Is CorVel Corp. overvalued or undervalued?

As of 21 November 2025, the valuation grade for CorVel Corp. has moved from fair to expensive, indicating a shift towards overvaluation. The company is currently deemed overvalued based on its high P/E ratio of 102, a Price to Book Value of 30.04, and an EV to EBITDA of 63.25. In comparison, Ryan Specialty Holdings, Inc. has a P/E of 95.23, while Goosehead Insurance, Inc. shows a P/E of 93.96, both indicating that CorVel Corp. is priced higher than its peers.
Despite a strong ROCE of 75.74% and ROE of 29.56%, the stock's performance has lagged behind the S&P 500, with a year-to-date return of -33.60% compared to the S&P 500's 12.26%. This underperformance, combined with the high valuation ratios, reinforces the conclusion that CorVel Corp. is overvalued.