# Covista (CVSA.US)

Canonical: https://gigainvestors.com/s/CVSA

Analysis as of: 2026-10-16T07:26:39.408Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $127.24 per share; close as of 2026-10-15.

Estimated value: low $81.21 per share, central $92.40 per share, high $107.31 per share. Buy at or below the central value $92.40 per share. Valuation as of 2026-10-16T07:26:39.408Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.19×

- FY2019: 0.18×

- FY2020: 0.16×

- FY2021: 0.17×

- FY2022: 0.11×

- FY2023: 0.16×

- FY2024: 0.14×

- FY2025: 0.19×

- FY2026: 0.20×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 18.0%

- ROIC, second-lowest year: 9.8%

- Typical minus recent gross margin: -3.3 pp

- Typical gross margin (annual median): 53.6%

- Recent gross margin (lower of latest and 3-year median): 56.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 9.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 17.5%

- FY2018: 26.4%

- FY2019: 15.5%

- FY2020: 25.5%

- FY2021: 7.3%

- FY2022: 9.8%

- FY2023: 18.4%

- FY2024: 17.6%

- FY2025: 25.4%

- FY2026: 30.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.67×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $929M

- Net income, five-year total: $555M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.5 pp

- Working capital / revenue, final three-year average: 2.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.04×

- FY2023: 2.29×

- FY2024: 1.43×

- FY2025: 1.15×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.5% vs 25.4%

- Per-share earnings: 0.54 to 6.07 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.7%

- Ordinary dilution, 5-year annual growth: -7.1%

- Market cap gain: $1.9B

- Cumulative retained earnings: $1.1B

- Diluted shares, 10-year annual growth: -5.7%

- Diluted shares, 5-year annual growth: -7.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 35.2%

- Per-share value change: $5.53

- Per-share value, starting three-year median: $0.54

- Per-share value, ending three-year median: $6.07

- Buybacks concentrated in cheaper years (correlation): 0.47

- Average buyback yield: 7.0%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.7B

- Cumulative net income, 10 years: $1.1B

- ROIC, first three-year median: 17.5%

- ROIC, last three-year median: 25.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.91

- FY2018: $0.54

- FY2019: $2.17

- FY2020: $3.74

- FY2021: $1.49

- FY2022: -$3.36

- FY2023: $2.13

- FY2024: $3.39

- FY2025: $6.07

- FY2026: $7.04

### accounting: pass

- Sloan accruals: -7.3%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 8.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.19×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.7%

- FY2018: -8.8%

- FY2019: -3.4%

- FY2020: 4.2%

- FY2021: -3.7%

- FY2022: -5.7%

- FY2023: -3.4%

- FY2024: -5.8%

- FY2025: -3.8%

- FY2026: -7.3%

## Holders

## Price story

Price needs cash profits to grow 4.9% a year for ten years · sales +9.3%

Story as of 2026-10-16T09:58:20.439Z; price observation 2026-10-15.

Price needs cash profits to grow 4.9% a year for ten years

- 2026-05-20: Did Strong Q3 Results and Higher Guidance Just Shift Covista's (CVSA) Healthcare Education Narrative? ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/did-strong-q3-results-higher-071016126.html))

- 2026-08-06: Covista Announces Fiscal Year 2026 Results, Exceeds Financial Guidance; Initiates Fiscal Year 2027 Guidance ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/covista-announces-fiscal-2026-results-200500010.html))

### Sales · FY2025–2026

sales +9.3%; source https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm; observed 2026-08-06.

- FY2017: $1.2B 

- FY2018: $1.2B 

- FY2019: $1.0B 

- FY2020: $1.1B 

- FY2021: $907M 

- FY2022: $1.4B 

- FY2023: $1.5B 

- FY2024: $1.6B 

- FY2025: $1.8B 

- FY2026: $2.0B 

### Gross margin · FY2026

gross margin 57.3%; source https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm; observed 2026-08-06.

- FY2017: 47.2% 

- FY2018: 49.4% 

- FY2019: 53.7% 

- FY2020: 54.0% 

- FY2021: 50.7% 

- FY2022: 47.2% 

- FY2023: 53.4% 

- FY2024: 55.9% 

- FY2025: 56.9% 

- FY2026: 57.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in education & training services; annual sales are USD 2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm (filed 2026-08-06); FY2026: revenue 1954085000; grossProfit 1120425000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CVSA.US: 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.

### Why customers stay

Margins ranged from 55.9% to 57.3% during 2024–26; it earns 18% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2024: grossProfit / revenue = 55.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2025: grossProfit / revenue = 56.9%.

- Source: https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm (filed 2026-08-06); FY2026: grossProfit / revenue = 57.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); 10-year return on capital observations [[2017,0.17461520165053848],[2018,0.26385707894931504],[2019,0.15505585279712517],[2020,0.25546937840178036],[2021,0.07300069195136118],[2022,0.09833055041063778],[2023,0.18352182744531695],[2024,0.17592597415236041],[2025,0.25432257998068997],[2026,0.3018121614521771]]; median 0.17972390079883868. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9% of cash earnings on expansion; paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2017: growth capex 0; upkeep 42508000; owner earnings 136749000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2018: growth capex 0; upkeep 46622000; owner earnings 39971000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2019: growth capex 0; upkeep 57574000; owner earnings 111903999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2020: growth capex 0; upkeep 39605000; owner earnings 262027000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2021: growth capex 0; upkeep 39881000; owner earnings 121567000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2023: growth capex 0; upkeep 26014000; owner earnings 222005000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2024: growth capex 0; upkeep 48893000; owner earnings 195845000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2025: growth capex 0; upkeep 50327000; owner earnings 266815000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm (filed 2026-08-06); FY2026: growth capex 22626000; upkeep 55070000; owner earnings 251566000. Growth capex / owner earnings = 0.08994061200639196.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); Dividend observations: [[2017,11414000],[2018,0],[2019,17415000],[2020,3778000],[2021,1719000],[2022,9414000],[2023,3233000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm (filed 2026-08-06); FY2026: cash repurchases 239866000 USD.

### Are managers owners

Insiders own 2.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CVSA.US SharesStats.PercentInsiders = 2.725 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.9% yearly over ten years; actual growth was 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); Ten-year compound average after fade. Initial solved rate 0.05726341851371475. Price 127.24; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.480495875471874 → FY2026 7.043707125857483. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $22.70 per share

- 2016-11: $29.85 per share

- 2016-12: $31.20 per share

- 2017-01: $33.50 per share

- 2017-02: $32.15 per share

- 2017-03: $35.45 per share

- 2017-04: $37.85 per share

- 2017-05: $37.40 per share

- 2017-06: $37.95 per share

- 2017-07: $32.50 per share

- 2017-08: $34.20 per share

- 2017-09: $35.85 per share

- 2017-10: $36.95 per share

- 2017-11: $41.45 per share

- 2017-12: $42.05 per share

- 2018-01: $46.00 per share

- 2018-02: $46.05 per share

- 2018-03: $47.55 per share

- 2018-04: $47.60 per share

- 2018-05: $47.75 per share

- 2018-06: $48.10 per share

- 2018-07: $54.55 per share

- 2018-08: $47.85 per share

- 2018-09: $48.20 per share

- 2018-10: $50.63 per share

- 2018-11: $57.74 per share

- 2018-12: $47.32 per share

- 2019-01: $48.90 per share

- 2019-02: $48.20 per share

- 2019-03: $46.32 per share

- 2019-04: $49.32 per share

- 2019-05: $43.96 per share

- 2019-06: $45.05 per share

- 2019-07: $47.37 per share

- 2019-08: $42.72 per share

- 2019-09: $38.09 per share

- 2019-10: $29.78 per share

- 2019-11: $33.73 per share

- 2019-12: $34.97 per share

- 2020-01: $34.51 per share

- 2020-02: $30.87 per share

- 2020-03: $26.79 per share

- 2020-04: $31.77 per share

- 2020-05: $33.46 per share

- 2020-06: $31.15 per share

- 2020-07: $34.34 per share

- 2020-08: $33.20 per share

- 2020-09: $24.54 per share

- 2020-10: $23.44 per share

- 2020-11: $28.63 per share

- 2020-12: $33.95 per share

- 2021-01: $38.59 per share

- 2021-02: $39.30 per share

- 2021-03: $39.54 per share

- 2021-04: $34.31 per share

- 2021-05: $36.38 per share

- 2021-06: $35.64 per share

- 2021-07: $36.34 per share

- 2021-08: $37.00 per share

- 2021-09: $37.81 per share

- 2021-10: $36.93 per share

- 2021-11: $29.67 per share

- 2021-12: $29.56 per share

- 2022-01: $29.42 per share

- 2022-02: $20.78 per share

- 2022-03: $29.71 per share

- 2022-04: $29.31 per share

- 2022-05: $32.62 per share

- 2022-06: $35.97 per share

- 2022-07: $40.10 per share

- 2022-08: $37.69 per share

- 2022-09: $36.45 per share

- 2022-10: $41.70 per share

- 2022-11: $41.60 per share

- 2022-12: $35.50 per share

- 2023-01: $38.18 per share

- 2023-02: $39.12 per share

- 2023-03: $38.62 per share

- 2023-04: $40.57 per share

- 2023-05: $41.50 per share

- 2023-06: $34.34 per share

- 2023-07: $43.24 per share

- 2023-08: $43.85 per share

- 2023-09: $42.85 per share

- 2023-10: $51.80 per share

- 2023-11: $56.97 per share

- 2023-12: $58.95 per share

- 2024-01: $50.48 per share

- 2024-02: $49.50 per share

- 2024-03: $51.40 per share

- 2024-04: $49.62 per share

- 2024-05: $64.39 per share

- 2024-06: $68.21 per share

- 2024-07: $78.41 per share

- 2024-08: $75.71 per share

- 2024-09: $75.48 per share

- 2024-10: $80.92 per share

- 2024-11: $91.41 per share

- 2024-12: $90.85 per share

- 2025-01: $107.13 per share

- 2025-02: $102.31 per share

- 2025-03: $100.64 per share

- 2025-04: $106.20 per share

- 2025-05: $132.03 per share

- 2025-06: $127.23 per share

- 2025-07: $114.27 per share

- 2025-08: $130.95 per share

- 2025-09: $154.45 per share

- 2025-10: $98.02 per share

- 2025-11: $92.56 per share

- 2025-12: $103.47 per share

- 2026-01: $103.55 per share

- 2026-02: $98.00 per share

- 2026-03: $115.25 per share

- 2026-04: $115.22 per share

- 2026-05: $117.80 per share

- 2026-06: $124.66 per share

- 2026-07: $124.85 per share

- 2026-08: $132.33 per share

- 2026-09: $122.20 per share

- 2026-10: $127.24 per share

## Annual estimated value (USD per share)

- FY2017: low $15.31 per share, central $17.42 per share, high $20.23 per share

- FY2018: low $16.10 per share, central $18.32 per share, high $21.27 per share

- FY2019: low $13.86 per share, central $15.77 per share, high $18.32 per share

- FY2020: low $23.46 per share, central $26.70 per share, high $31.00 per share

- FY2021: low $21.73 per share, central $24.73 per share, high $28.71 per share

- FY2022: low $34.45 per share, central $39.20 per share, high $45.53 per share

- FY2023: low $46.62 per share, central $53.04 per share, high $61.60 per share

- FY2024: low $57.60 per share, central $65.54 per share, high $76.12 per share

- FY2025: low $68.35 per share, central $77.77 per share, high $90.32 per share

- FY2026: low $76.99 per share, central $87.60 per share, high $101.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/730464/000110465926092044/cvsa-20260630x10k.htm); period 2026-06-30, filed 2026-08-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.