Is CorVel Corp. overvalued or undervalued?

As of 17 October 2025, the valuation grade for CorVel Corp. has moved from expensive to attractive, indicating a shift in its perceived value. The company is currently considered undervalued, with a P/E ratio of 102, a Price to Book Value of 30.04, and an EV to EBITDA ratio of 63.25. When compared to peers, Ryan Specialty Holdings, Inc. has a P/E ratio of 95.23 and an EV to EBITDA of 16.58, while Goosehead Insurance, Inc. shows a P/E of 93.96 and an EV to EBITDA of 37.50, highlighting CorVel's more favorable valuation metrics.
Despite the attractive valuation, CorVel Corp. has underperformed against the S&P 500, with a year-to-date return of -35.75% compared to the index's 13.30%. This stark contrast in returns over multiple periods reinforces the notion that the stock may be undervalued relative to its performance metrics and peer comparisons.