Company Valuation: CorVel Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Capitalization 1 986.9 1,834 2,968 3,265 4,495 5,751
Change - 85.84% 61.83% 10.01% 37.68% 27.93%
Enterprise Value (EV) 1 1,002 1,749 2,914 3,227 4,421 5,608
Change - 74.55% 66.59% 10.77% 36.98% 26.85%
P/E ratio 21.4x 40.2x 46x 50.5x 59.8x 61.2x
PBR 5.16x 8.32x 13.9x 16.2x 18.2x 17.9x
PEG - - 1.1x 16.79x 3.6x 2.5x
Capitalization / Revenue 1.67x 3.32x 4.59x 4.54x 5.65x 6.42x
EV / Revenue 1.69x 3.16x 4.51x 4.49x 5.56x 6.26x
EV / EBITDA 12x 21.2x 26.9x 29.4x 36.4x 37.3x
EV / EBIT 16.5x 29.6x 34.5x 38.2x 46.5x 46.4x
EV / FCF 29.3x 23.7x 131x 61.8x 80.6x 73.9x
FCF Yield 3.41% 4.23% 0.76% 1.62% 1.24% 1.35%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.85 0.85 1.22 1.257 1.467 1.83
Distribution rate - - - - - -
Net sales 1 592.2 552.6 646.2 718.6 795.3 895.6
EBITDA 1 83.23 82.61 108.4 109.7 121.4 150.4
EBIT 1 60.71 59.18 84.51 84.55 95.1 120.8
Net income 1 47.38 46.36 66.41 66.36 76.25 95.16
Net Debt 1 15.1 -85.05 -54.36 -37.57 -74.17 -142.5
Reference price 2 18.17 34.20 56.15 63.43 87.65 111.97
Nbr of stocks (in thousands) 54,314 53,631 52,862 51,477 51,283 51,359
Announcement Date 10/06/20 28/05/21 27/05/22 26/05/23 24/05/24 23/05/25
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 2.99B
14.81x0.42x9.29x2.92% 116B
14.36x1.83x9x0.72% 96.54B
12.21x1.41x8.7x2.8% 27.15B
30.42x5.69x23.32x2.39% 21.28B
18.24x1.73x9.97x1.15% 20.84B
19.45x2.17x10.94x1.71% 20.74B
16.56x1.55x8.04x5.14% 17.2B
7.56x1.2x5.68x-.--% 16.4B
13.55x1.68x8.05x0.84% 12.75B
Average 16.35x 1.96x 10.33x 1.96% 35.14B
Weighted average by Cap. 15.62x 1.53x 9.88x 1.99%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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