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Covista

CVSA NYSE Education Services Financials FY2017–FY2026

Covista's revenue rose 9.3% to $2.0 billion in fiscal 2026. Its operating margin was 19.6%, up from 19.1% a year earlier. Free cash flow was $393 million, up 36.6%. It paid out $240 million in dividends and buybacks, 61% of free cash flow. The diluted share count fell 6.8%.

Last close · Oct 23, 2026

$131.82

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$2.0B
9.3% vs prior year
Operating margin Operating income as a share of revenue.
19.6%
0.5 pts
Net income Profit after all expenses, interest and tax.
$252M
6.1%
Free cash flow Cash from operations minus capital spending.
$393M
36.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.0%
2.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Covista does

No business description yet.

Legal name
Covista Inc.
Fiscal year ends
June 30, 2026
Latest annual report
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Accession · CIK
0001104659-26-092044
0000730464

Revenue and margins

Covista had $2.0B of revenue in fiscal 2026, up 9.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 15.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $393M in fiscal 2026, 20.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Covista returned $240M to shareholders in fiscal 2026, 61% of free cash flow. The diluted share count fell 6.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Covista yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$257M and divides by 35.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

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Reference multiples: today 18.7x · peers 15.7x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Covista can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $347M$272M$219M$200M$406M
Debt incl. finance leases $839M$695M$649M$553M$663M
Net debt / EBITDA 2.3x1.6x1.5x0.9x0.6x
Debt / equity 0.6x0.5x0.5x0.4x0.5x
Interest coverage 0.6x2.7x3.4x6.5x8.4x
Current ratio 1.3x1.1x0.9x0.8x1.1x
Quick ratio 1.3x1.1x0.9x0.8x1.1x
Total assets $3.0B$2.8B$2.7B$2.8B$3.0B
Total liabilities $1.5B$1.4B$1.4B$1.3B$1.6B
Shareholders' equity $1.5B$1.5B$1.4B$1.4B$1.4B
Net debt (− = net cash) $492M$423M$429M$353M$257M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$6.5M

4 insiders

Of sales under plans

100%

$6.5M

DateInsiderTradeSharesPriceValueFiling
Aug 27, 2026 Manjunath GangadharanVP, Chief Accounting Officer Sold plan 1,802 $137.18 $0.2M Form 4
Aug 11, 2026 Stephen W. BeardChairman & CEO Sold plan 3,545 $130.35 $0.5M Form 4
Aug 7, 2026 Douglas G. BeckSVP, GC, Corp. Sec & ISS Sold plan 4,526 $135.81 $0.6M Form 4
Aug 7, 2026 Robert J. PhelanChief Financial Officer Sold plan 2,186 $135.15 $0.3M Form 4
Jul 13, 2026 Stephen W. BeardChairman & CEO Sold plan 5,291 $132.75 $0.7M Form 4
Jul 8, 2026 Douglas G. BeckSVP, GC, Corp. Sec & ISS Sold plan 2,439 $135.34 $0.3M Form 4
Jul 8, 2026 Robert J. PhelanChief Financial Officer Sold plan 2,414 $135.39 $0.3M Form 4
Jul 7, 2026 Douglas G. BeckSVP, GC, Corp. Sec & ISS Sold plan 2,650 $135.40 $0.4M Form 4
Jul 7, 2026 Robert J. PhelanChief Financial Officer Sold plan 2,900 $135.41 $0.4M Form 4
Jun 11, 2026 Stephen W. BeardChairman & CEO Sold plan 2,529 $130.78 $0.3M Form 4
Jun 10, 2026 Stephen W. BeardChairman & CEO Sold plan 2,762 $130.14 $0.4M Form 4
May 8, 2026 Stephen W. BeardChairman & CEO Sold plan 15,874 $131.25 $2.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 8 / 98 / 98 / 9
Accruals ratio −5.7%−3.7%−7.6%
Altman Z'' 4.435.055.22

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Covista CVSA $4.7B 9.3% 19.6% 20.1% 17.0% — 8
Laureate Education LAUR $5.5B 8.6% 25.3% 15.5% 28.6% 17.7x 8 Compare →
Stride LRN $3.6B 4.7% 17.9% 17.2% 31.3% 11.0x 6 Compare →
Strategic Education STRA $1.8B 4.0% 13.7% 12.1% 8.4% 13.6x 6 Compare →
Grand Canyon Education LOPE $4.3B 7.1% 24.0% 21.6% 45.3% 19.8x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $1.2B $960M $1.0B $866M $899M $1.4B $1.5B $1.6B $1.8B $2.0B
Gross profit $570M $499M $542M $409M $441M $722M $802M $886M $1.0B $1.1B
Operating income — — $156M $110M $110M $76.7M $168M $217M $342M $383M
Interest expense $9.1M $11.6M $19.9M $19.5M $41.4M $129M $63.1M $63.7M $52.3M $45.4M
Pretax income $131M $199M $170M $205M $75.8M −$51.5M $112M $164M $299M $345M
Income tax $9.6M $88.1M $32.9M −$14.9M $12.3M −$15.5M $10.3M $26.2M $65.8M $77.7M
Net income $122M $33.8M $95.2M −$85.3M $70.0M $311M $93.4M $137M $237M $252M
Diluted EPS $1.91 $0.54 $1.60 −$1.58 $1.36 $6.43 $2.05 $3.39 $6.18 $7.04
Diluted shares 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B 0.05B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $231M $239M $205M $108M $192M $10.6M $192M $296M $338M $470M
Capital expenditure $42.5M $46.6M $57.6M $39.6M $39.9M $31.1M $26.0M $48.9M $50.3M $77.7M
Free cash flow $188M $193M $147M $68.1M $152M −$20.5M $166M $247M $288M $393M
Depreciation and amortization $57.0M $39.5M $40.7M $32.3M $33.9M $142M $103M $75.3M $51.9M $55.1M
Stock-based compensation $16.6M $14.5M $13.2M $13.9M $12.8M $22.6M $14.3M $25.9M $41.6M $41.2M
Acquisitions $331M $3.1M $118M $0.0M $0.0M $1.5B $0.0M $0.0M $0.0M $0.0M
Share buybacks $48.5M $137M $253M $137M $100M $120M $123M $262M $213M $240M
Dividends paid $11.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $59.9M $137M $253M $137M $100M $120M $123M $262M $213M $240M
Balance sheet
Cash and short-term investments $244M $435M $213M $510M $476M $347M $272M $219M $200M $406M
Total debt $125M $293M $401M $289M $1.1B $839M $695M $649M $553M $663M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $471M $688M $505M $693M $1.5B $557M $480M $418M $416M $652M
Current liabilities $377M $366M $312M $346M $409M $424M $431M $488M $508M $597M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $489M $389M $283M $286M $284M $290M $245M $249M $256M $303M
Total assets $2.3B $2.3B $2.2B $2.3B $3.1B $3.0B $2.8B $2.7B $2.8B $3.0B
Total liabilities $640M $817M $842M $915M $1.8B $1.5B $1.4B $1.4B $1.3B $1.6B
Shareholders' equity $1.7B $1.5B $1.4B $1.3B $1.3B $1.5B $1.5B $1.4B $1.4B $1.4B
Margins
Gross margin 47.2% 51.9% 53.5% 47.2% 49.1% 52.3% 55.3% 55.9% 56.9% 57.3%
Operating margin — — 15.4% 12.7% 12.3% 5.6% 11.6% 13.7% 19.1% 19.6%
EBITDA margin 16.3% 26.0% 19.4% 16.4% 16.1% 15.8% 18.7% 18.5% 22.0% 22.4%
Net margin 10.1% 3.5% 9.4% −9.9% 7.8% 22.5% 6.4% 8.6% 13.3% 12.9%
FCF margin 15.6% 20.1% 14.5% 7.9% 16.9% −1.5% 11.4% 15.6% 16.1% 20.1%
Returns
Return on capital — 8.0% 8.5% 8.3% 6.2% 3.1% 7.9% 9.9% 14.9% 17.0%
Return on capital employed 7.7% 10.7% 8.0% 5.7% 4.8% 2.9% 6.8% 9.4% 15.2% 16.5%
Return on equity 7.5% 2.1% 6.5% −6.3% 5.4% 22.3% 6.3% 9.7% 16.9% 17.5%
Return on assets 5.5% 1.5% 4.2% −3.8% 2.6% 10.2% 3.2% 4.9% 8.6% 8.7%
Growth
Revenue growth 11.8% −20.5% 5.6% −14.5% 3.8% 53.7% 5.0% 9.2% 12.9% 9.3%
Net income growth — −72.4% 181.8% −189.7% — 344.1% −70.0% 46.5% 73.3% 6.1%
EPS growth — −71.7% 196.3% −198.8% — 372.8% −68.1% 65.4% 82.3% 13.9%
FCF growth 4.7% 2.2% −23.5% −53.8% 123.7% −113.4% — 48.8% 16.5% 36.6%
Share count change −0.6% −2.7% −4.7% −8.8% −4.5% −6.3% −5.8% −11.6% −4.9% −6.8%
Financial health
Net debt / EBITDA −0.6x −0.6x 1.0x −1.6x 4.1x 2.3x 1.6x 1.5x 0.9x 0.6x
Debt / equity 0.1x 0.2x 0.3x 0.2x 0.8x 0.6x 0.5x 0.5x 0.4x 0.5x
Interest coverage 15.4x 18.2x 7.8x 5.6x 2.7x 0.6x 2.7x 3.4x 6.5x 8.4x
Current ratio 1.3x 1.9x 1.6x 2.0x 3.7x 1.3x 1.1x 0.9x 0.8x 1.1x
Quick ratio 1.3x 1.9x 1.6x 2.0x 3.7x 1.3x 1.1x 0.9x 0.8x 1.1x
Capital allocation
Capex / revenue 3.5% 4.9% 5.7% 4.6% 4.4% 2.3% 1.8% 3.1% 2.8% 4.0%
Stock comp / revenue 1.4% 1.5% 1.3% 1.6% 1.4% 1.6% 1.0% 1.6% 2.3% 2.1%
Payouts / FCF 31.8% 71.2% 171.7% 201.1% 65.7% — 74.2% 106.1% 74.1% 61.1%
Quality scores
Piotroski F-score — 6.0 7.0 5.0 8.0 7.0 7.0 8.0 8.0 8.0
Altman Z'' 6.1 6.1 5.7 5.6 5.5 4.0 4.4 4.4 5.1 5.2
Accruals ratio −4.9% −8.8% −4.8% −8.6% −4.6% 9.8% −3.4% −5.7% −3.7% −7.6%

Source: SEC EDGAR XBRL filings (CIK 0000730464). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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