CRVL vs MRSH: CorVel and Marsh & McLennan Companies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Marsh & McLennan Companies is the larger company, worth $89.6B, about 23.1 times CorVel.
- CorVel grew revenue faster over the last year (+10.7% vs +6.2%).
- On earnings, Marsh & McLennan Companies is the cheaper stock (23.3x vs 37.2x).
- CorVel's price assumes faster free cash flow growth: about 12% a year, against 4% for Marsh & McLennan Companies (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CRVL | MRSH |
|---|---|---|
| Market cap | $3.9B | $89.6B |
| Share price | $77.16 | $175.76 |
| Revenue (last fiscal year) | $959M | $27.0B |
| Free cash flow (last fiscal year) | $110M | $5.0B |
| Revenue growth, last year | +10.7% | +6.2% |
| Revenue growth per year, last 5 fiscal years | +10.4% | +8.0% |
| Operating margin | — | 21.6% |
| Net margin | 11.7% | 14.2% |
| Return on equity | 28.2% | 25.8% |
| P/E (trailing) | 37.2x | 23.3x |
| Price / free cash flow | 42.4x | 17.9x |
| EV / EBITDA | 20.3x | 16.2x |
| FCF growth the price implies | 12.4% | 3.6% |
| Dividend yield | — | 2.0% |
| Debt / equity | 0.69x | 2.87x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 9 |
| Insider purchases, last 12 months | 0 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CorVel
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $646M | $37M | — |
| 2023 | $719M | $56M | — |
| 2024 | $795M | $70M | — |
| 2025 | $896M | $92M | — |
| 2026 | $959M | $110M | — |
Marsh & McLennan Companies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.8B | $3.1B | 21.8% |
| 2022 | $20.7B | $3.0B | 20.7% |
| 2023 | $22.7B | $3.8B | 23.2% |
| 2024 | $24.5B | $4.0B | 23.8% |
| 2025 | $27.0B | $5.0B | 23.1% |
Where the revenue comes from
CorVel · by products, 2026
Patient Management Services$597M62%
Network Solutions Services$362M38%
Marsh & McLennan Companies · by segments, 2025
Risk and Insurance Services$17.3B64%
Consulting$9.8B36%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CRVL in InvestinglyQuestions
Which is bigger, CorVel or Marsh & McLennan Companies?
Marsh & McLennan Companies (MRSH), at $89.6B against $3.9B.
Is CRVL or MRSH cheaper?
By trailing P/E, Marsh & McLennan Companies (23.3x) is cheaper than CorVel (37.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, CRVL or MRSH?
CorVel: revenue grew +10.7% over the last year, against +6.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.