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Insurance brokers · Financial Services · Fiscal year ends Mar 31
Corvel reported revenue of $959M in the fiscal year ended Mar 2026, up 7.0% from the year before. Operating income was $143M, an operating margin of 14.9%, and net income was $110M. Operating cash flow of $156M less capital expenditure of $45M left free cash flow of $110M.
Ranks among the 15 insurance brokers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 646 | 719 | 795 | 896 | 959 |
| Cost of revenue | 494 | 560 | 624 | 686 | 726 |
| Gross profit | 152 | 158 | 172 | 210 | 233 |
| Operating incomederived: pre-tax income + interest | 84.5 | 84.6 | 95.1 | 121 | 143 |
| Pre-tax income | 84.5 | 84.6 | 95.1 | 121 | 143 |
| Income tax | 18.1 | 18.2 | 18.8 | 25.7 | 32.8 |
| Net income | 66.4 | 66.4 | 76.3 | 95.2 | 110 |
| Diluted EPS | 3.66 | 1.26 | 1.47 | 1.83 | 2.14 |
| Diluted shares | 18.1 | 52.8 | 52.0 | 52.0 | 51.6 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 97.5 | 71.3 | 106 | 171 | 233 |
| Receivables | 82.6 | 81.0 | 97.1 | 104 | 101 |
| Current assets | 265 | 244 | 302 | 387 | 462 |
| Net PP&E | 76.3 | 82.8 | 85.9 | 92.1 | 118 |
| Goodwill | 36.8 | 36.8 | 36.8 | 36.8 | 36.8 |
| Total assets | 415 | 394 | 455 | 546 | 643 |
| Payables | 14.1 | 15.1 | 16.4 | 15.4 | 24.3 |
| Deferred revenue | 25.8 | 27.0 | 30.0 | 30.8 | 32.2 |
| Current liabilities | 171 | 168 | 184 | 204 | 228 |
| Total liabilities | 203 | 192 | 207 | 224 | 249 |
| Shareholders' equity | 212 | 202 | 248 | 322 | 394 |
| Backlog (remaining obligations) | 25.8 | 27.0 | 30.0 | 30.8 | 32.2 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 67.2 | 82.3 | 99.2 | 127 | 156 |
| Capital expenditure | 29.8 | 26.3 | 29.2 | 35.8 | 45.4 |
| Free cash flow | 37.4 | 56.0 | 70.0 | 91.6 | 110 |
| Depreciation & amortisation | 23.9 | 25.1 | 26.3 | 29.5 | 31.8 |
| Stock-based compensation | 5.2 | 5.6 | 5.0 | 5.7 | 5.4 |
| Share buybacks | 90.1 | 93.7 | 45.7 | 37.6 | 56.2 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.2% | 10.7% | 12.6% | 7.0% |
| Operating income growth (YoY) | – | 0.0% | 12.5% | 27.0% | 18.5% |
| EPS growth (YoY) | – | −65.6% | 16.7% | 24.5% | 16.9% |
| Gross margin | 23.5% | 22.0% | 21.6% | 23.4% | 24.3% |
| Operating margin | 13.1% | 11.8% | 12.0% | 13.5% | 14.9% |
| Net margin | 10.3% | 9.2% | 9.6% | 10.6% | 11.5% |
| Return on equityBlank when equity is negative | 31.3% | 32.8% | 30.8% | 29.6% | 28.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 34.7% | 37.4% | 35.2% | 35.3% | 34.5% |
| Free cash flow margin | 5.8% | 7.8% | 8.8% | 10.2% | 11.5% |
| Cash conversion (CFO ÷ net income) | 1.01x | 1.24x | 1.30x | 1.34x | 1.41x |
| Receivable days | 47 | 41 | 45 | 42 | 39 |
| Payable days | 10 | 10 | 10 | 8 | 12 |
| Current ratio | 1.55x | 1.45x | 1.64x | 1.90x | 2.03x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.