11.5% | -0.3% |
| Return on equity | 30.8% | -1.1% |
| Free cash flow | $110m | $50.4m |
| Cash | $233m | $97.9m |
| Total debt | $0 | $48.8m |
| Debt to equity | 0.0% | 20.7% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $56.2m | — |
| Employees | 5,239 | 2,500 |
| Market value | $4.20bn | $1.21bn |
| Price vs our value range | — | Above our value range |
| Moat score | 68 (Moderate) | 28 (Weak) |
| Insider trades, 12 months | 0 buys, 26 sales | 0 buys, 9 sales |