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 and a mission to address the U.S. healthcare workforce crisis at scale.

• Positioned as America's largest healthcare educator, serving 24,000 annual graduates and over 290,000 alumni nationwide, leveraging scale and alumni network as key differentiators.

• Introduced the 'Purpose at Scale' strategy, focusing on ambitious growth through new programs, geographies, brands, and employer integration, with a strong commitment to social mobility and diversity.

• Emphasizes partnerships with healthcare employers, technology leaders (notably in AI), and deep clinical relationships to address workforce readiness and talent shortages, creating high barriers to entry.

• Multi-institution platform includes leading brands in medicine, nursing, veterinary, and behavioral sciences, with a focus on nontraditional students and expanding access.

Financial guidance and capital allocation

• Exceeded prior three-year investor targets within two years, achieving record enrollments, margin expansion, and robust earnings growth.

• 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, supporting investments and share repurchases.

• Capital allocation priorities: self-fund innovation, value-driven share repurchases, disciplined debt management, and accretive M&A only when it strengthens the franchise.

• Investments in new campuses (10-15 by 2029), technology, and partnerships are factored into earnings guidance, with rapid payback expected from campus expansion.

Institutional performance and growth drivers

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

• Medical and veterinary schools are leading U.S. producers of Black physicians and veterinarians, targeting over 6,000 enrollment by FY29, with strong academic outcomes and innovative pathways.

• Chamberlain University, the flagship, is the largest U.S. nursing school, targeting over 49,000 students by FY29, expanding both physical and online BSN programs and deepening employer partnerships.

• AI and technology integration are central, with over 20 AI-powered solutions deployed, partnerships with Google, and a focus on personalized education and workforce readiness, increasing enrollment and reducing acquisition costs.

• Marketing strategy shifted toward brand-building and local market focus, driving organic inquiries up 20% and cost per acquisition down 16% over two years.