Corvel Corp key statistics and ratios

In fiscal 2026, Corvel Corp had return on equity of 30.8%, a net margin of 11.5%, debt equal to 0.0% of equity and a current ratio of 2.03. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Corvel Corp: financial ratios, annual
Fiscal year	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
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%
Return on equity	21.3%	23.0%	25.5%	24.6%	22.6%	30.7%	32.0%	33.9%	33.4%	30.8%	28.7%
Return on assets	12.5%	14.0%	15.8%	12.9%	11.0%	15.8%	16.4%	18.0%	19.0%	18.6%	17.3%
Asset turnover	2.20	2.19	2.01	1.61	1.31	1.54	1.78	1.87	1.79	1.61	1.48
Current ratio	1.43	1.67	1.84	1.56	1.66	1.55	1.45	1.64	1.90	2.03	1.94
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	38.0%	25.5%	24.1%	22.0%	21.7%	21.4%	21.5%	19.8%	21.2%	22.9%	23.7%
Capital spending as % of revenue	6.0%	5.0%	2.6%	5.5%	3.1%	4.6%	3.7%	3.7%	4.0%	4.7%	3.7%
Free cash flow ÷ net income	71.3%	96.5%	135.7%	102.3%	166.4%	56.3%	84.3%	91.8%	96.2%	99.9%	98.7%
Dividends and buybacks ÷ free cash flow	133.3%	32.5%	55.5%	135.4%	42.4%	240.8%	167.4%	65.3%	41.1%	51.0%	60.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Corvel Corp: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
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%
Current ratio	1.71	1.77	1.90	1.79	1.89	1.85	2.03	1.94

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

68 /100

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.

Returns on capital 20 / 20

Net income has been a median 14.6% of total assets over 10 years.
Pricing power 9 / 20

Gross margin has been a median 21.8%, moving by 1.5 percentage points (standard deviation) across 10 years.
Durability 10 / 20

Net margin has been a median 9.5%; its worst year was 5.7%.
Cash conversion 14 / 20

Free cash flow was positive in 10 of 10 years, at a median 8.9% of revenue.
Discipline 20 / 20

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).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Corvel Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Corvel Corp.