Corvel's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Corvel (CRVL) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Corvel vs Its Competitors
- TTM: Trailing 12-month revenue of 984M vs 119,448M combined for tracked competitors (0.8% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+5.7% annualized vs trailing 12 months), vs holding steady (-1.7%) for its tracked peer group.
- Growth: Corvel generated 11.2% revenue growth year over year in Q1 2026, vs 6.8% for its tracked competitors combined.
- Profitability: Its 12.4% net margin compares with 14.7% for the peer group.
- Scale: Corvel ranks #12 of 30 companies by market capitalization in the Insurance Brokerage industry, holding 1.2% of industry market cap.
- Peer revenue share: Corvel accounted for 0.9% of combined revenue among its tracked peer group, up from 0.8% a year earlier.
- Peer differentiation: Revenue per employee of $0.20M compares with $0.36M for the peer group (0.6x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
CRVL Sales vs. its Competitors, Q1 2026
Corvel reported revenue growth of 11.19 % year on year in Q1 2026, above its competitors' combined revenue growth of 6.76 %.
With a net margin of 12.40 %, Corvel reported lower profitability than its competitors (14.73 %).
Corvel generated 0.88 % of the combined sales of its peer group, up from 0.84 % a year earlier.
Corvel vs. its Competitors, Q1 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Corvel and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Corvel Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Corvel's competitor groups requires a Commercial License.
For context: the Insurance Brokerage industry grew revenue 10.7% year over year, combined, vs 11.2% for Corvel. Corvel's share of combined industry revenue moved from 0.64% to 0.65%, a gain of 0.00 percentage points.
Corvel's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Corvel Corporation | Yes | Yes | Yes | No |
| Competitors combined (17) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
CRVL Stock Performance relative to its Competitors
CRVL Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Paycor Hcm Inc | 282.9% | Outperformed |
| 2 | Employers Holdings Inc | 282.9% | Outperformed |
| 3 | Robert Half Inc | 282.9% | Outperformed |
| 4 | Dayforce Inc | 282.9% | Outperformed |
| 5 | Paycom Software Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Corvel's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Corvel's Comment on Competition and Industry Peers
The healthcare cost containment industry is competitive and is subject to economic pressures for cost savings and legislative reforms. CorVel’s primary competitors in the workers’ compensation market include third party administrators, managed care companies, large insurance carriers and numerous independent companies. Many of the Company’s competitors are significantly larger and have greater financial and marketing resources than the Company. Moreover, the Company’s customers may establish the in-house capability of performing services offered by the Company. If the Company is unable to compete effectively, it will be difficult to add and retain customers, and the Company’s business, financial condition and results of operations will be materially and adversely affected.
The past few years have seen acceleration in the technology world, and advancements
seem to be progressing at a pace that few, if any, have ever witnessed. The
proliferation of smart phones and tablet computers allows the Company’s
clients to stay connected at any time, from anywhere. This capability provides
immediate access and begins to present business opportunities that were previously
predicated on a less connected environment. The Company continues to leverage
the new wave of technology in order to connect all of the parties involved in
the workers’ compensation process in ways that were unimaginable in the
past. As with general health, the workers compensation line continues to migrate
to being a medical management business, with policymakers, employers, and carriers
struggling to manage and control the costs of medical care (Source “National
Council on Compensation Insurance”). The Company will continue to focus
the execution of its strategy to provide industry leading claims management
and cost containment solutions to the market.
We are required to be licensed or receive regulatory approval in nearly every
state and foreign jurisdiction in which we do business. In addition, most jurisdictions
require individuals who engage in claim adjusting and certain other insurance
service activities to be personally licensed. These licensing laws and regulations
vary from jurisdiction to jurisdiction. In most jurisdictions, licensing laws
and regulations generally grant broad discretion to supervisory authorities
to adopt and amend regulations and to supervise regulated activities.
Publicly Traded Peers of Corvel Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Corvel Corporation | 3,734.80 | 984.03 |
| Automatic Data Processing Inc | 104,825.74 | 21,947.40 |
| Marsh and Mclennan Companies Inc | 81,548.52 | 27,968.00 |
| Intuit Inc | 73,821.89 | 21,448.00 |
| Aon Plc | 58,314.49 | 17,603.00 |
| Paychex Inc | 34,980.68 | 6,602.50 |
| SUBTOTAL | 421,182.80 | 123,025.42 |
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Sources: Corvel Corporation's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Corvel Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Corvel's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Automatic Data Processing Inc | Employer Services 67.96 % |
| Marsh and Mclennan Companies Inc | Marsh Insurance Group 55.79 % |
| Intuit Inc | Consumer 61.61 % |
| Aon Plc | Risk Capital 70.80 % |
| Equifax Inc | Workforce Solutions 41.49 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Corvel's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Corvel Corporation | 3,735 | 202,059 | 23,683 |
| Automatic Data Processing Inc | 104,826 | 378,403 | 76,095 |
| Marsh and Mclennan Companies Inc | 81,549 | 294,400 | 42,821 |
| Intuit Inc | 73,822 | 1,153,118 | 245,484 |
| Aon Plc | 58,314 | 293,383 | 65,650 |
| Paychex Inc | 34,981 | 375,142 | 102,614 |
| PEERS TOTAL | 417,448 | 362,292 | 62,283 |
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Corvel's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Aon Plc | Europe, Middle East, and Africa, Other Than United Kingdom and Ireland 16.91 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Corvel's Position in Industry Market Structure
Market-capitalization share and concentration across all 29 companies in Corvel's industry classification, broader than the peer set above. Market cap in millions of $.Corvel ranks #12 of 29 companies by market capitalization in its industry, holding 1.18 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,518, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Marsh and Mclennan Companies Inc | 81,549 | 25.76 % |
| 2 | Aon Plc | 58,314 | 18.42 % |
| 3 | Arthur J Gallagher and Co | 58,298 | 18.42 % |
| 4 | Willis Towers Watson Plc | 27,415 | 8.66 % |
| 5 | Brown and Brown Inc | 1,234 | 5.2% |
| 6 | Equitable Holdings Inc | 1,234 | 5.2% |
| 7 | Erie Indemnity Company | 1,234 | 5.2% |
| 8 | Fidelity National Financial Inc | 1,234 | 5.2% |
| 9 | First American Financial Corporation | 1,234 | 5.2% |
| 10 | Enact Holdings Inc | 1,234 | 5.2% |
| 12 | Corvel Corporation | 3,735 | 1.18 % |
Market cap and industry share for the rest of Corvel's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-29.
Corvel's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 7 | Erie Indemnity Company | 11,539 | -31.27 % |
| 8 | Fidelity National Financial Inc | 10,904 | -27.67 % |
| 9 | First American Financial Corporation | 6,587 | -1.59 % |
| 10 | Enact Holdings Inc | 6,311 | 22.38 % |
| 11 | Ryan Specialty Holdings Inc | 1,234 | 12.3% |
| 12 | Corvel Corporation | 3,735 | -6.75 % |
| 13 | The Baldwin Insurance Group Inc | 1,234 | 12.3% |
| 14 | Ethos Technologies Inc | 1,234 | 12.3% |
| 15 | Stewart Information Services Corp | 1,234 | 12.3% |
| 16 | Goosehead Insurance Inc | 1,234 | 12.3% |
| 17 | Hagerty Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Corvel's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-29. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Corvel's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Insurance Brokerage industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (18 companies). See the full Insurance Brokerage industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 24.79 % | 56.03 % (avg) | -31.2 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 18.71 % | 1.85 % (avg) | +16.9 pp |
| Capital Intensity (Capex / Revenue) | 4.18 % | 1.24 % (avg) | +2.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Corvel's Valuation vs Competitive Position
Valuation multiples vs the Insurance Brokerage industry average (18 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Insurance Brokerage industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 27.0x | 13.3x | +13.7x |
| EV / EBITDA | 14.9x | 12.6x | +2.3x |
| P/B | 8.3x | 2.7x | +5.5x |
| Return on Equity | 31.01 % | industry aggregate | 15.38 % |
| Return on Invested Capital | - | 8.14 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Corvel's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 6.43 % | 1.37 % | -7.06 % | 11.95 % | 13.56 % | 9.69 % | 12.61 % | 8.01 % |
| Operating Margin | 9.68 % | 10.40 % | 9.86 % | 12.51 % | 12.52 % | 12.31 % | 12.65 % | 14.55 % |
| Return on Invested Capital | 15.31 % | 13.26 % | 11.15 % | 16.03 % | 20.35 % | 20.84 % | 20.26 % | 19.70 % |
| P/E | 27.6x | 33.6x | 123.3x | 57.1x | 39.6x | 51.8x | 67.7x | 34.8x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Corvel's BCG Growth-Share Matrix
Relative market share (vs Corvel's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Corvel falls in the Dog quadrant: relative market share of 0.05x vs its largest competitor, in an industry growing revenue 6.7% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Corvel's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,518 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 4.18 % vs industry average 1.24 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Corvel's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Corvel's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Corvel's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Corvel falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Corvel's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Return on equity 15.4 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+5.7% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.05x).
Opportunities
No rule matched.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Corvel's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Corvel Corporation | 0.92 | 1.89 | - |
| Automatic Data Processing Inc | 0.07 | 1.05 | 1.08 |
| Marsh and Mclennan Companies Inc | 0.68 | 1.13 | 1.33 |
| Intuit Inc | 0.39 | 1.43 | 0.35 |
| Aon Plc | 0.05 | 1.06 | 1.66 |
| Paychex Inc | 0.18 | 1.27 | 1.22 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Corvel's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Corvel Corporation | Q2 2026 | +11.2 % | +18.3 % |
| Automatic Data Processing Inc | Q2 2026 | +6.8 % | +7.5 % |
| Marsh and Mclennan Companies Inc | Q2 2026 | +6.1 % | +4.9 % |
| Intuit Inc | Q2 2026 | +13.7 % | -4.7 % |
| Aon Plc | Q2 2026 | +2.2 % | -4.9 % |
| Paychex Inc | Q3 2026 | +5.9 % | +12.0 % |
| PEERS TOTAL | +6.5 % | -1.1 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Corvel's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Corvel Corporation | Q2 2026 | +8.5 % | +60.9 % |
| Automatic Data Processing Inc | Q2 2026 | +2,340.2 % | +39.3 % |
| Marsh and Mclennan Companies Inc | Q2 2026 | - | +22.0 % |
| Intuit Inc | Q2 2026 | -2.3 % | +192.0 % |
| Aon Plc | Q2 2026 | - | +14.1 % |
| Paychex Inc | Q3 2026 | +3.9 % | -11.1 % |
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Corvel's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Corvel Corporation | 18.52% | 29.42% | 31.01% |
| Automatic Data Processing Inc | 7.50% | 33.58% | 70.78% |
| Marsh and Mclennan Companies Inc | 6.90% | 11.32% | 26.71% |
| Intuit Inc | 12.49% | 16.28% | 23.22% |
| Aon Plc | 7.60% | 9.54% | 42.34% |
| Paychex Inc | 10.96% | 19.01% | 46.36% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Corvel's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Corvel Corporation | 32.74 | 3.80 |
| Automatic Data Processing Inc | 23.80 | 4.78 |
| Marsh and Mclennan Companies Inc | 20.73 | 2.92 |
| Intuit Inc | 16.18 | 3.44 |
| Aon Plc | 15.05 | 3.31 |
| Paychex Inc | 19.46 | 5.30 |
| PEERS AVERAGE | 19.97 | 3.42 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.