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Side-by-side financial comparison of CORVEL CORP (CRVL) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
CORVEL CORP is the larger business by last-quarter revenue ($235.6M vs $148.3M, roughly 1.6× Shoals Technologies Group, Inc.). CORVEL CORP runs the higher net margin — 10.3% vs 5.5%, a 4.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 3.4%). CORVEL CORP produced more free cash flow last quarter ($35.2M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 6.6%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
CRVL vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $235.6M | $148.3M |
| Net Profit | $24.2M | $8.1M |
| Gross Margin | 23.3% | 31.6% |
| Operating Margin | 13.7% | 11.7% |
| Net Margin | 10.3% | 5.5% |
| Revenue YoY | 3.4% | 38.6% |
| Net Profit YoY | 1.7% | 3.9% |
| EPS (diluted) | $0.47 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $239.6M | $135.8M | ||
| Q2 25 | $234.7M | $110.8M | ||
| Q1 25 | $231.5M | $80.4M | ||
| Q4 24 | $228.0M | $107.0M | ||
| Q3 24 | $224.4M | $102.2M | ||
| Q2 24 | $211.7M | $99.2M | ||
| Q1 24 | $207.2M | $90.8M |
| Q4 25 | $24.2M | $8.1M | ||
| Q3 25 | $27.9M | $11.9M | ||
| Q2 25 | $27.2M | $13.9M | ||
| Q1 25 | $26.4M | $-282.0K | ||
| Q4 24 | $23.8M | $7.8M | ||
| Q3 24 | $23.4M | $-267.0K | ||
| Q2 24 | $21.6M | $11.8M | ||
| Q1 24 | $19.5M | $4.8M |
| Q4 25 | 23.3% | 31.6% | ||
| Q3 25 | 24.3% | 37.0% | ||
| Q2 25 | 24.2% | 37.2% | ||
| Q1 25 | 25.0% | 35.0% | ||
| Q4 24 | 23.2% | 37.6% | ||
| Q3 24 | 22.6% | 24.8% | ||
| Q2 24 | 22.7% | 40.3% | ||
| Q1 24 | 20.9% | 40.2% |
| Q4 25 | 13.7% | 11.7% | ||
| Q3 25 | 15.0% | 13.7% | ||
| Q2 25 | 15.0% | 14.4% | ||
| Q1 25 | 14.4% | 5.4% | ||
| Q4 24 | 13.5% | 15.4% | ||
| Q3 24 | 12.8% | 4.4% | ||
| Q2 24 | 13.2% | 18.7% | ||
| Q1 24 | 10.9% | 12.8% |
| Q4 25 | 10.3% | 5.5% | ||
| Q3 25 | 11.6% | 8.7% | ||
| Q2 25 | 11.6% | 12.5% | ||
| Q1 25 | 11.4% | -0.4% | ||
| Q4 24 | 10.4% | 7.3% | ||
| Q3 24 | 10.4% | -0.3% | ||
| Q2 24 | 10.2% | 11.9% | ||
| Q1 24 | 9.4% | 5.3% |
| Q4 25 | $0.47 | $0.05 | ||
| Q3 25 | $0.54 | $0.07 | ||
| Q2 25 | $0.52 | $0.08 | ||
| Q1 25 | $-1.23 | $0.00 | ||
| Q4 24 | $0.46 | $0.04 | ||
| Q3 24 | $1.35 | $0.00 | ||
| Q2 24 | $1.25 | $0.07 | ||
| Q1 24 | $1.12 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $375.7M | $600.0M |
| Total Assets | $644.8M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.0M | $7.3M | ||
| Q3 25 | $207.5M | $8.6M | ||
| Q2 25 | $202.0M | $4.7M | ||
| Q1 25 | $170.6M | $35.6M | ||
| Q4 24 | $162.9M | $23.5M | ||
| Q3 24 | $138.3M | $11.1M | ||
| Q2 24 | $131.9M | $3.2M | ||
| Q1 24 | $105.6M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $375.7M | $600.0M | ||
| Q3 25 | $362.8M | $589.6M | ||
| Q2 25 | $342.5M | $575.4M | ||
| Q1 25 | $322.0M | $558.9M | ||
| Q4 24 | $300.9M | $556.8M | ||
| Q3 24 | $282.8M | $545.2M | ||
| Q2 24 | $263.9M | $544.6M | ||
| Q1 24 | $247.6M | $554.0M |
| Q4 25 | $644.8M | $904.1M | ||
| Q3 25 | $611.7M | $851.8M | ||
| Q2 25 | $597.4M | $795.0M | ||
| Q1 25 | $546.0M | $788.4M | ||
| Q4 24 | $538.8M | $793.1M | ||
| Q3 24 | $518.6M | $801.3M | ||
| Q2 24 | $486.2M | $788.4M | ||
| Q1 24 | $454.7M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $35.2M | $-11.3M |
| FCF MarginFCF / Revenue | 14.9% | -7.6% |
| Capex IntensityCapex / Revenue | 4.7% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.91× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $104.3M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.1M | $-4.1M | ||
| Q3 25 | $25.0M | $19.4M | ||
| Q2 25 | $55.0M | $-13.8M | ||
| Q1 25 | $22.9M | $15.6M | ||
| Q4 24 | $41.6M | $14.0M | ||
| Q3 24 | $22.3M | $15.7M | ||
| Q2 24 | $40.4M | $37.8M | ||
| Q1 24 | $15.2M | $12.9M |
| Q4 25 | $35.2M | $-11.3M | ||
| Q3 25 | $15.3M | $9.0M | ||
| Q2 25 | $39.5M | $-26.0M | ||
| Q1 25 | $14.3M | $12.3M | ||
| Q4 24 | $32.1M | $12.5M | ||
| Q3 24 | $12.4M | $13.3M | ||
| Q2 24 | $32.8M | $35.8M | ||
| Q1 24 | $5.2M | $10.4M |
| Q4 25 | 14.9% | -7.6% | ||
| Q3 25 | 6.4% | 6.6% | ||
| Q2 25 | 16.8% | -23.5% | ||
| Q1 25 | 6.2% | 15.4% | ||
| Q4 24 | 14.1% | 11.6% | ||
| Q3 24 | 5.5% | 13.0% | ||
| Q2 24 | 15.5% | 36.1% | ||
| Q1 24 | 2.5% | 11.4% |
| Q4 25 | 4.7% | 4.8% | ||
| Q3 25 | 4.1% | 7.7% | ||
| Q2 25 | 6.6% | 11.0% | ||
| Q1 25 | 3.7% | 4.0% | ||
| Q4 24 | 4.2% | 1.4% | ||
| Q3 24 | 4.4% | 2.3% | ||
| Q2 24 | 3.6% | 2.0% | ||
| Q1 24 | 4.8% | 2.7% |
| Q4 25 | 1.91× | -0.50× | ||
| Q3 25 | 0.90× | 1.63× | ||
| Q2 25 | 2.02× | -1.00× | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | 1.75× | 1.79× | ||
| Q3 24 | 0.95× | — | ||
| Q2 24 | 1.87× | 3.21× | ||
| Q1 24 | 0.78× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
