MeritValue

CORVEL CORP

CRVLdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

CORVEL CORP earns about 59% on invested capital, far above its ~9% cost of capital, but has diluted owners by 185% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $15.31 and $94.52 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$646.2M1$718.6M2$795.3M3$895.6M3$958.5M3
Net income$66.4M4$66.4M5$76.3M6$95.2M6$110.3M6
Operating cash flow$67.2M7$82.3M8$99.2M9$127.3M9$155.6M9
Capital expenditure$29.8M10$26.3M11$29.2M12$35.8M12$45.4M12
Free cash flow (derived)$37.4M7$56M8$70M9$91.6M9$110.3M9
Total debt—————
Cash & equivalents$97.5M13$71.3M14$105.6M15$170.6M16$233.1M16
Diluted shares18.1M52.8M52.0M52.0M51.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$76.36
your share of equity
Profit it earned you last year
$21.37
Free cash flow it threw off
$21.36
Debt you’d be carrying
—

10 shares is a claim on $76.36 of net worth that earned you $21.37 and generated $21.36 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
59% avg · 5y
FY22 58%FY23 51%FY24 54%FY25 63%FY26 68%

It earned about 59% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+185% shares · 5y

Share count is up 185% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $15.31 and $94.52 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$94.52
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.8%
  • fcfBase$91.6M
DCF · Growth Exit 5Y
$57.67
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.8%
  • fcfBase$91.6M
Earnings Power Value
$15.31
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$76.3M
  • growthAssumed0.0%
Graham Number
$19.18
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years17.8%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $57.67
The three cases
Bear0.0%$29.85
Base17.8%$57.67
Bull20.0%$62.34

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 17.8%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0000950170-24-064645 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000950170-25-076999 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001193125-26-237024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0000950170-24-064645 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000950170-25-076999 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001193125-26-237024 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0000950170-24-064645 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0000950170-25-076999 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001193125-26-237024 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0000950170-24-064645 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0000950170-25-076999 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001193125-26-237024 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0000950170-23-024535 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0000950170-24-064645 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0000950170-25-076999 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001193125-26-237024 (CashAndCashEquivalentsAtCarryingValue)