CorVel
CRVLNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $83.64 Prior regular-session close from the quote source.
- $83.33–$84.20 Regular-session low and high so far today.
- 107.3K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 2 projected Projected for 2027-02-02 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $44.83–$89.76 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CRVL if CorVel converts technology-enabled, integrated medical cost-containment services and preferred provider networks into predictable cost savings for payors, producing steady revenue growth, rising gross profit, and strong operating cash flow that funds shareholder returns.
CRVL price history
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Investment thesis
What must happen next
CorVel’s integrated, tech-enabled model (AI/ML/NLP + preferred provider networks + local case managers) will continue to win share from other vendors and payors, so revenue will keep rising even if national claim counts remain below pre-pandemic levels.StrengtheningMateriality: High
Revenue increased year-over-year from $795,311,000 (FY2024) to $895,589,000 (FY2025) to $958,527,000 (FY2026) (SEC filings). If true, revenue growth is durable and less tied to macro claim frequency; if false, revenue will fall as claim counts normalize and competitors or insourcing win business.
Watch: Large insurers or TPAs decide to insource claims-management and cost-containment (reducing third-party demand).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased year-over-year from $795,311,000 (FY2024) to $895,589,000 (FY2025) to $958,527,000 (FY2026) (SEC filings).
Open source ↗CorVel’s data, provider networks and early-intervention clinical model will sustain or expand gross margins by lowering medical spend per claim and improving operational efficiency.StrengtheningMateriality: High
Gross profit rose from $171,693,000 (FY2024) to $209,728,000 (FY2025) to $232,863,000 (FY2026), indicating improving absolute and relative profitability (SEC filings). Margin expansion translates directly into higher operating cash flow and profits per dollar of revenue; margin compression would erode free cash and the rationale for a premium multiple.
Watch: Regulatory changes that increase provider reimbursement or limit network steering (state-level workers’ compensation reforms).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit rose from $171,693,000 (FY2024) to $209,728,000 (FY2025) to $232,863,000 (FY2026), indicating improving absolute and relative profitability (SEC filings).
Open source ↗Strong operating cash flow conversion will continue to fund substantial share repurchases and keep EPS growing without incremental leverage.StrengtheningMateriality: Medium
Operating cash flow increased from $99,237,000 (FY2024) to $127,315,000 (FY2025) to $155,640,000 (FY2026) (SEC filings). Sustained OCF funds buybacks that reduce share count and boost EPS and return on equity; if cash conversion falters, buybacks may halt and EPS growth will slow.
Watch: A large client pre-funds less or a change in settlement-processing terms materially reduces cash collections timing (working capital shock).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow increased from $99,237,000 (FY2024) to $127,315,000 (FY2025) to $155,640,000 (FY2026) (SEC filings).
Open source ↗Share repurchases funded from operating cash flow will continue to meaningfully reduce outstanding shares and thereby amplify EPS growth even with modest organic revenue increases.StrengtheningMateriality: Medium
Diluted EPS rose from $1.47 (FY2024) to $1.83 (FY2025) to $2.14 (FY2026) while the company executed repurchases (SEC filings). If true, investors get higher EPS growth and returns without the company needing disproportionate organic expansion; if repurchases stop or are reduced, EPS growth will slow and the valuation premium is at risk.
Watch: Management suspends repurchases because cash is needed for working capital or regulatory capital, or the board reduces authorization.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Diluted EPS rose from $1.47 (FY2024) to $1.83 (FY2025) to $2.14 (FY2026) while the company executed repurchases (SEC filings).
Open source ↗
Full investment case & evidence
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Original research
CorVel’s integrated, tech-enabled model (AI/ML/NLP + preferred provider networks + local case managers) will continue to win share from other vendors and payors, so revenue will keep rising even if national claim counts remain below pre-pandemic levels. If true, revenue growth is durable and less tied to macro claim frequency; if false, revenue will fall as claim counts normalize and competitors or insourcing win business.
CorVel’s data, provider networks and early-intervention clinical model will sustain or expand gross margins by lowering medical spend per claim and improving operational efficiency. Margin expansion translates directly into higher operating cash flow and profits per dollar of revenue; margin compression would erode free cash and the rationale for a premium multiple.
Strong operating cash flow conversion will continue to fund substantial share repurchases and keep EPS growing without incremental leverage. Sustained OCF funds buybacks that reduce share count and boost EPS and return on equity; if cash conversion falters, buybacks may halt and EPS growth will slow.
Share repurchases funded from operating cash flow will continue to meaningfully reduce outstanding shares and thereby amplify EPS growth even with modest organic revenue increases. If true, investors get higher EPS growth and returns without the company needing disproportionate organic expansion; if repurchases stop or are reduced, EPS growth will slow and the valuation premium is at risk.
All standing thesis claims
Original report summary
CorVel converts technology-enabled, integrated medical cost-containment services and preferred provider networks into predictable cost savings for payors, producing steady revenue growth, rising gross profit, and strong operating cash flow that funds shareholder returns.
Bull case and bear case
Bull case and bear case for Corvel
Where the evidence on Corvel stands: Strengthening on the latest evidence (Nov 9, 2026). Of its 4 thesis points, 4 strengthening.
Bull case: what the evidence supports
CorVel’s integrated, tech-enabled model (AI/ML/NLP + preferred provider networks + local case managers) will continue to win share from other vendors and payors, so revenue will keep rising even if national claim counts remain below pre-pandemic levels.
CorVel’s data, provider networks and early-intervention clinical model will sustain or expand gross margins by lowering medical spend per claim and improving operational efficiency.
Strong operating cash flow conversion will continue to fund substantial share repurchases and keep EPS growing without incremental leverage.
Share repurchases funded from operating cash flow will continue to meaningfully reduce outstanding shares and thereby amplify EPS growth even with modest organic revenue increases.
Bear case: what would count against it
Large insurers or TPAs decide to insource claims-management and cost-containment (reducing third-party demand).
Regulatory changes that increase provider reimbursement or limit network steering (state-level workers’ compensation reforms).
A large client pre-funds less or a change in settlement-processing terms materially reduces cash collections timing (working capital shock).
Thesis-Break Engine
Thesis-break watch · Corvel
No break has crossed Corvel’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Corvel filed an SEC 8-K on 2026-11-03: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Corvel filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Corvel filed an SEC 8-K on 2026-06-01: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large insurers or TPAs decide to insource claims-management and cost-containment (reducing third-party demand).
- Regulatory changes that increase provider reimbursement or limit network steering (state-level workers’ compensation reforms).
- A large client pre-funds less or a change in settlement-processing terms materially reduces cash collections timing (working capital shock).
- Management suspends repurchases because cash is needed for working capital or regulatory capital, or the board reduces authorization.
CRVL news
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Financial statements
CRVL income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CRVL: quick answers
- When does Corvel (CRVL) report earnings next?
- Corvel's next results are projected for February 2, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 3, 2026. Earnings calendar
- What is CRVL's short interest?
- As of October 30, 2026, 1.1M CRVL shares were sold short, 2.17% of its shares outstanding, down 10.9% from the count before. At the stock's average daily volume that is 8.1 days to cover. FINRA publishes the count twice a month. CRVL short interest history
- Which well-known investors own CRVL?
- 1 of the 37 well-known funds tracked here reported CRVL shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
CRVL in well-known investors’ portfolios
1 of 37 funds reported CRVL shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.00% | $1.2M | New | Q2 2026 |