CVSACovista Inc.
Services-Educational Services
- Revenue
- $2.0B
- 9.3% YoY
- Operating margin
- 19.6%
- 2.7% YoY
- EBITDA
- $427M
- 12% YoY
- Market cap
- $4.2B
- Employees
- —
- Net debt / EBITDA
- 0.7×
- $278M net debt
- AI in 10-K
- 2.5
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo187% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo51% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo33% of assetsOver 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.5 per 10K words · 62nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $1.6B | $1.8B | $2.0B | 9.3% |
| Operating income | $77M | $168M | $217M | $342M | $383M | 12% |
| Net income | $311M | $93M | $137M | $237M | $252M | 6.1% |
| Operating cash flow | $11M | $192M | $296M | $338M | $470M | 39% |
| Capex | $31M | $26M | $49M | $50M | $78M | 54% |
| Stock-based comp | $23M | $14M | $26M | $42M | $41M | 0.9% |
| Buybacks | $120M | $123M | $262M | $213M | $240M | 13% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 7, 2020 | International Value Advisers, LLC | SC 13D/A | 4.8% | Passive |
| Jun 5, 2020 | International Value Advisers, LLC | SC 13D/A | 6.0% | Passive |
| May 20, 2020 | International Value Advisers, LLC | SC 13D/A | 6.7% | Passive |
| Mar 20, 2020 | International Value Advisers, LLC | SC 13D/A | 7.4% | Passive |
| Mar 6, 2020 | International Value Advisers, LLC | SC 13D/A | 6.1% | Passive |
| Feb 21, 2020 | International Value Advisers, LLC | SC 13D | 5.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $4M · 6
- Open-market sells, 12 mo
- $10M · 17
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 350 | 226 |
| FY2025 | — | — | 357 | 205 |
| FY2024 | — | — | 191 | 157 |
| FY2023 | — | — | 96 | 111 |
| FY2022 | — | — | 101 | 105 |