# Covista Inc. (CVSA)

> Source: Nexqual · https://nexqual.com/CVSA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Covista Inc. (CVSA), nexqual.com/CVSA" · informational, not investment advice.

**Price:** USD 131.62 (+3.70% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 126.92 · day 127.42–132.1 · 52w 86.97–156.26 · market cap $4.46B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.95B, net income $252M (12.9% margin), free cash flow $393M (SEC filings).
- Valuation: P/E 17.7x (avg 19.5x at the last 3 fiscal year-ends), EV/EBITDA 11.0x, net debt $257M.
- 1 of 80 tracked superinvestors hold CVSA (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $10.3M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -14.0% vs S&P 500 +14.9%; 5Y +257.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.83, revenue estimate $491M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.38B | $1.45B | $1.58B | $1.79B | $1.95B | $1.95B |
| Gross profit | $722M | $802M | $886M | $1.02B | $1.12B | — |
| Operating income | $76.7M | $168M | $217M | $342M | $383M | $383M |
| Net income | $311M | $93.4M | $137M | $237M | $252M | $252M |
| EPS (diluted) | $6.43 | $2.05 | $3.39 | $6.18 | $7.04 | — |
| Free cash flow | -$20.5M | $166M | $247M | $288M | $393M | $393M |
| Gross margin | 52.3% | 55.3% | 55.9% | 56.9% | 57.3% | — |
| Operating margin | 5.6% | 11.6% | 13.7% | 19.1% | 19.6% | 19.6% |
| Net margin | 22.5% | 6.4% | 8.6% | 13.3% | 12.9% | 12.9% |
| Revenue growth | +53.7% | +5.0% | +9.2% | +12.9% | +9.3% | — |
| Cash + short-term investments | — | $272M | $219M | $200M | $406M | — |
| Total debt | $839M | $695M | $649M | $553M | $663M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.7x · P/S 2.3x · EV/EBITDA 11.0x · EV/Sales 2.4x · P/FCF 11.3x · P/B 3.1x · FCF yield 8.81% · Earnings yield 5.64% · Buyback yield (TTM) 5.38% · Net debt $257M · EV $4.71B
P/E at fiscal year-ends: Jun 2026 17.7x, Jun 2025 20.6x, Jun 2024 20.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CVSA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 2.20% | $221M | Reduced -8.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-08…2026-10-09 | Beard, Stephen W. | Chairman & CEO | 8,306 | $1.1M | 1.7% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Gangadharan Manjunath | VP, Chief Accounting Officer | 1,802 | $247K | 26.2% | Yes (adopted December 15, 2025) | Routine (sold in Aug each year 2023–2025) |
| 2026-08-11 | Beard, Stephen W. | Chairman & CEO | 3,545 | $462K | 0.8% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Phelan Robert J. | Chief Financial Officer | 2,186 | $295K | 4.3% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Beck Douglas G. | SVP, GC, Corp. Sec & ISS | 4,526 | $615K | 13.7% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-13 | Beard, Stephen W. | Chairman & CEO | 5,291 | $702K | 1.2% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-07…2026-07-08 | Phelan Robert J. | Chief Financial Officer | 5,314 | $719K | 9.5% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-07…2026-07-08 | Beck Douglas G. | SVP, GC, Corp. Sec & ISS | 5,089 | $689K | 13.3% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10…2026-06-11 | Beard, Stephen W. | Chairman & CEO | 5,291 | $690K | 1.2% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Phelan Robert J. | Chief Financial Officer | 10,000 | $1.3M | 15.2% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Beck Douglas G. | SVP, GC, Corp. Sec & ISS | 9,615 | $1.2M | 20.1% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Cox Karen Sue | President, Chamberlain Univ. | 2,000 | $249K | 6% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Beard, Stephen W. | Chairman & CEO | 15,874 | $2.1M | 3.6% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | BMO Capital | Target lowered | Outperform | $148 → $145 |
| 2026-09-03 | Truist Securities | Downgrade | Buy → Hold | $140 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.0% | +257.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.0% | +28.9% |
| Volatility (annualized) | 57.1% | 45.0% |
| Max drawdown | -42.0% (Oct 2025→Nov 2025) | -43.8% (Oct 2021→Feb 2022) |

## Peers (Education & Training Services)
LOPE (Grand Canyon Education, Inc.) USD 165.46 +3.57% · LAUR (Laureate Education, Inc.) USD 38.79 +1.25% · XXI (Twenty One Capital, Inc.) USD 5.61 -4.75% · TAL (TAL Education Group) USD 10.46 -0.85% · LRN (Stride, Inc.) USD 80.68 +5.62% · MH (McGraw Hill, Inc.) USD 14.8 +1.93%

## More
Full page: https://nexqual.com/CVSA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Walden University | $210.8M | 42.1% | +15.7% |
| Chamberlain University | $190.2M | 37.9% | +3.2% |
| Medical & Veterinary | $100.3M | 20.0% | +10.7% |
| Total revenue | $501.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Tuition | $190.2M | 37.9% | +3.2% |
| Total revenue | $501.4M | 100% | — |
The lines above cover 37.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Domestic Operations | $401.1M | 80.0% | +9.4% |
| Barbados St.Kitts St.Maarten & United Kingdom | $100.3M | 20.0% | +10.7% |
| Total revenue | $501.4M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Initiates Fiscal Year 2027 Guidance Total Q4 enrollment up 8.4% and revenue up 9.7% YoY Chamberlain accelerates total enrollment growth to 1.6% Revenue up 9.3% YoY for fiscal year 2026 Fiscal year 2026 diluted earnings per share $7.04;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.83 | $1.79 | +2.1% | $490.7M | 4 |
| Next quarter (ends 2026-12-31) | $2.40 | $2.60 | -7.7% | $519.8M | 4 |
| Current fiscal year (ends 2027-06-30) | $9.04 | $8.89 | +1.8% | $2.07B | 4 |
| Next fiscal year (ends 2028-06-30) | $10.01 | $9.96 | +0.5% | $2.22B | 4 |