MARKETS / NYSE / CVSA

NYSE · SERVICES-EDUCATIONAL SERVICES · LARGE CAP

Covista Inc. CVSA

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$2.0B

▲ 9.3% YoY

Net income

$251.6M

▲ 6.1% YoY

Free cash flow

$392.7M

▲ 36.6% YoY

In brief

What this company does

Covista delivers education to its students at multiple campuses and online through five accredited institutions: Chamberlain University, Walden University, American University of the Caribbean School of Medicine, Ross University School of Medicine, and Ross University School of Veterinary Medicine. It serves 100,000 students and is supported by an alumni network of 400,000. As of June 30, 2026, Covista had 10,680 employees, including 5,643 visiting professors. The Company presents three reportable segments: Chamberlain, which offers degree and certificate programs in the nursing and health professions postsecondary education industry; Walden, which offers degree and certificate programs including those in nursing, education, counseling, business, information technology, psychology, public health, social work and human services, public administration and public policy, and criminal justice; and Medical and Veterinary, which includes the operations of AUC, RUSM, and RUSVM and offers degree and certificate programs in the medical and veterinary postsecondary education industry. AUC is located in St. Maarten with a satellite campus in Preston, England, and has graduated over 9,000 physicians since its inception. RUSM is located in Barbados and has graduated over 17,000 physicians since its inception. RUSVM is located in St. Kitts and has graduated over 7,500 veterinarians since its inception. Covista was incorporated under the laws of the State of Delaware in August 1987.

Written from the business description in Covista Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 6 August 2026. Every sentence was checked against that document before publication.

Growth

USD 2.0B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 2.0 · Net income 0.3

Compound annual growth

Revenue

+10.4%

+16.8%

+31.2%

+14.1%

Net income

+39.2%

+29.1%

−1.8%

EPS, diluted

+50.9%

+38.9%

Returned to shareholders

+25.8%

+19.5%

+15.8%

+3.7%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +16.8% a year over five years — but profit grew faster: net income at +29.1%, earnings per share at +38.9%.

The share count fell from 0.05B to 0.03B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

13 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 19.6% · Net 12.9%

ROE

FY2025 · ROE 17.5%

Gross margin57.3%

Operating margin19.6%

Net margin12.9%

Return on assets8.7%

EBITDAUSD 427.2M

Each USD of equity produced 17 cents of profit this year.

Cash & shareholders

USD 239.7M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 392.7

Net buybacks $M Dividends $M

FY2025 · Dividends — · Net buybacks 239.7

Dividends paid—

Net buybacksUSD 239.7M

Share of profit95.3%

Consecutive raises—

USD 239.7M in buybacks — 95% of the year's profit went back to shareholders.

Total assetsUSD 3.0B

EquityUSD 1.4B

CashUSD 406.3M

Gross debtUSD 662.9M

Net debtUSD 256.5M

Current ratio1.09×

Net debt stands at 18% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	2.0	1.8	1.6	1.5	1.4	0.9	0.9	1.0	1.0	1.2	0.1	1.9	1.9	2.0	0.4	0.3	1.9	1.5
Operating income $B	0.4	0.3	0.2	0.2	0.1	0.1	0.1	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.5	0.4	0.2
EBITDA $B	0.4	0.4	0.3	0.2	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.6	0.5	0.3
Income tax $B	0.1	0.1	0.0	0.0	−0.0	0.0	−0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.1	0.1
Net income $B	0.3	0.2	0.1	0.1	0.3	0.1	−0.1	0.1	0.0	0.1	−0.0	0.1	0.1	0.1	0.1	0.3	0.3	0.2
Free cash flow $B	0.4	0.3	0.2	0.2	−0.0	0.2	0.1	0.1	0.2	0.2	0.2	0.1	0.2	0.1	0.2	0.3	0.3	0.2
EPS, diluted $	7.04	6.18	3.39	2.05	6.43	1.36	−1.58	1.60	0.54	1.91	−0.05	2.14	2.07	1.65	2.09	4.68	3.87	2.28
Dividend / sh $	·	·	·	·	·	·	·	0.00	0.00	0.18	0.36	0.36	0.34	0.34	0.30	0.24	0.20	0.16
Payout %	·	·	·	·	·	·	·	0	0	9	−726	17	16	30	13	5	5	6
ROE %	17.5	16.9	9.7	6.3	22.3	5.4	−6.3	6.5	2.1	7.5	−0.2	9.0	9.1	7.8	10.3	25.7	26.6	17.9
Shares out B	0.03	0.04	0.04	0.04	0.05	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.07	0.07	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Covista Inc.vsGraham Holdings Co.Same industry: Services-Educational Services Covista Inc.vsNew Oriental Education & Technology Group Inc.Same industry: Services-Educational Services Covista Inc.vsTAL Education GroupSame industry: Services-Educational Services Covista Inc.vsStride, Inc.Same industry: Services-Educational Services Covista Inc.vsLaureate Education, Inc.Same industry: Services-Educational Services Covista Inc.vsStrategic Education, Inc.Same industry: Services-Educational Services Covista Inc.vsGrand Canyon Education, Inc.Same industry: Services-Educational Services

Provenance

Company facts, as filed

How we verify · 0 failures in 69 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 8 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityServices-Educational Services

Listed onNYSE

Incorporated inDelaware

Fiscal year endsJune 30

Data on record since2008