Short answer
Covista Inc. (CVSA) filed its fiscal 2026 10-K annual report with the SEC on Aug 6, 2026. It reported revenue of $2.0B (+9.3% year over year) and net income of $252M.
- Top risk flagged: Regulatory risk: U.S. Department of Education Borrower Defense to Repayment regulations, potential liability and required $500M letters of credit limit under credit agreement
FY2026 key financial metrics · XBRL
- Revenue
- $2.0B
- +9.3% YoY
- Net income
- $252M
- +6.1% YoY
- Operating margin
- 19.6%
- +0.5 pp YoY
- EPS (diluted)
- $7.04
- +13.9% YoY
- ROE
- 17.4%
- +0.9 pp YoY
- Operating cash flow
- $470M
- +39.2% YoY
Source: XBRL data from the Covista Inc. (CVSA) FY2026 10-K on SEC EDGAR. USD.
Covista Inc. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Largest U.S. healthcare educator with 5 accredited institutions delivering nursing, medical, veterinary, social sciences education on campuses and online
- New emphasis: "Purpose at Scale" strategy focusing on expanding healthcare education access, employer integration, technology, and operational excellence
- Strategic shift: Expanded medical education in the U.K. via AUC satellite campus partnership with University of Lancashire (since 2019)
- Quantitative highlight: 10,680 total employees as of June 30, 2026, spanning full-time staff and professors across all segments
- Noteworthy fact: Fiscal year 2022 ED composite financial responsibility score dropped to 0.2, resulting in provisional Title IV certifications with $202.6M in surety-backed letters of credit
Management Discussion & Analysis
- Revenue $1,954.1M, up 9.3% YoY ($165.8M increase) driven by all segments: Chamberlain +3.4%, Walden +16.1%, Medical and Veterinary +8.1%
- Operating margin 19.6% vs 19.1%, adjusted operating margin 21.5% vs 20.7%; net income $251.6M up 6.1%, adjusted net income $294.7M up 15.3%
- Best segment: Walden adjusted operating income $239.7M, +30.6% YoY; Worst: Chamberlain adjusted operating income $143.6M, down 6.3%
- Cash flow: Operating cash flow $470.8M (+$137.1M); Capex $77.7M; Share repurchases $239.9M; Dividends not mentioned
- Outlook/risk: Management highlights focus on enrollment growth, cost control, capital structure optimization; risks include economic changes impacting liquidity and earnings
Risk Factors
- Regulatory risk: U.S. Department of Education Borrower Defense to Repayment regulations, potential liability and required $500M letters of credit limit under credit agreement
- Geopolitical/macroeconomic threat: Operations exposed to natural disasters, political disruptions, armed conflicts in U.S. West Coast, Gulf States, Caribbean impacting campuses
- Operational/supply chain risk: State governments may limit clinical placement affiliations for medical schools, restricting enrollment and growth potential
- Competitive disruption risk: Increasing competition from traditional colleges' growing online learning and technology-enabled programs threatens enrollment and tuition rates
- Financial/structural risk: Potential goodwill and intangible asset impairment up to $1.7B combined due to market cap decline or adverse operating results
Generated from the filing text; verify against the original. How to read a 10-K
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