Covista Inc.

Covista Inc.

Overview

Covista Inc. (formerly Adtalem Global Education Inc.) is a diversified healthcare education group operating in the U.S. and internationally. The company educates students across nursing, medicine, veterinary medicine, social and behavioral sciences, and related fields through a mix of on-campus and online programs.

Strategy

Covista’s strategy, called "Purpose at Scale," focuses on expanding access to healthcare education to address the U.S. healthcare workforce shortage. The strategy centers on four principles: operational excellence, platform extension, employer integration, and a focus on technology.

Segments and primary institutions

Chamberlain (Nursing and Health Professions)

• 24 campuses in 16 states plus one online BSN option; some campuses operate in Covista-owned locations; seven additional facilities under development.
• 1.366 million square feet across Chamberlain campuses.
• Programs:
  • Pre-licensure BSN (three-year, onsite/online)
  • RN-to-BSN completion (online)
  • Online MSN with NP tracks and other specialties
  • Online Doctor of Nursing Practice (DNP)
  • MPH, MSW, MPAS programs (online or onsite as applicable)
• Emphasizes clinical placements across multiple sites and maintains accreditations including CCNE, NLN CNEA, CEPH, CSWE, and provisional ARC-PA status for MPAS programs.

Walden (Online Higher Education)

• Primarily online delivery tailored to working professionals.
• Offers bachelor’s, master’s, and doctoral degrees, plus certificates.
• More than 50 degree/certificate programs and 25+ programs/specializations delivered via direct assessment, Tempo Learning®, and traditional modalities.
• Organized into divisions including the Division of Health Care Access and Quality and the Division of Social Support for Healthy Communities.
• Some programs include in-person clinical components.

Medical and Veterinary Schools

• AUC (American University of the Caribbean School of Medicine)
  • MD programs with a campus in St. Maarten and a satellite in Preston, UK.
  • Offers MedOrigin and MERP pathways; emphasizes USMLE readiness and clinical rotations in the U.S., Canada, and the U.K.
  • Residency placement: 95% first-time residency attainment in 2025; 98% in 2026 for first-time eligible graduates.
• RUSM (Ross University School of Medicine)
  • MD programs with a campus in Barbados.
  • Offers MedOrigin/MERP pathways and U.S.-affiliated clinical rotations.
  • Residency placement: 96% for first-time eligible graduates in both 2025 and 2026.
• RUSVM (Ross University School of Veterinary Medicine)
  • DVM and graduate programs on a 50-acre owned campus in St. Kitts with 253,000 square feet of educational and related facilities.
  • Clinical rotations at AVMA-accredited sites and support for postgraduate studies (MS/PhD).

Cross-institutional features

• AUC, RUSM, and RUSVM use U.S. and U.K. clinical affiliations and pathway programs designed to prepare students for licensing exams and residency placement.
• MedOrigin and MERP provide preparatory pathways that guarantee admission to AUC or RUSM upon completion.

Customers and scale

• Serves approximately 100,000 students.
• Alumni network of about 400,000.
• Campus and online presence across multiple U.S. states and international locations including the Caribbean and the U.K.

Employees and people

• Total employees (as of June 30, 2026): 10,680
  • Chamberlain: 4,418
  • Walden: 4,059
  • Medical and Veterinary: 952
  • Home Office: 1,251
• Focus areas include talent strategy, performance culture, leadership development, and total rewards such as tuition assistance.

Campus and facilities footprint (highlights)

• Leased: 2,075,000 square feet with lease terms up to 17 years.
• Owned: five facilities totaling 775,000 square feet, none mortgaged.
• Chamberlain: 24 campuses (16 states) plus seven under development; 1.366 million square feet.
• Walden: online operations with 27,000 square feet of leased office space in Minneapolis, MN.
• AUC: St. Maarten campus on nine acres with 240,000 square feet of facilities and a satellite campus in Preston, UK.
• RUSM: Barbados campus with 494,000 square feet of leased facilities and substantial student housing.
• RUSVM: 50-acre campus in St. Kitts with 253,000 square feet of facilities (owned).
• Home Office: Chicago headquarters (84,000 square feet) plus additional leased spaces in Lisle, IL; Columbia, MD; and Washington, D.C.

Financial and regulatory context

• Title IV reliance: Title IV programs represent a substantial portion of revenues for Covista’s institutions, about 78% of consolidated Title IV institution revenues.
• 90/10 rule: Reported 2025 consolidated 90/10 rate at 78% (Chamberlain 70%; Walden 82%; AUC 86%; RUSM 86%; RUSVM 77%).
• Do No Harm, Gainful Employment, and related rules: The company discusses impacts from Do No Harm provisions and GE reporting requirements; the Do No Harm framework is expected to tighten program-level earnings accountability for Title IV eligibility around 2027.
• Cohort Default Rates (CDR): Reported low CDRs (0.0% for 2020–2022 cohorts across the listed institutions per ED data).
• Intangible assets and goodwill: As of June 30, 2026, intangible assets from business combinations were $754.3 million and goodwill was $961.3 million, totaling $1,715.6 million, about 57% of total assets.
• Growth and risk: The company pursues growth through acquisitions, international expansion, and investments in technology and employer integration, while facing regulatory, legal, and market risks related to Title IV programs, accreditation, and international operations.

Availability of information

Covista provides information on its website and in SEC filings. The material summarized here reflects the business overview and structure described in the company’s Form 10-K.

Summary

Covista is a multi-institution healthcare education group combining Chamberlain (nursing and health professions), Walden (online higher education), and medical and veterinary schools (AUC, RUSM, RUSVM). The company serves roughly 100,000 students, maintains a global alumni network, and employs about 10,680 people as of mid-2026.