📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Covista Inc., together with its subsidiaries, provides healthcare education in the United States, Barbados, St. Kitts, and St. Maarten. It operates in three segments: Chamberlain, Walden, and Medical and Veterinary. The company provides degree programs, including bachelor’s, master’s, and doctoral degrees; and online certificate programs for nursing, health professions, medical, and veterinary postsecondary education, counseling, business, information technology, psychology, public health, social work and human services, public administration and public policy, and criminal justice. It also operates Chamberlain University, Walden University, American University of the Caribbean School of Medicine, Ross University School of Medicine, and Ross University School of Veterinary Medicine. The company was formerly known as Adtalem Global Education Inc. and changed its name to Covista Inc. in February 2026. Covista Inc. was incorporated in 1987 and is headquartered in Chicago, Illinois.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding CVSA

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	50.1K	$5.8M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q4 2025

Confident Specific

Management uses phrases like 'outstanding financial results', 'exceeding our plan', 'momentum is real', and provides specific growth percentages and margin expansions, indicating strong conviction and data-driven confidence.

Q1 2026

Confident Specific

Management led with strong enterprise-wide results ('outstanding start', 'ninth consecutive quarter of enrollment growth', 'revenue up nearly 11%') and then provided a detailed, candid diagnosis of Chamberlain's execution miss, including specific root causes and corrective actions, while maintaining full-year guidance.

Q2 2026

Confident Specific

Management uses definitive language like '10th consecutive quarter of enrollment growth', 'record total enrollment', 'raising adjusted EPS guidance', and 'we remain on track' to project control and consistency. They emphasize execution against strategic roadmap and sustainable momentum.

Q3 2026 latest

Confident Specific

Management used specific operational metrics (e.g., 'surpassed 100,000 students', 'Chamberlain returned to positive total enrollment growth ahead of our expectations') and raised full-year guidance, while acknowledging past underperformance and detailing corrective actions. Language is detailed and forward-looking without hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Chamberlain's return to enrollment growth ahead of schedule removes a key overhang, and the raised guidance for both revenue and adjusted EPS confirms the operating momentum is real. Walden's compounding growth and MedVet's margin expansion demonstrate the platform's earnings power. Free cash flow generation of $336M (up 17%) combined with net leverage of only 0.7x gives management ample firepower for campus expansions, AI investments, and opportunistic buybacks — all of which were either underway or increased in the quarter. The key watch items for next quarter: Chamberlain's fall enrollment cycle leading indicators (applications, conversion), the pace of new campus openings, and any new employer partnerships beyond SSM. The 'Purpose at Scale' strategy is being validated by results, but investors should track whether the incremental Q4 investments dilute near-term margins as guided.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Q3 2026: Covista revenue $487M, enrollment 100K+, raises FY guidance.

Revenue & Profitability

Consolidated revenue for Q3 2026 was $487 million, up 4.5% year-over-year. Excluding the Walden timing shift, revenue would have grown 8.4%. Consolidated adjusted EBITDA was $127.9 million; excluding the shift, it would have increased 14.2% to $145.9 million. Adjusted net income was $69 million, and adjusted EPS was $1.98. Full-year revenue guidance was raised to $1.93–$1.945 billion, and adjusted EPS guidance to $7.95–$8.15.

Outlook

Management views the structural backdrop as highly durable: approximately 700,000 healthcare jobs posted monthly in the U.S. versus only 306,000 unemployed healthcare workers. This is described as a patient care problem rather than a staffing problem, which Covista is built to solve. No macro headwinds were mentioned; tailwinds include sustained demand for healthcare workers and growing need for AI fluency in the workforce.

Growth Drivers

Key growth levers include: Chamberlain's return to positive enrollment growth (up 0.5% in Q3) driven by improved marketing and funnel conversion; Walden's 12.3% enrollment growth with strong persistence; new program launches (clinical psychology, behavioral analysis, AI credentials); expansion of admission pathways (fast-track options); and development of six new Chamberlain campuses. Employer partnerships like SSM are also a growth driver.

Balance Sheet & CapEx

CapEx in Q3 2026 was $20 million, up from $31 million in the first half of the fiscal year. The company expects CapEx to ramp further in Q4 and continue at similar levels into fiscal 2027. Investments include new campus development for Chamberlain, the AI classroom pilot (launching later this year), and AI credentials that have already enrolled over 4,000 learners.

Margins

Consolidated adjusted EBITDA margin expanded 150 basis points to 28.9% in Q3 (excluding the Walden timing shift). Walden's margin reached 33.1% (up 280 bps), reflecting operational leverage. MedVet margin was 26.5% (up 250 bps). Chamberlain margin was 29.7% (up 20 bps). Full-year adjusted EBITDA margin guidance is to expand by 100 basis points. Investments in growth initiatives are partially offsetting efficiencies.

Key Risks

Management did not explicitly flag risks. However, the Q&A touched on execution risk at Chamberlain, where the company is focused on sustaining marketing and funnel improvements. The call also noted that Chamberlain's RN to BSN market is not as high-growth as in prior years, and the company is defending its leading position. No other risks were raised by analysts or management.

Generated by AI · Q3 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q4 2026 Q4 2026 2026-08-06

Enrollment and revenue growth exceeded guidance, with strong performance across all segments and robust cash generation. Fiscal 2027 guidance projects continued growth, margin expansion, and investment in technology and capacity, supported by a strong balance sheet.

Q3 2026 Q3 2026 2026-05-07

Enrollment growth drove record results and raised guidance, with strong performance across all segments. Strategic investments in AI, campus expansion, and partnerships, plus robust cash flow and capital allocation, position the platform for continued growth.

Q2 2026 Q2 2026 2026-01-28

Enrollment and revenue grew strongly across all segments, with Walden and Medical/Vet leading gains. Adjusted EPS guidance was raised to 17%-20% growth, and a new $750M share repurchase authorization was announced.

Q1 2026 Q1 2026 2025-10-30

Enrollment and revenue grew strongly year-over-year, with robust performance in Walden and Medical & Veterinary segments offsetting execution challenges at Chamberlain. Full-year guidance is maintained, supported by strong cash flow, disciplined capital allocation, and ongoing strategic partnerships.

Q4 2025 Q4 2025 2025-08-07

Fiscal 2025 saw double-digit revenue and enrollment growth, margin expansion, and strong free cash flow, driven by strategic investments and partnerships. Guidance for fiscal 2026 projects continued robust growth, with new initiatives in student financing and healthcare employer partnerships supporting long-term momentum.

📊 Analysis Methodology

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