CRVLCORVEL CORP
Insurance Agents, Brokers & Service
- Revenue
- $959M
- 7.0% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $4.2B
- Employees
- 5,239
- $183K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 6.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$1M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo141% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo36% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo5% of assetsOver 40% of assets
- Shareholder dissentYes74% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$183K · 0th pctBottom quartile of its SIC industry
- Quiet on AINo6.5 per 10K words · 87th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$21M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $646M | $719M | $795M | $896M | $959M | 7.0% |
| Net income | $66M | $66M | $76M | $95M | $110M | 16% |
| Operating cash flow | $67M | $82M | $99M | $127M | $156M | 22% |
| Capex | $30M | $26M | $29M | $36M | $45M | 27% |
| Stock-based comp | $5M | $6M | $5M | $6M | $5M | 5.3% |
| Buybacks | $90M | $94M | $46M | $38M | $56M | 49% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $21M · 26
- Net
- −$21M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $1M | $472K | 86 | 125 |
| FY2025 | $1M | $2M | 200 | 96 |
| FY2024 | $967K | $2M | 256 | 85 |
| FY2023 | $2M | $3M | 349 | 116 |
| FY2022 | $1M | $4M | 309 | 124 |