Covista Inc.

covista.com

What Do They Do?

Provides degree and certificate programs in healthcare and other fields to students, including working adults and aspiring healthcare professionals.

How Do They Make Money?

Students are billed for tuition at the start of each academic term, and payment is due then; financial aid often reaches the institutions at that point, while some students pay after the term ends. Tuition pays for instruction delivered throughout the term.

revenue

Segment	Share	Revenue	How money arrives
Tuition and fees Recurring	100% FY2023: 99%		Recurring
Other	0.5% FY2023: 0.8%

Who Are Their Customers?

Students, including working professionals, enroll in programs at Covista's institutions, which deliver instruction on campus and online.

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2026 and turned 20 cents into free cash flow.

Operating income, FY2026

20% of revenue

▲ +12% vs FY2025 ($341.5M, 19%)

Net income, FY2026

13% of revenue

▲ +6% vs FY2025 ($237.1M, 13%)

Free cash flow, FY2026

20% of revenue

▲ +37% vs FY2025 ($287.6M, 16%)

How Are They Changing?

Growing. Revenue grew 41% in 4 years, from $1.4B in FY2022 to $2B in FY2026, about 9% a year.

Walden course delivery The older report said all Walden academic programs were online; the latest says nearly all are online and notes that some programs include in-person components, such as clinicals.

Revenue over time

Tuition and fees Other

$2B$1B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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