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CRVL

CorVel Corporation

CRVL

CorVel Corporation • NASDAQ
$73.18 ▼ -0.15% (-0.11)
Market Cap $3.76 B
52w High $128.61
52w Low $70.47
Dividend Yield 0%
P/E 36.23
Volume 95.91K
Outstanding Shares 51.36M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $239.643M ▲ $22.277M ▲ $27.906M ▲ 11.645% ▲ $0.54 ▲ $43.744M ▲
Q1-2026 $234.711M ▲ $21.478M ▼ $27.235M ▲ 11.604% ▲ $0.53 ▲ $42.87M ▲
Q4-2025 $231.514M ▲ $24.647M ▲ $26.419M ▲ 11.411% ▲ $0.51 ▲ $40.921M ▲
Q3-2025 $227.973M ▲ $22.058M ▼ $23.771M ▲ 10.427% ▼ $0.46 $38.297M ▲
Q2-2025 $224.38M $22.078M $23.398M 10.428% $0.46 $36.382M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $207.453M ▲ $611.681M ▲ $248.904M ▼ $362.777M ▲
Q1-2026 $202.025M ▲ $597.448M ▲ $254.916M ▲ $342.532M ▲
Q4-2025 $170.584M ▲ $545.976M ▲ $223.989M ▼ $321.987M ▲
Q3-2025 $162.944M ▲ $538.777M ▲ $237.927M ▲ $300.85M ▲
Q2-2025 $138.349M $518.553M $235.781M $282.772M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $27.906M ▲ $25.024M ▼ $-9.753M ▲ $-9.843M ▼ $5.428M ▼ $15.271M ▼
Q1-2026 $27.235M ▲ $55.011M ▲ $-15.463M ▼ $-8.107M ▼ $31.441M ▲ $39.548M ▲
Q4-2025 $26.419M ▲ $22.921M ▼ $-8.661M ▲ $-6.62M ▲ $7.64M ▼ $14.26M ▼
Q3-2025 $23.771M ▲ $41.647M ▲ $-9.535M ▲ $-7.517M ▼ $24.595M ▲ $32.112M ▲
Q2-2025 $23.398M $22.308M $-9.886M $-5.981M $6.441M $12.422M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Network Solutions Services
Network Solutions Services
 $80.00M ▲$80.00M ▲$90.00M ▲$90.00M ▲
Patient Management Services
Patient Management Services
 $150.00M ▲$150.00M ▲$150.00M ▲$150.00M ▲

Five-Year Company Overview

Income Statement

Income Statement CorVel’s income statement shows a steadily growing business. Revenue has risen each year over the last five years, and profits have generally grown in step, suggesting the company is scaling well and controlling costs. Profit margins look healthy and have improved over time, indicating good pricing power and operational discipline. One year’s earnings per share figure stands out as unusually high relative to surrounding years, which may reflect special factors rather than a change in the underlying trend. Overall, the pattern is of a mature, consistently profitable company with solid growth rather than a volatile or highly cyclical profile.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Total assets and shareholders’ equity have increased over time, showing that the company is building its financial base rather than relying heavily on borrowing. Cash levels are comfortable and have grown, providing a cushion for downturns and flexibility to invest or repurchase shares. Debt is present but modest relative to the company’s overall size, which reduces financial risk and interest burden. In simple terms, CorVel appears to be funding growth mainly from its own resources, with a balance sheet that supports stability and long-term planning.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has risen in line with earnings, which suggests reported profits are backed by real cash, not just accounting. Free cash flow has been positive every year, even after funding ongoing technology and infrastructure spending. Capital spending appears steady and manageable, consistent with a business that is technology-heavy but not asset-heavy. This cash profile gives CorVel room to invest in new products, enhance its platforms, and return capital to shareholders without stretching its finances.

Competitive Edge

Competitive Edge CorVel operates in a specialized corner of insurance and healthcare cost management, where technology and data are key differentiators. Its proprietary, integrated claims management platform and long history of building tools in-house create switching costs for customers and make it harder for rivals to copy the full offering. The use of artificial intelligence and analytics to manage claims more proactively further strengthens its value proposition. Long experience and a deep data set add another layer to its moat. That said, the company still faces competition from larger insurers and technology vendors, and must continue innovating to stay ahead as others invest more heavily in similar tools.

Innovation and R&D

Innovation and R&D Innovation is central to CorVel’s strategy. The company has focused on building its own software platforms and embedding advanced analytics, machine learning, and now generative AI into daily operations. Its systems aim to predict which claims will become complex, automate routine work, and support nurses and adjusters with better information at the right time. Newer initiatives, such as AI-enabled software-as-a-service offerings and a growing focus on commercial health, suggest an effort to expand beyond the core workers’ compensation niche. The main risks are execution and pace: the company must keep its technology meaningfully ahead of rivals, manage data and regulatory issues carefully, and prove that its AI-driven tools consistently improve outcomes for clients.

Summary

CorVel comes across as a financially solid, steadily growing company built around a differentiated technology platform in the workers’ compensation and healthcare cost containment space. Its income statement shows consistent revenue and profit growth, the balance sheet is conservative with ample cash and limited leverage, and cash flows comfortably support both investment and shareholder returns. Competitively, CorVel’s integrated platform, proprietary data, and deep domain expertise give it a real edge, but it operates in a market where large, well-funded players are also leaning into technology. The company’s heavy emphasis on AI and internal software development is both its key strength and its key dependency: long-term success will hinge on maintaining that technological lead and translating it into sustained client value and measured expansion into adjacent markets.

NEWS

November 18, 2025 · 10:44 AM UTC

Sarah Scott Named to Business Insurance's “Women to Watch” List for 2025

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November 11, 2025 · 7:18 AM UTC

CorVel Earns Spot on TIME's America's Growth Leaders 2026 List — the Only Company in Its Industry Recognized

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November 4, 2025 · 6:15 AM UTC

CorVel Announces Revenues and Earnings

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October 21, 2025 · 9:13 AM UTC

CorVel Corporation to Host Live Earnings Release Webcast

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September 10, 2025 · 7:22 AM UTC

Three CorVel Partners Recognized as 2025 Theo Award Winners for Excellence in Workers' Compensation

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