Accelerant Holdings (ARX) vs CorVel Corp. (CRVL)

Accelerant Holdings and CorVel Corp. are both Insurance Brokers companies. Accelerant Holdings is the larger, with a market value of $4.3B against $3.7B — 1.2× the size. Accelerant Holdings has negative trailing earnings, so its P/E is not meaningful; CorVel Corp. trades at 33.0×. Accelerant Holdings grew revenue faster over the last twelve months: 54.6% against 7.09%. CorVel Corp. has the higher net margin (11.7% vs −119.3%) and the higher return on invested capital (61.8% vs 0.00%). Across the 19 metrics below, CorVel Corp. leads on 11 and Accelerant Holdings on 8.

Valuation

Metric ARX CRVL Insurance Brokers median
P/E n/m 33.04 25.35
P/S 3.76 3.84 2.10
P/B 5.80 9.24 2.81
Price to free cash flow 2,396.47 33.18 18.44
EV/EBITDA 9.84 19.12 12.36
EV/Sales 2.42 3.58 3.00
Earnings yield (33.67%) 3.03% 2.64%
Free cash flow yield 0.04% 3.01% 2.30%

Profitability

Metric ARX CRVL Insurance Brokers median
Gross margin 100.00% 24.79% 42.95%
Operating margin 21.15% 15.37% 15.37%
Net margin (119.27%) 11.72% 8.77%
Free cash flow margin 0.16% 11.57% 3.89%
Return on equity (369.41%) 30.70% 0.00%
Return on assets (16.63%) 17.92% 2.23%
Return on invested capital 0.00% 61.76% 5.27%

Growth

Metric ARX CRVL Insurance Brokers median
Revenue growth (TTM) 54.55% 7.09% 7.09%
EPS growth (last fiscal year) (6,630.08%) 16.94% —
Revenue growth, 5-year CAGR — 11.64% 9.30%
Net income growth, 5-year CAGR — 18.94% 0.00%

Health

Metric ARX CRVL Insurance Brokers median
Debt to equity 0.16 0.00 0.19
Current ratio 1.51 1.94 1.55
Net debt to EBITDA (7.35) (1.33) 0.89

Dividend

Metric ARX CRVL Insurance Brokers median
Dividend yield — — 1.36%
Payout ratio — 0.00 0.00

Size

Metric ARX CRVL Insurance Brokers median
Market cap 4.29b 3.72b 1.44b

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