CRVL
CORVEL CORP
Next earnings Aug 3, 2026
Last earnings +9.2% on 2026-05-20
$64.14
▲ +4.04%$64.14▼ -38.08%
over 1Y
L $46.00H $104.34
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.0%
1W+3.8%
1M+11.3%
3M+17.8%
YTD-2.4%
1Y-38.1%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Quality compounder: 28% ROE, accelerating EPS growth, fortress balance sheet — full but defensible at 28.8x P/E.
Revenue $959M · FY2026
The read
Solid fundamentals at a roughly fair price — reasonable risk/reward at today's level.
CorVel is a textbook quality compounder hiding inside the workers' comp services niche. FY2026 results show all the right inflections: revenue $959M (+7.0%) translated into net income of $110M (+16.0%) and diluted EPS of $2.14 (+16.9%), confirming operating leverage as gross profit (+11.0%) and net income each outgrew the top line. Net margin expanded to 11.5% from ~10.6%, ROE is a standout 28.0%, and the five-year revenue trajectory ($646M → $959M) shows uninterrupted growth through varied macro conditions.
The balance sheet is fortress-grade and getting stronger. Cash jumped 36.6% to $233M, equity grew 22.4% to $394M, liabilities/equity is a conservative 0.63x, and there is no funded debt commentary in the MD&A — risk discussion focuses on interest-rate exposure of the cash portfolio, not borrowings, and management explicitly notes that claim-payment liability stays with self-insured clients so credit risk is minimal. Operating cash flow of $156M comfortably covered $45.4M capex and a $56.2M buyback (+49.5% YoY), and share count fell 1.3% — capital returns are accelerating without leverage.
Is CRVL a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~90d expiry
- Long call 64 @ ~6.69 est
- Short call 74 @ ~3.16 est
debit $353max +$647max −$353BE 67.53
High-conviction BUY: a wider spread keeps more of the upside while the short call still cuts cost and decay.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $646M | $719M | $795M | $896M | $959M |
| Gross profit | $152M | $158M | $172M | $210M | $233M |
| Operating income | — | — | — | — | — |
| Net income | $66.4M | $66.4M | $76.3M | $95.2M | $110M |
| Diluted EPS | $3.66 | $1.26 | $1.47 | $1.83 | $2.14 |
| Net margin | 10.3% | 9.2% | 9.6% | 10.6% | 11.5% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$3.04B
EV / EBITDA—
EV / Sales3.2
EV / FCF27.6
P / FCF29.7
PEG (trailing)1.88
Earnings yield3.4%
FCF yield3.4%
Quality & risk
ROIC (est.)—
Free cash flow$110M
Total debt—
Net cash$233M
Piotroski F-Score6/8
Capital returns
Buyback yield1.7%
Dividend yield (est.)—
Shareholder yield1.7%
Shares Δ YoY-1.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗ARSPeriod ending 2026-03-312026-06-26open ↗DEFA14AFiling2026-06-26open ↗DEF 14APeriod ending 2026-08-062026-06-26open ↗4Period ending 2026-06-122026-06-15open ↗4Period ending 2026-06-122026-06-15open ↗4Period ending 2026-06-112026-06-12open ↗144Filing2026-06-12open ↗4Period ending 2026-06-092026-06-11open ↗4Period ending 2026-06-092026-06-10open ↗4Period ending 2026-06-082026-06-09open ↗144Filing2026-06-09open ↗144Filing2026-06-08open ↗
Frequently asked
- Is CORVEL CORP (CRVL) a buy?
- CRVL currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Quality compounder: 28% ROE, accelerating EPS growth, fortress balance sheet — full but defensible at 28.8x P/E.
- What is CRVL's fair value?
- A Modified-Graham model based on CRVL's SEC fundamentals estimates a fair value of about $60.58. It is an estimate from reported earnings, not a price target.
- Is CRVL overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, CRVL currently appears fairly valued relative to its SEC-grounded earnings power.
- What is CORVEL CORP's quality score?
- CRVL scores 71.30806163828062/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000874866, latest 10-K filed 2026-05-22) · EODHD · Proprietary analysis · as of 6/25/2026, 1:50:11 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 9:50 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.