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Adtalem Global Education (ATGE) Financials

Adtalem Global Education logo
$125.94 +1.44 (+1.15%)
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Annual Income Statements for Adtalem Global Education

Annual Income Statements for Adtalem Global Education

This table shows Adtalem Global Education's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
Net Income / (Loss) Attributable to Common Shareholders		 140 -3.17 122 34 95 -85 70 311 93 137
Consolidated Net Income / (Loss)		 141 -2.76 123 34 96 -86 70 311 93 137
Net Income / (Loss) Continuing Operations		 135 125 121 68 107 220 63 -36 102 138
Total Pre-Tax Income 		154 151 131 156 140 205 76 -51 112 164
Total Operating Income		 157 156 135 167 156 110 110 77 168 217
Total Gross Profit		 910 511 570 499 542 409 441 722 802 886
Total Revenue		 1,910 1,080 1,208 960 1,014 866 899 1,382 1,451 1,585
Operating Revenue		 1,756 1,080 1,208 960 1,014 866 899 1,382 1,451 1,585
Total Cost of Revenue		 1,000 569 638 462 472 457 458 660 648 699
Operating Cost of Revenue		 1,000 569 638 462 472 457 458 660 648 699
Total Operating Expenses		 753 355 434 332 386 299 331 645 634 669
Selling, General & Admin Expense		 708 353 369 328 359 280 292 566 586 633
Restructuring Charge		 43 2.39 13 3.85 53 24 38 79 61 36
Other Special Charges / (Income)		 0.00 - - 0.00 0.00 -4.78 0.00 0.00 -13 0.00
Total Other Income / (Expense), net		 -3.25 -5.27 -4.24 -11 -16 95 -35 -128 -56 -53
Interest Expense		 5.31 5.93 9.14 12 20 20 41 129 63 64
Other Income / (Expense), net		 - - - 0.00 -0.15 111 6.73 1.11 6.97 11
Income Tax Expense		 19 25 9.59 88 33 -15 12 -16 10 26
Net Income / (Loss) Discontinued Operations		 5.58 -128 2.31 -34 -11 -306 6.15 347 -8.39 -0.94
Basic Earnings per Share		 $2.17 ($0.05) $1.93 $0.55 $1.63 ($1.59) $1.36 $6.43 $2.08 $3.47
Weighted Average Basic Shares Outstanding		 64.55M 64.04M 63.50M 61.46M 58.54M 53.66M 51.32M 48.39M 44.78M 39.41M
Diluted Earnings per Share		 $2.14 ($0.05) $1.91 $0.54 $1.60 ($1.58) $1.36 $6.43 $2.05 $3.39
Weighted Average Diluted Shares Outstanding		 64.55M 64.04M 63.50M 62.28M 59.33M 54.09M 51.65M 48.39M 45.60M 40.31M
Weighted Average Basic & Diluted Shares Outstanding		 64.55M 64.04M 63.50M 61.46M 54.92M 51.88M 49.62M 45.20M 41.54M 37.69M

Quarterly Income Statements for Adtalem Global Education

This table shows Adtalem Global Education's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.59 25 46 22 11 40 37 49 46 76 61
Consolidated Net Income / (Loss)		 0.59 25 46 22 11 40 37 49 46 76 61
Net Income / (Loss) Continuing Operations		 5.51 24 49 24 12 38 37 51 46 71 61
Total Pre-Tax Income 		6.64 29 49 28 15 45 48 56 58 92 79
Total Operating Income		 24 46 59 40 28 59 62 69 70 104 91
Total Gross Profit		 195 204 203 201 200 221 237 227 231 261 266
Total Revenue		 354 363 369 365 369 393 413 410 417 448 466
Operating Revenue		 354 363 369 365 369 393 413 410 417 448 466
Total Cost of Revenue		 160 159 166 164 169 172 175 183 186 187 200
Operating Cost of Revenue		 160 159 166 164 169 172 175 183 186 187 200
Total Operating Expenses		 171 158 144 161 172 163 176 159 161 157 176
Selling, General & Admin Expense		 146 142 145 153 166 156 157 155 159 157 175
Restructuring Charge		 25 16 13 8.07 5.94 6.98 19 4.25 2.09 0.32 0.51
Total Other Income / (Expense), net		 -17 -17 -10 -12 -13 -13 -14 -13 -12 -12 -11
Interest Expense		 18 16 14 15 16 17 17 15 14 14 13
Other Income / (Expense), net		 0.76 -1.44 3.98 3.66 2.21 3.56 2.87 1.89 2.65 2.24 1.90
Income Tax Expense		 1.12 4.40 0.39 4.38 2.79 7.77 11 5.07 12 21 19
Net Income / (Loss) Discontinued Operations		 -4.92 0.53 -2.69 -1.31 -1.31 2.18 -0.62 -1.18 -0.08 4.68 0.04
Basic Earnings per Share		 $0.01 $0.54 $1.02 $0.51 $0.26 $1.00 $0.95 $1.26 $1.22 $2.03 $1.64
Weighted Average Basic Shares Outstanding		 45.27M 45.43M 45.13M 44.78M 41.40M 39.87M 38.71M 39.41M 37.72M 37.44M 37.14M
Diluted Earnings per Share		 $0.01 $0.53 $1.00 $0.51 $0.25 $0.98 $0.93 $1.23 $1.18 $1.98 $1.59
Weighted Average Diluted Shares Outstanding		 46.34M 46.12M 45.80M 45.60M 42.18M 40.79M 39.64M 40.31M 39.11M 38.40M 38.23M
Weighted Average Basic & Diluted Shares Outstanding		 45.40M 45.45M 43.61M 41.54M 39.83M 39.19M 37.61M 37.69M 37.49M 37.26M 35.93M

Annual Cash Flow Statements for Adtalem Global Education

This table details how cash moves in and out of Adtalem Global Education's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
Net Change in Cash & Equivalents		 -2.77 -48 -64 205 -147 201 812 -966 -73 -54
Net Cash From Operating Activities		 206 231 231 239 205 108 192 11 192 296
Net Cash From Continuing Operating Activities		 206 162 202 174 185 110 169 164 195 288
Net Income / (Loss) Continuing Operations		 135 125 121 68 107 220 63 -36 102 138
Consolidated Net Income / (Loss)		 141 -2.76 123 34 96 -86 70 311 93 137
Net Income / (Loss) Discontinued Operations		 5.58 -128 2.31 -34 -11 -306 6.15 347 -8.39 -0.94
Depreciation Expense		 85 43 46 33 34 37 34 48 45 40
Amortization Expense		 5.55 5.90 12 8.77 8.51 54 53 185 119 74
Non-Cash Adjustments To Reconcile Net Income		 116 53 46 53 50 -87 23 51 38 78
Changes in Operating Assets and Liabilities, net		 -136 -66 -23 11 -14 -114 -4.88 -84 -109 -42
Net Cash From Discontinued Operating Activities		 -0.16 70 29 65 19 -1.95 23 -153 -2.78 7.41
Net Cash From Investing Activities		 -156 -215 -380 -71 -214 383 -57 -552 24 -48
Net Cash From Continuing Investing Activities		 -156 -229 -373 -55 -155 77 -48 -1,509 27 -48
Purchase of Property, Plant & Equipment		 -89 -51 -43 -52 -58 -40 -40 -31 -26 -49
Acquisitions		 -73 -177 -331 -3.07 -118 -8.44 0.00 -1,491 0.00 0.00
Purchase of Investments		 -0.16 -0.11 -0.09 -0.16 -6.32 -3.02 -11 -3.62 -1.51 -0.69
Divestitures		 - - 0.00 0.00 0.00 314 - 961 0.00 0.00
Sale and/or Maturity of Investments		 - - 0.00 0.00 1.84 114 2.72 13 54 1.73
Other Investing Activities, net		 - - -6.49 -17 26 0.09 0.00 0.00 -3.17 0.00
Net Cash From Financing Activities		 -49 -69 86 37 -138 -256 676 -424 -289 -302
Net Cash From Continuing Financing Activities		 -49 -69 86 49 -135 -253 676 -424 -289 -302
Repayment of Debt		 -9.50 -12 -407 -413 -28 -333 -21 -1,129 -151 -52
Repurchase of Common Equity		 -26 -33 -49 -137 -253 -137 -100 -120 -123 -262
Payment of Dividends		 -23 -23 -11 0.00 0.00 -6.25 0.00 -1.79 0.00 0.00
Issuance of Debt		 0.00 0.00 527 578 135 225 800 850 0.00 1.90
Issuance of Common Equity		 1.20 1.15 0.87 0.90 0.42 0.02 0.26 0.54 0.61 0.81
Other Financing Activities, net		 8.83 -3.14 25 20 10 -1.72 -2.75 -24 -15 9.36
Cash Interest Paid		 1.80 3.51 7.33 12 20 20 14 107 53 58
Cash Income Taxes Paid		 24 1.42 15 8.37 3.23 12 26 94 12 31

Quarterly Cash Flow Statements for Adtalem Global Education

This table details how cash moves in and out of Adtalem Global Education's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 -18 -120 107 -42 -11 -78 1.25 34 46 -71 26
Net Cash From Operating Activities		 91 -50 108 42 95 -13 163 41 89 -19 208
Net Cash From Continuing Operating Activities		 91 -49 108 45 86 -14 164 42 90 -24 208
Net Income / (Loss) Continuing Operations		 5.51 24 49 24 12 38 37 51 46 71 61
Consolidated Net Income / (Loss)		 0.59 25 46 22 11 40 37 49 46 76 61
Net Income / (Loss) Discontinued Operations		 -4.92 0.53 -2.69 -1.31 -1.31 2.18 -0.62 -1.18 -0.08 4.68 0.04
Depreciation Expense		 14 11 11 9.76 9.34 10 11 7.99 9.80 10 10
Amortization Expense		 42 28 25 24 21 19 18 16 11 11 17
Non-Cash Adjustments To Reconcile Net Income		 13 14 -2.23 13 18 18 18 24 23 27 31
Changes in Operating Assets and Liabilities, net		 16 -126 26 -25 26 -99 79 -57 -0.01 -143 89
Net Cash From Discontinued Operating Activities		 -0.13 -0.73 0.46 -2.37 8.96 0.56 -1.12 -0.99 -0.25 4.59 0.05
Net Cash From Investing Activities		 -6.31 -6.61 44 -6.96 -10 -9.15 -22 4.04 -9.54 -11 -10
Net Cash From Continuing Investing Activities		 -5.50 -4.25 44 -6.96 -10 -9.15 -22 4.04 -9.54 -11 -10
Purchase of Property, Plant & Equipment		 -5.55 -4.20 -9.31 -6.96 -10 -9.18 -22 3.12 -10 -11 -10
Purchase of Investments		 -0.31 -0.95 -0.25 - -0.30 -0.20 - -0.19 -1.31 -0.24 -0.50
Sale and/or Maturity of Investments		 0.36 0.90 53 - 0.40 0.23 - 1.11 2.19 0.24 0.69
Net Cash From Financing Activities		 -103 -63 -44 -78 -95 -56 -140 -11 -34 -42 -172
Net Cash From Continuing Financing Activities		 -103 -63 -44 -78 -95 -56 -140 -11 -34 -42 -172
Repayment of Debt		 -101 -50 - - 0.00 - -52 - -9.87 - -100
Repurchase of Common Equity		 0.00 - -45 -78 -90 -70 -90 -12 -33 -41 -72
Issuance of Common Equity		 0.13 0.16 0.16 0.16 0.19 0.17 0.22 0.23 0.30 0.27 0.36
Other Financing Activities, net		 -2.25 -14 0.09 0.63 -5.10 14 0.00 0.55 -1.22 -1.15 -0.08

Annual Balance Sheets for Adtalem Global Education

This table presents Adtalem Global Education's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
Total Assets		 2,040 2,097 2,315 2,345 2,243 2,229 3,085 3,030 2,811 2,741
Total Current Assets		 560 518 471 688 505 693 1,515 557 480 418
Cash & Equivalents		 353 308 240 431 204 501 476 347 272 219
Note & Lease Receivable		 - - - - - 87 43 82 103 127
Prepaid Expenses		 53 37 37 59 29 105 128 128 102 70
Plant, Property, & Equipment, net		 546 522 489 389 283 286 284 290 245 249
Total Noncurrent Assets		 934 1,057 1,355 1,268 1,455 1,250 1,286 2,183 2,086 2,067
Goodwill		 552 588 829 814 687 686 310 961 961 961
Intangible Assets		 324 343 392 363 298 288 138 874 812 777
Noncurrent Deferred & Refundable Income Taxes		 7.10 53 35 39 13 22 53 51 57 49
Other Noncurrent Operating Assets		 51 74 37 39 52 254 253 297 255 280
Total Liabilities & Shareholders' Equity		 2,040 2,097 2,315 2,345 2,243 2,229 3,085 3,030 2,811 2,741
Total Liabilities		 445 510 640 817 842 915 1,782 1,539 1,353 1,372
Total Current Liabilities		 322 362 377 366 312 346 409 424 431 488
Accounts Payable		 63 65 43 47 53 46 42 57 82 103
Accrued Expenses		 85 103 90 81 77 104 126 98 106 97
Current Deferred Revenue		 90 100 104 107 96 92 69 150 154 185
Current Employee Benefit Liabilities		 83 93 77 71 47 49 54 68 52 71
Other Current Liabilities		 - - - - 0.00 52 54 51 38 31
Total Noncurrent Liabilities		 123 148 262 451 530 569 1,373 1,115 922 885
Long-Term Debt		 - 0.00 125 290 398 286 1,068 839 695 649
Noncurrent Deferred & Payable Income Tax Liabilities		 22 30 35 29 25 25 26 26 26 30
Other Noncurrent Operating Liabilities		 - - 102 131 84 258 79 251 201 206
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,594 1,587 1,675 1,528 1,401 1,313 1,303 1,491 1,457 1,369
Total Preferred & Common Equity		 1,585 1,582 1,669 1,519 1,392 1,310 1,301 1,491 1,457 1,369
Total Common Equity		 1,585 1,582 1,669 1,519 1,392 1,310 1,301 1,491 1,457 1,369
Common Stock		 351 373 417 455 487 505 521 523 570 613
Retained Earnings		 1,796 1,771 1,881 1,917 2,013 1,928 2,005 2,310 2,404 2,541
Treasury Stock		 -485 -519 -570 -711 -971 -1,113 -1,217 -1,339 -1,514 -1,782
Accumulated Other Comprehensive Income / (Loss)		 -77 -42 -59 -142 -137 -9.06 -7.37 -2.23 -2.23 -2.23

Quarterly Balance Sheets for Adtalem Global Education

This table presents Adtalem Global Education's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2022 9/30/2022 12/31/2022 3/31/2023 9/30/2023 12/31/2023 3/31/2024 9/30/2024 12/31/2024 3/31/2025
Total Assets		 3,520 2,996 2,843 2,867 2,794 2,701 2,715 2,818 2,723 2,790
Total Current Assets		 1,012 570 423 533 473 378 388 517 407 450
Cash & Equivalents		 789 328 208 315 262 183 180 265 194 219
Note & Lease Receivable		 96 112 100 113 148 134 141 172 147 163
Prepaid Expenses		 125 128 114 103 61 58 59 79 65 66
Plant, Property, & Equipment, net		 295 282 276 253 265 260 273 245 246 251
Total Noncurrent Assets		 2,213 2,145 2,144 2,081 2,056 2,062 2,055 2,048 2,062 2,081
Goodwill		 961 961 961 961 961 961 961 961 961 961
Intangible Assets		 897 855 839 825 802 792 784 774 771 768
Noncurrent Deferred & Refundable Income Taxes		 48 49 52 54 55 58 64 33 28 33
Other Noncurrent Operating Assets		 307 279 292 241 239 251 245 280 301 318
Total Liabilities & Shareholders' Equity		 3,520 2,996 2,843 2,867 2,794 2,701 2,715 2,818 2,723 2,790
Total Liabilities		 2,041 1,486 1,320 1,357 1,415 1,332 1,394 1,428 1,284 1,357
Total Current Liabilities		 526 491 371 438 496 399 509 551 385 541
Accounts Payable		 67 64 71 73 77 88 92 91 67 99
Accrued Expenses		 177 94 94 87 89 98 114 87 62 86
Current Deferred Revenue		 172 227 116 175 251 135 203 291 172 248
Current Employee Benefit Liabilities		 58 55 42 56 43 46 68 50 51 73
Other Current Liabilities		 51 50 48 46 36 32 32 32 33 35
Total Noncurrent Liabilities		 1,515 995 949 919 920 933 885 876 899 816
Long-Term Debt		 1,225 742 694 694 696 696 648 649 650 552
Noncurrent Deferred & Payable Income Tax Liabilities		 26 26 27 27 26 27 29 30 32 34
Other Noncurrent Operating Liabilities		 74 63 62 197 198 41 48 197 217 231
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,479 1,510 1,523 1,510 1,379 1,369 1,321 1,390 1,439 1,433
Total Preferred & Common Equity		 1,479 1,510 1,523 1,510 1,379 1,369 1,321 1,390 1,439 1,433
Total Common Equity		 1,479 1,510 1,523 1,510 1,379 1,369 1,321 1,390 1,439 1,433
Common Stock		 518 530 562 565 578 598 605 632 644 654
Retained Earnings		 2,304 2,325 2,349 2,382 2,414 2,454 2,491 2,587 2,663 2,723
Treasury Stock		 -1,340 -1,343 -1,386 -1,434 -1,611 -1,681 -1,772 -1,826 -1,865 -1,943
Accumulated Other Comprehensive Income / (Loss)		 -3.42 -2.23 -2.23 -2.23 -2.23 -2.23 -2.23 -2.23 -2.23 -2.23

Annual Metrics And Ratios for Adtalem Global Education

This table displays calculated financial ratios and metrics derived from Adtalem Global Education's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -0.70% -43.45% 11.84% -20.50% 5.58% -14.54% 3.79% 53.67% 4.99% 9.22%
EBITDA Growth		 -8.71% -17.04% -5.91% 8.16% -5.26% 57.61% -34.51% 52.01% 9.25% 0.69%
EBIT Growth		 -13.44% -0.52% -13.19% 23.37% -6.87% 41.83% -46.95% -33.53% 124.95% 29.95%
NOPAT Growth		 -9.98% -5.87% -3.30% -41.99% 63.56% -0.91% -21.71% -41.89% 184.30% 19.38%
Net Income Growth		 4.45% -101.96% 4,573.15% -72.18% 178.69% -189.74% 181.13% 346.87% -69.98% 46.51%
EPS Growth		 3.38% -102.34% 3,920.00% -71.73% 196.30% -198.75% 186.08% 372.79% -68.12% 65.37%
Operating Cash Flow Growth		 -22.62% 12.64% -0.24% 3.58% -14.35% -47.43% 78.47% -94.48% 1,710.34% 54.12%
Free Cash Flow Firm Growth		 -47.51% 9.94% -238.39% 268.75% 110.64% -81.25% 431.43% -368.96% 122.03% 5.08%
Invested Capital Growth		 4.90% 3.35% 19.58% -8.86% -22.95% 3.40% -31.10% 161.26% -5.30% -4.72%
Revenue Q/Q Growth		 -0.62% -41.46% 46.46% -4.24% 26.98% -17.99% 11.43% 16.03% 0.51% 2.94%
EBITDA Q/Q Growth		 -2.89% 52.06% -23.71% -17.23% 26.12% 22.87% 11.50% 27.76% -4.00% 5.50%
EBIT Q/Q Growth		 -5.45% 235.22% -38.12% -17.33% 23.68% 25.91% 28.35% 75.79% 3.18% 13.57%
NOPAT Q/Q Growth		 -4.50% 198.23% -33.83% 2.03% -18.67% -21.70% -13.38% 73.29% 24.90% 19.31%
Net Income Q/Q Growth		 -5.18% -107.43% 75.30% 132.11% -12.04% -138.96% 136.90% 0.44% 25.29% 24.79%
EPS Q/Q Growth		 -5.31% -108.93% 75.23% 217.65% -11.60% -139.30% 139.19% 2.23% 17.82% 26.97%
Operating Cash Flow Q/Q Growth		 -2.94% 7.26% 27.17% -2.13% 11.06% -40.78% 31.35% -89.39% 77.43% -0.65%
Free Cash Flow Firm Q/Q Growth		 4.63% 810.84% 21.91% 12.91% -30.44% 135.25% -36.97% 10.27% -23.71% 173.58%
Invested Capital Q/Q Growth		 5.90% 4.41% -2.89% -4.65% 9.94% -18.53% -1.26% -5.75% -0.55% -7.86%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 47.64% 47.32% 47.16% 51.94% 53.47% 47.24% 49.08% 52.25% 55.30% 55.92%
EBITDA Margin		 12.96% 19.01% 15.99% 21.76% 19.52% 36.01% 22.72% 22.48% 23.39% 21.56%
Operating Margin		 8.22% 14.45% 11.22% 17.41% 15.37% 12.70% 12.28% 5.55% 11.59% 13.70%
EBIT Margin		 8.22% 14.45% 11.22% 17.41% 15.36% 25.48% 13.03% 5.63% 12.07% 14.36%
Profit (Net Income) Margin		 7.37% -0.26% 10.21% 3.57% 9.43% -9.90% 7.74% 22.51% 6.43% 8.63%
Tax Burden Percent		 91.57% -1.83% 93.92% 21.96% 68.40% -41.85% 91.85% -603.94% 83.33% 83.43%
Interest Burden Percent		 97.93% 96.63% 96.87% 93.43% 89.77% 92.84% 64.68% -66.14% 63.97% 72.03%
Effective Tax Rate		 12.06% 16.79% 7.31% 56.41% 23.53% -7.29% 16.26% 0.00% 9.18% 16.00%
Return on Invested Capital (ROIC)		 11.51% 10.41% 9.02% 5.03% 9.74% 10.90% 9.94% 3.92% 7.91% 9.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.78% 49.06% 9.99% 30.33% 19.52% 85.30% 15.99% -964.82% -5.12% -0.90%
Return on Net Nonoperating Assets (RNNOA)		 -2.54% -10.58% -1.46% -2.89% -3.21% -17.22% -4.62% 18.34% -1.58% -0.27%
Return on Equity (ROE)		 8.98% -0.17% 7.56% 2.14% 6.53% -6.32% 5.32% 22.26% 6.33% 9.68%
Cash Return on Invested Capital (CROIC)		 6.73% 7.11% -8.82% 14.29% 35.66% 7.56% 46.77% -85.36% 13.36% 14.78%
Operating Return on Assets (OROA)		 7.77% 7.55% 6.14% 7.17% 6.79% 9.88% 4.41% 2.55% 6.00% 8.20%
Return on Assets (ROA)		 6.97% -0.13% 5.59% 1.47% 4.17% -3.84% 2.62% 10.17% 3.20% 4.93%
Return on Common Equity (ROCE)		 8.93% -0.17% 7.53% 2.13% 6.48% -6.29% 5.31% 22.25% 6.33% 9.68%
Return on Equity Simple (ROE_SIMPLE)		 8.88% -0.17% 7.39% 2.26% 6.87% -6.55% 5.35% 20.85% 6.41% 9.99%
Net Operating Profit after Tax (NOPAT)		 138 130 126 73 119 118 92 54 153 182
NOPAT Margin		 7.22% 12.03% 10.40% 7.59% 11.75% 13.63% 10.28% 3.89% 10.53% 11.51%
Net Nonoperating Expense Percent (NNEP)		 0.74% -38.65% -0.97% -25.30% -9.78% -74.40% -6.05% 968.74% 13.04% 10.85%
Cost of Revenue to Revenue		 52.36% 52.68% 52.84% 48.07% 46.53% 52.76% 50.92% 47.75% 44.70% 44.08%
SG&A Expenses to Revenue		 37.08% 32.65% 30.55% 34.13% 35.44% 32.35% 32.53% 41.00% 40.39% 39.94%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 39.42% 32.87% 35.94% 34.53% 38.10% 34.53% 36.80% 46.70% 43.71% 42.22%
Earnings before Interest and Taxes (EBIT)		 157 156 135 167 156 221 117 78 175 228
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 247 205 193 209 198 312 204 311 339 342
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.18 0.70 1.42 1.91 1.83 1.23 1.35 1.09 1.03 1.87
Price to Tangible Book Value (P/TBV)		 2.63 1.71 5.31 8.46 6.27 4.79 2.06 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.98 1.03 1.97 3.02 2.51 1.86 1.96 1.18 1.03 1.62
Price to Earnings (P/E)		 13.34 0.00 19.44 85.79 26.78 0.00 25.15 5.22 16.04 18.75
Dividend Yield		 1.23% 2.03% 0.95% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 7.50% 0.00% 5.15% 1.17% 3.73% 0.00% 3.98% 19.15% 6.23% 5.33%
Enterprise Value to Invested Capital (EV/IC)		 1.23 0.63 1.49 2.00 2.58 1.28 2.25 1.07 1.02 1.67
Enterprise Value to Revenue (EV/Rev)		 0.79 0.74 1.87 2.88 2.71 1.62 1.90 1.53 1.32 1.89
Enterprise Value to EBITDA (EV/EBITDA)		 6.09 3.89 11.71 13.23 13.87 4.50 8.35 6.81 5.66 8.76
Enterprise Value to EBIT (EV/EBIT)		 9.61 5.12 16.70 16.53 17.64 6.36 14.56 27.18 10.97 13.16
Enterprise Value to NOPAT (EV/NOPAT)		 10.93 6.15 18.01 37.93 23.04 11.89 18.45 39.38 12.57 16.42
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.34 3.45 9.80 11.56 13.40 13.04 8.87 199.58 10.01 10.12
Enterprise Value to Free Cash Flow (EV/FCFF)		 18.69 9.00 0.00 13.34 6.29 17.16 3.92 0.00 7.45 11.06
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.07 0.19 0.29 0.22 0.95 0.56 0.48 0.47
Long-Term Debt to Equity		 0.00 0.00 0.07 0.19 0.28 0.22 0.95 0.56 0.48 0.47
Financial Leverage		 -0.24 -0.22 -0.15 -0.10 -0.16 -0.20 -0.29 -0.02 0.31 0.30
Leverage Ratio		 1.29 1.30 1.35 1.45 1.57 1.65 2.03 2.19 1.98 1.96
Compound Leverage Factor		 1.26 1.26 1.31 1.36 1.41 1.53 1.31 -1.45 1.27 1.41
Debt to Total Capital		 0.00% 0.00% 6.94% 16.09% 22.26% 18.04% 48.72% 36.00% 32.29% 32.15%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.16% 0.17% 0.19% 0.12% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 6.94% 15.93% 22.09% 17.86% 48.60% 36.00% 32.29% 32.15%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.60% 0.32% 0.35% 0.50% 0.53% 0.18% 0.07% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 99.40% 99.68% 92.71% 83.41% 77.21% 81.78% 51.21% 64.00% 67.71% 67.85%
Debt to EBITDA		 0.00 0.00 0.65 1.40 2.03 0.93 6.06 2.70 2.05 1.90
Net Debt to EBITDA		 0.00 0.00 -0.63 -0.68 0.95 -0.68 -0.28 1.58 1.25 1.26
Long-Term Debt to EBITDA		 0.00 0.00 0.65 1.39 2.01 0.92 6.04 2.70 2.05 1.90
Debt to NOPAT		 0.00 0.00 1.00 4.02 3.37 2.45 13.39 15.62 4.55 3.56
Net Debt to NOPAT		 0.00 0.00 -0.96 -1.95 1.57 -1.80 -0.62 9.16 2.77 2.36
Long-Term Debt to NOPAT		 0.00 0.00 1.00 3.98 3.34 2.42 13.36 15.62 4.55 3.56
Altman Z-Score		 5.08 3.34 4.13 4.08 3.86 3.17 2.35 2.29 2.60 3.24
Noncontrolling Interest Sharing Ratio		 0.51% 0.46% 0.35% 0.48% 0.64% 0.46% 0.18% 0.06% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 1.74 1.43 1.25 1.88 1.62 2.00 3.71 1.32 1.11 0.86
Quick Ratio		 1.54 1.31 1.04 1.59 0.95 1.70 1.27 1.01 0.87 0.71
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 81 89 -123 207 436 82 435 -1,170 258 271
Operating Cash Flow to CapEx		 248.77% 449.87% 543.24% 463.35% 355.82% 324.53% 481.93% 34.14% 737.73% 604.94%
Free Cash Flow to Firm to Interest Expense		 15.19 14.95 -13.43 17.89 21.93 4.20 10.52 -9.04 4.08 4.25
Operating Cash Flow to Interest Expense		 38.68 39.01 25.25 20.65 10.30 5.52 4.65 0.08 3.04 4.65
Operating Cash Flow Less CapEx to Interest Expense		 23.13 30.34 20.61 16.20 7.40 3.82 3.68 -0.16 2.63 3.88
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.95 0.52 0.55 0.41 0.44 0.39 0.34 0.45 0.50 0.57
Accounts Receivable Turnover		 14.05 7.16 7.77 6.50 8.81 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 3.47 2.02 2.39 2.19 3.02 3.04 3.16 4.82 5.43 6.43
Accounts Payable Turnover		 17.34 8.91 11.84 10.19 9.36 9.16 10.30 13.25 9.33 7.57
Days Sales Outstanding (DSO)		 25.97 50.95 47.00 56.14 41.45 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 21.05 40.98 30.82 35.81 39.02 39.87 35.43 27.54 39.10 48.19
Cash Conversion Cycle (CCC)		 4.92 9.97 16.18 20.33 2.44 -39.87 -35.43 -27.54 -39.10 -48.19
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,227 1,268 1,517 1,382 1,065 1,101 759 1,982 1,877 1,789
Invested Capital Turnover		 1.59 0.87 0.87 0.66 0.83 0.80 0.97 1.01 0.75 0.86
Increase / (Decrease) in Invested Capital		 57 41 248 -134 -317 36 -343 1,224 -105 -89
Enterprise Value (EV)		 1,508 799 2,262 2,764 2,746 1,405 1,706 2,116 1,920 2,995
Market Capitalization		 1,866 1,113 2,377 2,897 2,549 1,614 1,761 1,624 1,498 2,565
Book Value per Share		 $24.87 $25.21 $26.65 $25.23 $24.59 $25.30 $26.32 $33.04 $33.42 $36.41
Tangible Book Value per Share		 $11.12 $10.38 $7.15 $5.69 $7.18 $6.50 $17.27 ($7.61) ($7.25) ($9.81)
Total Capital		 1,594 1,587 1,800 1,821 1,802 1,602 2,541 2,330 2,152 2,018
Total Debt		 0.00 0.00 125 293 401 289 1,238 839 695 649
Total Long-Term Debt		 0.00 0.00 125 290 398 286 1,235 839 695 649
Net Debt		 -367 -319 -121 -142 187 -212 -58 492 423 429
Capital Expenditures (CapEx)		 83 51 43 52 58 33 40 31 26 49
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -130 -163 -152 -110 -18 -151 -186 -214 -223 -289
Debt-free Net Working Capital (DFNWC)		 238 156 94 325 196 350 1,109 133 49 -70
Net Working Capital (NWC)		 238 156 94 322 193 347 1,106 133 49 -70
Net Nonoperating Expense (NNE)		 -2.72 133 2.31 39 24 204 23 -257 59 46
Net Nonoperating Obligations (NNO)		 -367 -319 -159 -146 -336 -212 -544 491 420 420
Total Depreciation and Amortization (D&A)		 91 49 58 42 42 91 87 233 164 114
Debt-free, Cash-free Net Working Capital to Revenue		 -6.79% -15.06% -12.57% -11.46% -1.76% -17.47% -20.71% -15.45% -15.38% -18.23%
Debt-free Net Working Capital to Revenue		 12.44% 14.47% 7.77% 33.87% 19.34% 40.37% 123.34% 9.66% 3.38% -4.39%
Net Working Capital to Revenue		 12.44% 14.47% 7.77% 33.55% 19.04% 40.02% 123.01% 9.66% 3.38% -4.39%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.17 ($0.05) $1.93 $0.55 $1.63 ($1.59) $1.50 $6.57 $2.08 $3.47
Adjusted Weighted Average Basic Shares Outstanding		 63.51M 62.35M 62.08M 59.93M 54.92M 53.66M 51.32M 48.39M 44.78M 39.41M
Adjusted Diluted Earnings per Share		 $2.14 ($0.05) $1.91 $0.54 $1.60 ($1.58) $1.49 $6.57 $2.05 $3.39
Adjusted Weighted Average Diluted Shares Outstanding		 63.51M 62.35M 62.08M 59.93M 54.92M 54.09M 51.65M 48.39M 45.60M 40.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 63.51M 62.35M 62.08M 59.93M 54.92M 51.88M 49.62M 45.20M 41.54M 37.69M
Normalized Net Operating Profit after Tax (NOPAT)		 177 132 138 120 160 90 125 109 196 213
Normalized NOPAT Margin		 9.28% 12.21% 11.39% 12.47% 15.76% 10.42% 13.86% 7.88% 13.54% 13.42%
Pre Tax Income Margin		 8.05% 13.96% 10.87% 16.26% 13.78% 23.66% 8.43% -3.73% 7.72% 10.35%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 29.53 26.30 14.82 14.43 7.82 11.32 2.83 0.60 2.78 3.58
NOPAT to Interest Expense		 25.97 21.89 13.74 6.29 5.99 6.05 2.24 0.42 2.42 2.86
EBIT Less CapEx to Interest Expense		 13.99 17.63 10.17 9.98 4.93 9.62 1.87 0.36 2.36 2.81
NOPAT Less CapEx to Interest Expense		 10.42 13.22 9.09 1.83 3.10 4.35 1.27 0.18 2.01 2.10
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 16.51% -833.71% 9.26% 0.00% 0.00% -7.28% 0.00% 0.58% 0.00% 0.00%
Augmented Payout Ratio		 34.93% -2,017.82% 48.61% 399.53% 264.54% -166.87% 143.69% 39.16% 131.89% 191.53%

Quarterly Metrics And Ratios for Adtalem Global Education

This table displays calculated financial ratios and metrics derived from Adtalem Global Education's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 22.55% -2.25% 1.32% 2.06% 4.11% 8.38% 11.81% 12.41% 13.16% 13.86% 12.94%
EBITDA Growth		 129.55% 0.37% 0.68% -18.48% -25.64% 10.73% -4.95% 23.15% 55.04% 39.52% 28.51%
EBIT Growth		 210.57% 72.34% 94.38% 5.09% 24.65% 40.95% 1.87% 62.92% 139.69% 70.66% 43.05%
NOPAT Growth		 227.15% 122.54% 155.62% 885.78% 16.40% 26.13% -18.40% 86.72% 143.32% 65.00% 44.16%
Net Income Growth		 101.02% 38.09% -86.81% 553.85% 1,698.31% 61.81% -19.73% 122.17% 333.64% 90.16% 65.21%
EPS Growth		 100.85% 47.22% -85.80% 155.00% 2,400.00% 84.91% -7.00% 141.18% 372.00% 102.04% 70.97%
Operating Cash Flow Growth		 123.54% -25.55% 112.76% 203.01% 4.08% 73.55% 50.57% -4.53% -6.06% -44.03% 35.32%
Free Cash Flow Firm Growth		 110.56% 109.10% 120.93% 111.27% 148.20% 34.86% -102.08% 8.98% -66.27% 40.17% 4,561.22%
Invested Capital Growth		 -4.62% -3.98% -10.25% -5.30% -13.26% -5.74% 2.85% -4.72% -2.51% -7.94% -9.56%
Revenue Q/Q Growth		 -0.85% 2.42% 1.72% -1.20% 1.15% 6.61% 4.94% -0.67% 1.83% 7.27% 4.09%
EBITDA Q/Q Growth		 -14.07% 1.59% 19.83% -22.07% -21.61% 51.27% 1.86% 0.97% -1.32% 36.13% -6.17%
EBIT Q/Q Growth		 -40.68% 80.82% 43.75% -31.84% -29.65% 104.47% 3.89% 9.01% 3.50% 45.58% -12.91%
NOPAT Q/Q Growth		 562.59% 96.21% 53.01% -43.42% -31.48% 112.62% -1.01% 29.46% -10.70% 44.18% -13.51%
Net Income Q/Q Growth		 -82.60% 4,064.36% 86.06% -51.51% -52.14% 274.70% -7.70% 34.21% -6.58% 64.32% -19.81%
EPS Q/Q Growth		 -95.00% 5,200.00% 88.68% -49.00% -50.98% 292.00% -5.10% 32.26% -4.07% 67.80% -19.70%
Operating Cash Flow Q/Q Growth		 321.42% -154.66% 316.30% -60.65% 123.72% -113.89% 2,390.11% -75.05% 120.15% -121.29% 1,193.17%
Free Cash Flow Firm Q/Q Growth		 109.83% 6.49% 113.65% -49.59% 116.42% -42.14% -103.30% 2,739.04% -33.02% 140.48% 4.95%
Invested Capital Q/Q Growth		 5.26% 4.14% -13.13% -0.55% -3.59% 13.17% -5.22% -7.86% -1.36% 6.86% -6.88%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 54.94% 56.09% 55.07% 55.10% 54.28% 56.24% 57.51% 55.47% 55.44% 58.32% 57.11%
EBITDA Margin		 22.91% 22.72% 26.77% 21.11% 16.36% 23.21% 22.75% 23.13% 22.41% 28.45% 25.64%
Operating Margin		 6.67% 12.55% 16.10% 10.85% 7.64% 14.90% 14.96% 16.72% 16.83% 23.20% 19.42%
EBIT Margin		 6.89% 12.16% 17.18% 11.85% 8.24% 15.81% 15.65% 17.18% 17.46% 23.70% 19.83%
Profit (Net Income) Margin		 0.17% 6.79% 12.43% 6.10% 2.89% 10.14% 8.92% 12.06% 11.06% 16.94% 13.05%
Tax Burden Percent		 8.92% 86.44% 93.70% 79.65% 72.17% 87.71% 76.65% 88.77% 79.05% 82.28% 76.68%
Interest Burden Percent		 27.20% 64.66% 77.20% 64.61% 48.51% 73.15% 74.36% 79.05% 80.13% 86.89% 85.85%
Effective Tax Rate		 16.91% 15.41% 0.79% 15.67% 18.93% 17.08% 22.06% 9.10% 20.82% 22.80% 23.37%
Return on Invested Capital (ROIC)		 3.75% 6.89% 11.56% 6.88% 4.66% 8.76% 9.37% 13.14% 12.18% 15.37% 14.02%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.21% 5.18% 8.94% 4.44% 2.24% 7.45% 7.11% 10.07% 9.83% 14.60% 12.21%
Return on Net Nonoperating Assets (RNNOA)		 0.65% 2.99% 3.00% 1.37% 0.78% 3.42% 2.51% 2.99% 2.86% 5.85% 4.18%
Return on Equity (ROE)		 4.41% 9.88% 14.55% 8.25% 5.44% 12.18% 11.88% 16.13% 15.04% 21.22% 18.20%
Cash Return on Invested Capital (CROIC)		 16.02% 7.97% 16.93% 13.36% 22.18% 13.73% 5.17% 14.78% 14.55% 20.77% 24.48%
Operating Return on Assets (OROA)		 2.93% 5.38% 7.77% 5.89% 4.17% 8.53% 8.63% 9.81% 10.16% 14.75% 12.54%
Return on Assets (ROA)		 0.07% 3.01% 5.62% 3.03% 1.46% 5.47% 4.92% 6.88% 6.44% 10.54% 8.26%
Return on Common Equity (ROCE)		 4.40% 9.87% 14.55% 8.25% 5.44% 12.18% 11.88% 16.13% 15.04% 21.22% 18.20%
Return on Equity Simple (ROE_SIMPLE)		 24.48% 24.72% 4.93% 0.00% 7.50% 8.66% 8.30% 0.00% 12.40% 14.47% 16.21%
Net Operating Profit after Tax (NOPAT)		 20 39 59 33 23 49 48 62 56 80 69
NOPAT Margin		 5.54% 10.62% 15.97% 9.15% 6.20% 12.36% 11.66% 15.19% 13.32% 17.91% 14.88%
Net Nonoperating Expense Percent (NNEP)		 2.54% 1.71% 2.61% 2.44% 2.42% 1.31% 2.26% 3.06% 2.35% 0.77% 1.81%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 2.18% - - - 3.84% 3.49%
Cost of Revenue to Revenue		 45.06% 43.91% 44.93% 44.90% 45.72% 43.76% 42.49% 44.53% 44.56% 41.69% 42.89%
SG&A Expenses to Revenue		 41.32% 39.08% 39.16% 42.04% 45.03% 39.56% 37.97% 37.72% 38.11% 35.04% 37.59%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 48.27% 43.54% 38.97% 44.25% 46.64% 41.34% 42.56% 38.75% 38.61% 35.12% 37.69%
Earnings before Interest and Taxes (EBIT)		 24 44 63 43 30 62 65 70 73 106 92
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 81 82 99 77 60 91 94 95 94 127 119
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.09 1.06 1.16 1.03 1.29 1.71 1.52 1.87 2.05 2.37 2.62
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.14 1.12 1.22 1.03 1.21 1.57 1.31 1.62 1.74 2.02 2.15
Price to Earnings (P/E)		 4.46 4.28 23.56 16.04 17.21 19.79 18.38 18.75 16.51 16.35 16.15
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 22.43% 23.35% 4.25% 6.23% 5.81% 5.05% 5.44% 5.33% 6.06% 6.11% 6.19%
Enterprise Value to Invested Capital (EV/IC)		 1.07 1.04 1.13 1.02 1.22 1.48 1.36 1.67 1.83 2.05 2.33
Enterprise Value to Revenue (EV/Rev)		 1.54 1.57 1.48 1.32 1.51 2.02 1.71 1.89 1.98 2.29 2.35
Enterprise Value to EBITDA (EV/EBITDA)		 6.27 6.33 6.04 5.66 6.95 9.25 8.14 8.76 8.61 9.40 9.33
Enterprise Value to EBIT (EV/EBIT)		 18.17 15.79 12.57 10.97 12.22 15.19 13.15 13.16 11.96 12.30 11.95
Enterprise Value to NOPAT (EV/NOPAT)		 9.22 26.08 17.45 12.57 14.23 18.34 17.24 16.42 15.04 15.71 15.30
Enterprise Value to Operating Cash Flow (EV/OCF)		 36.41 44.42 19.73 10.01 11.31 13.03 8.85 10.12 11.14 13.59 12.06
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.50 12.80 6.32 7.45 5.12 10.45 26.61 11.06 12.42 9.45 9.02
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.60 0.57 0.46 0.48 0.50 0.63 0.61 0.47 0.47 0.45 0.39
Long-Term Debt to Equity		 0.60 0.57 0.46 0.48 0.50 0.63 0.61 0.47 0.47 0.45 0.39
Financial Leverage		 0.54 0.58 0.34 0.31 0.35 0.46 0.35 0.30 0.29 0.40 0.34
Leverage Ratio		 2.45 2.31 2.14 1.98 2.00 1.92 1.97 1.96 2.03 1.93 2.00
Compound Leverage Factor		 0.67 1.50 1.65 1.28 0.97 1.40 1.47 1.55 1.62 1.68 1.72
Debt to Total Capital		 37.51% 36.10% 31.50% 32.29% 33.54% 38.71% 37.95% 32.15% 31.84% 31.11% 27.82%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 37.51% 36.10% 31.50% 32.29% 33.54% 38.71% 37.95% 32.15% 31.84% 31.11% 27.82%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 62.49% 63.90% 68.50% 67.71% 66.46% 61.29% 62.05% 67.85% 68.16% 68.89% 72.18%
Debt to EBITDA		 2.56 2.41 1.96 2.05 2.18 2.64 2.49 1.90 1.73 1.58 1.26
Net Debt to EBITDA		 1.63 1.82 1.07 1.25 1.36 2.07 1.92 1.26 1.03 1.11 0.76
Long-Term Debt to EBITDA		 2.56 2.41 1.96 2.05 2.18 2.64 2.49 1.90 1.73 1.58 1.26
Debt to NOPAT		 3.76 9.92 5.68 4.55 4.47 5.24 5.29 3.56 3.02 2.64 2.07
Net Debt to NOPAT		 2.39 7.50 3.10 2.77 2.79 4.11 4.06 2.36 1.79 1.85 1.25
Long-Term Debt to NOPAT		 3.76 9.92 5.68 4.55 4.47 5.24 5.29 3.56 3.02 2.64 2.07
Altman Z-Score		 2.29 2.47 2.56 2.45 2.51 2.95 2.74 3.05 3.13 3.72 3.72
Noncontrolling Interest Sharing Ratio		 0.06% 0.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.16 1.14 1.22 1.11 0.95 0.95 0.76 0.86 0.94 1.06 0.83
Quick Ratio		 0.90 0.83 0.98 0.87 0.83 0.79 0.63 0.71 0.79 0.89 0.71
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 121 128 275 138 299 173 -5.71 151 101 243 255
Operating Cash Flow to CapEx		 1,645.58% -1,189.97% 1,160.19% 610.76% 911.18% -143.88% 749.89% 0.00% 857.65% -178.08% 2,029.78%
Free Cash Flow to Firm to Interest Expense		 6.79 8.24 18.99 9.05 19.13 10.38 -0.35 10.22 6.97 17.46 19.50
Operating Cash Flow to Interest Expense		 5.14 -3.20 7.47 2.78 6.07 -0.79 9.82 2.75 6.17 -1.37 15.90
Operating Cash Flow Less CapEx to Interest Expense		 4.83 -3.47 6.83 2.32 5.41 -1.34 8.51 2.96 5.45 -2.14 15.12
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.44 0.45 0.50 0.51 0.54 0.55 0.57 0.58 0.62 0.63
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 4.90 4.98 5.27 5.43 5.36 5.58 5.86 6.43 6.41 6.67 6.65
Accounts Payable Turnover		 8.13 9.46 9.19 9.33 9.31 8.42 8.21 7.57 8.51 9.42 7.91
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 44.87 38.58 39.71 39.10 39.22 43.37 44.44 48.19 42.90 38.73 46.14
Cash Conversion Cycle (CCC)		 -44.87 -38.58 -39.71 -39.10 -39.22 -43.37 -44.44 -48.19 -42.90 -38.73 -46.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,087 2,173 1,888 1,877 1,810 2,048 1,941 1,789 1,765 1,886 1,756
Invested Capital Turnover		 0.68 0.65 0.72 0.75 0.75 0.71 0.80 0.86 0.91 0.86 0.94
Increase / (Decrease) in Invested Capital		 -101 -90 -216 -105 -277 -125 54 -89 -45 -163 -186
Enterprise Value (EV)		 2,224 2,262 2,134 1,920 2,213 3,027 2,635 2,995 3,229 3,862 4,084
Market Capitalization		 1,648 1,612 1,755 1,498 1,780 2,348 2,014 2,565 2,845 3,406 3,750
Book Value per Share		 $33.40 $33.54 $33.23 $33.42 $33.19 $34.38 $33.71 $36.41 $36.88 $38.38 $38.45
Tangible Book Value per Share		 ($6.78) ($6.11) ($6.06) ($7.25) ($9.25) ($9.65) ($10.83) ($9.81) ($9.16) ($7.83) ($7.97)
Total Capital		 2,417 2,383 2,205 2,152 2,074 2,234 2,129 2,018 2,039 2,089 1,985
Total Debt		 907 860 694 695 696 865 808 649 649 650 552
Total Long-Term Debt		 907 860 694 695 696 865 808 649 649 650 552
Net Debt		 577 650 379 423 433 679 620 429 385 456 333
Capital Expenditures (CapEx)		 5.55 4.20 9.31 6.96 10 9.18 22 -3.12 10 11 10
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -251 -158 -220 -223 -285 -207 -309 -289 -299 -171 -309
Debt-free Net Working Capital (DFNWC)		 79 52 95 49 -23 -20 -121 -70 -34 23 -90
Net Working Capital (NWC)		 79 52 95 49 -23 -20 -121 -70 -34 23 -90
Net Nonoperating Expense (NNE)		 19 14 13 11 12 8.71 11 13 9.45 4.33 8.53
Net Nonoperating Obligations (NNO)		 577 650 377 420 431 679 620 420 375 447 323
Total Depreciation and Amortization (D&A)		 57 38 35 34 30 29 29 24 21 21 27
Debt-free, Cash-free Net Working Capital to Revenue		 -17.32% -11.01% -15.26% -15.38% -19.46% -13.81% -20.06% -18.23% -18.32% -10.16% -17.76%
Debt-free Net Working Capital to Revenue		 5.49% 3.59% 6.59% 3.38% -1.55% -1.37% -7.89% -4.39% -2.11% 1.34% -5.18%
Net Working Capital to Revenue		 5.49% 3.59% 6.59% 3.38% -1.55% -1.37% -7.89% -4.39% -2.11% 1.34% -5.18%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.05 $0.53 $1.02 $0.51 $0.26 $1.00 $0.95 $1.26 $1.22 $2.03 $1.64
Adjusted Weighted Average Basic Shares Outstanding		 45.27M 45.43M 45.13M 44.78M 41.40M 39.87M 38.71M 39.41M 37.72M 37.44M 37.14M
Adjusted Diluted Earnings per Share		 $0.05 $0.52 $1.00 $0.51 $0.25 $0.98 $0.93 $1.23 $1.18 $1.98 $1.59
Adjusted Weighted Average Diluted Shares Outstanding		 46.34M 46.12M 45.80M 45.60M 42.18M 40.79M 39.64M 40.31M 39.11M 38.40M 38.23M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 45.40M 45.45M 43.61M 41.54M 39.83M 39.19M 37.61M 37.69M 37.49M 37.26M 35.93M
Normalized Net Operating Profit after Tax (NOPAT)		 40 52 58 40 28 54 63 66 57 80 70
Normalized NOPAT Margin		 11.31% 14.39% 15.79% 11.01% 7.50% 13.83% 15.23% 16.14% 13.72% 17.97% 14.97%
Pre Tax Income Margin		 1.87% 7.86% 13.26% 7.66% 4.00% 11.57% 11.64% 13.58% 13.99% 20.59% 17.02%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.37 2.83 4.39 2.83 1.94 3.72 3.90 4.77 5.03 7.63 7.07
NOPAT to Interest Expense		 1.11 2.47 4.08 2.18 1.46 2.91 2.91 4.22 3.84 5.77 5.31
EBIT Less CapEx to Interest Expense		 1.06 2.56 3.74 2.37 1.28 3.17 2.59 4.99 4.31 6.86 6.28
NOPAT Less CapEx to Interest Expense		 0.79 2.20 3.43 1.73 0.79 2.36 1.60 4.43 3.12 5.00 4.52
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 32.47% 0.00% 60.00% 131.89% 206.56% 239.09% 300.07% 191.53% 118.80% 84.26% 68.00%

Key Financial Trends

Adtalem Global Education (ATGE) has delivered consistent revenue and margin expansion over the past four years, generated strong free cash flow, and reduced leverage—while maintaining stable profitability metrics and managing capital investments.

  • Robust revenue growth: Q3 revenue rose 12.94% year-over-year to $466.1 M in 2025, marking four consecutive quarters of double-digit gains.
  • Improving operating margins: Operating margin expanded from ~15% in Q3 2022 to 19.4% in Q3 2025, reflecting better cost control.
  • Surging free cash flow: Free cash flow to firm (FCFF) grew 45.6% in Q3 2025 versus prior year, underpinning liquidity and reinvestment capacity.
  • Lower leverage: Net debt/EBITDA improved to 0.76× in Q3 2025 from 1.91× in Q3 2022, signaling a stronger balance sheet.
  • EPS acceleration: Q3 2025 EPS climbed 70.97% year-over-year to $1.64, driven by higher revenue and margin expansion.
  • Stable gross margin: Gross margin has held around 57% across the last four years, demonstrating consistent core profitability.
  • No dividend yield: The company continues to retain earnings for growth, with a 0% dividend yield.
  • Growing cash reserves: Cash & equivalents increased to $219 M in Q3 2025 from $179 M in Q3 2024, bolstering liquidity.
  • Moderating CapEx: Q3 2025 capital expenditures of $10.2 M down from $25.4 M in Q3 2024, reflecting lower investment levels but potential capacity constraints.
  • Elevated debt ratio: Debt/total capital remains around 28% in Q3 2025—higher than pre-pandemic levels, which could limit financial flexibility.
  • Seasonal EPS volatility: Q/Q EPS fell 19.7% in Q3 2025, highlighting short-term headwinds and cyclical fluctuations.
06/20/25 11:50 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Adtalem Global Education's Financials

When does Adtalem Global Education's financial year end?

According to the most recent income statement we have on file, Adtalem Global Education's fiscal year ends in June. Their fiscal year 2024 ended on June 30, 2024.

How has Adtalem Global Education's net income changed over the last 9 years?

Adtalem Global Education's net income appears to be on an upward trend, with a most recent value of $136.78 million in 2024, falling from $140.70 million in 2015. The previous period was $93.36 million in 2023. Find out what analysts predict for Adtalem Global Education in the coming months.

What is Adtalem Global Education's operating income?
Adtalem Global Education's total operating income in 2024 was $217.05 million, based on the following breakdown:
  • Total Gross Profit: $886.10 million
  • Total Operating Expenses: $669.05 million
How has Adtalem Global Education's revenue changed over the last 9 years?

Over the last 9 years, Adtalem Global Education's total revenue changed from $1.91 billion in 2015 to $1.58 billion in 2024, a change of -17.0%.

How much debt does Adtalem Global Education have?

Adtalem Global Education's total liabilities were at $1.37 billion at the end of 2024, a 1.4% increase from 2023, and a 208.1% increase since 2015.

How much cash does Adtalem Global Education have?

In the past 9 years, Adtalem Global Education's cash and equivalents has ranged from $204.20 million in 2019 to $500.52 million in 2020, and is currently $219.31 million as of their latest financial filing in 2024.

How has Adtalem Global Education's book value per share changed over the last 9 years?

Over the last 9 years, Adtalem Global Education's book value per share changed from 24.87 in 2015 to 36.41 in 2024, a change of 46.4%.


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This page (NYSE:ATGE) was last updated on 6/20/2025 by MarketBeat.com Staff
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