Covista, formerly Adtalem Global Education, is scaling on the strength of healthcare labor shortages. FY2025 revenue reached $1.7883 billion, up 12.9%, adjusted EBITDA margin hit 25.7%, and Chamberlain and the company's medical and veterinary programs posted a combined 97% first-time residency attainment rate for 2025 to 2026 graduates. FY2027 guidance calls for continued growth toward a longer-term target of more than $2.35 billion in revenue and 120,000 students by FY2029.
One thing worth flagging: the proof base is stronger financially than educationally. Former employees cited in this Dossier's research raised concerns about enrollment targets outpacing admissions discipline, student support capacity, and faculty capacity in high-demand healthcare programs, alongside rising customer acquisition cost. Whether growth this fast can hold student outcomes and regulatory standing steady is the open question behind the headline numbers. This Dossier lays out what would resolve each question, and why neither is settled by the public record alone.
Sources and Methods
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