Covista Inc., the corporate identity that until January 2026 still carried the Adtalem Global Education name, closed the most recent fiscal year having finished a deliberate three-year transformation that positioned the company as the largest dedicated healthcare educator in the United States. The investment story now rests on a small set of compounding drivers rather than a fragile recovery. The company posted revenue of $1,954.1M for the period, with adjusted earnings per share of $8.25 representing high-teens comparable growth. That delivery followed twelve consecutive quarters of total enrollment growth across the institutional portfolio, with every school carrying some form of federal Title IV provisional certification while the Department of Education continued recertification reviews. The thesis for the equity rests on three reinforcing mechanisms: a structural U.S. nursing shortage that anchors Chamberlain demand, an online graduate platform at Walden that keeps posting double-digit enrollment gains, and a Caribbean medical and veterinary complex whose principal risk vectors sit outside enrollment. Each driver compounds rather than competes with the others, and the underlying enrollment machine has now run for twelve straight quarters without interruption.
The fiscal fourth quarter, disclosed in early August, removed the question that had hung over the year: whether Chamberlain could return to growth after several years of declining enrollment. The flagship nursing school posted its sixteenth straight quarter of pre-licensure BSN total enrollment growth, while total enrollment across the company reached 99,472, up 8.4% year-over-year. Walden recorded its twelfth consecutive quarter of total enrollment gains, with that quarter up 14.0% year-over-year and producing the highest total enrollment in the university's history. Medical and Veterinary added 7.3% enrollment growth for the quarter. The result was fiscal year revenue acceleration in the back half of the period. The company exited the year at a run rate that supports its own guidance for the next fiscal year, with adjusted earnings per share framed in a range that the market has begun to anchor against. The valuation recalibration has begun in earnest since the August print.
The balance sheet carries the imprint of that progress. Management completed the refinancing of the company's debt, replacing the legacy senior notes and term loan with a single term loan maturing in 2033 and a revolving facility that now runs through August 2030. The capital structure that emerged supports the sixteenth share repurchase program, a substantial authorization announced in late 2025, of which most remained available at the end of the third fiscal quarter. Net leverage ended the year at 0.5x. The credit and equity markets have moved from pricing the company for regulatory distress toward pricing it for sustained mid-single-digit revenue growth and high-teens adjusted earnings per share expansion. That move frames the next twelve months of equity narrative.