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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 offers degree and non-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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.8B | $427M | $237M | $288M | 16.5% | 12.9% | 73.3% |
| 2024 | $1.6B | $326M | $137M | $247M | 10.0% | 9.2% | 46.5% |
| 2023 | $1.5B | $321M | $93M | $166M | 6.4% | 5.0% | -70.0% |
| 2022 | $1.4B | $234M | $311M | $-20M | 20.9% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,381.84 | 1,450.83 | 1,584.65 | 1,788.29 |
| Operating Revenue | - | 1,381.84 | 1,439.08 | 1,571.24 | 1,778.42 |
| Cost Of Revenue | - | 659.78 | 648.49 | 698.55 | 771.43 |
| Gross Profit | - | 722.07 | 802.34 | 886.10 | 1,016.86 |
| Operating Expense | - | 566.49 | 586.01 | 632.96 | 672 |
| Selling General And Administration | - | 566.49 | 586.01 | 632.96 | 672 |
| Total Expenses | - | 1,226.27 | 1,234.49 | 1,331.51 | 1,443.43 |
| Operating Income | - | 155.57 | 216.33 | 253.14 | 344.86 |
| Total Operating Income As Reported | - | 76.75 | 168.17 | 217.05 | 341.54 |
| EBITDA | - | 234.04 | 321.37 | 326.16 | 427.31 |
| Normalized EBITDA | - | 322.09 | 373.16 | 360.88 | 429.55 |
| EBIT | - | 47.45 | 170.28 | 218.20 | 342.84 |
| Interest Income | - | 3.82 | 10.65 | 9.18 | 8.22 |
| Interest Expense | - | 98.94 | 58.25 | 54.26 | 44.33 |
| Net Interest Income | - | -120.12 | -52.50 | -54.48 | -44.10 |
| Other Non Operating Income Expenses | 6.73 | 1.11 | 6.96 | 10.54 | - |
| Other Income Expense | - | -86.94 | -51.79 | -34.72 | -2.24 |
| Interest Income Non Operating | - | 3.82 | 10.65 | 9.18 | 8.22 |
| Interest Expense Non Operating | - | 98.94 | 58.25 | 54.26 | 44.33 |
| Net Non Operating Interest Income Expense | - | -120.12 | -52.50 | -54.48 | -44.10 |
| Pretax Income | - | -51.49 | 112.04 | 163.94 | 298.51 |
| Tax Provision | - | -15.54 | 10.28 | 26.22 | 65.84 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -26.59 | -4.75 | -5.56 | -0.50 |
| Net Income Continuous Operations | - | -35.96 | 101.75 | 137.71 | 232.68 |
| Net Income From Continuing And Discontinued Operation | - | 310.99 | 93.36 | 136.78 | 237.06 |
| Net Income From Continuing Operation Net Minority Interest | - | -35.96 | 101.75 | 137.71 | 232.68 |
| Net Income | - | 310.99 | 93.36 | 136.78 | 237.06 |
| Net Income Common Stockholders | - | 310.99 | 93.36 | 136.78 | 237.06 |
| Net Income Including Noncontrolling Interests | - | 310.99 | 93.36 | 136.78 | 237.06 |
| Normalized Income | - | 25.50 | 148.79 | 166.88 | 234.42 |
| Diluted NI Availto Com Stockholders | - | 310.99 | 93.36 | 136.78 | 237.06 |
| Basic Average Shares | - | 48.39 | 44.78 | 39.41 | 37.08 |
| Diluted Average Shares | - | 48.39 | 45.60 | 40.31 | 38.33 |
| Reconciled Depreciation | - | 186.60 | 151.08 | 107.96 | 84.46 |
| Reconciled Cost Of Revenue | - | 659.78 | 648.49 | 698.55 | 771.43 |
| Total Unusual Items | - | -88.05 | -51.79 | -34.72 | -2.24 |
| Total Unusual Items Excluding Goodwill | - | -88.05 | -51.79 | -34.72 | -2.24 |
| Minority Interests | 0.43 | 0 | 0 | - | - |
| Net Income Discontinuous Operations | - | 346.95 | -8.39 | -0.94 | 4.39 |
| Special Income Charges | - | -83.52 | -48.10 | -36.08 | -3.31 |
| Other Special Charges | - | 4.70 | -0.06 | - | - |
| Restructuring And Mergern Acquisition | - | 78.83 | 61.48 | 36.08 | 3.31 |
| Gain On Sale Of Security | - | -4.53 | -3.69 | 1.36 | 1.07 |
| Gain On Sale Of Ppe | - | 0 | 13.32 | 0 | 0 |
| Total Other Finance Cost | - | 21.18 | 4.91 | 9.40 | 7.99 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Covista Inc.this co. | CVSA | $4.2B | 17.86 | 2.95 | 16.5% | 11.26 |
| PriceSmart, Inc. | PSMT | $5.3B | 36.16 | 4.29 | 11.9% | 17.75 |
| Laureate Education, Inc. | LAUR | $4.7B | 16.68 | 3.95 | 23.7% | 9.70 |
| Stride, Inc. | LRN | $4.3B | 15.06 | 2.93 | 19.5% | 8.07 |
| The Vita Coco Company, Inc. | COCO | $4.2B | 59.24 | 12.74 |
| - |
| - |
| - |
| - |
| 21.5% |
| 48.36 |
| Cal-Maine Foods, Inc. | CALM | $3.5B | 2.89 | 1.38 | 47.6% | 1.26 |
| National Beverage Corp. | FIZZ | $3.3B | 17.41 | 7.33 | 42.1% | 12.21 |
| United Natural Foods, Inc. | UNFI | $3.2B | -27.35 | 2.08 | -7.6% | 21.68 |
| The Chefs' Warehouse, Inc. | CHEF | $3.2B | 43.70 | 5.23 | 12.0% | 17.99 |
| Peer Median | - | 17.04 | 4.12 | 20.5% | 14.98 | |