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 28/5/21 27/5/22 26/5/23 24/5/24 23/5/25 22/5/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 3.23B
16.95x0.47x10.12x2.51% 135B
12.94x1.69x8.36x0.79% 86.68B
12.46x1.43x8.67x2.72% 26.77B
21.57x2.35x11.88x1.55% 22.95B
29.29x5.39x22.75x2.38% 20.06B
7.74x1.23x5.82x-.--% 16.78B
15.83x1.48x7.57x4.43% 15.25B
16.11x1.84x8.84x0.71% 15.12B
14.24x1.05x5.86x3.22% 13.02B
Average 16.35x 1.88x 9.98x 2.03% 35.5B
Weighted average by Cap. 16.00x 1.41x 9.88x 1.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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