CorVel Corporation Financial Ratios — CRVL Stock

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Return on Common Equity (%)	10.14	9.27	10.78	8.16	7.53	7.22	8.1	9.69	8.96	8.05	10.51	9.5	9.91	11.12	11.52
Return on Assets (%)	15.8	15.09	17.33	13.42	13.21	12.94	14.01	15.78	12.9	11.02	15.81	16.4	17.97	19.02	18.56
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	25.43	24.38	29.15	22.49	21.89	21.79	23.28	25.71	19.78	16.64	25.23	27.27	30	30.76	28.95
Gross Margin (%)	22.74	21.35	22.66	20.29	20.76	20.2	19.21	20.95	21.26	22.37	23.54	22.02	21.59	23.42	24.29
EBITDA Margin (%)	14.09	13.89	15.23	12.9	13.11	13.21	12.48	14.18	14.05	14.95	16.78	15.26	15.26	16.79	18.25
Operating Margin (%)	10.53	10.22	11.8	9.25	9.15	9.17	8.58	10.33	10.25	10.71	13.08	11.77	11.96	13.49	14.93
Incremental Operating Margin (%)	18.86	2.75	25.48	-79.25	4.53	9.86	0.89	36.4	22.82	3.88	27.07	0.06	13.74	25.65	35.44
Pretax Margin (%)	10.53	10.22	11.8	9.25	9.15	9.17	8.58	10.33	10.25	10.71	13.08	11.77	11.96	13.49	14.93
Profit Margin (%)	6.43	6.23	7.18	5.8	5.66	5.68	6.39	7.84	8	8.39	10.28	9.24	9.59	10.63	11.51
Net Income to Common Margin (%)	6.43	6.23	7.18	5.8	5.66	5.68	6.39	7.84	8	8.39	10.28	9.24	9.59	10.63	11.51
Effective Tax Rate (%)	38.87	39.1	39.14	37.25	38.07	38	25.48	24.08	21.96	21.66	21.42	21.51	19.82	21.24	22.91
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	10.14	9.27	10.78	8.16	7.53	7.22	8.1	9.69	8.96	8.05	10.51	9.5	9.91	11.12	11.52

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	6	98	55	43	34	31	28	28
ST Debt	- -	- -	- -	- -	- -	- -	- -	6	13	13	13	10	9	8	7
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	85	42	30	24	23	20	21
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	0.07	1.18	0.66	0.4	0.31	0.26	0.19	0.16
Net Debt/EBITDA	-0.11	-0.33	-0.48	-0.4	-0.5	-0.42	-0.8	-1.09	-1	-1.69	-0.9	-0.65	-0.87	-1.13	-1.33
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	0.09	1.62	0.92	0.51	0.4	0.33	0.23	0.2
Net Debt/EBIT	-0.15	-0.45	-0.62	-0.56	-0.71	-0.6	-1.16	-1.49	-1.37	-2.36	-1.15	-0.84	-1.11	-1.41	-1.63
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	160.02	165.47	156.74	172.4	178.55	179.61	167.32	158.85	132.74	141	160.22	185.74	177.69	165.41	157.61
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	44.86	19.01	14.03	11.8	9.1	6.2	5.25
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	13.07	6.41	4.21	3.12	2.68	2.14	1.99
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	20.44	9.86	7.17	6.06	4.96	3.65	3.22
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	2.93	51.83	24.8	20.31	16.7	12.68	8.72	7.13
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	1.12	15.11	8.36	6.09	4.41	3.74	3.02	2.7
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	1.79	23.62	12.87	10.39	8.57	6.91	5.14	4.37
Net Debt to Equity	-5.98	-17.79	-27.56	-19.95	-24.84	-20.64	-32.58	-47.08	-43.87	-63.39	-45.91	-35.28	-42.63	-52.98	-59.12
Net Debt/Capital (%)	-2.46	-7.03	-11.57	-7.52	-9.09	-7.26	-13.85	-21.88	-14.66	-27.19	-15.96	-10.28	-14.39	-22.43	-28.83
EBITDA	58	60	73	64	66	68	70	84	83	83	108	110	121	150	175
EBITDA-CapEx	35	45	55	41	49	37	42	69	51	65	79	83	92	115	130
Operating Income (Loss)	43	44	57	46	46	48	48	62	61	59	85	85	95	121	143

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Cash Ratio	0.28	0.38	0.49	0.34	0.41	0.32	0.57	0.78	0.62	0.86	0.57	0.42	0.57	0.84	1.02
Current Ratio	1.82	1.76	1.68	1.51	1.53	1.43	1.67	1.84	1.56	1.66	1.55	1.45	1.64	1.9	2.03
Quick Ratio	1.38	1.31	1.28	1.12	1.15	1.02	1.23	1.39	1.11	1.26	1.05	0.91	1.1	1.35	1.47
CFO/Avg Current Liab	0.72	1.12	0.88	0.61	0.66	0.61	0.66	0.73	0.65	0.64	0.4	0.49	0.56	0.66	0.72
Common Equity/Total Assets	160.02	165.47	156.74	172.4	178.55	179.61	167.32	158.85	132.74	141	160.22	185.74	177.69	165.41	157.61
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	44.86	19.01	14.03	11.8	9.1	6.2	5.25
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	13.07	6.41	4.21	3.12	2.68	2.14	1.99
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	20.44	9.86	7.17	6.06	4.96	3.65	3.22
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	2.93	51.83	24.8	20.31	16.7	12.68	8.72	7.13
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	1.12	15.11	8.36	6.09	4.41	3.74	3.02	2.7
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	1.79	23.62	12.87	10.39	8.57	6.91	5.14	4.37
CFO/Total Liabilities	58	77.23	62.3	52.98	58.1	53.81	60.44	63.82	35.68	46.18	33.14	42.91	47.93	56.84	62.57
CFO/CapEx	1.54	3.68	2.99	1.94	3.06	1.68	2.24	5.15	2.5	5.47	2.25	3.13	3.39	3.56	3.43
Altman's Z-Score	12.11	12.12	14.09	12.15	12.33	11.99	11.7	11.81	7.04	9.84	14.07	16.26	18.76	20.87	5.17

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Accounts Receivable Turnover	8.4	8.72	9.01	8.58	8.59	8.46	8.74	10.11	11.97	11.81	12.57	13.1	14.58	15.95	15.83
Days Sales Outstanding	43.47	41.85	40.53	42.52	42.5	43.13	41.77	36.1	30.5	30.9	29.03	27.85	25.03	22.89	23.06
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	54.9	27.94	24.69	25.32	29.77	30.54	35.17	43.38	37.2	31.2	37.39	38.46	39.64	43.09	36.52
Accounts Payable Turnover Days	6.65	13.07	14.78	14.42	12.26	11.95	10.38	8.41	9.81	11.7	9.76	9.49	9.21	8.47	10
Cash Conversion Cycle	36.82	28.78	25.75	28.1	30.24	31.18	31.39	27.69	20.69	19.21	19.27	18.36	15.82	14.42	13.06
Inventory to Cash Days	43.47	41.85	40.53	42.52	42.5	43.13	41.77	36.1	30.5	30.9	29.03	27.85	25.03	22.89	23.06
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Market Capitalization	458	551	1,050	711	782	845	952	1,226	999	1,840	2,990	3,297	4,502	5,753	- -
- Cash & Cash Equivalents	7	20	35	26	33	29	56	92	83	140	98	71	106	171	233
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	6	98	55	43	34	31	28	28
Enterprise Value	445	531	1,015	686	749	816	896	1,140	1,014	1,755	2,936	3,260	4,428	5,610	-205
Total Capital	275	302	336	365	393	423	458	511	651	654	708	765	839	931	1,042
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	1.12	15.11	8.36	6.09	4.41	3.74	3.02	2.7
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	0.01	0.1	0.03	0.01	0.01	0.01	0.01	-0.14
EV/Sales	1.08	1.24	2.12	1.39	1.49	1.57	1.6	1.91	1.71	3.17	4.54	4.54	5.57	6.26	- -
EV/EBITDA	7.66	8.9	13.93	10.79	11.34	11.91	12.86	13.5	12.18	21.24	27.08	29.72	36.49	37.31	- -
EV/EBIT	10.26	12.1	17.97	15.05	16.26	17.16	18.7	18.54	16.7	29.65	34.74	38.55	46.56	46.43	- -
EV/Cash Flow to Firm	12.49	9.69	18.53	15.47	14.59	15.68	14.41	14.5	12.55	18.59	43.68	39.61	44.62	44.07	- -
EV/Free Cash Flow to Firm	7.57	7.62	13.88	10.21	11	9.82	9.97	12.14	8.96	15.72	30.26	30.01	34.47	34.4	- -
Diluted Market Cap	464	556	1,064	719	789	851	963	1,240	1,014	1,864	3,053	3,348	4,561	5,822	- -
Diluted Enterprise Value	457	536	1,029	693	756	823	907	1,154	1,029	1,779	2,999	3,310	4,487	5,679	-205
EV per Share	6.47	7.95	16.04	11.06	12.59	14.01	15.86	20.22	18.44	32.62	55.13	62.71	86.21	109.2	- -
TTM Sales	413	429	479	493	504	519	558	596	592	553	646	719	795	896	959
TTM EBITDA	58	60	73	64	66	68	70	84	83	83	108	110	121	150	175
TTM Operating Income	43	44	57	46	46	48	48	62	61	59	85	85	95	121	143
TTM Cash Flow to Firm	36	55	55	44	51	52	62	79	81	94	67	82	99	127	156
TTM Free Cash Flow to Firm	59	70	73	67	68	83	90	94	113	112	97	109	128	163	201

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Price/Free Cash Flow	7.88	7.97	14.54	10.7	11.59	10.25	10.71	13.21	8.96	16.7	31.47	30.82	35.5	35.7	- -
EV/EBIT	10.26	12.1	17.97	15.05	16.26	17.16	18.7	18.54	16.7	29.65	34.74	38.55	46.56	46.43	- -
Enterprise Value	445	531	1,015	686	749	816	896	1,140	1,014	1,755	2,936	3,260	4,428	5,610	-205
Low Price	6.34	6.62	7.53	9.36	9.76	10.33	13.57	16.08	16.72	14.89	34.2	43.06	62.63	76.2	44.83
EV/Sales	1.08	1.24	2.12	1.39	1.49	1.57	1.6	1.91	1.71	3.17	4.54	4.54	5.57	6.26	- -
EV/EBITDA	7.66	8.9	13.93	10.79	11.34	11.91	12.86	13.5	12.18	21.24	27.08	29.72	36.49	37.31	- -
Price/Earnings	17.25	20.61	30.54	24.88	27.4	28.65	26.66	26.26	21.09	39.68	45.03	49.69	59.04	60.45	- -
Price/Earnings Average	20.44	18.57	22.93	28.33	25.37	26.45	26.74	23.59	30.66	32.55	42.36	41.41	48.34	54.77	- -
Price/Earnings High	23.62	21.38	32.73	38.04	32.61	35.04	32.28	28.47	37.31	43.1	57.04	50.16	59.54	69.44	- -
Price/Earnings Low	16.44	16.54	13.86	20.3	20.35	20.41	21.47	19.41	19.4	17.28	27.43	33.73	42.19	41.14	- -
Price/Book Value	1.66	1.83	3.12	1.95	1.99	2	2.08	2.43	1.81	3.07	4.49	4.51	5.57	6.37	- -
Price/Book Value Average	1.97	1.64	2.35	2.22	1.84	1.84	2.08	2.18	2.63	2.52	4.23	3.76	4.56	5.77	- -
Price/Book Value High	2.28	1.89	3.35	2.98	2.37	2.44	2.51	2.63	3.2	3.34	5.69	4.55	5.62	7.32	- -
Price/Book Value Low	1.59	1.46	1.42	1.59	1.48	1.42	1.67	1.79	1.66	1.34	2.74	3.06	3.98	4.34	- -
Price/Tangible Book Value	6.79	7.99	12.43	8.23	8.6	8.62	7.27	7.91	6.64	10.14	17.2	20.09	21.44	20.2	- -
Price/Tangible Book Value Average	8.05	7.2	9.33	9.38	7.96	7.96	7.29	7.11	9.66	8.31	16.18	16.75	17.55	18.31	- -
Price/Tangible Book Value High	9.3	8.29	13.32	12.59	10.24	10.54	8.8	8.58	11.76	11.01	21.78	20.28	21.62	23.21	- -
Price/Tangible Book Value Low	6.47	6.41	5.64	6.72	6.39	6.14	5.85	5.85	6.11	4.41	10.47	13.64	15.32	13.75	- -
Price/Sales	1.11	1.28	2.19	1.44	1.55	1.63	1.7	2.06	1.69	3.33	4.63	4.59	5.66	6.42	- -
Price/Sales Average	1.32	1.16	1.65	1.64	1.44	1.5	1.71	1.85	2.45	2.73	4.35	3.83	4.63	5.82	- -
Price/Sales High	1.52	1.33	2.35	2.21	1.85	1.99	2.06	2.23	2.98	3.61	5.86	4.63	5.71	7.38	- -
Price/Sales Low	1.06	1.03	1	1.18	1.15	1.16	1.37	1.52	1.55	1.45	2.82	3.12	4.05	4.37	- -
Price/Cash Flow	12.84	10.05	19.17	16.05	15.23	16.23	15.31	15.59	12.36	19.49	44.49	40.07	45.37	45.19	- -
Price/Cash Flow Average	15.22	9.05	14.39	18.28	14.1	14.98	15.36	14.01	17.97	15.99	41.85	33.4	37.14	40.94	- -
Price/Cash Flow High	17.58	10.43	20.54	24.54	18.13	19.84	18.54	16.91	21.87	21.17	56.35	40.46	45.75	51.9	- -
Price/Cash Flow Low	12.24	8.06	8.7	13.1	11.31	11.56	12.33	11.53	11.37	8.49	27.1	27.2	32.42	30.75	- -
Price/Free Cash Flow Average	9.34	7.18	10.92	12.19	10.73	9.46	10.75	11.87	13.03	13.7	29.6	25.69	29.06	32.35	- -
Price/Free Cash Flow High	10.79	8.27	15.59	16.36	13.79	12.53	12.97	14.32	15.85	18.13	39.86	31.12	35.8	41.01	- -
Price/Free Cash Flow Low	7.51	6.4	6.6	8.73	8.61	7.3	8.63	9.76	8.24	7.27	19.17	20.92	25.37	24.3	- -
EV/Sales Average	1.3	1.11	1.57	1.59	1.37	1.45	1.61	1.71	2.48	2.58	4.27	3.77	4.54	5.66	- -
EV/Sales High	1.5	1.29	2.28	2.16	1.78	1.94	1.96	2.09	3.01	3.46	5.78	4.58	5.61	7.22	- -
EV/Sales Low	1.04	0.98	0.92	1.13	1.09	1.11	1.27	1.38	1.58	1.3	2.73	3.06	3.95	4.21	- -
EV/EBITDA Average	9.22	7.99	10.34	12.34	10.46	10.97	12.9	12.02	17.64	17.23	25.45	24.72	29.76	33.72	-1.17
EV/EBITDA High	10.67	9.25	14.96	16.71	13.6	14.66	15.73	14.72	21.42	23.15	34.43	30.01	36.8	43	-1.17
EV/EBITDA Low	7.39	7.08	6.06	8.73	8.3	8.37	10.2	9.71	11.23	8.67	16.3	20.07	25.9	25.09	-1.17
EV/EBIT Average	12.35	10.85	13.34	17.22	15	15.8	18.76	16.51	24.18	24.06	32.65	32.06	37.98	41.96	-1.43
EV/EBIT High	14.29	12.57	19.3	23.31	19.48	21.12	22.89	20.21	29.36	32.32	44.18	38.93	46.96	53.51	-1.43
EV/EBIT Low	9.9	9.62	7.82	12.18	11.89	12.05	14.83	13.34	15.39	12.1	20.91	26.03	33.05	31.22	-1.43
Last Price	6.65	8.25	16.59	11.47	13.14	14.5	16.85	21.75	18.17	34.2	56.15	63.43	87.65	111.97	54.65
High Price	9.11	8.56	17.78	17.54	15.64	17.73	20.4	23.58	32.15	37.14	71.12	64.04	88.38	128.61	119.57
Enterprise Value Average	536	476	754	785	691	751	899	1,016	1,468	1,424	2,759	2,711	3,611	5,070	-205
Enterprise Value High	621	552	1,091	1,062	897	1,004	1,096	1,243	1,783	1,913	3,733	3,291	4,466	6,465	-205
Enterprise Value Low	430	422	442	555	548	573	711	821	934	716	1,767	2,201	3,143	3,773	-205

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
Shares Outstanding	68	65	63	61	59	57	57	56	54	54	53	52	51	51	51
Diluted Weighted Avg Shares	70	67	64	63	60	59	57	57	56	54	54	53	52	52	- -
Basic Weighted Avg Shares	69	67	63	62	59	58	56	56	55	54	53	52	51	51	- -
Revenue per Share	5.99	6.43	7.56	7.94	8.47	8.9	9.89	10.57	10.77	10.27	12.13	13.82	15.48	17.43	- -
EBITDA per Share	0.84	0.89	1.15	1.03	1.11	1.18	1.23	1.5	1.51	1.54	2.04	2.11	2.36	2.93	- -
Operating Income per Share	0.63	0.66	0.89	0.73	0.77	0.82	0.85	1.09	1.1	1.1	1.59	1.63	1.85	2.35	- -
Basic EPS, GAAP	0.39	0.4	0.54	0.46	0.48	0.51	0.63	0.83	0.86	0.86	1.25	1.28	1.48	1.85	- -
Basic EPS from Cont Ops	0.39	0.4	0.54	0.46	0.48	0.51	0.63	0.83	0.86	0.86	1.25	1.28	1.48	1.85	- -
Diluted EPS, GAAP	0.38	0.4	0.54	0.46	0.48	0.5	0.62	0.82	0.85	0.85	1.22	1.26	1.47	1.83	- -
Diluted EPS from Cont Ops	0.38	0.4	0.54	0.46	0.48	0.5	0.62	0.82	0.85	0.85	1.22	1.26	1.47	1.83	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.52	0.82	0.87	0.71	0.86	0.89	1.1	1.39	1.47	1.75	1.26	1.58	1.93	2.48	- -
Free Cash Flow per Basic Share	0.18	0.6	0.58	0.35	0.58	0.36	0.61	1.12	0.88	1.43	0.7	1.08	1.36	1.78	- -
Cash & Equivalents per Share	0.18	0.3	0.55	0.41	0.55	0.49	0.99	1.63	1.51	2.6	1.83	1.37	2.06	3.32	- -
Book Value per Share	3.99	4.52	5.31	5.88	6.61	7.26	8.12	8.96	10.05	11.13	12.49	14.07	15.73	17.58	- -
Tangible Book Value per Share	0.98	1.03	1.33	1.39	1.53	1.68	2.32	2.75	2.73	3.37	3.27	3.16	4.09	5.54	- -

CorVel Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)