Covista Inc. CVSA

Consumer DiscretionaryMiscellaneous Educational Service ProvidersUnited States of America

Last close 124.33 USD on Nov 1, 2026, +20.2% year to date

Quant rating

Quant rating A Rank 33 of 344 in Consumer Discretionary

Growth B 113 of 344
Valuation B 85 of 344
Quality B 65 of 344
Revisions A 48 of 344
Momentum B 133 of 344

Wall Street consensus Buy (1.75)Average target 159.00 USD +27.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.1B
Enterprise value: 4.4B
52-week range: 87.00 – 141.52
3-year range: 45.59 – 154.45
Dividend yield: –
Beta (5 years): 0.70
Shares outstanding: 33.3M
Next earnings: Jan 29, 2027

About the company

Covista Inc., formerly Adtalem Global Education Inc., is a healthcare educator serving across five accredited institutions. Its institutions include American University of the Caribbean School of Medicine, Chamberlain University, Ross University School of Medicine, Ross University School of Veterinary Medicine and Walden University. It provides personalized, tech-enabled access to healthcare careers. Its American University of the Caribbean School of Medicine provides medical education with a focus on clinical experience across its two campuses in Sint Maarten and Preston, United Kingdom. Chamberlain University is an educator for nursing students in the United States, offering nursing and healthcare programs at over 24 campuses nationwide and online. Walden University provides healthcare education for working professionals through a range of online programs which include nursing, health sciences, public health and healthcare leadership.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,954	1,788	1,585	1,451	1,382	–
Revenue growth	9.3%	12.9%	9.2%	5.0%	53.7%	16.8%
EPS (basic, normalized)	8.25	6.67	5.01	4.21	3.24	–
EPS growth	23.7%	33.1%	19.0%	29.9%	–	–
Gross margin	57.3%	56.9%	55.9%	55.3%	52.3%	55.5%
Net margin	13.7%	13.0%	8.7%	7.0%	−2.6%	8.0%
ROE	18.6%	16.6%	9.7%	6.9%	−2.6%	9.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	222
Current ratio	0.81x
Long-term debt (mil)	495
Net debt (mil)	278
Total equity (mil)	1,422
Net debt / equity	0.20x
Net debt / EBITDA	0.53x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,954	+9.3%	2.3x	522	+14.4%	8.5x	8.25	+23.7%	15.1x
2027	2,082	+6.6%	2.1x	562	+7.6%	7.9x	9.11	+10.5%	13.6x
2028	2,227	+7.0%	2.0x	613	+9.1%	7.2x	10.11	+10.9%	12.3x
2029	2,429	+9.1%	1.8x	684	+11.6%	6.5x	11.48	+13.6%	10.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,082	+0.8%	+0.6%	+1.6%	9.11	+0.7%	+2.5%	+4.0%
2028	2,227	+1.5%	−0.2%	+0.3%	10.11	+1.0%	+2.0%	+2.3%
2029	2,429	+0.4%	−0.1%	+0.4%	11.48	+4.2%	+3.0%	+3.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	413	410	417	448	466	457	462	503	487	501
Sales mean (mil)	392	399	398	429	447	441	452	489	474	487
Surprise	+5.4%	+2.8%	+5.0%	+4.3%	+4.3%	+3.7%	+2.2%	+3.0%	+2.7%	+3.0%
EPS reported	1.50	1.37	1.29	1.81	1.92	1.66	1.75	2.43	1.98	2.09
EPS mean	1.16	1.28	1.14	1.37	1.65	1.53	1.58	2.19	1.72	1.89
Surprise	+29.7%	+7.0%	+13.7%	+32.1%	+16.2%	+8.3%	+10.9%	+11.1%	+14.9%	+10.4%

Peer comparison Miscellaneous Educational Service Providers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CVSA Covista Inc.	4.1B	0.53x	13.7%	2.94x	13.6x	12.3x	7.9x	7.2x
TAL TAL Education Group	5.5B	−7.41x	17.6%	1.31x	7.7x	7.5x	3.8x	3.2x
LOPE Grand Canyon Education Inc	3.9B	−0.74x	19.5%	5.79x	14.5x	13.1x	9.4x	8.7x
LRN Stride Inc	3.3B	−0.29x	13.4%	1.97x	9.2x	8.5x	4.8x	4.5x
PRDO Perdoceo Education Corporation	1.9B	−2.60x	18.9%	1.81x	10.0x	9.0x	4.6x	3.6x
STRA Strategic Education, Inc.	1.6B	−0.47x	10.0%	0.99x	10.1x	8.6x	5.2x	4.6x
Mean		−1.83x	15.5%	2.47x	10.9x	9.8x	5.9x	5.3x
Median		−0.61x	15.7%	1.89x	10.1x	8.8x	5.0x	4.6x

Technical analysis

1M+5.8%
3M−1.6%
1Y−19.3%
3Y+148.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Covista Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,954	1,788	1,585	1,451	1,382	899
Cost of revenue	834	771	699	648	660	458
Gross profit	1,120	1,017	886	802	722	441
Selling, general & administrative expenses	720	661	597	525	469	292
Research & development	–	–	–	–	–	–
Depreciation/amortization	11.2	11.2	35.6	61.2	97.3	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	11.1	3.3	36.1	48.2	78.8	38.5
Other operating expenses	0	0	0	0	0	0
Operating income	379	342	217	168	76.7	110
Net interest income (expense)	−33.4	−43.0	−53.1	−56.1	−128	−34.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	345	299	164	112	−51.5	75.8
Provision for taxes	77.7	65.8	26.2	10.3	−15.5	12.3
Minority interest	–	–	–	0	0	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	267	233	138	102	−36.0	63.4
Extraordinary items	−15.8	4.4	−0.9	−8.4	347	6.6
Net income	252	237	137	93.4	311	70.0
EBIT, normalized	408	359	273	226	149	149
EBITDA, normalized	463	411	348	329	291	197
Basic EPS, normalized	8.25	6.67	5.01	4.21	3.24	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Covista Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	406	200	219	274	347	495
Receivables	170	146	127	103	81.6	68.0
Total inventory	–	–	–	–	–	–
Prepaid expenses	75.1	68.8	70.0	101	128	133
Other current assets	1.4	1.6	1.9	1.4	1.0	819
Total current assets	652	416	418	479	557	1,515
Property, plant & equipment	507	447	425	433	468	466
Goodwill	961	961	961	961	961	686
Intangibles	754	765	777	812	874	276
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	138	162	160	125	170	110
Total assets	3,013	2,752	2,741	2,811	3,030	3,054
Liabilities
Accounts payable	125	105	103	81.8	57.1	56.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	208	189	200	196	217	249
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	5.1	–	–	–	–	3.0
Other current liabilities	259	214	185	154	150	101
Total current liabilities	597	508	488	431	424	409
Long-term debt	658	553	649	695	839	1,068
Minority interest	–	–	–	–	–	1.8
Other liabilities	312	258	236	227	276	274
Total liabilities	1,567	1,319	1,372	1,353	1,539	1,753
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.8	0.8	0.8	0.8	0.8	0.8
Additional paid-in capital	707	664	612	569	522	520
Retained earnings (accumulated deficit)	3,029	2,778	2,541	2,404	2,310	2,005
Treasury stock	−2,288	−2,007	−1,782	−1,514	−1,339	−1,217
Other equity	−2.2	−2.2	−2.2	−2.2	−2.2	−7.4
Total equity	1,446	1,434	1,369	1,457	1,491	1,301
Total liabilities & shareholders' equity	3,013	2,752	2,741	2,811	3,030	3,054

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Covista Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	252	237	137	93.4	311	76.5
Depreciation, depletion & amortization	55.1	51.9	75.3	103	142	47.7
Deferred taxes	68.4	18.4	11.1	−5.1	−0.5	1.5
Non-cash items	160	145	126	105	−358	74.0
Changes in working capital	−64.6	−115	−52.9	−93.0	−83.2	−7.5
Cash from operations	470	338	296	203	10.6	192
Investing activities
Capital expenditures	−77.7	−50.3	−48.9	−37.0	−31.1	−48.7
Other investing cash flows	−6.0	8.4	1.0	49.8	−521	−8.0
Cash from investing	−83.7	−41.9	−47.9	12.7	−552	−56.7
Financing activities
Financing cash flow items	−54.4	−14.2	−7.7	−17.8	−84.2	−22.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−126	−302	−294	−271	−340	699
Cash from financing	−180	−316	−302	−289	−424	676
Foreign exchange effects	–	–	–	0	0	0.5
Net change in cash	207	−20.0	−53.9	−72.9	−966	813
Free cash flow	393	288	247	166	−20.5	144

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.