vs
Side-by-side financial comparison of CORVEL CORP (CRVL) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
CORVEL CORP is the larger business by last-quarter revenue ($235.6M vs $233.0M, roughly 1.0× CSW INDUSTRIALS, INC.). CORVEL CORP runs the higher net margin — 10.3% vs 4.4%, a 5.9% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 3.4%). CORVEL CORP produced more free cash flow last quarter ($35.2M vs $22.7M). Over the past eight quarters, CORVEL CORP's revenue compounded faster (6.6% CAGR vs 5.1%).
Corvel Corp is a U.S.-headquartered provider of integrated workers’ compensation, healthcare management, and risk mitigation solutions. It serves insurance carriers, self-insured employers, and public sector clients, delivering services to control healthcare costs, improve care outcomes, and optimize administrative operations.
CRVL vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $235.6M | $233.0M |
| Net Profit | $24.2M | $10.3M |
| Gross Margin | 23.3% | 39.7% |
| Operating Margin | 13.7% | 7.4% |
| Net Margin | 10.3% | 4.4% |
| Revenue YoY | 3.4% | 20.3% |
| Net Profit YoY | 1.7% | -61.9% |
| EPS (diluted) | $0.47 | $0.62 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $235.6M | $233.0M | ||
| Q3 25 | $239.6M | $277.0M | ||
| Q2 25 | $234.7M | $263.6M | ||
| Q1 25 | $231.5M | $230.5M | ||
| Q4 24 | $228.0M | $193.6M | ||
| Q3 24 | $224.4M | $227.9M | ||
| Q2 24 | $211.7M | $226.2M | ||
| Q1 24 | $207.2M | $210.9M |
| Q4 25 | $24.2M | $10.3M | ||
| Q3 25 | $27.9M | $40.7M | ||
| Q2 25 | $27.2M | $40.9M | ||
| Q1 25 | $26.4M | $35.1M | ||
| Q4 24 | $23.8M | $26.9M | ||
| Q3 24 | $23.4M | $36.1M | ||
| Q2 24 | $21.6M | $38.6M | ||
| Q1 24 | $19.5M | $31.8M |
| Q4 25 | 23.3% | 39.7% | ||
| Q3 25 | 24.3% | 43.0% | ||
| Q2 25 | 24.2% | 43.8% | ||
| Q1 25 | 25.0% | 44.2% | ||
| Q4 24 | 23.2% | 41.4% | ||
| Q3 24 | 22.6% | 45.6% | ||
| Q2 24 | 22.7% | 47.5% | ||
| Q1 24 | 20.9% | 44.4% |
| Q4 25 | 13.7% | 7.4% | ||
| Q3 25 | 15.0% | 20.5% | ||
| Q2 25 | 15.0% | 20.8% | ||
| Q1 25 | 14.4% | 19.5% | ||
| Q4 24 | 13.5% | 15.3% | ||
| Q3 24 | 12.8% | 22.6% | ||
| Q2 24 | 13.2% | 24.3% | ||
| Q1 24 | 10.9% | 21.0% |
| Q4 25 | 10.3% | 4.4% | ||
| Q3 25 | 11.6% | 14.7% | ||
| Q2 25 | 11.6% | 15.5% | ||
| Q1 25 | 11.4% | 15.2% | ||
| Q4 24 | 10.4% | 13.9% | ||
| Q3 24 | 10.4% | 15.8% | ||
| Q2 24 | 10.2% | 17.1% | ||
| Q1 24 | 9.4% | 15.1% |
| Q4 25 | $0.47 | $0.62 | ||
| Q3 25 | $0.54 | $2.41 | ||
| Q2 25 | $0.52 | $2.43 | ||
| Q1 25 | $-1.23 | $2.05 | ||
| Q4 24 | $0.46 | $1.60 | ||
| Q3 24 | $1.35 | $2.26 | ||
| Q2 24 | $1.25 | $2.47 | ||
| Q1 24 | $1.12 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $230.0M | $40.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $375.7M | $1.1B |
| Total Assets | $644.8M | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.0M | $40.2M | ||
| Q3 25 | $207.5M | $31.5M | ||
| Q2 25 | $202.0M | $38.0M | ||
| Q1 25 | $170.6M | $225.8M | ||
| Q4 24 | $162.9M | $213.8M | ||
| Q3 24 | $138.3M | $273.2M | ||
| Q2 24 | $131.9M | $18.9M | ||
| Q1 24 | $105.6M | $22.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $375.7M | $1.1B | ||
| Q3 25 | $362.8M | $1.1B | ||
| Q2 25 | $342.5M | $1.1B | ||
| Q1 25 | $322.0M | $1.1B | ||
| Q4 24 | $300.9M | $1.0B | ||
| Q3 24 | $282.8M | $1.0B | ||
| Q2 24 | $263.9M | $650.2M | ||
| Q1 24 | $247.6M | $615.7M |
| Q4 25 | $644.8M | $2.3B | ||
| Q3 25 | $611.7M | $1.5B | ||
| Q2 25 | $597.4M | $1.5B | ||
| Q1 25 | $546.0M | $1.4B | ||
| Q4 24 | $538.8M | $1.4B | ||
| Q3 24 | $518.6M | $1.4B | ||
| Q2 24 | $486.2M | $1.1B | ||
| Q1 24 | $454.7M | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $46.1M | $28.9M |
| Free Cash FlowOCF − Capex | $35.2M | $22.7M |
| FCF MarginFCF / Revenue | 14.9% | 9.8% |
| Capex IntensityCapex / Revenue | 4.7% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.91× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $104.3M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.1M | $28.9M | ||
| Q3 25 | $25.0M | $61.8M | ||
| Q2 25 | $55.0M | $60.6M | ||
| Q1 25 | $22.9M | $27.3M | ||
| Q4 24 | $41.6M | $11.6M | ||
| Q3 24 | $22.3M | $66.8M | ||
| Q2 24 | $40.4M | $62.7M | ||
| Q1 24 | $15.2M | $22.4M |
| Q4 25 | $35.2M | $22.7M | ||
| Q3 25 | $15.3M | $58.7M | ||
| Q2 25 | $39.5M | $57.7M | ||
| Q1 25 | $14.3M | $22.8M | ||
| Q4 24 | $32.1M | $8.5M | ||
| Q3 24 | $12.4M | $61.3M | ||
| Q2 24 | $32.8M | $59.6M | ||
| Q1 24 | $5.2M | $17.5M |
| Q4 25 | 14.9% | 9.8% | ||
| Q3 25 | 6.4% | 21.2% | ||
| Q2 25 | 16.8% | 21.9% | ||
| Q1 25 | 6.2% | 9.9% | ||
| Q4 24 | 14.1% | 4.4% | ||
| Q3 24 | 5.5% | 26.9% | ||
| Q2 24 | 15.5% | 26.3% | ||
| Q1 24 | 2.5% | 8.3% |
| Q4 25 | 4.7% | 2.6% | ||
| Q3 25 | 4.1% | 1.1% | ||
| Q2 25 | 6.6% | 1.1% | ||
| Q1 25 | 3.7% | 2.0% | ||
| Q4 24 | 4.2% | 1.6% | ||
| Q3 24 | 4.4% | 2.4% | ||
| Q2 24 | 3.6% | 1.4% | ||
| Q1 24 | 4.8% | 2.3% |
| Q4 25 | 1.91× | 2.81× | ||
| Q3 25 | 0.90× | 1.52× | ||
| Q2 25 | 2.02× | 1.48× | ||
| Q1 25 | 0.87× | 0.78× | ||
| Q4 24 | 1.75× | 0.43× | ||
| Q3 24 | 0.95× | 1.85× | ||
| Q2 24 | 1.87× | 1.62× | ||
| Q1 24 | 0.78× | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRVL
| Patient Management Services | $146.1M | 62% |
| Network Solutions Services | $89.6M | 38% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
