Covista Inc. CVSA

Industrials SIC 8200 - Services-Educational Services NAICS Educational Services derived NYSE

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.

Last close 131.82 2026-10-23
Market cap $4.49B 2026-06-30 share count
52-week range 94.11 - 142.13

Valuation FY2026 figures against the last close

P/S2.3x
P/E18.7x
P/FCF11.4x
EV/EBITDA11.1x
Dividend yield—
Diluted EPS7.04

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Domestic Operations
  • Barbados, St. Kitts, St. Maarten, and the U.K
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2026 Domestic Operations, FY2026: 1.6B (79.6%) 80% Domestic Operations Barbados, St. Kitts, St. Maarten, and the U.K, FY2026: 398.9M (20.4%) 20% FY2025 Domestic Operations, FY2025: 1.4B (79.4%) 79% Barbados, St. Kitts, St. Maarten, and the U.K, FY2025: 369.1M (20.6%) 21% FY2024 Domestic Operations, FY2024: 1.2B (77.5%) 78% Barbados, St. Kitts, St. Maarten, and the U.K, FY2024: 355.8M (22.5%) 22%
Region FY2026FY2025FY2024
Domestic Operations $1.56B $1.42B $1.23B
Barbados, St. Kitts, St. Maarten, and the U.K $398.9M $369.1M $355.8M

As the company reported it, from the “Segment Information (Revenues and Long-Lived Assets by Geographic Area) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Walden
  • Chamberlain
  • Medical and Veterinary
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2026 Walden, FY2026: 804.9M (41.2%) 41% Walden Chamberlain, FY2026: 750.2M (38.4%) 38% Chamberlain Medical and Veterinary, FY2026: 398.9M (20.4%) 20% Medical and Veterinary FY2025 Walden, FY2025: 693.4M (38.8%) 39% Chamberlain, FY2025: 725.8M (40.6%) 41% Medical and Veterinary, FY2025: 369.1M (20.6%) 21% FY2024 Walden, FY2024: 595.3M (37.6%) 38% Chamberlain, FY2024: 633.5M (40.0%) 40% Medical and Veterinary, FY2024: 355.8M (22.5%) 22%
Segment FY2026FY2025FY2024
Walden $804.9M $693.4M $595.3M
Chamberlain $750.2M $725.8M $633.5M
Medical and Veterinary $398.9M $369.1M $355.8M

As the company reported it, from the “Segment Information (Tabulation of Business Segment Information Based on Current Segmentation) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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 7.186.393.472.086.431.36-1.591.630.551.93
EPS, diluted 7.046.183.392.056.431.36-1.581.600.541.91
Shares, diluted (wtd. avg.) 35.7M38.3M40.3M45.6M48.4M51.6M54.1M59.3M62.3M64.0M

Balance sheet

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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 FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B Revenue, FY2017: 1.2B Gross profit, FY2017: 569.7M Net income, FY2017: 122.3M Revenue, FY2018: 960.3M Gross profit, FY2018: 498.7M Net income, FY2018: 33.8M Revenue, FY2019: 1B Gross profit, FY2019: 542.1M Net income, FY2019: 95.2M Revenue, FY2020: 866.4M Gross profit, FY2020: 409.3M Net income, FY2020: -85.3M Revenue, FY2021: 899.2M Gross profit, FY2021: 441.3M Net income, FY2021: 70M Revenue, FY2022: 1.4B Gross profit, FY2022: 722.1M Net income, FY2022: 311M Revenue, FY2023: 1.5B Gross profit, FY2023: 802.3M Net income, FY2023: 93.4M Revenue, FY2024: 1.6B Gross profit, FY2024: 886.1M Net income, FY2024: 136.8M Revenue, FY2025: 1.8B Gross profit, FY2025: 1B Net income, FY2025: 237.1M Revenue, FY2026: 2B Gross profit, FY2026: 1.1B Net income, FY2026: 251.6M FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Fiscal year FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue $1.21B $960.3M $1.01B $866.4M $899.2M $1.38B $1.45B $1.58B $1.79B $1.95B
Gross profit $569.7M $498.7M $542.1M $409.3M $441.3M $722.1M $802.3M $886.1M $1.02B $1.12B
Net income $122.3M $33.8M $95.2M -$85.3M $70.0M $311.0M $93.4M $136.8M $237.1M $251.6M

Recent filings and events

  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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