At a glance
CorVel Corp is worth $4.12B, about 38 times its fiscal 2026 earnings. Revenue grew 7.0% to $958.5M in fiscal 2026, with 11.5% kept as profit; over 5 years it has grown 11.6% a year. It pays no dividend; it spent $323.3M buying back its shares over FY2022–FY2026. The stock returned +8.9% over the past year with dividends reinvested and +6.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.6% in the 2020 crash (S&P 500: 33.7%) and 37.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 11 months after the lows.
The business in plain English
CorVel helps the organizations that pay injury claims keep medical costs down. Its core market is workers' compensation. That is the state-regulated insurance system that requires employers to cover medical bills and lost wages for employees hurt on the job. CorVel also works on auto insurance and group health claims. Its customers are insurance companies, third-party administrators (TPAs, firms that handle claims for others), government entities and employers that pay their own claims instead of buying insurance.
Revenue was $958.5 million in the fiscal year ended March 31, 2026, split across two service lines. Patient Management Services brought in $596.7 million, or 62.3%. Network Solutions Services brought in $361.8 million, or 37.7%. Network solutions include bill review, which checks medical bills against state fee schedules (caps on what can be paid to providers). They also include a preferred provider network of more than 1.2 million providers who accept pre-negotiated rates. Other services include claims management, case management, pharmacy programs and Medicare compliance work.
CorVel sells a full claims-management program, mainly to self-insured employers that want one partner. It also sells separate modules that insurers and TPAs add to their own systems. Its bill review uses an artificial intelligence engine with over 100 million rules. The company is based in Fort Worth, Texas, and works nationwide through branch offices.
Price history
The interactive chart needs JavaScript.
CRVL +8.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Patient Management Services | $596.7M | 62.3% |
| Network Solutions Services | $361.8M | 37.7% |
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $259.9M, up 10.7% from a year earlier, and net income was $32.2M (+18.3%).
- For fiscal 2026, revenue was $958.5M (+7.0% year over year; +11.6% a year from FY2021 to FY2026) with a 11.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +11.6% good |
|---|---|
| Free cash flow margin | 11.5% good |
| Return on equity (FY2026) | 28% good |
| Return on assets (FY2026) | 17.2% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $552.6M | $46.4M | $77.1M |
| FY2022 | $646.2M | $66.4M | $37.4M |
| FY2023 | $718.6M | $66.4M | $56.0M |
| FY2024 | $795.3M | $76.3M | $70.0M |
| FY2025 | $895.6M | $95.2M | $91.6M |
| FY2026 | $958.5M | $110.3M | $110.3M |
Valuation snapshot
| Market value | $4.12B |
|---|---|
| P/E ratio | 38.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
CorVel’s market value went from $713.4M at the end of 2016 to $4.12B on Oct 28, 2026, about 5.8 times as much; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.12B | +18.8% |
| 2025 | $3.47B | -39.3% |
| 2024 | $5.72B | +35.2% |
| 2023 | $4.23B | +68.5% |
| 2022 | $2.51B | -31.9% |
| 2021 | $3.69B | +94.3% |
| 2020 | $1.90B | +18.8% |
| 2019 | $1.60B | +38.0% |
| 2018 | $1.16B | +16.1% |
| 2017 | $996.8M | +39.7% |
| 2016 | $713.4M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CRVL price data to Oct 28, 2026 | +20.6% | +8.9% | +8.7% | +6.3% | +21.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.6% |
| 2025 | -39.2% |
| 2024 | +35.0% |
| 2023 | +70.1% |
| 2022 | -30.1% |
| 2021 | +96.2% |
| 2020 | +21.3% |
| 2019 | +41.5% |
| 2018 | +16.7% |
| 2017 | +44.5% |
| 2016 | -16.7% |
| 2015 | +18.0% |
| 2014 | -20.3% |
| 2013 | +108.3% |
| 2012 | -13.3% |
| 2011 | +7.0% |
| 2010 | +44.2% |
| 2009 | +52.6% |
| 2008 | -4.5% |
| 2007 | -51.6% |
| 2006 | +275.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 27.4% over that stretch · deepest drop along the way 57.3%, back to its old high 15.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.6% over that stretch · deepest drop along the way 34.6%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.7% over that stretch · deepest drop along the way 37.1%, back to its old high 10.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 15 sales ($18.7M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 14, 2026 | Corstar Holdings Inc 10% owner | sell (plan) | $9.0M |
| Sep 3, 2026 | Corstar Holdings Inc 10% owner | sell (plan) | $3.6M |
| Sep 11, 2026 | Corstar Holdings Inc 10% owner | sell (plan) | $2.1M |
| Sep 4, 2026 | Corstar Holdings Inc 10% owner | sell (plan) | $1000K |
| Jun 9, 2026 | Jeffrey J Michael Director, 10% owner | sell | $549K |
Who owns it
Large shareholders (13G filings)
| Corstar Holdings, Inc. | 38% | Dec 31, 2024 |
| Kayne Anderson Rudnick Investment Management, LLC | 9.7% | Dec 31, 2025 |
| V. Gordon Clemons | 4.8% | Jan 15, 2025 |
ETFs with the most weight in CRVL
| JSML Janus Henderson Small Cap Growth Alpha ETF | 3.4% |
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 3.06% |
| PSCH Invesco S&P SmallCap Health Care ETF | 2.21% |
| XHS SPDR S&P Health Care Services ETF | 1.73% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 1.46% |
| XSHQ Invesco S&P SmallCap Quality ETF | 1.37% |
| ROSC Hartford Multifactor Small Cap ETF | 0.81% |
| AFSM First Trust Active Factor Small Cap ETF | 0.73% |
What could go wrong
- Fewer workplace injuries mean fewer claims. Revenue depends on workers' compensation claim volumes. US workplace injuries totaled 2.34 million in 2024, below 2.69 million in 2019. CorVel has offset this by gaining market share, which may not continue.
- Reliance on patient management referrals. Patient Management Services made up 62.3% of revenue in fiscal 2026. If insurers and employers send fewer cases, or handle more of the work in-house, results would be materially hurt.
- Doctors and hospitals resisting cost controls. Healthcare providers are becoming more resistant to some of the cost-containment techniques CorVel uses. If that resistance grows, revenue from its cost containment work could fall.
- State law changes could cut demand. Workers' compensation rules vary widely by state and are often complex. Changes to state workers' compensation or auto managed-care laws, or other regulations, could reduce demand for CorVel's services or raise its costs.
- Price competition and customer losses. CorVel faces price competition in a flat-to-declining workers' compensation market, sometimes from rivals with more resources. Losing several recurring customers in a short period could materially hurt results.
- Technology, data security and AI rules. CorVel depends on its software and handles sensitive medical data. New technologies could make its tools less competitive, a security breach could drive customers away, and tighter AI and privacy rules could add liability.
Recent events
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
CorVel pays no dividend. It paid none in its fiscal years 2022 through 2026 (each ending March 31). Instead it returned $323 million to shareholders through buybacks, including $56.2 million spent on 782,744 shares in fiscal 2026. Buybacks helped cut the share count by about 5% between November 2021 and August 2026. For income investors, that means no regular cash payments. Anyone drawing income from the stock would have to sell shares, which can mean selling after a fall.
The share price has dropped hard in market downturns. It fell 57.3% from peak to low during the 2008 financial crisis and regained its peak in April 2010, about 16 months after the low. It fell 34.6% in the 2020 COVID crash and recovered about five months after the low. It fell 37.1% in the 2022 bear market and recovered by May 2023. It also lost 39.2% in calendar 2025. Single stocks carry more risk than diversified funds.
Questions investors ask
Does CorVel pay a dividend?
No. CorVel paid no dividends in its fiscal years 2022 through 2026, which end each March 31. Instead it returns cash by buying back its own shares. It spent $323 million on repurchases over those five years. Its buyback program began in fiscal 1997. Through March 31, 2026, it had bought back about 115.3 million shares for roughly $888 million, with about 1.74 million shares still authorized. For shareholders, returns depend on the share price.
How does CorVel make money?
CorVel sells cost-control services to insurance companies, third-party administrators, government entities and self-insured employers. These services help them manage medical costs on workers' compensation, auto and group health claims. In the fiscal year ended March 31, 2026, revenue was $958.5 million. Patient Management Services made up 62.3% and Network Solutions Services 37.7%. Network solutions include bill review and a preferred provider network of more than 1.2 million providers. Net income was $110.3 million, an 11.5% margin.
Is CorVel stock expensive?
It trades at a high price relative to its earnings. As of October 28, 2026, CorVel's price-to-earnings (P/E) ratio was 38.1, based on fiscal 2026 diluted earnings of $2.14 per share. That means buyers paid about $38 for each $1 of yearly profit. Its market value was about $4.1 billion. Growth helps explain the price: revenue rose 11.6% a year on average from fiscal 2021 to 2026. A high multiple leaves less room for disappointment if growth slows.
Who owns the most CorVel stock?
Corstar Holdings is the largest shareholder, with a reported 38% stake as of December 31, 2024. Kayne Anderson Rudnick Investment Management reported 9.7% as of December 31, 2025. V. Gordon Clemons reported 4.8% as of January 15, 2025. Corstar sold shares in September 2026 under pre-arranged trading plans, so its stake is likely smaller than that filing shows. A holder this large can strongly influence shareholder votes, and large sales can weigh on the share price.
How has CorVel stock performed over the long term?
It has risen sharply over 10 years, with deep drops along the way. As of October 28, 2026, the share price had gained about 21.9% a year over 10 years, or 625% in total. Over five years it gained only 6.3% a year. The stock lost 39.2% in calendar 2025 and was up 20.6% for 2026 through October 28. In the three years to that date, it fell as much as 64.2% from a peak. These are share price returns.