Covista Inc. CVSA
Covista is America's largest healthcare educator, serving 100,000 students and supported by an alumni network of 400,000 across five accredited institutions: Chamberlain University ("Chamberlain"), Walden University ("Walden"), American University of the Caribbean School of Medicine ("AUC"), Ross University School of Medicine ("RUSM"), and Ross University School of Veterinary Medicine ("RUSVM"). Covista delivers education to its students at multiple campuses and online.
Covista's purpose is to open doors and unlock potential for its students through educational programs across nursing, medicine, veterinary medicine, the social and behavioral sciences, and more.
Covista's strategy, which it refers to as "Purpose at Scale," is centered on expanding access to healthcare education and helping address the U.S. healthcare workforce shortage. This strategy is built around four core principles: operational excellence, platform extension, employer integration, and technology focus.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.95B | $1.79B | $1.58B | $1.45B | $1.38B | $899.2M | $866.4M | $1.01B | $960.3M | $1.21B |
| Cost of revenue | $833.7M | $771.4M | $698.5M | $648.5M | $659.8M | $457.9M | $457.2M | $471.8M | $461.6M | $638.2M |
| Gross profit | $1.12B | $1.02B | $886.1M | $802.3M | $722.1M | $441.3M | $409.3M | $542.1M | $498.7M | $569.7M |
| SG&A | $730.7M | $672.0M | $633.0M | $586.0M | $566.5M | $292.5M | $280.3M | $359.3M | $327.7M | $369.0M |
| Total operating expenses | $1.57B | $1.45B | $1.37B | $1.28B | $1.31B | $788.8M | $756.4M | $858.0M | $793.1M | $1.07B |
| Operating income | $383.4M | $341.5M | $217.1M | $168.2M | $76.7M | $110.4M | $110.1M | $155.8M | — | — |
| Interest expense | $45.4M | $52.3M | $63.7M | $63.1M | $129.3M | $41.4M | $19.5M | $19.9M | $11.6M | $9.1M |
| Pre-tax income | $345.1M | $298.5M | $163.9M | $112.0M | -$51.5M | $75.8M | $205.0M | $139.7M | $156.2M | $131.3M |
| Income tax | $77.7M | $65.8M | $26.2M | $10.3M | $15.5M | $12.3M | $14.9M | $32.9M | $88.1M | $9.6M |
| Net income | $251.6M | $237.1M | $136.8M | $93.4M | $311.0M | $70.0M | -$85.3M | $95.2M | $33.8M | $122.3M |
| EPS, basic | 7.18 | 6.39 | 3.47 | 2.08 | 6.43 | 1.36 | -1.59 | 1.63 | 0.55 | 1.93 |
| EPS, diluted | 7.04 | 6.18 | 3.39 | 2.05 | 6.43 | 1.36 | -1.58 | 1.60 | 0.54 | 1.91 |
| Shares, diluted (wtd. avg.) | $35.7M | $38.3M | $40.3M | $45.6M | $48.4M | $51.6M | $54.1M | $59.3M | $62.3M | $64.0M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $406.3M | $199.6M | $219.3M | $272.2M | $325.8M | $1.30B | $483.4M | $205.2M | $373.2M | $241.7M |
| Short-term investments | — | — | — | — | — | — | $9.0M | $8.7M | $4.3M | $4.0M |
| Receivables | $166.9M | $143.4M | $124.1M | $100.1M | $79.0M | $41.0M | $87.0M | $83.6M | $146.7M | $148.7M |
| Total current assets | $652.4M | $416.2M | $418.1M | $480.3M | $424.2M | $1.51B | $692.8M | $504.7M | $688.0M | $471.2M |
| Property, plant and equipment | $302.6M | $256.1M | $248.5M | $244.6M | $281.2M | $283.7M | $286.1M | $283.4M | $388.7M | $488.8M |
| Goodwill | $961.3M | $961.3M | $961.3M | $961.3M | $961.3M | $310.2M | $686.2M | $687.3M | $813.9M | $829.1M |
| Other intangibles | $754.3M | $765.5M | $776.7M | $812.3M | $873.6M | $137.5M | $287.5M | $298.0M | $362.9M | $392.0M |
| Total assets | $3.01B | $2.75B | $2.74B | $2.81B | $2.84B | $3.08B | $2.26B | $2.24B | $2.34B | $2.32B |
| Accounts payable | $124.8M | $105.0M | $102.6M | $81.8M | $57.1M | $42.4M | $46.5M | $53.4M | $47.5M | $43.1M |
| Short-term debt | $5.1M | $0 | — | — | $0 | $3.0M | $3.0M | $3.0M | $3.0M | $0 |
| Total current liabilities | $596.8M | $507.9M | $487.7M | $431.2M | $376.6M | $408.8M | $346.0M | $311.6M | $365.8M | $377.3M |
| Long-term debt | $657.8M | $552.7M | $648.7M | $695.1M | $838.9M | $1.07B | $286.1M | $398.1M | $290.1M | $125.0M |
| Total liabilities | $1.57B | $1.32B | $1.37B | $1.35B | $1.33B | $1.78B | $915.4M | $841.6M | $816.6M | $639.7M |
| Retained earnings | $3.03B | $2.78B | $2.54B | $2.40B | $2.34B | $2.01B | $1.93B | $2.01B | $1.92B | $1.88B |
| Total equity | $1.45B | $1.43B | $1.37B | $1.46B | $1.49B | $1.29B | $1.31B | $1.39B | $1.52B | $1.67B |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $470.4M | $337.9M | $295.8M | $191.9M | $10.6M | $192.2M | $107.7M | $204.9M | $239.2M | $230.9M |
| Depreciation and amortisation | $43.9M | $40.7M | $39.7M | $41.4M | $44.6M | $33.9M | $32.3M | $33.8M | $33.0M | $45.8M |
| Stock-based compensation | $41.2M | $41.6M | $25.9M | $14.3M | $22.6M | $12.8M | $13.9M | $13.2M | $14.5M | $16.6M |
| Capital expenditure | $77.7M | $50.3M | $48.9M | $26.0M | $31.1M | $39.9M | $39.6M | $57.6M | $46.6M | $42.5M |
| Investing cash flow | -$83.7M | -$41.9M | -$47.9M | $23.7M | -$551.8M | -$56.7M | $382.5M | -$213.8M | -$71.5M | -$379.7M |
| Financing cash flow | -$180.1M | -$316.0M | -$301.8M | -$288.5M | -$424.5M | $676.5M | -$256.1M | -$137.5M | $37.2M | $85.8M |
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $11.4M |
| Buybacks | $239.9M | $213.1M | $262.0M | $123.1M | $120.0M | $100.0M | $136.9M | $252.9M | $137.0M | $48.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-092044.
Others in SIC 8200
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|---|---|---|---|---|
| LAUR | LAUREATE EDUCATION, INC. | $5.06B | 19.4x | 8.6% |
| GHC | Graham Holdings Co | $4.84B | 17.1x | 2.5% |
| LOPE | Grand Canyon Education, Inc. | $3.98B | 19.8x | 7.1% |
| LRN | Stride, Inc. | $3.52B | 11.9x | 4.7% |
| PRDO | PERDOCEO EDUCATION Corp | $2.08B | 13.7x | 24.2% |
| STRA | Strategic Education, Inc. | $1.81B | 15.1x | 4.0% |
| UTI | UNIVERSAL TECHNICAL INSTITUTE INC | $1.22B | 19.6x | 14.0% |
| NRDY | Nerdy Inc. | $1.18B | — | -5.9% |