Corvel Corp Financials
This page shows Corvel Corp (CRVL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion and a more self-funded balance sheet are underwriting CorVel's expansion more than added obligations.
Latest-year operating cash flow reached$127.3M against$95.2M of net income, a wider cash surplus than in the prior year. With receivables growing more slowly than sales and free cash flow still at$91.6M , the recent margin lift appears to be collected in cash rather than left sitting in working capital.
Gross margin climbed to
From two years earlier to the latest year, cash increased from
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Corvel Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Corvel Corp's revenue grew 7.0% year-over-year to $958.5M, a solid pace of expansion. This earns a growth score of 50/100.
Corvel Corp carries a low D/E ratio of 0.63, meaning only $0.63 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.
Corvel Corp's current ratio of 2.03 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.
Corvel Corp has a free cash flow margin of 11.5%, earning a moderate score of 51/100. The company generates positive cash flow after capital investments, but with room for improvement.
Corvel Corp earns a strong 28.0% return on equity (ROE), meaning it generates $28 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is down from 29.6% the prior year.
Corvel Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Corvel Corp generates $1.41 in operating cash flow ($155.6M OCF vs $110.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Corvel Corp generated $958.5M in revenue in fiscal year 2026. This represents an increase of 7.0% from the prior year.
Corvel Corp reported $110.3M in net income in fiscal year 2026. This represents an increase of 16.0% from the prior year.
Corvel Corp earned $2.14 per diluted share (EPS) in fiscal year 2026. This represents an increase of 16.9% from the prior year.
Cash & Balance Sheet
Corvel Corp generated $110.3M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 20.4% from the prior year.
Corvel Corp held $233.1M in cash against $0 in long-term debt as of fiscal year 2026.
Corvel Corp had 51M shares outstanding in fiscal year 2026. This represents a decrease of 0.9% from the prior year.
Margins & Returns
Corvel Corp's gross margin was 24.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Corvel Corp's net profit margin was 11.5% in fiscal year 2026, showing the share of revenue converted to profit. This is up 0.9 percentage points from the prior year.
Corvel Corp's ROE was 28.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 1.6 percentage points from the prior year.
Capital Allocation
Corvel Corp spent $56.2M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 49.5% from the prior year.
Corvel Corp invested $45.4M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 26.9% from the prior year.
CRVL Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $248.5M+5.5% | $235.6M-1.7% | $239.6M+2.1% | $234.7M+1.4% | $231.5M+1.6% | $228.0M+1.6% | $224.4M+6.0% | $211.7M |
| Cost of Revenue | $185.5M+2.7% | $180.7M-0.4% | $181.5M+2.0% | $177.9M+2.5% | $173.5M-0.9% | $175.1M+0.9% | $173.6M+6.2% | $163.6M |
| Gross Profit | $63.0M+14.7% | $54.9M-5.6% | $58.2M+2.5% | $56.8M-2.1% | $58.0M+9.7% | $52.9M+4.2% | $50.7M+5.4% | $48.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $23.3M+2.7% | $22.7M+1.8% | $22.3M+3.7% | $21.5M-12.9% | $24.6M+11.7% | $22.1M-0.1% | $22.1M+9.7% | $20.1M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $8.7M+7.8% | $8.1M+0.8% | $8.0M-0.7% | $8.0M+16.6% | $6.9M-1.8% | $7.0M+33.3% | $5.3M-18.4% | $6.5M |
| Net Income | $31.0M+28.4% | $24.2M-13.4% | $27.9M+2.5% | $27.2M+3.1% | $26.4M+11.1% | $23.8M+1.6% | $23.4M+8.4% | $21.6M |
| EPS (Diluted) | N/A | $0.47-13.0% | $0.54+3.8% | $0.52 | N/A | $0.46+2.2% | $0.45+7.1% | $0.42 |
CRVL Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $643.0M-0.3% | $644.8M+5.4% | $611.7M+2.4% | $597.4M+9.4% | $546.0M+1.3% | $538.8M+3.9% | $518.6M+6.7% | $486.2M |
| Current Assets | $462.3M-0.4% | $463.9M+6.8% | $434.3M+3.0% | $421.6M+9.0% | $386.7M+0.9% | $383.2M+5.5% | $363.3M+9.0% | $333.3M |
| Cash & Equivalents | $233.1M+1.3% | $230.0M+10.9% | $207.5M+2.7% | $202.0M+18.4% | $170.6M+4.7% | $162.9M+17.8% | $138.3M+4.9% | $131.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $101.3M-0.8% | $102.1M-2.7% | $104.9M+2.9% | $102.0M-2.1% | $104.1M-1.9% | $106.2M+3.7% | $102.4M+4.8% | $97.7M |
| Goodwill | $36.8M0.0% | $36.8M0.0% | $36.8M0.0% | $36.8M0.0% | $36.8M0.0% | $36.8M0.0% | $36.8M0.0% | $36.8M |
| Total Liabilities | $248.8M-7.5% | $269.1M+8.1% | $248.9M-2.4% | $254.9M+13.8% | $224.0M-5.9% | $237.9M+0.9% | $235.8M+6.1% | $222.3M |
| Current Liabilities | $228.1M-8.9% | $250.4M+8.7% | $230.3M-2.1% | $235.2M+15.3% | $204.0M-5.9% | $216.7M+1.8% | $212.9M+6.1% | $200.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $394.2M+4.9% | $375.7M+3.6% | $362.8M+5.9% | $342.5M+6.4% | $322.0M+7.0% | $300.9M+6.4% | $282.8M+7.2% | $263.9M |
| Retained Earnings | $1.0B+3.2% | $982.4M+2.5% | $958.2M+3.0% | $930.3M+3.0% | $903.1M+3.0% | $876.7M+2.8% | $852.9M+2.8% | $829.5M |
CRVL Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $29.5M-36.1% | $46.1M+84.4% | $25.0M-54.5% | $55.0M+140.0% | $22.9M-45.0% | $41.6M+86.7% | $22.3M-44.8% | $40.4M |
| Capital Expenditures | $9.2M-16.3% | $11.0M+12.4% | $9.8M-36.9% | $15.5M+78.5% | $8.7M-9.2% | $9.5M-3.6% | $9.9M+28.8% | $7.7M |
| Free Cash Flow | $20.3M-42.3% | $35.2M+130.3% | $15.3M-61.4% | $39.5M+177.3% | $14.3M-55.6% | $32.1M+158.5% | $12.4M-62.1% | $32.8M |
| Investing Cash Flow | -$9.2M+16.3% | -$11.0M-12.4% | -$9.8M+36.9% | -$15.5M-78.5% | -$8.7M+9.2% | -$9.5M+3.6% | -$9.9M-28.8% | -$7.7M |
| Financing Cash Flow | -$17.3M-37.0% | -$12.6M-27.9% | -$9.8M-21.4% | -$8.1M-22.5% | -$6.6M+11.9% | -$7.5M-25.7% | -$6.0M+6.9% | -$6.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $20.2M+49.0% | $13.6M+5.6% | $12.8M+33.5% | $9.6M+6.9% | $9.0M-5.2% | $9.5M-1.0% | $9.6M+0.7% | $9.5M |
CRVL Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.4%+2.0pp | 23.3%-1.0pp | 24.3%+0.1pp | 24.2%-0.9pp | 25.0%+1.9pp | 23.2%+0.6pp | 22.6%-0.1pp | 22.7% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 12.5%+2.2pp | 10.3%-1.4pp | 11.6%+0.0pp | 11.6%+0.2pp | 11.4%+1.0pp | 10.4%0.0pp | 10.4%+0.2pp | 10.2% |
| Return on Equity | 7.9%+1.4pp | 6.4%-1.3pp | 7.7%-0.3pp | 8.0%-0.3pp | 8.2%+0.3pp | 7.9%-0.4pp | 8.3%+0.1pp | 8.2% |
| Return on Assets | 4.8%+1.1pp | 3.8%-0.8pp | 4.6%0.0pp | 4.6%-0.3pp | 4.8%+0.4pp | 4.4%-0.1pp | 4.5%+0.1pp | 4.4% |
| Current Ratio | 2.03+0.2 | 1.85-0.0 | 1.89+0.1 | 1.79-0.1 | 1.90+0.1 | 1.77+0.1 | 1.71+0.0 | 1.66 |
| Debt-to-Equity | 0.63-0.1 | 0.72+0.0 | 0.69-0.1 | 0.74+0.0 | 0.70-0.1 | 0.79-0.0 | 0.830.0 | 0.84 |
| FCF Margin | 8.2%-6.8pp | 14.9%+8.6pp | 6.4%-10.5pp | 16.9%+10.7pp | 6.2%-7.9pp | 14.1%+8.5pp | 5.5%-9.9pp | 15.5% |
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Frequently Asked Questions
What is Corvel Corp's annual revenue?
Corvel Corp (CRVL) reported $958.5M in total revenue for fiscal year 2026. This represents a 7.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Corvel Corp's revenue growing?
Corvel Corp (CRVL) revenue grew by 7% year-over-year, from $895.6M to $958.5M in fiscal year 2026.
Is Corvel Corp profitable?
Yes, Corvel Corp (CRVL) reported a net income of $110.3M in fiscal year 2026, with a net profit margin of 11.5%.
What is Corvel Corp's gross margin?
Corvel Corp (CRVL) had a gross margin of 24.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Corvel Corp's net profit margin?
Corvel Corp (CRVL) had a net profit margin of 11.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Corvel Corp's return on equity (ROE)?
Corvel Corp (CRVL) has a return on equity of 28.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Corvel Corp's free cash flow?
Corvel Corp (CRVL) generated $110.3M in free cash flow during fiscal year 2026. This represents a 20.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Corvel Corp's operating cash flow?
Corvel Corp (CRVL) generated $155.6M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Corvel Corp's total assets?
Corvel Corp (CRVL) had $643.0M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Corvel Corp's capital expenditures?
Corvel Corp (CRVL) invested $45.4M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Corvel Corp's current ratio?
Corvel Corp (CRVL) had a current ratio of 2.03 as of fiscal year 2026, which is generally considered healthy.
What is Corvel Corp's debt-to-equity ratio?
Corvel Corp (CRVL) had a debt-to-equity ratio of 0.63 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Corvel Corp's return on assets (ROA)?
Corvel Corp (CRVL) had a return on assets of 17.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Corvel Corp's Piotroski F-Score?
Corvel Corp (CRVL) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Corvel Corp's earnings high quality?
Corvel Corp (CRVL) has an earnings quality ratio of 1.41x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Corvel Corp?
Corvel Corp (CRVL) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.