CORVEL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CORVEL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	519	558	596	592	553	646	719	795	896	959
Cost of revenue	414	451	471	466	429	494	560	624	686	726
Gross profit	105	107	125	126	124	152	158	172	210	233
General and administrative	57.2	59.4	63.3	65.2	64.4	67.6	73.7	76.6	88.9	89.7
Pre-tax income	47.5	47.9	61.5	60.7	59.2	84.5	84.6	95.1	121	143
Income tax	18.1	12.2	14.8	13.3	12.8	18.1	18.2	18.8	25.7	32.8
Net income	29.5	35.7	46.7	47.4	46.4	66.4	66.4	76.3	95.2	110
EPS, basic	0.51	0.64	0.83	0.87	0.87	1.25	1.28	1.48	1.85	2.15
EPS, diluted	0.50	0.63	0.82	0.85	0.85	1.22	1.26	1.47	1.83	2.14
Shares, basic (weighted)	58.1	56.3	56.2	54.8	53.6	53.1	52	51.4	51.4	51.3
Shares, diluted (weighted)	58.6	57	56.9	55.7	54.4	54.2	52.8	52	52	51.6

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	28.6	55.8	91.7	83.2	140	97.5	71.3	106	171	233
Receivables	62.8	64.9	71.3	65.8	64.7	82.6	81	97.1	104	101
Other current assets	4.94	7.11	7.18	11	8.01	15.1	11.4	11.4	10.5	12.2
Total current assets	129	163	215	209	269	265	244	302	387	462
Property, plant and equipment	63	69.4	62	75.9	70.6	76.3	82.8	85.9	92.1	118
Lease right-of-use assets			0	90.7	45.3	35	27.7	24.1	20.8	21.2
Goodwill	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8
Intangible assets	3.85	3.42	2.98	2.54	2.1	1.67	1.24	0.82	0.44	0.26
Other non-current assets	2.81	1.1	0.76	1.35	0.35	0.48	1.38	1.32	0.45	0.62
Total assets	235	274	318	416	425	415	394	455	546	643
Accounts payable	13.9	11.8	9.93	15.1	12.4	14.1	15.1	16.4	15.4	24.3
Accrued liabilities	73.5	84.5	105	117	149	157	153	168	187	204
Deferred revenue	10.1	15.3	16.9	17.6	22.5	25.8	27	30	30.8	32.2
Total current liabilities	90.1	98	117	134	162	171	168	184	204	228
Lease liabilities			0	85.1	41.9	29.8	23.9	22.5	20	20.7
Total liabilities	96.7	103	123	227	204	203	192	207	224	249
Paid-in capital	136	144	156	169	186	202	219	234	250	269
Retained earnings	423	458	505	553	599	665	732	808	903	1,013
Treasury stock	-420	-431	-466	-532	-564	-655	-748	-794	-832	-888
Shareholders' equity	139	171	195	190	220	212	202	248	322	394
Total equity	139	171	195	190	220	212	202	248	322	394
Total liabilities and equity	235	274	318	416	425	415	394	455	546	643
Shares outstanding	56.7	56.6	55.5	53.8	53.5	52.6	17.2	51.4	51.4	50.9

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	29.5	35.7	46.7	47.4	46.4	66.4	66.4	76.3	95.2	110
Depreciation and amortization	20.9	21.8	23	22.5	23.4	23.9	25.1	26.3	29.5	31.8
Stock-based compensation	2.43	3.16	4.35	4.49	4.98	5.2	5.56	4.98	5.71	5.41
Deferred income tax	-1.22	-0.87	1.46	1.47	-8.38	2.3	-1.91	-3.32	-5.16	4.78
Change in receivables	-5.43	-4.66	-8.27	3.96	-0.98	-18	0.34	-17.9	-10.5	2.7
Cash from operations	52.1	62.2	78.6	80.8	94.4	67.2	82.3	99.2	127	156
Capital expenditures	-31	-27.7	-15.3	-32.4	-17.2	-29.8	-26.3	-29.2	-35.8	-45.4
Cash from investing	-31	-27.7	-15.3	-32.4	-17.2	-29.8	-26.3	-29.2	-35.8	-45.4
Stock issued	2.37	3.43	7.24	8.15	11.5	9.91	10.9	9.27	10.3	7.56
Share buybacks	-28	-11.2	-35.2	-65.6	-32.7	-90.1	-93.7	-45.7	-37.6	-56.2
Cash from financing	-25.2	-7.3	-27.4	-57	-20.6	-79.6	-82.1	-35.8	-26.5	-47.8
Net change in cash	-4.17	27.2	35.9	-8.49	56.5	-42.2	-26.2	34.2	65	62.5
Free cash flow	21	34.5	63.4	48.5	77.1	37.4	56	70	91.6	110
Income taxes paid	18.3	16.2	12.9	15.1	20.8	19.4	20	22.9	28.1	31.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $74.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.8%	Gross profit / revenue.
Pre-tax margin	15.4%	Pre-tax income / revenue.
Net margin	11.7%	Net income / revenue.
FCF margin	11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.3%	Cash from operations / revenue.
Effective tax rate	23.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.7%	Net income / average total assets.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	16.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	18.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	16.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	19.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	20.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	25.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	22.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.94x	Current assets / current liabilities.
Quick ratio	1.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.98x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	40.7%	Total liabilities / total assets.
Working capital	$244.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$371.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.43x	Revenue / average total assets.
Fixed asset turnover	8.08x	Revenue / average property, plant and equipment.
Receivables turnover	8.86x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
FCF conversion	98.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.32	Revenue / diluted weighted shares.
FCF per share	$2.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.96	Cash from operations / diluted weighted shares.
Book value per share	$8.08	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.35	Tangible book value / shares outstanding.
Cash per share	$5.06	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	60.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.75B	Share price x shares outstanding.
Enterprise value	$3.50B	Market cap + total debt - cash - short-term investments.
P/E	32.6x	Market cap / net income. Only when net income is positive.
P/S	3.82x	Market cap / revenue.
P/B	9.18x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.1x	Market cap / tangible book value, when positive.
P/FCF	33.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.9x	Market cap / cash from operations, when positive.
EV/Sales	3.56x	Enterprise value / revenue.
EV/FCF	30.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.69x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CORVEL CORP's revenue in fiscal 2026?

CORVEL CORP reported revenue of $958.5M for fiscal 2026, 7% higher than the year before.

Was CORVEL CORP profitable in fiscal 2026?

Yes. Net income was $110.3M, a net margin of 11.5%.

How much free cash flow did CORVEL CORP generate in fiscal 2026?

Cash from operations of $155.6M minus capital expenditures of $45.4M left free cash flow of $110.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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