Covista Valuation Multiples

Covista is valued at $4.2B as of September 2026, a 2.4x revenue multiple. In the last 12 months, Covista revenue was $2B and Covista EBITDA was $531M.

Covista Overview

About Covista

Adtalem Global Education is a Chicago-headquartered provider of postsecondary education in healthcare, business, and technology fields. It oversees institutions like Chamberlain University, Ross University School of Medicine, DeVry University, and Becker Professional Education, enrolling students in nursing, medical, accounting, and IT programs across the United States, Caribbean, and Brazil.


Founded

1973

HQ

United States

Employees

10.4K

Financials (LTM)

Revenue: $2B
EBITDA: $531M

EV

$4.7B

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Covista Financials

Covista reported last 12-month revenue of $2B and EBITDA of $531M.

In the same LTM period, Covista generated $1.1B in gross profit, $531M in EBITDA, and $299M in net income.

Revenue (LTM)


Covista P&L

In the most recent fiscal year, Covista reported revenue of $2B and EBITDA of $462M.

Covista is profitable as of last fiscal year, with gross margin of 57%, EBITDA margin of 24%, and net margin of 13%.

See analyst estimates for Covista
LTMLast FY202320242025202620272028
Revenue$2B$2B$1.5B$1.7B$2B
Gross Profit$1.1B$1.1B$844M$951M$1.1B
Gross Margin58%57%56%56%57%
EBITDA$531M$462M$314M$368M$522M
EBITDA Margin27%24%21%22%27%
EBIT Margin21%20%15%18%21%
Net Profit$299M$252M$115M$187M$295M
Net Margin15%13%8%11%15%
Net Debt-$291M---

Financial data powered by Morningstar, Inc.

Covista Stock Performance

Covista has current market cap of $4.2B, and enterprise value of $4.7B.

Market Cap Evolution


Covista's stock price is $124.16.

Covista share price decreased by 6.2% in the last 30 days, and by 18.8% in the last year.

Covista has an EPS (earnings per share) of $7.39.

See more trading valuation data for Covista
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$4.7B$4.2B0.8%-6.2%-0.4%-18.8%$7.39

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Covista Valuation Multiples

Covista trades at 2.4x EV/Revenue multiple, and 8.9x EV/EBITDA.

See NTM and 2027E valuation multiples for Covista

EV / Revenue (LTM)


Covista Financial Valuation Multiples

As of September 25, 2026, Covista has market cap of $4.2B and EV of $4.7B.

Covista has a P/E ratio of 14.1x.

LTMLast FY202320242025202620272028
EV/Revenue2.4x2.4x3.1x2.8x2.4x
EV/EBITDA8.9x10.2x15.1x12.8x9.1x
EV/EBIT11.3x12.1x20.1x15.8x11.5x
EV/Gross Profit4.1x4.2x5.6x5.0x4.2x
P/E14.1x16.8x36.7x22.6x14.3x
EV/FCF12.5x12.0x23.2x18.1x12.0x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Covista Valuation Multiples

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Covista Margins & Growth Rates

Covista grew revenue by 6% and EBITDA by 21% in the last fiscal year.

In the most recent fiscal year, Covista reported gross margin of 57%, EBITDA margin of 24%, and net margin of 13%.

See estimated margins and future growth rates for Covista

Covista Margins

Last FY202420252026202720282029
Gross Margin57%56%57%58%
EBITDA Margin24%22%27%25%
EBIT Margin20%18%21%21%
Net Margin13%11%15%14%
FCF Margin20%16%20%18%

Covista Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth6%11%16%3%
Gross Profit Growth8%13%18%4%
EBITDA Growth21%17%42%(2%)
EBIT Growth14%27%37%2%
Net Profit Growth24%62%58%(4%)
FCF Growth(15%)28%50%(7%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Covista Operational KPIs

Covista's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.2M for the same period.

Covista's Rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Covista's Rule of X is 33% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Covista
LTMLast FY202320242025202620272028
Rule of 4033%28%---
Bessemer Rule of X43%33%---
Revenue per Employee-$0.2M---
Opex per Employee-$0.2M---
Opex to Revenue-80%87%83%77%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Covista Competitors

Covista competitors include Grand Canyon Education, Fibra Educa, Graham Holdings, East Buy, Stride, Bright Horizons Family, Laureate Education, COL Global, John Wiley & Sons and Perdoceo Education.

Most Covista public comparables operate across Education & Training.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Grand Canyon Education$1.1B$306M3.4x3.3x12.3x9.9x
Fibra Educa$264M-15.2x14.9x--
Graham Holdings$4.9B$682M1.0x1.0x7.3x-
East Buy$850M$98M3.2x2.9x27.4x23.3x
Stride$2.5B$580M1.2x1.2x5.0x4.7x
Bright Horizons Family$2.9B$408M1.7x1.7x12.5x10.1x
Laureate Education$1.7B$515M3.4x3.1x11.3x10.1x
COL Global$247M($78M)10.9x8.7x(34.5x)(44.3x)

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Acquisitions by Covista

Covista has acquired 5 companies to date.

Last acquisition by Covista was on September 11th 2020. Covista acquired Walden University for $1.5B (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Covista

Walden University
OnCourse Learning
Faculdade de Imperatriz
Ibmec
Description
-
OnCourse Learning is an education technology company delivering compliance training and certification programs through brands like ProSchools, TrainingPro, QuickCert, and AHIT. Offerings cover real estate, insurance, healthcare, and home inspection licensing. Founded in 2007 and based in Milwaukee, Wisconsin, it served over 1 million learners before acquisition by Colibri Group.
Faculdade de Imperatriz is an Imperatriz, Maranhão-based Brazilian university providing undergraduate degrees in medicine, dentistry, law, engineering, and education. The institution serves 8,000 students through on-campus and distance learning modalities across northeastern Brazil. Faculdade de Imperatriz maintains partnerships with regional hospitals for health sciences training. Established in 1993, it operates 20 courses accredited by Brazil's Ministry of Education.
-
HQ CountryUnited StatesUnited StatesBrazilBrazil
HQ City
-
Milwaukee, WI
Imperatriz
-
Deal Date11 Sep 202015 Apr 20191 Jun 201615 Dec 2015
Valuation$1.5B$121Mundisclosed$699M
EV/Revenue
EV/EBITDA

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Investments by Covista

Covista has invested in 2 companies to date.

Latest investment by Covista was on September 15th 2026. Covista invested in The Health Collaborative in their $200K Strategic investment round (EV/Revenue multiple available to Pro users).

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Latest Investments by Covista

The Health Collaborative
edupristine
Description
The Health Collaborative is a nonprofit organization delivering advisory, training, and information services to healthcare organizations.
EduPristine is a Mumbai-based training provider for finance certifications including CFA, FRM, PRM, CPA, and CMA. It delivers classroom and online programs, having trained professionals from J.P. Morgan, Bank of America, EY, and institutions like IIM Calcutta and NUS Singapore.
HQ CountryUnited StatesIndia
HQ City
Cincinnati, OH
Mumbai
Deal Date15 Sep 202617 May 2016
RoundStrategic investmentSeries B
Raised$200K$10M
InvestorsCovistaKaizenvest; Covista
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About Covista

When was Covista founded?Covista was founded in 1973.
Where is Covista headquartered?Covista is headquartered in United States.
How many employees does Covista have?As of today, Covista has over 10K employees.
Is Covista publicly listed?Yes, Covista is a public company listed on NYSE.
What is the stock symbol of Covista?Covista trades under CVSA ticker.
When did Covista go public?Covista went public in 1991.
Who are competitors of Covista?Covista main competitors include Grand Canyon Education, Fibra Educa, Graham Holdings, East Buy, Stride, Bright Horizons Family, Laureate Education, COL Global, John Wiley & Sons, Perdoceo Education.
What is the current market cap of Covista?Covista's current market cap is $4.2B.
What is the current revenue of Covista?Covista's last 12 months revenue is $2B.
What is the current revenue growth of Covista?Covista revenue growth (NTM/LTM) is 6%.
What is the current EV/Revenue multiple of Covista?Current revenue multiple of Covista is 2.4x.
What is the current EBITDA of Covista?Covista's last 12 months EBITDA is $531M.
What is Covista's EBITDA margin?Covista's last 12 months EBITDA margin is 27%.
What is the current EV/EBITDA multiple of Covista?Current EBITDA multiple of Covista is 8.9x.
What is the current FCF of Covista?Covista's last 12 months FCF is $379M.
What is Covista's FCF margin?Covista's last 12 months FCF margin is 19%.
What is the current EV/FCF multiple of Covista?Current FCF multiple of Covista is 12.5x.
How many companies Covista has acquired to date?As of September 2026, Covista has acquired 5 companies.
What was the largest acquisition by Covista?$1.5B acquisition of Walden University on 11th September 2020 was the largest M&A Covista has done to date.
What companies Covista acquired?Covista acquired Walden University, Ibmec, OnCourse Learning, Faculdade Ideal, and Faculdade de Imperatriz.
In how many companies Covista has invested to date?As of September 2026, Covista has invested in 2 companies.
What was the last Covista investment?On 15th September 2026 Covista invested in The Health Collaborative, participating in a $200K Strategic investment round.
In what companies Covista invested in?Covista invested in edupristine and The Health Collaborative.

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