Covista (CVSA) Investor Day 2026 summary

Strategic vision and market positioning

• Rebranded as Covista, aiming to dominate the intersection of healthcare and education with a portfolio of five accredited institutions, deep clinical partnerships, and a multi-institution platform spanning medicine, nursing, veterinary, and behavioral sciences.

• Positioned as America's largest healthcare educator, serving 24,000 healthcare graduates annually and over 290,000 alumni nationwide, with a focus on addressing the U.S. healthcare workforce crisis through scale, integration, and technology-enabled solutions.

• Introduced the 'Purpose at Scale' strategy, emphasizing ambitious growth via new programs, geographies, brands, and employer integration, while targeting underserved populations and nontraditional students.

• AI and digital innovation are central, with heavy investment in partnerships and over 20 AI-powered solutions deployed to personalize education and transform care delivery.

• Deep clinical relationships, regulatory expertise, and partnerships with healthcare employers create high barriers to entry and support long-term demand.

Financial guidance and capital allocation

• Exceeded previous three-year investor targets ahead of schedule, achieving record enrollment, margin expansion, and robust organic growth across cycles.

• FY26 revenue guidance is $1.9–$1.94 billion with adjusted EPS of $7.80–$8.00; FY29 targets include over 120,000 enrolled students, 7%-10% revenue CAGR, and 10%-14% adjusted EPS CAGR from FY26 levels.

• Strong cash generation, reduced net leverage to 0.9x, and $936 million returned to shareholders since Q3 FY22, with a disciplined capital allocation strategy supporting organic growth, M&A, and share repurchases.

• Investments in 10-15 new Chamberlain campuses by 2029 are included in guidance, each expected to be EBITDA positive within two years and payback by year 3-5.

• No M&A is factored into current projections, but share repurchases are modeled in, maintaining flexibility for future opportunities.

Institutional performance and growth drivers

• Walden University regained leadership in graduate-focused online education, doubled undergraduate enrollment, and targets over 65,000 enrollment by FY29, with strong digital innovation and program expansion.

• Medical and veterinary schools are leading U.S. producers of Black physicians and veterinarians, with over 6,000 enrollment target by FY29, filling workforce gaps in underserved geographies and primary care.

• Chamberlain University is the largest U.S. nursing school, targeting over 49,000 enrollment by FY29, leading in both pre- and post-licensure nursing, and expanding BSN programs.

• AI-driven student experience improvements have increased enrollment, persistence, and NPS, while reducing acquisition costs by 16% and driving a 20% increase in organic inquiries.

• Strategic partnerships with healthcare systems and employers enhance talent pipelines and workforce readiness.