Corvel Corp Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Corvel Corp's revenue grew 12.6% year-over-year to $895.6M, a solid pace of expansion. This earns a growth score of 65/100.
Corvel Corp carries a low D/E ratio of 0.70, meaning only $0.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.
Corvel Corp's current ratio of 1.90 indicates adequate short-term liquidity, earning a score of 56/100. The company can meet its near-term obligations, though with limited headroom.
Corvel Corp has a free cash flow margin of 10.2%, 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 29.6% return on equity (ROE), meaning it generates $30 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 30.8% the prior year.
Corvel Corp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Corvel Corp generates $1.34 in operating cash flow ($127.3M OCF vs $95.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows Corvel Corp (CRVL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
Key Financial Metrics
Corvel Corp generated $895.6M in revenue in fiscal year 2025. This represents an increase of 12.6% from the prior year.
Corvel Corp generated $91.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 30.8% from the prior year.
Corvel Corp reported $95.2M in net income in fiscal year 2025. This represents an increase of 24.8% from the prior year.
Corvel Corp earned $1.83 per diluted share (EPS) in fiscal year 2025. This represents an increase of 24.5% from the prior year.
Corvel Corp held $170.6M in cash against $0 in long-term debt as of fiscal year 2025.
Corvel Corp had 51M shares outstanding in fiscal year 2025. This represents an increase of 200.0% from the prior year.
Corvel Corp's gross margin was 23.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Corvel Corp's net profit margin was 10.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.
Corvel Corp's ROE was 29.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.
Corvel Corp spent $37.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 17.7% from the prior year.
Corvel Corp invested $35.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 22.3% from the prior year.
CRVL Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $235.6M-1.7% | $239.6M+2.1% | $234.7M+3.0% | $228.0M+1.6% | $224.4M+6.0% | $211.7M+4.7% | $202.3M+3.5% | $195.5M |
| Cost of Revenue | $180.7M-0.4% | $181.5M+2.0% | $177.9M+1.6% | $175.1M+0.9% | $173.6M+6.2% | $163.6M+2.1% | $160.1M+5.9% | $151.3M |
| Gross Profit | $54.9M-5.6% | $58.2M+2.5% | $56.8M+7.4% | $52.9M+4.2% | $50.7M+5.4% | $48.2M+14.2% | $42.2M-4.7% | $44.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $22.7M+1.8% | $22.3M+3.7% | $21.5M-2.6% | $22.1M-0.1% | $22.1M+9.7% | $20.1M+1.6% | $19.8M+1.3% | $19.5M |
| 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 | $8.1M+0.8% | $8.0M-0.7% | $8.0M+14.5% | $7.0M+33.3% | $5.3M-18.4% | $6.5M+22.6% | $5.3M+9.4% | $4.8M |
| Net Income | $24.2M-13.4% | $27.9M+2.5% | $27.2M+14.6% | $23.8M+1.6% | $23.4M+8.4% | $21.6M+26.2% | $17.1M-14.1% | $19.9M |
| EPS (Diluted) | $0.47-13.0% | $0.54+3.8% | $0.52+13.0% | $0.46+2.2% | $0.45+7.1% | $0.42+27.3% | $0.33-71.3% | $1.15 |
CRVL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $644.8M+5.4% | $611.7M+2.4% | $597.4M+10.9% | $538.8M+3.9% | $518.6M+6.7% | $486.2M+9.3% | $445.0M+2.5% | $434.1M |
| Current Assets | $463.9M+6.8% | $434.3M+3.0% | $421.6M+10.0% | $383.2M+5.5% | $363.3M+9.0% | $333.3M+13.2% | $294.4M+4.4% | $281.9M |
| Cash & Equivalents | $230.0M+10.9% | $207.5M+2.7% | $202.0M+24.0% | $162.9M+17.8% | $138.3M+4.9% | $131.9M+23.3% | $107.0M+16.6% | $91.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $102.1M-2.7% | $104.9M+2.9% | $102.0M-4.0% | $106.2M+3.7% | $102.4M+4.8% | $97.7M+5.5% | $92.7M+6.6% | $86.9M |
| 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 | $269.1M+8.1% | $248.9M-2.4% | $254.9M+7.1% | $237.9M+0.9% | $235.8M+6.1% | $222.3M+5.1% | $211.5M0.0% | $211.5M |
| Current Liabilities | $250.4M+8.7% | $230.3M-2.1% | $235.2M+8.5% | $216.7M+1.8% | $212.9M+6.1% | $200.6M+6.5% | $188.4M+1.0% | $186.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $375.7M+3.6% | $362.8M+5.9% | $342.5M+13.9% | $300.9M+6.4% | $282.8M+7.2% | $263.9M+13.0% | $233.5M+4.9% | $222.6M |
| Retained Earnings | $982.4M+2.5% | $958.2M+3.0% | $930.3M+6.1% | $876.7M+2.8% | $852.9M+2.8% | $829.5M+5.2% | $788.5M+2.2% | $771.4M |
CRVL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $46.1M+84.4% | $25.0M-54.5% | $55.0M+32.1% | $41.6M+86.7% | $22.3M-44.8% | $40.4M+37.7% | $29.4M+63.2% | $18.0M |
| Capital Expenditures | $11.0M+12.4% | $9.8M-36.9% | $15.5M+62.2% | $9.5M-3.6% | $9.9M+28.8% | $7.7M+10.9% | $6.9M-4.3% | $7.2M |
| Free Cash Flow | $35.2M+130.3% | $15.3M-61.4% | $39.5M+23.2% | $32.1M+158.5% | $12.4M-62.1% | $32.8M+45.9% | $22.5M+108.6% | $10.8M |
| Investing Cash Flow | -$11.0M-12.4% | -$9.8M+36.9% | -$15.5M-62.2% | -$9.5M+3.6% | -$9.9M-28.8% | -$7.7M-10.9% | -$6.9M+4.3% | -$7.2M |
| Financing Cash Flow | -$12.6M-27.9% | -$9.8M-21.4% | -$8.1M-7.8% | -$7.5M-25.7% | -$6.0M+6.9% | -$6.4M+11.0% | -$7.2M-28.5% | -$5.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $13.6M+5.6% | $12.8M+33.5% | $9.6M+1.3% | $9.5M-1.0% | $9.6M+0.7% | $9.5M+2.2% | $9.3M-1.0% | $9.4M |
CRVL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.3%-1.0pp | 24.3%+0.1pp | 24.2%+1.0pp | 23.2%+0.6pp | 22.6%-0.1pp | 22.7%+1.9pp | 20.8%-1.8pp | 22.6% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 10.3%-1.4pp | 11.6%+0.0pp | 11.6%+1.2pp | 10.4%0.0pp | 10.4%+0.2pp | 10.2%+1.7pp | 8.5%-1.7pp | 10.2% |
| Return on Equity | 6.4%-1.3pp | 7.7%-0.3pp | 8.0%+0.1pp | 7.9%-0.4pp | 8.3%+0.1pp | 8.2%+0.9pp | 7.3%-1.6pp | 8.9% |
| Return on Assets | 3.8%-0.8pp | 4.6%0.0pp | 4.6%+0.2pp | 4.4%-0.1pp | 4.5%+0.1pp | 4.4%+0.6pp | 3.8%-0.7pp | 4.6% |
| Current Ratio | 1.85-0.0 | 1.89+0.1 | 1.79+0.0 | 1.77+0.1 | 1.71+0.0 | 1.66+0.1 | 1.56+0.1 | 1.51 |
| Debt-to-Equity | 0.72+0.0 | 0.69-0.1 | 0.74-0.0 | 0.79-0.0 | 0.830.0 | 0.84-0.1 | 0.91-0.0 | 0.95 |
| FCF Margin | 14.9%+8.6pp | 6.4%-10.5pp | 16.9%+2.8pp | 14.1%+8.5pp | 5.5%-9.9pp | 15.5%+4.4pp | 11.1%+5.6pp | 5.5% |
Similar Companies
Frequently Asked Questions
What is Corvel Corp's annual revenue?
Corvel Corp (CRVL) reported $895.6M in total revenue for fiscal year 2025. This represents a 12.6% 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 12.6% year-over-year, from $795.3M to $895.6M in fiscal year 2025.
Is Corvel Corp profitable?
Yes, Corvel Corp (CRVL) reported a net income of $95.2M in fiscal year 2025, with a net profit margin of 10.6%.
What is Corvel Corp's earnings per share (EPS)?
Corvel Corp (CRVL) reported diluted earnings per share of $1.83 for fiscal year 2025. This represents a 24.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Corvel Corp's gross margin?
Corvel Corp (CRVL) had a gross margin of 23.4% in fiscal year 2025, 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 10.6% in fiscal year 2025, 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 29.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Corvel Corp's free cash flow?
Corvel Corp (CRVL) generated $91.6M in free cash flow during fiscal year 2025. This represents a 30.8% 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 $127.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Corvel Corp's total assets?
Corvel Corp (CRVL) had $546.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Corvel Corp's capital expenditures?
Corvel Corp (CRVL) invested $35.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Corvel Corp buy back shares?
Yes, Corvel Corp (CRVL) spent $37.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Corvel Corp have outstanding?
Corvel Corp (CRVL) had 51M shares outstanding as of fiscal year 2025.
What is Corvel Corp's current ratio?
Corvel Corp (CRVL) had a current ratio of 1.90 as of fiscal year 2025, which is generally considered healthy.
What is Corvel Corp's debt-to-equity ratio?
Corvel Corp (CRVL) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, 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 17.4% for fiscal year 2025, 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 7–9 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 1.34x, 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 71 out of 100 on our Financial Profile, indicating strong 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.