Corvel Corp is a US-listed company in the health care services industry. Its financial year ends in March.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $984m, up 7.1% on a year earlier, about the same pace as a quarter earlier.
Our model value for Corvel is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Corvel Corp's trailing-twelve-month revenue grew 7.1% year on year, with a free-cash-flow margin of 11.6%. Where it stands out: net margin of 11.7% ranks 4 of 41 health care services companies we cover.
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 22% in the quarter to 2014-12-31.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Corvel Corp at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Corvel Corp as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$51 ~$51–$78 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$92 ~$63–$140 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$45 ~$38–$56 | Included |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Corvel Corp with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Corvel's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 14.6% of total assets over 10 years.
Gross margin has been a median 21.8%, moving by 1.5 percentage points (standard deviation) across 10 years.
Net margin has been a median 9.5%; its worst year was 5.7%.
Free cash flow was positive in 10 of 10 years, at a median 8.9% of revenue.
The diluted share count fell 9.5% over five years; stock-based pay has been a median 0.7% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (73 before it).
No analyst estimates are published for Corvel Corp: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Dec 2014 | $0.14 | $0.11 | −21.8% |
| Sept 2014 | $0.16 | $0.12 | −21.8% |
| Jun 2014 | $0.16 | $0.13 | −17.5% |
| Mar 2014 | $0.14 | $0.13 | −5.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +12.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $919m | $984m | +7.1% |
| Net margin | 11.0% | 11.7% | +6.8% |
| P/E multiple | 38.1x | 37.1x | −2.8% |
| Share count | 52m | 51m | +1.2% |
Biggest factor: revenue.
Last 3 years +25.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $733m | $984m | +34.3% |
| Net margin | 9.5% | 11.7% | +23.6% |
| P/E multiple | 50.5x | 37.1x | −26.6% |
| Share count | 53m | 51m | +2.7% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CRVL | +96% | −30% | +70% | +35% | −39% | +23% |
| Industry peers (median) | −3% | −25% | +6% | −6% | −6% | +15% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CRVL | 83% | 25% | 67% | 67% | 33% | 82% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CRVL | −12% | −37% | −17% | −17% | −48% | −36% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 64% from February 5, 2025 to February 9, 2026. Getting back needed a 179% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | +5.7% | −0.4% | +6.2% | +16.2% |
| May 20, 2026 | +4.6% | +1.2% | +4.8% | −2.1% |
| February 3, 2026 | −29.6% | −1.3% | −33.2% | −21.4% |
| November 4, 2025 | +3.2% | −0.8% | +6.1% | −3.8% |
| August 5, 2025 | +2.1% | +0.3% | +3.8% | −0.6% |
| May 22, 2025 | −1.7% | −0.6% | −0.9% | −6.7% |
| February 4, 2025 | +10.8% | +1.1% | +1.8% | −6.5% |
| November 5, 2024 | +16.8% | +3.7% | +19.6% | +17.0% |
| July 30, 2024 | −0.3% | +1.1% | −4.0% | +2.2% |
| May 22, 2024 | −0.3% | −1.0% | −13.1% | −10.2% |
| January 30, 2024 | +1.7% | −1.7% | +0.4% | +5.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $750.6M |
| FY24 Q3 | $773.5M |
| FY24 Q4 | $795.3M |
| FY25 Q1 | $816.8M |
| FY25 Q2 | $845.6M |
| FY25 Q3 | $871.3M |
| FY25 Q4 | $895.6M |
| FY26 Q1 | $918.6M |
| FY26 Q2 | $933.8M |
| FY26 Q3 | $941.5M |
| FY26 Q4 | $958.5M |
| FY27 Q1 | $983.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q2 | 8.8% |
| FY24 Q3 | 9.8% |
| FY24 Q4 | 10.7% |
| FY25 Q1 | 11.5% |
| FY25 Q2 | 12.7% |
| FY25 Q3 | 12.6% |
| FY25 Q4 | 12.6% |
| FY26 Q1 | 12.5% |
| FY26 Q2 | 10.4% |
| FY26 Q3 | 8.1% |
| FY26 Q4 | 7.0% |
| FY27 Q1 | 7.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | 9.6% |
| FY24 Q3 | 9.1% |
| FY24 Q4 | 8.8% |
| FY25 Q1 | 8.7% |
| FY25 Q2 | 8.6% |
| FY25 Q3 | 9.5% |
| FY25 Q4 | 10.2% |
| FY26 Q1 | 10.7% |
| FY26 Q2 | 10.8% |
| FY26 Q3 | 11.1% |
| FY26 Q4 | 11.5% |
| FY27 Q1 | 11.6% |
| Fiscal year | 2017 Mar 2017 | 2018 Mar 2018 | 2019 Mar 2019 | 2020 Mar 2020 | 2021 Mar 2021 | 2022 Mar 2022 | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 519 | 558 | 596 | 592 | 553 | 646 | 719 | 795 | 896 | 959 | 984 |
| Gross profit | 105 | 107 | 125 | 126 | 124 | 152 | 158 | 172 | 210 | 233 | 244 |
| Net income | 29 | 36 | 47 | 47 | 46 | 66 | 66 | 76 | 95 | 110 | 115 |
| Diluted EPS | $0.50 | $0.62 | $0.82 | $0.85 | $0.85 | $1.22 | $1.26 | $1.47 | $1.83 | $2.14 | $2.24 |
| Growth (year on year) | |||||||||||
| Revenue | — | +7.6% | +6.7% | −0.6% | −6.7% | +16.9% | +11.2% | +10.7% | +12.6% | +7.0% | +7.1% |
| Net income | — | +21.1% | +30.8% | +1.4% | −2.2% | +43.3% | −0.1% | +14.9% | +24.8% | +16.0% | +14.4% |
| Diluted EPS | — | +23.8% | +31.6% | +3.7% | 0.0% | +43.5% | +3.3% | +16.7% | +24.5% | +16.9% | +15.7% |
| Margins | |||||||||||
| Gross margin | 20.2% | 19.2% | 21.0% | 21.3% | 22.4% | 23.5% | 22.0% | 21.6% | 23.4% | 24.3% | 24.8% |
| Net margin | 5.7% | 6.4% | 7.8% | 8.0% | 8.4% | 10.3% | 9.2% | 9.6% | 10.6% | 11.5% | 11.7% |
| Free-cash-flow margin | 4.1% | 6.2% | 10.6% | 8.2% | 14.0% | 5.8% | 7.8% | 8.8% | 10.2% | 11.5% | 11.6% |
| Cash flow | |||||||||||
| Cash from operations | 52 | 62 | 79 | 81 | 94 | 67 | 82 | 99 | 127 | 156 | 151 |
| Capital spending | 31 | 28 | 15 | 32 | 17 | 30 | 26 | 29 | 36 | 45 | 37 |
| Free cash flow | 21 | 34 | 63 | 48 | 77 | 37 | 56 | 70 | 92 | 110 | 114 |
| Stock-based pay | 2 | 3 | 4 | 4 | 5 | 5 | 6 | 5 | 6 | 5 | 5 |
| Free cash flow after stock pay | 19 | 31 | 59 | 44 | 72 | 32 | 50 | 65 | 86 | 105 | 108 |
| Balance sheet | |||||||||||
| Cash | 29 | 56 | 92 | 83 | 140 | 98 | 71 | 106 | 171 | 233 | 256 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −29 | −56 | −92 | −83 | −140 | −98 | −71 | −106 | −171 | −233 | −256 |
| Diluted shares | 59m | 57m | 57m | 56m | 54m | 54m | 53m | 52m | 52m | 52m | 51m |
| Returned to shareholders | |||||||||||
| Buybacks | 28 | 11 | 35 | 66 | 33 | 90 | 94 | 46 | 38 | 56 | 69 |
| Total returned | 28 | 11 | 35 | 66 | 33 | 90 | 94 | 46 | 38 | 56 | 69 |
| Quarter | 2025 Q2 Sept 2024 | 2025 Q3 Dec 2024 | 2025 Q4 Mar 2025 | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2026 Q3 Dec 2025 | 2026 Q4 Mar 2026 | 2027 Q1 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 224 | 228 | 232 | 235 | 240 | 236 | 249 | 260 |
| Gross profit | 51 | 53 | 58 | 57 | 58 | 55 | 63 | 68 |
| Net income | 23 | 24 | 26 | 27 | 28 | 24 | 31 | 32 |
| Diluted EPS | $0.45 | $0.46 | $0.51 | $0.52 | $0.54 | $0.47 | $0.61 | $0.63 |
| Growth (year on year) | ||||||||
| Revenue | +14.8% | +12.7% | +11.7% | +10.9% | +6.8% | +3.4% | +7.4% | +10.7% |
| Net income | +17.6% | +39.1% | +35.8% | +26.2% | +19.3% | +1.7% | +17.4% | +18.3% |
| Diluted EPS | +17.4% | +39.4% | −54.5% | +23.8% | +20.0% | +2.2% | +19.6% | +21.2% |
| Margins | ||||||||
| Gross margin | 22.6% | 23.2% | 25.1% | 24.2% | 24.3% | 23.3% | 25.4% | 26.1% |
| Net margin | 10.4% | 10.4% | 11.4% | 11.6% | 11.6% | 10.3% | 12.5% | 12.4% |
| Free-cash-flow margin | 5.5% | 14.1% | 6.2% | 16.8% | 6.4% | 14.9% | 8.2% | 16.6% |
| Cash flow | ||||||||
| Cash from operations | 22 | 42 | 23 | 55 | 25 | 46 | 29 | 50 |
| Capital spending | 10 | 10 | 9 | 15 | 10 | 11 | 9 | 7 |
| Free cash flow | 12 | 32 | 14 | 40 | 15 | 35 | 20 | 43 |
| Stock-based pay | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Free cash flow after stock pay | 11 | 30 | 13 | 38 | 14 | 34 | 19 | 42 |
| Last 12 months unless stated | CRVL | INNV | PNTG | GH | USPH | PGNY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $984m | $990m | $1.1bn | $1.2bn | $812m | $1.3bn | $1.2bn |
| Revenue growth, last 12 months | 7.1% | 15.9% | 37.9% | 42.7% | 11.3% | 5.5% | 7.3% |
| Revenue growth, 3-year average | 10.3% | 12.9% | 30.0% | 32.4% | 11.8% | 11.0% | 11.3% |
| Revenue growth, latest quarter | 10.7% | 18.3% | 35.8% | 44.3% | 8.5% | 5.3% | 8.5% |
| Gross margin | 24.8% | 23.0% | — | 65.0% | 18.7% | 24.6% | 27.9% |
| Operating margin | — | 0.3% | 5.6% | −39.7% | 9.4% | 8.6% | 2.3% |
| Operating margin, 3-year average | — | −2.1% | 5.5% | −58.3% | 9.0% | 7.0% | 2.3% |
| Net margin | 11.7% | −0.3% | 2.9% | −38.3% | 4.0% | 6.0% | 1.2% |
| Cash from operations / revenue | 15.3% | 6.5% | 4.8% | −15.7% | 10.2% | 15.4% | 6.1% |
| Free-cash-flow margin | 11.6% | 5.1% | 3.1% | −20.3% | 7.9% | 13.6% | 5.1% |
| Free-cash-flow margin, 3-year average | 10.3% | 0.8% | 3.5% | −33.2% | 9.0% | 14.7% | 3.6% |
| Stock pay / revenue | 0.5% | 0.7% | 0.9% | 16.2% | 1.1% | 8.2% | 1.1% |
| Change in share count | −1.2% | 0.2% | 3.6% | 4.6% | 0.2% | −4.2% | 0.3% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 7.1% | 7.3% | 22 of 41 |
| Change in growth rate Growth | +0.1pp | +1.1pp | 24 of 41 |
| Net margin Profitability | 11.7% | 1.2% | 4 of 41 |
| Stock pay as % of revenue Cash generation | 0.5% | 0.9% | 6 of 35 |
| Change in share count Balance sheet | -1.2% | 0.4% | 14 of 39 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Patient Management Services | $597M | 62.3% | ▲ 2.7% |
| Network Solutions Services | $362M | 37.7% | ▲ 15.1% |
From Corvel Corp's 10-K filed May 22, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $321M | 5.1M | 18.5% | ▲ 5.4% |
| Kayne Anderson Rudnick Investment Management LLC | $285M | 4.6M | 16.4% | ▼ 6.6% |
| Vanguard Portfolio Management LLC | $108M | 1.7M | 6.2% | ▲ 1.7% |
| Renaissance Technologies LLC | $95.6M | 1.5M | 5.5% | ▼ 5.5% |
| Vanguard Capital Management LLC | $81.2M | 1.3M | 4.7% | ▲ 0.1% |
| State Street Corp | $80.6M | 1.3M | 4.6% | ▲ 6.6% |
| Dimensional Fund Advisors LP | $71M | 1.1M | 4.1% | ▼ 2.1% |
| Geode Capital Management, LLC | $63.4M | 1.0M | 3.6% | ▲ 8.1% |
| Morgan Stanley | $41M | 656K | 2.4% | ▼ 5.6% |
| Wells Fargo & Company | $28.3M | 453K | 1.6% | ▼ 1.9% |
| Boston Trust Walden Corp | $25.9M | 415K | 1.5% | ▼ 4.6% |
| Northern Trust Corp | $25.7M | 410K | 1.5% | ▲ 8.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Corvel Corp's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Corstar Holdings Inc 10% owner | September 14, 2026 | Sell pre-set plan | 127,824 | $70.16 | $9M |
| Corstar Holdings Inc 10% owner | September 11, 2026 | Sell pre-set plan | 30,925 | $69.05 | $2.1M |
| Corstar Holdings Inc 10% owner | September 4, 2026 | Sell pre-set plan | 14,538 | $68.76 | $999,633 |
| Corstar Holdings Inc 10% owner | September 3, 2026 | Sell pre-set plan | 51,713 | $68.91 | $3.6M |
| Jessup R Judd Director | September 1, 2026 | Sell | 4,023 | $70.07 | $281,892 |
| Jessup R Judd Director | August 27, 2026 | Sell | 1,262 | $70.64 | $89,148 |
| Jessup R Judd Director | August 26, 2026 | Sell | 1,562 | $70.71 | $110,449 |
| Yoss Jennifer Vice President of Accounting | August 20, 2026 | Sell | 2,100 | $70.92 | $148,932 |
| Shishin Maxim Chief Information Officer | June 12, 2026 | Sell | 2,250 | $60.59 | $136,328 |
| Combs Michael G CEO & President | June 12, 2026 | Sell pre-set plan | 500 | $60.79 | $30,395 |
| Combs Michael G CEO & President | June 11, 2026 | Sell pre-set plan | 7,000 | $60.55 | $423,850 |
| Combs Michael G CEO & President | June 10, 2026 | Sell pre-set plan | 7,000 | $61.38 | $429,660 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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