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Corvel cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$29.3M in Q2 FY27 · $128M over twelve months

Operating cash flow$39.6M
Capital spending−$10.3M
Free cash flow+$29.3M
Cash / net income1.2×
Cash conversion cycle28 days

Analysis

In Q2 FY27, Corvel generated $39.6M of operating cash flow and spent $10.3M on capital projects, leaving free cash flow of $29.3M. That is $14.0M more than in Q2 FY26 ($15.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $165M; the largest uses were buybacks ($74.3M), capital spending ($37.3M); besides operations, cash came from shares issued ($8.1M), other financing ($848K); the cash balance rose by $62.5M.

Operating cash flow was $39.6M against net income of $34.1M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$9.2M, accrued liabilities +$3.9M, deferred revenue −$3.4M.

Its cash conversion cycle was 28 days (receivables 38 + inventory 0 − payables 9).

Free cash flow

Corvel: free cash flow by quarterCorvel: free cash flow by quarter$32.1MQ3 FY25$14.3MQ4 FY25$39.5MQ1 FY26$15.3MQ2 FY26$35.2MQ3 FY26$20.3MQ4 FY26$43.1MQ1 FY27$29.3MQ2 FY27
Operating cash flow less capital spending.
Corvel: operating cash flow against capital spendingCorvel: operating cash flow against capital spendingOperating cash flowCapital spending$41.6M$9.5MQ3 FY25$22.9M$8.7MQ4 FY25$55.0M$15.5MQ1 FY26$25.0M$9.8MQ2 FY26$46.1M$11.0MQ3 FY26$29.5M$9.2MQ4 FY26$49.9M$6.8MQ1 FY27$39.6M$10.3MQ2 FY27
Latest (Q2 FY27): Operating cash flow $39.6M, Capital spending $10.3M.

Capital allocation, year by year

Corvel: where the cash came from (up) and went (down), by fiscal yearCorvel: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksFY22: Operating cash flow $67.2MFY22: Shares issued $9.9MFY22: Capital spending −$29.8MFY22: Buybacks −$90.1M$77.1MFY22FY23: Operating cash flow $82.3MFY23: Shares issued $10.9MFY23: Capital spending −$26.3MFY23: Buybacks −$93.7M$93.1MFY23FY24: Operating cash flow $99.2MFY24: Shares issued $9.3MFY24: Capital spending −$29.2MFY24: Buybacks −$45.7M$109MFY24FY25: Operating cash flow $127MFY25: Shares issued $10.3MFY25: Capital spending −$35.8MFY25: Buybacks −$37.6M$138MFY25FY26: Operating cash flow $156MFY26: Shares issued $7.6MFY26: Capital spending −$45.4MFY26: Buybacks −$56.2M$163MFY26
Over these 5 years operating cash flow totalled $532M; the largest uses were buybacks ($323M) and capital spending ($166M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$270M
Debtnone
Net cash$270M

Corvel funds itself: free cash flow was $128M over the last twelve months, with $270M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Corvel: sources (+) and uses (−) of cash, Q2 FY27Corvel: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$39.6MBuybacks−$18.6MCash drawn (+) / kept (−)−$14.1MCapital spending−$10.3MShares issued$3.0MOther financing$417K
Corvel: sources (+) and uses (−) of cash, TTM to Q2 FY27Corvel: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$165MBuybacks−$74.3MCash drawn (+) / kept (−)−$62.5MCapital spending−$37.3MShares issued$8.1MOther financing$848K

From profit to cash

Corvel: net income to operating cash flow, Q2 FY27Corvel: net income to operating cash flow, Q2 FY27Net income$34.1MDepreciation & amortization$9.2MStock-based pay$1.2MDeferred taxes−$306KGains on disposals$3KReceivables$2.9MAccrued liabilities$3.9MDeferred revenue−$3.4MPrepaid and other assets−$51KOperating cash flow$39.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2738—928
Q1 FY2737—1127
Q4 FY2637—1225
Q3 FY2640—1129
Q2 FY2640—1029
Q1 FY2640—931
Q4 FY2541—833
Q3 FY2542—735

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$39.6M−$10.3M−$18.6M$3.0M−$14.1M$29.3M
Q1 FY27$49.9M−$6.8M−$22.0M$1.7M−$22.8M$43.1M
Q4 FY26$29.5M−$9.2M−$20.2M$2.5M−$3.0M$20.3M
Q3 FY26$46.1M−$11.0M−$13.6M$962K−$22.6M$35.2M
Q2 FY26$25.0M−$9.8M−$12.8M$2.6M−$5.4M$15.3M
Q1 FY26$55.0M−$15.5M−$9.6M$1.5M−$31.4M$39.5M
Q4 FY25$22.9M−$8.7M−$9.0M$2.0M−$7.6M$14.3M
Q3 FY25$41.6M−$9.5M−$9.5M$2.0M−$24.6M$32.1M

Corvel: income statement and cash flow

Corvel, Q2 FY27: revenue $267M (+12% year over year), operating margin 17.2%. The chart follows the revenue to costs, profit and cash.

Corvel: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.