Corvel Corp. (CRVL) intrinsic value & 10-year financials
Corvel Corp. (CRVL) has a Graham intrinsic value of $71.08 per share. At $79.69 on Oct 17, 2026, the stock trades 12% above that value. Over the last 10 fiscal years revenue grew 7.1% a year to $958.5M, with an average return on invested capital of 41.2%.
- Graham intrinsic value
- $71.08
- Share price (Oct 17, 2026)
- $79.69
- Price vs Graham value
- 12% above
- Market cap
- $4.1B
- Revenue (FY2026)
- $958.5M
- Revenue growth (10-yr CAGR)
- 7.1%
- ROIC (10-yr avg)
- 41.2%
- Free cash flow (FY2026)
- $110.3M
CRVL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $958.5M | $110.3M | $2.14 | $110.3M | — | 62.5% |
| FY2025 | $895.6M | $95.2M | $1.83 | $91.6M | — | 56.7% |
| FY2024 | $795.3M | $76.3M | $1.47 | $70.0M | — | 47.8% |
| FY2023 | $718.6M | $66.4M | $1.26 | $56.0M | — | 44.3% |
| FY2022 | $646.2M | $66.4M | $1.22 | $37.4M | — | 49.7% |
| FY2021 | $552.6M | $46.4M | $0.85 | $77.1M | — | 29.5% |
| FY2020 | $592.2M | $47.4M | $0.85 | $48.5M | — | 32.2% |
| FY2019 | $595.7M | $46.7M | $0.82 | $63.4M | — | 45.3% |
| FY2018 | $558.4M | $35.7M | $0.62 | $34.5M | — | 23.0% |
| FY2017 | $518.7M | $29.5M | $0.50 | $21.0M | — | 21.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CORVEL CORP has demonstrated mature, steady growth, with revenue compounding at 7.1% annually over the past decade.
CORVEL CORP has earned high returns on invested capital, averaging 46.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, CORVEL CORP shows that management has aggressively returned capital to shareholders by retiring 12.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CORVEL CORP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $71.08 per share.