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.($)
- - - - 3.32B
14.3x0.42x8.87x2.74% 124B
13.65x1.75x8.73x0.77% 87.61B
14.11x1.56x9.41x2.48% 30.7B
23.07x2.57x13.05x1.41% 25.87B
8.13x1.44x6.59x-.--% 21.57B
31.78x5.72x23.53x2.18% 21.5B
14.89x1.43x6.78x4.58% 14.02B
14.16x1.01x5.68x3.47% 12.59B
12.35x1.58x7.64x0.93% 11.48B
Average 16.27x 1.94x 10.03x 2.06% 35.29B
Weighted average by Cap. 15.42x 1.50x 9.71x 1.96%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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