CorVel Corp. (CRVL) vs Marsh (MRSH)

CorVel Corp. and Marsh are both Insurance Brokers companies. Marsh is the larger, with a market value of $81.1B against $3.7B — 21.8× the size. Marsh trades at the lower P/E: 20.8× against 33.0×. Marsh grew revenue faster over the last twelve months: 8.33% against 7.09%. Marsh has the higher net margin (14.2% vs 11.7%) and the lower return on invested capital (18.5% vs 61.8%). Across the 22 metrics below, Marsh leads on 13 and CorVel Corp. on 9.

Valuation

Metric CRVL MRSH Insurance Brokers median
P/E 33.04 20.82 25.35
P/S 3.84 2.94 2.10
P/B 9.24 5.32 2.81
Price to free cash flow 33.18 17.23 18.44
EV/EBITDA 19.12 12.54 12.36
EV/Sales 3.58 3.12 3.00
Earnings yield 3.03% 4.80% 2.64%
Free cash flow yield 3.01% 5.80% 2.30%

Profitability

Metric CRVL MRSH Insurance Brokers median
Gross margin 24.79% 100.00% 42.95%
Operating margin 15.37% 21.62% 15.37%
Net margin 11.72% 14.24% 8.77%
Free cash flow margin 11.57% 17.06% 3.89%
Return on equity 30.70% 25.34% 0.00%
Return on assets 17.92% 6.73% 2.23%
Return on invested capital 61.76% 18.49% 5.27%

Growth

Metric CRVL MRSH Insurance Brokers median
Revenue growth (TTM) 7.09% 8.33% 7.09%
EPS growth (last fiscal year) 16.94% 3.06% —
Revenue growth, 5-year CAGR 11.64% 9.39% 9.30%
Net income growth, 5-year CAGR 18.94% 15.59% 0.00%

Health

Metric CRVL MRSH Insurance Brokers median
Debt to equity 0.00 1.22 0.19
Current ratio 1.94 1.14 1.55
Net debt to EBITDA (1.33) 0.58 0.89

Dividend

Metric CRVL MRSH Insurance Brokers median
Dividend yield — 1.52% 1.36%
Payout ratio 0.00 0.36 0.00

Size

Metric CRVL MRSH Insurance Brokers median
Market cap 3.72b 81.09b 1.44b

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