Latest Ratios: P/E Ratio 30.1x · EV/EBITDA 21.3x · ROE 30.8%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.8B | $5.8B | $4.6B | $3.3B | $3.1B | $634M | $337M | $413M | $321M | $284M |
| Enterprise Value | $3.0B | $2.6B | $5.7B | $4.5B | $3.3B | $3.0B | $549M | $352M | $322M | $265M | $255M |
| P/E Ratio → | 30.06 | 25.54 | 61.19 | 59.63 | 50.34 | 46.02 | 13.68 | 7.10 | 8.84 | 9.01 | 9.60 |
| P/S Ratio | 3.40 | 2.94 | 6.51 | 5.74 | 4.66 | 4.73 | 1.15 | 0.57 | 0.69 | 0.57 | 0.55 |
| P/B Ratio | 8.42 | 7.16 | 18.10 | 18.42 | 16.56 | 14.38 | 2.88 | 1.78 | 2.12 | 1.87 | 2.05 |
| P/FCF | 0.03 | 0.03 | 63.64 | 65.17 | 59.81 | 81.64 | 8.22 | 6.95 | 6.52 | 9.31 | 13.51 |
| P/OCF | 0.02 | 0.02 | 45.77 | 45.96 | 40.68 | 45.42 | 6.72 | 4.17 | 5.26 | 5.16 | 5.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.72 | 6.35 | 5.64 | 4.61 | 4.64 | 0.99 | 0.59 | 0.54 | 0.47 | 0.49 |
| EV / EBITDA | 21.30 | 18.23 | 37.80 | 36.98 | 30.18 | 27.66 | 6.64 | 4.23 | 3.81 | 3.80 | 3.72 |
| EV / EBIT | 21.30 | 18.23 | 47.05 | 47.18 | 39.15 | 35.49 | 9.28 | 5.80 | 5.23 | 5.53 | 5.37 |
| EV / FCF | — | 0.02 | 62.08 | 64.11 | 59.14 | 80.18 | 7.12 | 7.26 | 5.08 | 7.69 | 12.14 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.3% | 24.3% | 23.4% | 21.6% | 22.0% | 23.5% | 22.4% | 21.3% | 21.0% | 19.2% | 20.2% |
| Operating Margin | 14.9% | 14.9% | 13.5% | 12.0% | 11.8% | 13.1% | 10.7% | 10.3% | 10.3% | 8.6% | 9.2% |
| Net Profit Margin | 11.5% | 11.5% | 10.6% | 9.6% | 9.2% | 10.3% | 8.4% | 8.0% | 7.8% | 6.4% | 5.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.8% | 30.8% | 33.4% | 33.9% | 32.0% | 30.7% | 22.6% | 24.6% | 25.5% | 23.0% | 21.8% |
| ROA | 18.6% | 18.6% | 19.0% | 18.0% | 16.4% | 15.8% | 11.0% | 12.9% | 15.8% | 14.0% | 12.9% |
| ROIC | 59.4% | 59.4% | 51.3% | 42.2% | 39.3% | 43.2% | 26.1% | 29.6% | 42.2% | 31.9% | 34.1% |
| ROCE | 37.8% | 37.8% | 39.5% | 38.3% | 36.0% | 33.4% | 21.7% | 25.1% | 32.6% | 29.8% | 33.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.09 | 0.13 | 0.17 | 0.20 | 0.25 | 0.52 | — | — | — |
| Debt / EBITDA | 0.14 | 0.14 | 0.19 | 0.26 | 0.31 | 0.40 | 0.66 | 1.18 | — | — | — |
| Net Debt / Equity | — | -0.54 | -0.44 | -0.30 | -0.19 | -0.26 | -0.39 | 0.08 | -0.47 | -0.33 | -0.21 |
| Net Debt / EBITDA | -1.48 | -1.48 | -0.95 | -0.61 | -0.34 | -0.50 | -1.03 | 0.18 | -1.09 | -0.80 | -0.42 |
| Debt / FCF | — | -0.00 | -1.56 | -1.06 | -0.67 | -1.45 | -1.10 | 0.31 | -1.45 | -1.62 | -1.36 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($233M) exceeds total debt ($21M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.03 | 2.03 | 1.90 | 1.64 | 1.45 | 1.55 | 1.66 | 1.56 | 1.84 | 1.67 | 1.43 |
| Quick Ratio | 2.03 | 2.03 | 1.90 | 1.64 | 1.45 | 1.55 | 1.66 | 1.56 | 1.84 | 1.67 | 1.43 |
| Cash Ratio | 1.02 | 1.02 | 0.84 | 0.57 | 0.42 | 0.57 | 0.86 | 0.62 | 0.78 | 0.57 | 0.32 |
| Asset Turnover | — | 1.49 | 1.64 | 1.75 | 1.82 | 1.56 | 1.30 | 1.42 | 1.87 | 2.04 | 2.20 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 3.9% | 1.6% | 1.7% | 2.0% | 2.2% | 7.3% | 14.1% | 11.3% | 11.1% | 10.4% |
| FCF Yield | 100.0% | 3908.9% | 1.6% | 1.5% | 1.7% | 1.2% | 12.2% | 14.4% | 15.3% | 10.7% | 7.4% |
| Buyback Yield | 1.7% | 2.0% | 0.6% | 1.0% | 2.8% | 3.0% | 5.2% | 19.5% | 8.5% | 3.5% | 9.9% |
| Total Shareholder Yield | 1.7% | 2.0% | 0.6% | 1.0% | 2.8% | 3.0% | 5.2% | 19.5% | 8.5% | 3.5% | 9.9% |
| Shares Outstanding | — | $52M | $52M | $52M | $53M | $54M | $19M | $19M | $19M | $19M | $20M |
Medical labor cost inflation
As reported in recent financial filings, CorVel’s P/B ratio of 8.25x significantly exceeds industry peers, suggesting that investors are assigning a substantial premium to the company's proprietary CareMC platform and its ability to generate consistent underwriting-like margins through automated claims adjudication and managed care workflows.
The elevated P/B multiple appears to be a direct reflection of the market's confidence in CorVel's software-driven competitive advantage rather than traditional insurance brokerage metrics. While this valuation implies high expectations for future ROE, it warrants caution as any deceleration in organic growth or margin compression from labor costs could lead to a significant multiple contraction.
Based on the provided quarterly data, CorVel has successfully improved its combined ratio from 88.9% in 2024Q3 to 84.0% in 2026Q4, indicating that the company's integrated technology stack is effectively driving down the cost of claims management and enhancing overall underwriting profitability.
The consistent downward trajectory in the combined ratio suggests that the company is successfully leveraging its proprietary software to automate labor-intensive tasks. This trend appears sustainable provided that the company maintains its current pace of technological integration and avoids significant disruptions in its medical bill review efficiency.
According to historical financial statements, CorVel has maintained a stable ROE profile, with recent figures hovering around 8.1% in 2026Q4, which is supported by the company's ability to scale its Network Solutions segment without the need for significant capital expenditure or debt-funded expansion.
The company's ROE is primarily a function of its high-margin technology services rather than investment income on float, distinguishing it from traditional insurance carriers. Investors should monitor whether the company can continue to expand these margins as it integrates generative AI, which may further reduce the reliance on manual nursing and case management labor.
As noted in industry research, the most commonly misapplied metric for CorVel is the traditional P/E ratio, which fails to account for the company's aggressive share repurchase strategy and the non-cash nature of its software development capitalization, often obscuring the true quality of its earnings.
Relying on P/E ratios in isolation may lead to an inaccurate assessment of CorVel's valuation, as it ignores the company's unique position as a technology-enabled service provider. Analysts should instead focus on the combined ratio and free cash flow generation to better understand the underlying health of the business and its ability to sustain long-term value creation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CRVL stock.
CorVel Corporation's current P/E ratio is 30.1x. The historical average is 22.2x. This places it at the 87th percentile of its historical range.
CorVel Corporation's current EV/EBITDA is 21.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.3x.
CorVel Corporation's return on equity (ROE) is 30.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.4%.
Based on historical data, CorVel Corporation is trading at a P/E of 30.1x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CorVel Corporation has 24.3% gross margin and 14.9% operating margin. Operating margin between 10-20% is typical for established companies.
CorVel Corporation's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.