Start here if you're new
what it is
CorVel helps employers and insurers manage workers' comp and auto claims.
how it gets paid
Last year Corvel made $896M in revenue. Network solutions was the main engine at $330M, or 37% of sales.
why it's growing
Revenue grew 12.6% last year. $710M is the number that matters because it shows CorVel can grow while keeping gross margin at 23.9%.
what just happened
CorVel posted $710M of revenue and $1.53 EPS in the latest quarter.
At a glance
A balance sheet — strong enough to weather a downturn
90/100 earnings predictability — you can trust these numbers
24.1x trailing p/e — priced about right
29.6% return on capital — every dollar works hard here
$1.85 fy2024 eps est
xvary composite: 60/100 — average
What they do
CorVel helps employers and insurers manage workers' comp and auto claims.
Your claim gets routed through CorVel's network, case managers, and pharmacy tools. That is hard to rip out once the employer, doctor, and insurer are already plugged in. Return on capital → profit on money invested → 29.6% says the business turns each dollar into a lot.
How they make money
$896M
annual revenue · their business grew +12.6% last year
Network solutions
$330M
Patient management
$245M
Directed care networks
$180M
Pharmacy services
$141M
The products that matter
claims management and cost containment
Workers' Compensation
$710M disclosed revenue · +7%
This is the core business. It produced $236M last quarter and $710M for the first nine months shown here. If this engine slows, the rest of the snapshot does not bail you out.
core line
claims workflow software
CERIS Platform
margin proof still pending
Management points to CERIS and AI as the efficiency story. The current snapshot does not break out revenue from the platform, so the proof needs to show up in margins above today's 11.23% baseline.
show me the margin
secondary claims and health services
Auto & Health
$186M disclosed revenue · flat
This line adds diversification, but the numbers here say it is not the growth engine. Flat revenue on $186M means workers' comp still carries most of the story.
supporting role
Key numbers
$896M
annual revenue
This is the size of the machine. A 5% swing here is $44.8M, which is real money for a $3B company.
24.1x
trailing p/e
You are paying 24.1 years of trailing earnings for one share's current profit pace. That is not cheap for a claims shop.
29.6%
return on capital
CorVel squeezes 29.6 cents of operating profit from each invested dollar. That is why the model earns respect.
23.9%
gross margin
The business keeps 23.9 cents from each revenue dollar before overhead. That spread funds the rest of the model.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 4 — safer than 20% of stocks
- price stability 45 / 100
- long-term debt $19M (1% of capital)
A — among the top-rated companies for balance sheet quality.
Total return vs. market
Return history isn't available for CRVL right now.
source: institutional data · return history unavailable
What just happened
beat estimates
CorVel posted $710M of revenue and $1.53 EPS in the latest quarter.
Revenue jumped 201% from a year ago. Gross margin was 23.9%. This is a claims-processing business, so scale matters almost as much as margin.
$710M
revenue
$1.53
eps
23.9%
gross margin
quarterly revenue
$710M is the number that matters because it shows CorVel can grow while keeping gross margin at 23.9%.
source: company earnings report, 2026
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What could go wrong
the #1 risk is technology spending that fails to lift margins in claims management.
med
CERIS and AI become cost centers, not profit drivers
Management is talking up workflow and AI investment, but this snapshot does not quantify the payoff. If the spending is real and the efficiency is not, the current 11.23% net margin is the first number that cracks.
Impact: a margin slip below today's baseline would weaken the entire "steady compounder" case.
med
Workers' comp concentration does more damage than diversification can offset
The disclosed segment mix is $710M in workers' compensation versus $186M in auto & health. That is a concentration story. If the core line slows, the smaller line is not big enough to rescue reported growth.
Impact: mid-single-digit growth can fade fast when the main revenue bucket does most of the lifting.
med
The stock stays cheap-looking because the market trusts the chart more than the quarter
CRVL trades at 24.1x trailing earnings and carries a 45/100 price stability score while sitting at $49.20 inside a $45–$120 range. That is not a broken business signal. It is a credibility gap.
Impact: even solid execution may not re-rate the shares if investors keep paying a lower multiple for steadiness.
At 24.1x earnings, you do not have a lot of room for slower growth, lower margins, and a market that still refuses to pay up.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 FY2026 earnings
Expected late April 2026. You want to see whether the recent 7% revenue growth and 16% EPS growth hold up for another quarter.
margin
11.23% net margin
This is the baseline. If management keeps talking about efficiency, this number should move up from here, not drift backward.
mix
Workers' comp versus auto & health
$710M versus $186M tells you where the business really lives. Watch whether the smaller line stays flat or starts carrying more of the load.
valuation
Credibility gap in the stock
A $49.20 stock inside a $45–$120 range is a reminder that execution and valuation are not the same thing. If results stay clean and the shares still do nothing, the market is telling you something.
Analyst rankings
earnings predictability
90 / 100
in human-speak, analysts see a business that usually delivers numbers close to expectation.
balance sheet grade
A
Strong finances with only $19M of long-term debt. You are not underwriting a leverage story here.
price stability
45 / 100
The fundamentals look steadier than the stock. That is useful if you like dislocations. It is annoying if you already own it.
source: institutional data
Institutional activity
institutional ownership data for CRVL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$49
current price
n/a
target midpoint · n/a from current
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