At a glance
Covista Inc. is worth $4.21B, about 18 times its fiscal 2026 earnings. Revenue grew 9.3% to $1.95B in fiscal 2026, with 12.9% kept as profit; over 5 years it has grown 16.8% a year. It pays no dividend; it spent $958.1M buying back its shares over FY2022–FY2026.
The business in plain English
Covista Inc., formerly Adtalem Global Education and before that DeVry Education Group, calls itself America's largest healthcare educator. Its five accredited schools serve 100,000 students, many of them working adults. Students pay tuition and fees for degree and certificate programs in nursing, medicine, veterinary medicine, social work, public health and related fields, on campus or online. They can use federal student aid, known as Title IV, so government rules shape the business.
In the fiscal year ended June 30, 2026, revenue was $1.95 billion across three business segments. Walden University, the largest, brought in $805 million, or 41.2%. Nearly all of its more than 100 programs run online, in fields such as nursing, education, counseling, psychology and business. Chamberlain University added $750 million, or 38.4%. It offers a three-year nursing bachelor's degree at 24 campuses and online, a completion option for working registered nurses, and online master's and doctoral nursing degrees.
The Medical and Veterinary segment added $399 million, or 20.4%. American University of the Caribbean School of Medicine in St. Maarten and Ross University School of Medicine in Barbados grant Doctor of Medicine (MD) degrees. Ross University School of Veterinary Medicine trains veterinarians. By region, 79.6% of revenue came from U.S. operations and 20.4% from campuses in Barbados, St. Kitts, St. Maarten and the United Kingdom.
Price history
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CVSA — over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Walden University Segment | $804.9M | 41.2% |
| Chamberlain University Segment | $750.2M | 38.4% |
| Medical And Veterinary | $398.9M | 20.4% |
By geography
| Domestic Operations | $1.56B | 79.6% |
| Barbados St.Kitts St.Maarten And United Kingdom | $398.9M | 20.4% |
Latest results
- In Q1 FY2027 (ended Sep 30, 2026), revenue was $511.5M, up 10.7% from a year earlier, and net income was $67.4M (+9.0%).
- For fiscal 2026, revenue was $1.95B (+9.3% year over year; +16.8% a year from FY2021 to FY2026) with a 12.9% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +16.8% good |
|---|---|
| Operating margin | 19.6% good |
| Free cash flow margin | 20.1% good |
| Return on equity (FY2026) | 17.4% good |
| Return on assets (FY2026) | 8.4% good |
| Net cash (cash minus debt) | $-278.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $899.2M | $70.0M | $152.3M |
| FY2022 | $1.38B | $311.0M | $-20.5M |
| FY2023 | $1.45B | $93.4M | $165.9M |
| FY2024 | $1.58B | $136.8M | $246.9M |
| FY2025 | $1.79B | $237.1M | $287.6M |
| FY2026 | $1.95B | $251.6M | $392.7M |
Valuation snapshot
| Market value | $4.21B |
|---|---|
| P/E ratio | 18 |
| Dividend yield | 0% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CVSA price data to Oct 28, 2026 | +27.0% | — | — | — | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 17 sales ($10.3M), 17 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 8, 2026 | Beard, Stephen W. Chairman & CEO | sell (plan) | $2.1M |
| May 8, 2026 | Robert J. Phelan Chief Financial Officer | sell (plan) | $1.3M |
| May 8, 2026 | Douglas G. Beck SVP, GC, Corp. Sec & ISS | sell (plan) | $1.2M |
| Jul 13, 2026 | Beard, Stephen W. Chairman & CEO | sell (plan) | $702K |
| Aug 7, 2026 | Douglas G. Beck SVP, GC, Corp. Sec & ISS | sell (plan) | $615K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.5% | Jun 30, 2025 |
| FMR LLC | 10.4% | Aug 31, 2026 |
| Vanguard Portfolio Management | 7.1% | Mar 31, 2026 |
| Ariel Investments, LLC | 5.2% | Dec 31, 2025 |
| Dimensional Fund Advisors LP | 5.1% | Mar 31, 2026 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
What could go wrong
- Losing access to federal student aid. Covista's schools rely on Title IV, the U.S. Department of Education's student aid programs. Failed recertification, lost accreditation, high loan defaults or too much revenue from federal aid (the 90/10 rule) could end access.
- Tighter federal student loan limits. Changes to federal loan programs cut annual, total and lifetime borrowing limits and restrict aid to part-time students. Most registered nurses completing Chamberlain's bachelor's degree study part-time. Less borrowing power could mean fewer students.
- One school's trouble can spread. Under Department of Education rules, if one Covista school cannot meet its federal aid obligations, the other schools must help repay them to keep their own eligibility, even if they followed the rules.
- Limits on U.S. hospital training spots. Covista's medical schools in St. Maarten and Barbados place students in U.S. hospitals for hands-on clinical training. Some state regulators could restrict this, which could cap growth or force much smaller classes.
- Investigations, lawsuits and bad publicity. Proprietary (for-profit) colleges face audits, investigations and lawsuits from regulators, students and shareholders. Losing could mean fines, repaying federal aid or limits on operations. Bad publicity, even about other for-profit schools, can hurt enrollment.
- Graduates must earn professional licenses. Covista trains nurses, doctors, veterinarians and other licensed professionals. If graduates fail to earn licenses or find suitable jobs, the schools may struggle to recruit new students.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Investor presentation or announcement
- Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Covista pays no dividend. It paid none from fiscal 2022 through 2026, and its yield was 0% as of October 28, 2026. Holders get no cash payments, so drawing income from the stock means cashing in shares. Covista returns cash through buybacks (buying its own shares) instead: $958 million over fiscal 2022 to 2026, including $240 million in fiscal 2026, when free cash flow (cash left after operating costs and capital spending) was $393 million. Shares outstanding fell 31.4%, from 49.6 million in August 2021 to 34.0 million in July 2026.
The price history for the CVSA ticker covers less than a year as of October 28, 2026, so it does not show how the stock fared in the 2008 financial crisis, 2020 COVID crash or 2022 bear market. Its largest drop from a peak in that span was 17.3%. Single stocks carry more risk than diversified funds, since no other holdings offset one company's setbacks.
Questions investors ask
How does Covista make money?
Covista makes money from tuition and fees paid by students at its five accredited schools, which teach nursing, medicine, veterinary medicine and related fields on campus and online. In the fiscal year ended June 30, 2026, revenue was $1.95 billion. Walden University supplied 41.2%, Chamberlain University 38.4% and the medical and veterinary schools 20.4%. Students can pay with federal student aid (the Title IV programs run by the U.S. Department of Education), so the department's rules shape the business.
Is Covista the same company as Adtalem?
Yes. Covista Inc. was formerly known as Adtalem Global Education Inc., and before that as DeVry Education Group. It is the same Delaware company, incorporated in August 1987 and based in Chicago. It owns Chamberlain University, Walden University, American University of the Caribbean School of Medicine, Ross University School of Medicine and Ross University School of Veterinary Medicine. Its shares trade on the New York Stock Exchange under the symbol CVSA.
Does Covista pay a dividend?
No. Covista paid no dividends from fiscal 2022 through fiscal 2026, and its dividend yield was 0% as of October 28, 2026. It has returned cash through share buybacks instead, spending $958 million over those years, including $240 million in fiscal 2026. Its share count fell 31.4% between August 2021 and July 2026. Buybacks give each remaining share a bigger slice of profits, but they do not provide the regular cash income a dividend does.
Is Covista growing?
Yes. Revenue rose 9.3% to $1.95 billion in the fiscal year ended June 30, 2026, and net income rose 6.1% to $251.6 million. Over five years from fiscal 2021, revenue grew 16.8% a year on average, though a big share of that came in one jump, from $899 million in fiscal 2021 to $1.38 billion in fiscal 2022. Diluted earnings per share (profit per share) were $7.04 in fiscal 2026, and the stock traded at about 18 times those earnings as of October 28, 2026.
How much debt does Covista have?
Covista had $662.9 million of total debt as of June 30, 2026, against $406.3 million of cash and investments, so debt exceeded cash by about $256.5 million. That gap was smaller than its fiscal 2026 free cash flow of $392.7 million (cash left after operating costs and capital spending). In a September 23, 2026, filing, it reported a major new agreement and a new debt obligation. Its annual report warns it may not be able to generate enough cash to pay or refinance its debt.