Company Valuation: CorVel Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,834 2,968 3,265 4,495 5,751 2,795
Change - 61.83% 10.01% 37.68% 27.93% -51.39%
Enterprise Value (EV) 1 1,749 2,914 3,227 4,421 5,608 2,591
Change - 66.59% 10.77% 36.98% 26.85% -53.81%
P/E 40.2x 46x 50.5x 59.8x 61.2x 25.5x
PBR 8.32x 13.9x 16.2x 18.2x 17.9x 7.06x
PEG - 1.1x 16.79x 3.6x 2.5x 1.5x
Capitalization / Revenue 3.32x 4.59x 4.54x 5.65x 6.42x 2.92x
EV / Revenue 3.16x 4.51x 4.49x 5.56x 6.26x 2.7x
EV / EBITDA 21.2x 26.9x 29.4x 36.4x 37.3x 14.8x
EV / EBIT 29.6x 34.5x 38.2x 46.5x 46.4x 18.1x
EV / FCF 23.7x 131x 61.8x 80.6x 73.9x 27.9x
FCF Yield 4.23% 0.76% 1.62% 1.24% 1.35% 3.59%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.85 1.22 1.257 1.467 1.83 2.14
Distribution rate - - - - - -
Net sales 1 552.6 646.2 718.6 795.3 895.6 958.5
EBITDA 1 82.61 108.4 109.7 121.4 150.4 174.9
EBIT 1 59.18 84.51 84.55 95.1 120.8 143.1
Net income 1 46.36 66.41 66.36 76.25 95.16 110.3
Net Debt 1 -85.05 -54.36 -37.57 -74.17 -142.5 -205
Reference price 2 34.20 56.15 63.43 87.65 111.97 54.65
Nbr of stocks (in thousands) 53,631 52,862 51,477 51,283 51,359 51,152
Announcement Date 5/28/21 5/27/22 5/26/23 5/24/24 5/23/25 5/22/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 3.25B
13.99x0.42x8.73x2.8% 121B
13.89x1.77x8.82x0.76% 89.14B
23.23x2.59x13.13x1.4% 26.05B
31.48x5.68x23.32x2.2% 21.29B
8.11x1.44x6.57x-.--% 21.5B
15.28x1.46x7.45x4.46% 14.5B
14.15x1.01x5.67x3.48% 12.53B
12.29x1.57x7.62x0.93% 11.43B
51.2x8.58x32.35x0.2% 10.29B
Average 20.40x 2.72x 12.63x 1.8% 33.15B
Weighted average by Cap. 16.61x 1.73x 10.44x 1.86%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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