Covista Business Summary

Covista Inc. (NYSE: CVSA), formerly Adtalem Global Education, operates a leading healthcare-focused educational platform generating revenue primarily through tuition and student fees across three core segments: Chamberlain, Walden, and Medical and Veterinary. The Chamberlain segment specializes in nursing and health professions, while Walden provides online degrees in behavioral sciences and human services; the Medical and Veterinary segment includes the American University of the Caribbean School of Medicine and Ross University. As of early 2026, Covista has pivoted its model to serve as essential infrastructure for the U.S. healthcare workforce pipeline, graduating approximately 10% of all U.S. nurses and more MDs than any other domestic institution. It competes directly with Strategic Education, Inc. (STRA), Perdoceo Education (PRDO), and Laureate Education (LAUR), positioning itself as the high-scale, specialized alternative to diversified for-profit educators by focusing exclusively on clinical and healthcare-adjacent workforce shortages. The leadership team is headed by Chairman and CEO Stephen W. Beard, who joined in 2018 and orchestrated the company’s strategic divestiture of financial services to focus on healthcare; his background includes executive roles at Heidrick & Struggles and legal practice at Schiff Hardin. Key executives include CFO Robert J. Phelan, a 35-year finance veteran, and Michael Betz, who serves as Chief Digital Officer and President of Walden University, overseeing AI-enabled digital transformation. The board is anchored by Lead Independent Director Michael W. Malafronte, a founding partner of International Value Advisers, and includes former CEO Lisa Warner Wardell. Major institutional backing is provided by The Vanguard Group, State Street Global Advisors, and T. Rowe Price, reflecting a stable investor base aligned with the company’s "Purpose at Scale" long-term growth strategy.