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Adtalem Global Education (CVSA) Financials

$126.50 -2.21 (-1.72%)
As of 02:07 PM Eastern
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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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 6/30/2025 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -3.17 122 34 95 -85 70 311 93 137 237 252
Consolidated Net Income / (Loss)		 -2.76 123 34 96 -86 70 311 93 137 237 252
Net Income / (Loss) Continuing Operations		 125 121 68 107 220 63 -36 102 138 233 267
Total Pre-Tax Income 		151 131 156 140 205 76 -51 112 164 299 345
Total Operating Income		 156 135 167 156 110 110 77 168 217 342 383
Total Gross Profit		 511 570 499 542 409 441 722 802 886 1,017 1,120
Total Revenue		 1,080 1,208 960 1,014 866 899 1,382 1,451 1,585 1,788 1,954
Operating Revenue		 1,080 1,208 960 1,014 866 899 1,382 1,451 1,585 1,788 1,954
Total Cost of Revenue		 569 638 462 472 457 458 660 648 699 771 834
Operating Cost of Revenue		 569 638 462 472 457 458 660 648 699 771 834
Total Operating Expenses		 355 434 332 386 299 331 645 634 669 675 737
Selling, General & Admin Expense		 353 369 328 359 280 292 566 586 633 672 731
Restructuring Charge		 2.39 13 3.85 53 24 38 79 61 36 3.31 6.33
Total Other Income / (Expense), net		 -5.27 -4.24 -11 -16 95 -35 -128 -56 -53 -43 -38
Interest Expense		 5.93 9.14 12 20 20 41 129 63 64 52 45
Other Income / (Expense), net		 - - 0.00 -0.15 111 6.73 1.11 6.97 11 9.29 7.18
Income Tax Expense		 25 9.59 88 33 -15 12 -16 10 26 66 78
Net Income / (Loss) Discontinued Operations		 -128 2.31 -34 -11 -306 6.15 347 -8.39 -0.94 4.39 -16
Basic Earnings per Share		 ($0.05) $1.93 $0.55 $1.63 ($1.59) $1.36 $6.43 $2.08 $3.47 $6.39 $7.18
Weighted Average Basic Shares Outstanding		 64.04M 63.50M 61.46M 58.54M 53.66M 51.32M 48.39M 44.78M 39.41M 37.09M 35.05M
Diluted Earnings per Share		 ($0.05) $1.91 $0.54 $1.60 ($1.58) $1.36 $6.43 $2.05 $3.39 $6.18 $7.04
Weighted Average Diluted Shares Outstanding		 64.04M 63.50M 62.28M 59.33M 54.09M 51.65M 48.39M 45.60M 40.31M 38.33M 35.72M
Weighted Average Basic & Diluted Shares Outstanding		 64.04M 63.50M 61.46M 54.92M 51.88M 49.62M 45.20M 41.54M 37.69M 35.96M 34.04M

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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 40 37 49 46 76 61 54 62 76 42 72
Consolidated Net Income / (Loss)		 40 37 49 46 76 61 54 62 76 42 72
Net Income / (Loss) Continuing Operations		 38 37 51 46 71 61 54 61 76 58 72
Total Pre-Tax Income 		45 48 56 58 92 79 69 77 102 78 88
Total Operating Income		 59 62 69 70 104 91 77 85 111 91 95
Total Gross Profit		 221 237 227 231 261 266 258 262 298 276 285
Total Revenue		 393 413 410 417 448 466 457 462 503 487 501
Operating Revenue		 393 413 410 417 448 466 457 462 503 487 501
Total Cost of Revenue		 172 175 183 186 187 200 199 201 205 211 217
Operating Cost of Revenue		 172 175 183 186 187 200 199 201 205 211 217
Total Operating Expenses		 163 176 159 161 157 176 181 176 187 185 189
Selling, General & Admin Expense		 156 157 155 159 157 175 181 176 183 184 188
Restructuring Charge		 6.98 19 4.25 2.09 0.32 0.51 0.39 0.31 4.06 0.86 1.10
Total Other Income / (Expense), net		 -13 -14 -13 -12 -12 -11 -8.34 -8.60 -9.21 -13 -7.04
Interest Expense		 17 17 15 14 14 13 11 11 11 14 9.80
Other Income / (Expense), net		 3.56 2.87 1.89 2.65 2.24 1.90 2.51 2.49 1.70 0.23 2.76
Income Tax Expense		 7.77 11 5.07 12 21 19 14 16 26 20 16
Net Income / (Loss) Discontinued Operations		 2.18 -0.62 -1.18 -0.08 4.68 0.04 -0.25 0.77 0.21 -16 -0.44
Basic Earnings per Share		 $1.00 $0.95 $1.26 $1.22 $2.03 $1.64 $1.50 $1.71 $2.14 $1.21 $2.12
Weighted Average Basic Shares Outstanding		 39.87M 38.71M 39.41M 37.72M 37.44M 37.14M 37.09M 36.11M 35.73M 34.28M 35.05M
Diluted Earnings per Share		 $0.98 $0.93 $1.23 $1.18 $1.98 $1.59 $1.43 $1.67 $2.11 $1.20 $2.06
Weighted Average Diluted Shares Outstanding		 40.79M 39.64M 40.31M 39.11M 38.40M 38.23M 38.33M 37.06M 36.23M 34.78M 35.72M
Weighted Average Basic & Diluted Shares Outstanding		 39.19M 37.61M 37.69M 37.49M 37.26M 35.93M 35.96M 36.33M 34.51M 34.03M 34.04M

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 6/30/2025 6/30/2026
Net Change in Cash & Equivalents		 -48 -64 205 -147 201 812 -966 -73 -54 -20 207
Net Cash From Operating Activities		 231 231 239 205 108 192 11 192 296 338 470
Net Cash From Continuing Operating Activities		 162 202 174 185 110 169 164 195 288 334 471
Net Income / (Loss) Continuing Operations		 125 121 68 107 220 63 -36 102 138 233 267
Consolidated Net Income / (Loss)		 -2.76 123 34 96 -86 70 311 93 137 237 252
Net Income / (Loss) Discontinued Operations		 -128 2.31 -34 -11 -306 6.15 347 -8.39 -0.94 4.39 -16
Depreciation Expense		 43 46 33 34 37 34 48 41 40 41 44
Amortization Expense		 5.90 12 8.77 8.51 54 53 185 119 41 17 47
Non-Cash Adjustments To Reconcile Net Income		 53 46 53 50 -87 23 51 42 112 139 109
Changes in Operating Assets and Liabilities, net		 -66 -23 11 -14 -114 -4.88 -84 -109 -42 -96 3.78
Net Cash From Discontinued Operating Activities		 70 29 65 19 -1.95 23 -153 -2.78 7.41 4.17 -0.37
Net Cash From Investing Activities		 -215 -380 -71 -214 383 -57 -552 24 -48 -42 -84
Net Cash From Continuing Investing Activities		 -229 -373 -55 -155 77 -48 -1,509 27 -48 -42 -84
Purchase of Property, Plant & Equipment		 -51 -43 -52 -58 -40 -40 -31 -26 -49 -50 -78
Purchase of Investments		 -0.11 -0.09 -0.16 -6.32 -3.02 -11 -3.62 -1.51 -0.69 -2.05 -4.26
Sale of Property, Plant & Equipment		 - - 0.00 0.00 6.42 - - 0.00 0.00 7.33 0.00
Sale and/or Maturity of Investments		 - 0.00 0.00 1.84 114 2.72 13 54 1.73 3.12 3.26
Other Investing Activities, net		 - -6.49 -17 26 0.09 0.00 0.00 -3.17 - - -5.00
Net Cash From Financing Activities		 -69 86 37 -138 -256 676 -424 -289 -302 -316 -180
Net Cash From Continuing Financing Activities		 -69 86 49 -135 -253 676 -424 -289 -302 -316 -180
Repayment of Debt		 -12 -407 -413 -28 -333 -21 -1,129 -151 -52 -110 -907
Repurchase of Common Equity		 -33 -49 -137 -253 -137 -100 -120 -123 -262 -213 -240
Issuance of Debt		 0.00 527 578 135 225 800 850 0.00 1.90 9.87 1,007
Issuance of Common Equity		 1.15 0.87 0.90 0.42 0.02 0.26 0.54 0.61 0.81 1.28 1.79
Other Financing Activities, net		 -3.14 25 20 10 -1.72 -2.75 -24 -15 9.36 -4.17 -42
Cash Interest Paid		 3.51 7.33 12 20 20 14 107 53 58 47 45
Cash Income Taxes Paid		 1.42 15 8.37 3.23 12 26 94 12 31 33 14

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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -78 1.25 34 46 -71 26 -20 65 -208 90 259
Net Cash From Operating Activities		 -13 163 41 89 -19 208 60 131 30 186 124
Net Cash From Continuing Operating Activities		 -14 164 42 90 -24 208 60 131 29 186 124
Net Income / (Loss) Continuing Operations		 38 37 51 46 71 61 54 61 76 58 72
Consolidated Net Income / (Loss)		 40 37 49 46 76 61 54 62 76 42 72
Net Income / (Loss) Discontinued Operations		 2.18 -0.62 -1.18 -0.08 4.68 0.04 -0.25 0.77 0.21 -16 -0.44
Depreciation Expense		 10 11 7.99 9.80 10 10 10 10 11 11 11
Amortization Expense		 19 18 16 11 11 17 -22 11 11 14 10
Non-Cash Adjustments To Reconcile Net Income		 18 18 24 23 27 31 59 22 30 28 29
Changes in Operating Assets and Liabilities, net		 -99 79 -57 -0.01 -143 89 -42 26 -99 75 1.59
Net Cash From Discontinued Operating Activities		 0.56 -1.12 -0.99 -0.25 4.59 0.05 -0.23 -0.08 0.26 -0.14 -0.42
Net Cash From Investing Activities		 -9.15 -22 4.04 -9.54 -11 -10 -12 -16 -20 -20 -28
Net Cash From Continuing Investing Activities		 -9.15 -22 4.04 -9.54 -11 -10 -12 -16 -20 -20 -28
Purchase of Property, Plant & Equipment		 -9.18 -22 3.12 -10 -11 -10 -19 -16 -15 -20 -27
Purchase of Investments		 -0.20 - -0.19 -1.31 -0.24 -0.50 - -0.10 -2.00 -0.21 -1.95
Sale and/or Maturity of Investments		 0.23 - 1.11 2.19 0.24 0.69 - 0.10 2.01 0.21 0.95
Net Cash From Financing Activities		 -56 -140 -11 -34 -42 -172 -68 -50 -218 -76 163
Net Cash From Continuing Financing Activities		 -56 -140 -11 -34 -42 -172 -68 -50 -218 -76 163
Repayment of Debt		 - -52 - -9.87 - -100 - -3.33 -277 -626 -0.42
Issuance of Debt		 - - - 9.87 - - - 0.00 227 617 163
Issuance of Common Equity		 0.17 0.22 0.23 0.30 0.27 0.36 0.36 0.41 0.40 0.49 0.49
Other Financing Activities, net		 14 0.00 0.55 -1.22 -1.15 -0.08 -1.72 -39 -2.87 -0.09 -0.29

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 6/30/2025 6/30/2026
Total Assets		 2,097 2,315 2,345 2,243 2,229 3,085 3,030 2,811 2,741 2,752 3,013
Total Current Assets		 518 471 688 505 693 1,515 557 480 418 416 652
Cash & Equivalents		 308 240 431 204 501 476 347 272 219 200 406
Note & Lease Receivable		 - - - - 87 43 82 103 127 146 170
Prepaid Expenses		 37 37 59 29 105 128 128 102 70 69 75
Plant, Property, & Equipment, net		 522 489 389 283 286 284 290 245 249 256 303
Total Noncurrent Assets		 1,057 1,355 1,268 1,455 1,250 1,286 2,183 2,086 2,067 2,080 2,058
Goodwill		 588 829 814 687 686 310 961 961 961 961 961
Intangible Assets		 343 392 363 298 288 138 874 812 777 765 754
Noncurrent Deferred & Refundable Income Taxes		 53 35 39 13 22 53 51 57 49 33 0.00
Other Noncurrent Operating Assets		 74 37 39 52 254 253 297 255 280 320 342
Total Liabilities & Shareholders' Equity		 2,097 2,315 2,345 2,243 2,229 3,085 3,030 2,811 2,741 2,752 3,013
Total Liabilities		 510 640 817 842 915 1,782 1,539 1,353 1,372 1,319 1,567
Total Current Liabilities		 362 377 366 312 346 409 424 431 488 508 597
Short-Term Debt		 - 0.00 3.00 3.00 3.00 3.00 - - - 0.00 5.10
Accounts Payable		 65 43 47 53 46 42 57 82 103 105 125
Accrued Expenses		 103 90 81 77 104 126 98 106 97 77 94
Current Deferred Revenue		 100 104 107 96 92 69 150 154 185 214 259
Current Employee Benefit Liabilities		 93 77 71 47 49 54 68 52 71 76 79
Other Current Liabilities		 - - - 0.00 52 54 51 38 31 35 35
Total Noncurrent Liabilities		 148 262 451 530 569 1,373 1,115 922 885 811 970
Long-Term Debt		 0.00 125 290 398 286 1,068 839 695 649 553 658
Noncurrent Deferred & Payable Income Tax Liabilities		 30 35 29 25 25 26 26 26 30 32 62
Other Noncurrent Operating Liabilities		 - 102 131 84 258 79 251 201 206 226 250
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,587 1,675 1,528 1,401 1,313 1,303 1,491 1,457 1,369 1,434 1,446
Total Preferred & Common Equity		 1,582 1,669 1,519 1,392 1,310 1,301 1,491 1,457 1,369 1,434 1,446
Total Common Equity		 1,582 1,669 1,519 1,392 1,310 1,301 1,491 1,457 1,369 1,434 1,446
Common Stock		 373 417 455 487 505 521 523 570 613 665 708
Retained Earnings		 1,771 1,881 1,917 2,013 1,928 2,005 2,310 2,404 2,541 2,778 3,029
Treasury Stock		 -519 -570 -711 -971 -1,113 -1,217 -1,339 -1,514 -1,782 -2,007 -2,288
Accumulated Other Comprehensive Income / (Loss)		 -42 -59 -142 -137 -9.06 -7.37 -2.23 -2.23 -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 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2022 3/31/2023 9/30/2023 12/31/2023 3/31/2024 9/30/2024 12/31/2024 3/31/2025 9/30/2025 12/31/2025 3/31/2026
Total Assets		 2,843 2,867 2,794 2,701 2,715 2,818 2,723 2,790 2,867 2,615 2,737
Total Current Assets		 423 533 473 378 388 517 407 450 567 303 404
Cash & Equivalents		 208 315 262 183 180 265 194 219 265 56 147
Note & Lease Receivable		 100 113 148 134 141 172 147 163 195 163 176
Prepaid Expenses		 114 103 61 58 59 79 65 66 106 81 79
Plant, Property, & Equipment, net		 276 253 265 260 273 245 246 251 257 266 277
Total Noncurrent Assets		 2,144 2,081 2,056 2,062 2,055 2,048 2,062 2,081 2,043 2,046 2,057
Goodwill		 961 961 961 961 961 961 961 961 961 961 961
Intangible Assets		 839 825 802 792 784 774 771 768 763 760 757
Noncurrent Deferred & Refundable Income Taxes		 52 54 55 58 64 33 28 33 0.00 0.00 0.00
Other Noncurrent Operating Assets		 292 241 239 251 245 280 301 318 319 325 338
Total Liabilities & Shareholders' Equity		 2,843 2,867 2,794 2,701 2,715 2,818 2,723 2,790 2,867 2,615 2,737
Total Liabilities		 1,320 1,357 1,415 1,332 1,394 1,428 1,284 1,357 1,410 1,236 1,373
Total Current Liabilities		 371 438 496 399 509 551 385 541 577 443 580
Short-Term Debt		 0.00 - - - - - - - - - 3.83
Accounts Payable		 71 73 77 88 92 91 67 99 105 103 97
Accrued Expenses		 94 87 89 98 114 87 62 86 63 72 93
Current Deferred Revenue		 116 175 251 135 203 291 172 248 323 180 276
Current Employee Benefit Liabilities		 42 56 43 46 68 50 51 73 52 53 75
Other Current Liabilities		 48 46 36 32 32 32 33 35 34 34 35
Total Noncurrent Liabilities		 949 919 920 933 885 876 899 816 833 793 793
Long-Term Debt		 694 694 696 696 648 649 650 552 553 504 496
Noncurrent Deferred & Payable Income Tax Liabilities		 27 27 26 27 29 30 32 34 53 57 59
Other Noncurrent Operating Liabilities		 62 197 198 41 48 197 217 231 227 232 239
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,523 1,510 1,379 1,369 1,321 1,390 1,439 1,433 1,458 1,379 1,364
Total Preferred & Common Equity		 1,523 1,510 1,379 1,369 1,321 1,390 1,439 1,433 1,458 1,379 1,364
Total Common Equity		 1,523 1,510 1,379 1,369 1,321 1,390 1,439 1,433 1,458 1,379 1,364
Common Stock		 562 565 578 598 605 632 644 654 674 687 697
Retained Earnings		 2,349 2,382 2,414 2,454 2,491 2,587 2,663 2,723 2,839 2,916 2,957
Treasury Stock		 -1,386 -1,434 -1,611 -1,681 -1,772 -1,826 -1,865 -1,943 -2,053 -2,222 -2,288
Accumulated Other Comprehensive Income / (Loss)		 -2.23 -2.23 -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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 6/30/2025 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - - 34,030,887.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 34,030,887.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 7.39
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -43.45% 11.84% -20.50% 5.58% -14.54% 3.79% 53.67% 4.99% 9.22% 12.85% 9.27%
EBITDA Growth		 -17.04% -5.91% 8.16% -5.26% 57.61% -34.51% 52.01% 9.25% 0.69% 32.46% 17.73%
EBIT Growth		 -0.52% -13.19% 23.37% -6.87% 41.83% -46.95% -33.53% 124.95% 29.95% 54.15% 11.32%
NOPAT Growth		 -5.87% -3.30% -41.99% 63.56% -0.91% -21.71% -41.89% 184.30% 19.38% 46.00% 11.57%
Net Income Growth		 -101.96% 4,573.15% -72.18% 178.69% -189.74% 181.13% 346.87% -69.98% 46.51% 73.32% 6.12%
EPS Growth		 -102.34% 3,920.00% -71.73% 196.30% -198.75% 186.08% 372.79% -68.12% 65.37% 82.30% 13.92%
Operating Cash Flow Growth		 12.64% -0.24% 3.58% -14.35% -47.43% 78.47% -94.48% 1,710.34% 54.12% 14.24% 39.22%
Free Cash Flow Firm Growth		 9.94% -238.39% 268.75% 110.64% -81.25% 431.43% -368.96% 122.03% 5.08% -0.35% 41.11%
Invested Capital Growth		 3.35% 19.58% -8.86% -22.95% 3.40% -31.10% 161.26% -5.30% -4.72% -0.21% -4.70%
Revenue Q/Q Growth		 -41.46% 46.46% -4.24% 26.98% -17.99% 11.43% 16.03% 0.51% 2.94% 2.71% 2.32%
EBITDA Q/Q Growth		 52.06% -23.71% -17.23% 26.12% 22.87% 11.50% 27.76% -4.00% 5.50% -6.57% 11.98%
EBIT Q/Q Growth		 235.22% -38.12% -17.33% 23.68% 25.91% 28.35% 75.79% 3.18% 13.57% 2.64% 5.05%
NOPAT Q/Q Growth		 198.23% -33.83% 2.03% -18.67% -21.70% -13.38% 73.29% 24.90% 19.31% -0.26% 6.06%
Net Income Q/Q Growth		 -107.43% 75.30% 132.11% -12.04% -138.96% 136.90% 0.44% 25.29% 24.79% 2.06% 7.48%
EPS Q/Q Growth		 -108.93% 75.23% 217.65% -11.60% -139.30% 139.19% 2.23% 17.82% 26.97% 3.34% 9.83%
Operating Cash Flow Q/Q Growth		 7.26% 27.17% -2.13% 11.06% -40.78% 31.35% -89.39% 77.43% -0.65% -0.17% 15.82%
Free Cash Flow Firm Q/Q Growth		 810.84% 21.91% 12.91% -30.44% 135.25% -36.97% 10.27% -23.71% 173.58% -40.35% 18.58%
Invested Capital Q/Q Growth		 4.41% -2.89% -4.65% 9.94% -18.53% -1.26% -5.75% -0.55% -7.86% 1.67% -0.78%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 47.32% 47.16% 51.94% 53.47% 47.24% 49.08% 52.25% 55.30% 55.92% 56.86% 57.34%
EBITDA Margin		 19.01% 15.99% 21.76% 19.52% 36.01% 22.72% 22.48% 23.39% 21.56% 22.86% 24.62%
Operating Margin		 14.45% 11.22% 17.41% 15.37% 12.70% 12.28% 5.55% 11.59% 13.70% 19.10% 19.62%
EBIT Margin		 14.45% 11.22% 17.41% 15.36% 25.48% 13.03% 5.63% 12.07% 14.36% 19.62% 19.99%
Profit (Net Income) Margin		 -0.26% 10.21% 3.57% 9.43% -9.90% 7.74% 22.51% 6.43% 8.63% 13.26% 12.87%
Tax Burden Percent		 -1.83% 93.92% 21.96% 68.40% -41.85% 91.85% -603.94% 83.33% 83.43% 79.42% 72.89%
Interest Burden Percent		 96.63% 96.87% 93.43% 89.77% 92.84% 64.68% -66.14% 63.97% 72.03% 85.09% 88.37%
Effective Tax Rate		 16.79% 7.31% 56.41% 23.53% -7.29% 16.26% 0.00% 9.18% 16.00% 22.05% 22.53%
Return on Invested Capital (ROIC)		 10.41% 9.02% 5.03% 9.74% 10.90% 9.94% 3.92% 7.91% 9.95% 14.90% 17.04%
ROIC Less NNEP Spread (ROIC-NNEP)		 49.06% 9.99% 30.33% 19.52% 85.30% 15.99% -964.82% -5.12% -0.90% 7.34% 2.05%
Return on Net Nonoperating Assets (RNNOA)		 -10.58% -1.46% -2.89% -3.21% -17.22% -4.62% 18.34% -1.58% -0.27% 2.02% 0.43%
Return on Equity (ROE)		 -0.17% 7.56% 2.14% 6.53% -6.32% 5.32% 22.26% 6.33% 9.68% 16.92% 17.47%
Cash Return on Invested Capital (CROIC)		 7.11% -8.82% 14.29% 35.66% 7.56% 46.77% -85.36% 13.36% 14.78% 15.10% 21.85%
Operating Return on Assets (OROA)		 7.55% 6.14% 7.17% 6.79% 9.88% 4.41% 2.55% 6.00% 8.20% 12.77% 13.55%
Return on Assets (ROA)		 -0.13% 5.59% 1.47% 4.17% -3.84% 2.62% 10.17% 3.20% 4.93% 8.63% 8.73%
Return on Common Equity (ROCE)		 -0.17% 7.53% 2.13% 6.48% -6.29% 5.31% 22.25% 6.33% 9.68% 16.92% 17.47%
Return on Equity Simple (ROE_SIMPLE)		 -0.17% 7.39% 2.26% 6.87% -6.55% 5.35% 20.85% 6.41% 9.99% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 130 126 73 119 118 92 54 153 182 266 297
NOPAT Margin		 12.03% 10.40% 7.59% 11.75% 13.63% 10.28% 3.89% 10.53% 11.51% 14.89% 15.20%
Net Nonoperating Expense Percent (NNEP)		 -38.65% -0.97% -25.30% -9.78% -74.40% -6.05% 968.74% 13.04% 10.85% 7.56% 14.98%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 13.40% 14.08%
Cost of Revenue to Revenue		 52.68% 52.84% 48.07% 46.53% 52.76% 50.92% 47.75% 44.70% 44.08% 43.14% 42.66%
SG&A Expenses to Revenue		 32.65% 30.55% 34.13% 35.44% 32.35% 32.53% 41.00% 40.39% 39.94% 37.58% 37.39%
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		 32.87% 35.94% 34.53% 38.10% 34.53% 36.80% 46.70% 43.71% 42.22% 37.76% 37.72%
Earnings before Interest and Taxes (EBIT)		 156 135 167 156 221 117 78 175 228 351 391
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 205 193 209 198 312 204 311 339 342 409 481
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.70 1.42 1.91 1.83 1.23 1.35 1.09 1.03 1.87 3.19 2.93
Price to Tangible Book Value (P/TBV)		 1.71 5.31 8.46 6.27 4.79 2.06 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.03 1.97 3.02 2.51 1.86 1.96 1.18 1.03 1.62 2.56 2.17
Price to Earnings (P/E)		 0.00 19.44 85.79 26.78 0.00 25.15 5.22 16.04 18.75 19.28 16.86
Dividend Yield		 2.03% 0.95% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 5.15% 1.17% 3.73% 0.00% 3.98% 19.15% 6.23% 5.33% 5.19% 5.93%
Enterprise Value to Invested Capital (EV/IC)		 0.63 1.49 2.00 2.58 1.28 2.25 1.07 1.02 1.67 2.76 2.64
Enterprise Value to Revenue (EV/Rev)		 0.74 1.87 2.88 2.71 1.62 1.90 1.53 1.32 1.89 2.75 2.30
Enterprise Value to EBITDA (EV/EBITDA)		 3.89 11.71 13.23 13.87 4.50 8.35 6.81 5.66 8.76 12.05 9.35
Enterprise Value to EBIT (EV/EBIT)		 5.12 16.70 16.53 17.64 6.36 14.56 27.18 10.97 13.16 14.04 11.52
Enterprise Value to NOPAT (EV/NOPAT)		 6.15 18.01 37.93 23.04 11.89 18.45 39.38 12.57 16.42 18.50 15.15
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.45 9.80 11.56 13.40 13.04 8.87 199.58 10.01 10.12 14.57 9.56
Enterprise Value to Free Cash Flow (EV/FCFF)		 9.00 0.00 13.34 6.29 17.16 3.92 0.00 7.45 11.06 18.24 11.81
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.07 0.19 0.29 0.22 0.95 0.56 0.48 0.47 0.39 0.46
Long-Term Debt to Equity		 0.00 0.07 0.19 0.28 0.22 0.95 0.56 0.48 0.47 0.39 0.45
Financial Leverage		 -0.22 -0.15 -0.10 -0.16 -0.20 -0.29 -0.02 0.31 0.30 0.28 0.21
Leverage Ratio		 1.30 1.35 1.45 1.57 1.65 2.03 2.19 1.98 1.96 1.96 2.00
Compound Leverage Factor		 1.26 1.31 1.36 1.41 1.53 1.31 -1.45 1.27 1.41 1.67 1.77
Debt to Total Capital		 0.00% 6.94% 16.09% 22.26% 18.04% 48.72% 36.00% 32.29% 32.15% 27.82% 31.43%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.16% 0.17% 0.19% 0.12% 0.00% 0.00% 0.00% 0.00% 0.24%
Long-Term Debt to Total Capital		 0.00% 6.94% 15.93% 22.09% 17.86% 48.60% 36.00% 32.29% 32.15% 27.82% 31.19%
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		 0.32% 0.35% 0.50% 0.53% 0.18% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 99.68% 92.71% 83.41% 77.21% 81.78% 51.21% 64.00% 67.71% 67.85% 72.18% 68.57%
Debt to EBITDA		 0.00 0.65 1.40 2.03 0.93 6.06 2.70 2.05 1.90 1.35 1.38
Net Debt to EBITDA		 0.00 -0.63 -0.68 0.95 -0.68 -0.28 1.58 1.25 1.26 0.86 0.53
Long-Term Debt to EBITDA		 0.00 0.65 1.39 2.01 0.92 6.04 2.70 2.05 1.90 1.35 1.37
Debt to NOPAT		 0.00 1.00 4.02 3.37 2.45 13.39 15.62 4.55 3.56 2.08 2.23
Net Debt to NOPAT		 0.00 -0.96 -1.95 1.57 -1.80 -0.62 9.16 2.77 2.36 1.33 0.86
Long-Term Debt to NOPAT		 0.00 1.00 3.98 3.34 2.42 13.36 15.62 4.55 3.56 2.08 2.21
Altman Z-Score		 3.34 4.13 4.08 3.86 3.17 2.35 2.29 2.60 3.24 4.52 4.13
Noncontrolling Interest Sharing Ratio		 0.46% 0.35% 0.48% 0.64% 0.46% 0.18% 0.06% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.43 1.25 1.88 1.62 2.00 3.71 1.32 1.11 0.86 0.82 1.09
Quick Ratio		 1.31 1.04 1.59 0.95 1.70 1.27 1.01 0.87 0.71 0.68 0.96
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 89 -123 207 436 82 435 -1,170 258 271 270 381
Operating Cash Flow to CapEx		 449.87% 543.24% 463.35% 355.82% 324.53% 481.93% 34.14% 737.73% 604.94% 785.94% 605.46%
Free Cash Flow to Firm to Interest Expense		 14.95 -13.43 17.89 21.93 4.20 10.52 -9.04 4.08 4.25 5.16 8.38
Operating Cash Flow to Interest Expense		 39.01 25.25 20.65 10.30 5.52 4.65 0.08 3.04 4.65 6.46 10.35
Operating Cash Flow Less CapEx to Interest Expense		 30.34 20.61 16.20 7.40 3.82 3.68 -0.16 2.63 3.88 5.64 8.64
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.52 0.55 0.41 0.44 0.39 0.34 0.45 0.50 0.57 0.65 0.68
Accounts Receivable Turnover		 7.16 7.77 6.50 8.81 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		 2.02 2.39 2.19 3.02 3.04 3.16 4.82 5.43 6.43 7.09 6.99
Accounts Payable Turnover		 8.91 11.84 10.19 9.36 9.16 10.30 13.25 9.33 7.57 7.43 7.26
Days Sales Outstanding (DSO)		 50.95 47.00 56.14 41.45 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)		 40.98 30.82 35.81 39.02 39.87 35.43 27.54 39.10 48.19 49.12 50.30
Cash Conversion Cycle (CCC)		 9.97 16.18 20.33 2.44 -39.87 -35.43 -27.54 -39.10 -48.19 -49.12 -50.30
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,268 1,517 1,382 1,065 1,101 759 1,982 1,877 1,789 1,785 1,701
Invested Capital Turnover		 0.87 0.87 0.66 0.83 0.80 0.97 1.01 0.75 0.86 1.00 1.12
Increase / (Decrease) in Invested Capital		 41 248 -134 -317 36 -343 1,224 -105 -89 -3.69 -84
Enterprise Value (EV)		 799 2,262 2,764 2,746 1,405 1,706 2,116 1,920 2,995 4,924 4,499
Market Capitalization		 1,113 2,377 2,897 2,549 1,614 1,761 1,624 1,498 2,565 4,571 4,242
Book Value per Share		 $25.21 $26.65 $25.23 $24.59 $25.30 $26.32 $33.04 $33.42 $36.41 $39.90 $42.50
Tangible Book Value per Share		 $10.38 $7.15 $5.69 $7.18 $6.50 $17.27 ($7.61) ($7.25) ($9.81) ($8.16) ($7.91)
Total Capital		 1,587 1,800 1,821 1,802 1,602 2,541 2,330 2,152 2,018 1,986 2,109
Total Debt		 0.00 125 293 401 289 1,238 839 695 649 553 663
Total Long-Term Debt		 0.00 125 290 398 286 1,235 839 695 649 553 658
Net Debt		 -319 -121 -142 187 -212 -58 492 423 429 353 257
Capital Expenditures (CapEx)		 51 43 52 58 33 40 31 26 49 43 78
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -163 -152 -110 -18 -151 -186 -214 -223 -289 -291 -346
Debt-free Net Working Capital (DFNWC)		 156 94 325 196 350 1,109 133 49 -70 -92 61
Net Working Capital (NWC)		 156 94 322 193 347 1,106 133 49 -70 -92 56
Net Nonoperating Expense (NNE)		 133 2.31 39 24 204 23 -257 59 46 29 45
Net Nonoperating Obligations (NNO)		 -319 -159 -146 -336 -212 -544 491 420 420 352 255
Total Depreciation and Amortization (D&A)		 49 58 42 42 91 87 233 164 114 58 91
Debt-free, Cash-free Net Working Capital to Revenue		 -15.06% -12.57% -11.46% -1.76% -17.47% -20.71% -15.45% -15.38% -18.23% -16.29% -17.69%
Debt-free Net Working Capital to Revenue		 14.47% 7.77% 33.87% 19.34% 40.37% 123.34% 9.66% 3.38% -4.39% -5.13% 3.11%
Net Working Capital to Revenue		 14.47% 7.77% 33.55% 19.04% 40.02% 123.01% 9.66% 3.38% -4.39% -5.13% 2.85%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.05) $1.93 $0.55 $1.63 ($1.59) $1.50 $6.57 $2.08 $3.47 $6.39 $7.18
Adjusted Weighted Average Basic Shares Outstanding		 62.35M 62.08M 59.93M 54.92M 53.66M 51.32M 48.39M 44.78M 39.41M 37.09M 35.05M
Adjusted Diluted Earnings per Share		 ($0.05) $1.91 $0.54 $1.60 ($1.58) $1.49 $6.57 $2.05 $3.39 $6.18 $7.04
Adjusted Weighted Average Diluted Shares Outstanding		 62.35M 62.08M 59.93M 54.92M 54.09M 51.65M 48.39M 45.60M 40.31M 38.33M 35.72M
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		 62.35M 62.08M 59.93M 54.92M 51.88M 49.62M 45.20M 41.54M 37.69M 35.96M 34.04M
Normalized Net Operating Profit after Tax (NOPAT)		 132 138 120 160 90 125 109 196 213 269 302
Normalized NOPAT Margin		 12.21% 11.39% 12.47% 15.76% 10.42% 13.86% 7.88% 13.54% 13.42% 15.03% 15.45%
Pre Tax Income Margin		 13.96% 10.87% 16.26% 13.78% 23.66% 8.43% -3.73% 7.72% 10.35% 16.69% 17.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 26.30 14.82 14.43 7.82 11.32 2.83 0.60 2.78 3.58 6.71 8.60
NOPAT to Interest Expense		 21.89 13.74 6.29 5.99 6.05 2.24 0.42 2.42 2.86 5.09 6.54
EBIT Less CapEx to Interest Expense		 17.63 10.17 9.98 4.93 9.62 1.87 0.36 2.36 2.81 5.88 6.89
NOPAT Less CapEx to Interest Expense		 13.22 9.09 1.83 3.10 4.35 1.27 0.18 2.01 2.10 4.27 4.83
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -833.71% 9.26% 0.00% 0.00% -7.28% 0.00% 0.58% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -2,017.82% 48.61% 399.53% 264.54% -166.87% 143.69% 39.16% 131.89% 191.53% 89.90% 95.35%

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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 34,508,523.00 34,030,887.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 34,508,523.00 34,030,887.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.21 2.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.38% 11.81% 12.41% 13.16% 13.86% 12.94% 11.51% 10.75% 12.43% 4.50% 9.69%
EBITDA Growth		 10.73% -4.95% 23.15% 55.04% 39.52% 28.51% 6.83% 16.97% 6.14% -2.29% 75.35%
EBIT Growth		 40.95% 1.87% 62.92% 139.69% 70.66% 43.05% 12.81% 20.69% 6.33% -0.90% 23.62%
NOPAT Growth		 26.13% -18.40% 86.72% 143.32% 65.00% 44.16% -1.92% 22.08% 3.58% -2.03% 27.54%
Net Income Growth		 61.81% -19.73% 122.17% 333.64% 90.16% 65.21% 9.70% 33.94% 0.69% -31.55% 32.30%
EPS Growth		 84.91% -7.00% 141.18% 372.00% 102.04% 70.97% 16.26% 41.53% 6.57% -24.53% 44.06%
Operating Cash Flow Growth		 73.55% 50.57% -4.53% -6.06% -44.03% 35.32% -0.96% 46.17% 256.39% -10.46% 107.67%
Free Cash Flow Firm Growth		 34.86% -102.08% 8.98% -66.27% 40.17% 4,561.22% -57.05% -13.00% -40.63% -57.20% 149.72%
Invested Capital Growth		 -5.74% 2.85% -4.72% -2.51% -7.94% -9.56% -0.21% -1.13% -3.24% -2.34% -4.70%
Revenue Q/Q Growth		 6.61% 4.94% -0.67% 1.83% 7.27% 4.09% -1.92% 1.13% 8.89% -3.25% 2.95%
EBITDA Q/Q Growth		 51.27% 1.86% 0.97% -1.32% 36.13% -6.17% -42.81% 60.13% 23.54% -13.63% 2.63%
EBIT Q/Q Growth		 104.47% 3.89% 9.01% 3.50% 45.58% -12.91% -14.04% 10.73% 28.26% -18.83% 7.23%
NOPAT Q/Q Growth		 112.62% -1.01% 29.46% -10.70% 44.18% -13.51% -11.93% 11.15% 22.33% -18.19% 14.66%
Net Income Q/Q Growth		 274.70% -7.70% 34.21% -6.58% 64.32% -19.81% -10.88% 14.06% 23.52% -45.48% 72.25%
EPS Q/Q Growth		 292.00% -5.10% 32.26% -4.07% 67.80% -19.70% -10.06% 16.78% 26.35% -43.13% 71.67%
Operating Cash Flow Q/Q Growth		 -113.89% 2,390.11% -75.05% 120.15% -121.29% 1,193.17% -71.29% 118.70% -77.22% 525.89% -33.41%
Free Cash Flow Firm Q/Q Growth		 -42.14% -103.30% 2,739.04% -33.02% 140.48% 4.95% -74.59% 35.66% 64.10% -24.34% 48.26%
Invested Capital Q/Q Growth		 13.17% -5.22% -7.86% -1.36% 6.86% -6.88% 1.67% -2.27% 4.58% -6.01% -0.78%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 56.24% 57.51% 55.47% 55.44% 58.32% 57.11% 56.48% 56.57% 59.19% 56.73% 56.77%
EBITDA Margin		 23.21% 22.75% 23.13% 22.41% 28.45% 25.64% 14.95% 23.67% 26.85% 23.97% 23.90%
Operating Margin		 14.90% 14.96% 16.72% 16.83% 23.20% 19.42% 16.83% 18.49% 22.07% 18.75% 19.04%
EBIT Margin		 15.81% 15.65% 17.18% 17.46% 23.70% 19.83% 17.38% 19.03% 22.41% 18.80% 19.59%
Profit (Net Income) Margin		 10.14% 8.92% 12.06% 11.06% 16.94% 13.05% 11.86% 13.38% 15.17% 8.55% 14.30%
Tax Burden Percent		 87.71% 76.65% 88.77% 79.05% 82.28% 76.68% 79.05% 80.43% 74.95% 53.42% 81.13%
Interest Burden Percent		 73.15% 74.36% 79.05% 80.13% 86.89% 85.85% 86.34% 87.39% 90.32% 85.12% 90.02%
Effective Tax Rate		 17.08% 22.06% 9.10% 20.82% 22.80% 23.37% 20.59% 20.57% 25.25% 25.61% 18.37%
Return on Invested Capital (ROIC)		 8.76% 9.37% 13.14% 12.18% 15.37% 14.02% 13.37% 15.34% 16.80% 15.35% 17.42%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.45% 7.11% 10.07% 9.83% 14.60% 12.21% 11.59% 13.51% 15.30% 7.54% 15.38%
Return on Net Nonoperating Assets (RNNOA)		 3.42% 2.51% 2.99% 2.86% 5.85% 4.18% 3.19% 3.14% 4.85% 1.82% 3.24%
Return on Equity (ROE)		 12.18% 11.88% 16.13% 15.04% 21.22% 18.20% 16.56% 18.48% 21.65% 17.17% 20.66%
Cash Return on Invested Capital (CROIC)		 13.73% 5.17% 14.78% 14.55% 20.77% 24.48% 15.10% 17.02% 18.46% 18.51% 21.85%
Operating Return on Assets (OROA)		 8.53% 8.63% 9.81% 10.16% 14.75% 12.54% 11.31% 12.27% 15.86% 12.99% 13.28%
Return on Assets (ROA)		 5.47% 4.92% 6.88% 6.44% 10.54% 8.26% 7.72% 8.63% 10.74% 5.91% 9.70%
Return on Common Equity (ROCE)		 12.18% 11.88% 16.13% 15.04% 21.22% 18.20% 16.56% 18.48% 21.65% 17.17% 20.66%
Return on Equity Simple (ROE_SIMPLE)		 8.66% 8.30% 0.00% 12.40% 14.47% 16.21% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 49 48 62 56 80 69 61 68 83 68 78
NOPAT Margin		 12.36% 11.66% 15.19% 13.32% 17.91% 14.88% 13.36% 14.69% 16.50% 13.95% 15.54%
Net Nonoperating Expense Percent (NNEP)		 1.31% 2.26% 3.06% 2.35% 0.77% 1.81% 1.78% 1.83% 1.50% 7.81% 2.04%
Return On Investment Capital (ROIC_SIMPLE)		 2.18% - - - 3.84% 3.49% 3.08% 3.38% 4.41% 3.65% 3.69%
Cost of Revenue to Revenue		 43.76% 42.49% 44.53% 44.56% 41.69% 42.89% 43.52% 43.43% 40.81% 43.27% 43.23%
SG&A Expenses to Revenue		 39.56% 37.97% 37.72% 38.11% 35.04% 37.59% 39.57% 38.01% 36.31% 37.80% 37.51%
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		 41.34% 42.56% 38.75% 38.61% 35.12% 37.69% 39.65% 38.08% 37.12% 37.98% 37.73%
Earnings before Interest and Taxes (EBIT)		 62 65 70 73 106 92 79 88 113 92 98
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 91 94 95 94 127 119 68 109 135 117 120
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.71 1.52 1.87 2.05 2.37 2.62 3.19 3.81 2.73 2.92 2.93
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)		 1.57 1.31 1.62 1.74 2.02 2.15 2.56 3.03 1.99 2.08 2.17
Price to Earnings (P/E)		 19.79 18.38 18.75 16.51 16.35 16.15 19.28 21.97 14.84 16.99 16.86
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		 5.05% 5.44% 5.33% 6.06% 6.11% 6.19% 5.19% 4.55% 6.74% 5.89% 5.93%
Enterprise Value to Invested Capital (EV/IC)		 1.48 1.36 1.67 1.83 2.05 2.33 2.76 3.35 2.31 2.52 2.64
Enterprise Value to Revenue (EV/Rev)		 2.02 1.71 1.89 1.98 2.29 2.35 2.75 3.19 2.23 2.27 2.30
Enterprise Value to EBITDA (EV/EBITDA)		 9.25 8.14 8.76 8.61 9.40 9.33 12.05 13.76 9.73 10.08 9.35
Enterprise Value to EBIT (EV/EBIT)		 15.19 13.15 13.16 11.96 12.30 11.95 14.04 15.97 11.29 11.65 11.52
Enterprise Value to NOPAT (EV/NOPAT)		 18.34 17.24 16.42 15.04 15.71 15.30 18.50 20.97 14.95 15.46 15.15
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.03 8.85 10.12 11.14 13.59 12.06 14.57 15.41 9.83 10.66 9.56
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.45 26.61 11.06 12.42 9.45 9.02 18.24 19.57 12.28 13.48 11.81
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.63 0.61 0.47 0.47 0.45 0.39 0.39 0.38 0.37 0.37 0.46
Long-Term Debt to Equity		 0.63 0.61 0.47 0.47 0.45 0.39 0.39 0.38 0.37 0.36 0.45
Financial Leverage		 0.46 0.35 0.30 0.29 0.40 0.34 0.28 0.23 0.32 0.24 0.21
Leverage Ratio		 1.92 1.97 1.96 2.03 1.93 2.00 1.96 2.00 1.89 1.98 2.00
Compound Leverage Factor		 1.40 1.47 1.55 1.62 1.68 1.72 1.69 1.74 1.71 1.68 1.80
Debt to Total Capital		 38.71% 37.95% 32.15% 31.84% 31.11% 27.82% 27.82% 27.51% 26.78% 26.80% 31.43%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.21% 0.24%
Long-Term Debt to Total Capital		 38.71% 37.95% 32.15% 31.84% 31.11% 27.82% 27.82% 27.51% 26.78% 26.60% 31.19%
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		 61.29% 62.05% 67.85% 68.16% 68.89% 72.18% 72.18% 72.49% 73.22% 73.20% 68.57%
Debt to EBITDA		 2.64 2.49 1.90 1.73 1.58 1.26 1.35 1.30 1.17 1.16 1.38
Net Debt to EBITDA		 2.07 1.92 1.26 1.03 1.11 0.76 0.86 0.68 1.04 0.82 0.53
Long-Term Debt to EBITDA		 2.64 2.49 1.90 1.73 1.58 1.26 1.35 1.30 1.17 1.15 1.37
Debt to NOPAT		 5.24 5.29 3.56 3.02 2.64 2.07 2.08 1.99 1.79 1.78 2.23
Net Debt to NOPAT		 4.11 4.06 2.36 1.79 1.85 1.25 1.33 1.04 1.59 1.26 0.86
Long-Term Debt to NOPAT		 5.24 5.29 3.56 3.02 2.64 2.07 2.08 1.99 1.79 1.77 2.21
Altman Z-Score		 2.95 2.74 3.05 3.13 3.72 3.72 4.20 4.49 4.19 3.98 3.81
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.95 0.76 0.86 0.94 1.06 0.83 0.82 0.98 0.68 0.70 1.09
Quick Ratio		 0.79 0.63 0.71 0.79 0.89 0.71 0.68 0.80 0.49 0.56 0.96
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 173 -5.71 151 101 243 255 65 88 144 109 162
Operating Cash Flow to CapEx		 -143.88% 749.89% 0.00% 857.65% -178.08% 2,029.78% 314.33% 814.76% 203.39% 920.02% 462.31%
Free Cash Flow to Firm to Interest Expense		 10.38 -0.35 10.22 6.97 17.46 19.50 5.97 7.92 13.21 8.01 16.51
Operating Cash Flow to Interest Expense		 -0.79 9.82 2.75 6.17 -1.37 15.90 5.50 11.77 2.72 13.66 12.65
Operating Cash Flow Less CapEx to Interest Expense		 -1.34 8.51 2.96 5.45 -2.14 15.12 3.75 10.33 1.39 12.17 9.91
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.54 0.55 0.57 0.58 0.62 0.63 0.65 0.64 0.71 0.69 0.68
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		 5.58 5.86 6.43 6.41 6.67 6.65 7.09 7.31 7.38 7.24 6.99
Accounts Payable Turnover		 8.42 8.21 7.57 8.51 9.42 7.91 7.43 8.02 9.47 8.33 7.26
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)		 43.37 44.44 48.19 42.90 38.73 46.14 49.12 45.50 38.55 43.84 50.30
Cash Conversion Cycle (CCC)		 -43.37 -44.44 -48.19 -42.90 -38.73 -46.14 -49.12 -45.50 -38.55 -43.84 -50.30
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,048 1,941 1,789 1,765 1,886 1,756 1,785 1,745 1,824 1,715 1,701
Invested Capital Turnover		 0.71 0.80 0.86 0.91 0.86 0.94 1.00 1.04 1.02 1.10 1.12
Increase / (Decrease) in Invested Capital		 -125 54 -89 -45 -163 -186 -3.69 -20 -61 -41 -84
Enterprise Value (EV)		 3,027 2,635 2,995 3,229 3,862 4,084 4,924 5,842 4,207 4,330 4,499
Market Capitalization		 2,348 2,014 2,565 2,845 3,406 3,750 4,571 5,553 3,759 3,977 4,242
Book Value per Share		 $34.38 $33.71 $36.41 $36.88 $38.38 $38.45 $39.90 $40.54 $37.95 $39.53 $42.50
Tangible Book Value per Share		 ($9.65) ($10.83) ($9.81) ($9.16) ($7.83) ($7.97) ($8.16) ($7.41) ($9.42) ($10.26) ($7.91)
Total Capital		 2,234 2,129 2,018 2,039 2,089 1,985 1,986 2,011 1,883 1,864 2,109
Total Debt		 865 808 649 649 650 552 553 553 504 499 663
Total Long-Term Debt		 865 808 649 649 650 552 553 553 504 496 658
Net Debt		 679 620 429 385 456 333 353 288 448 352 257
Capital Expenditures (CapEx)		 9.18 22 -3.12 10 11 10 19 16 15 20 27
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -207 -309 -289 -299 -171 -309 -291 -274 -196 -320 -346
Debt-free Net Working Capital (DFNWC)		 -20 -121 -70 -34 23 -90 -92 -9.40 -140 -173 61
Net Working Capital (NWC)		 -20 -121 -70 -34 23 -90 -92 -9.40 -140 -177 56
Net Nonoperating Expense (NNE)		 8.71 11 13 9.45 4.33 8.53 6.87 6.06 6.68 26 6.19
Net Nonoperating Obligations (NNO)		 679 620 420 375 447 323 352 287 446 351 255
Total Depreciation and Amortization (D&A)		 29 29 24 21 21 27 -11 21 22 25 22
Debt-free, Cash-free Net Working Capital to Revenue		 -13.81% -20.06% -18.23% -18.32% -10.16% -17.76% -16.29% -14.95% -10.39% -16.75% -17.69%
Debt-free Net Working Capital to Revenue		 -1.37% -7.89% -4.39% -2.11% 1.34% -5.18% -5.13% -0.51% -7.41% -9.05% 3.11%
Net Working Capital to Revenue		 -1.37% -7.89% -4.39% -2.11% 1.34% -5.18% -5.13% -0.51% -7.41% -9.25% 2.85%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.00 $0.95 $1.26 $1.22 $2.03 $1.64 $1.50 $1.71 $2.14 $1.21 $2.12
Adjusted Weighted Average Basic Shares Outstanding		 39.87M 38.71M 39.41M 37.72M 37.44M 37.14M 37.09M 36.11M 35.73M 34.28M 35.05M
Adjusted Diluted Earnings per Share		 $0.98 $0.93 $1.23 $1.18 $1.98 $1.59 $1.43 $1.67 $2.11 $1.20 $2.06
Adjusted Weighted Average Diluted Shares Outstanding		 40.79M 39.64M 40.31M 39.11M 38.40M 38.23M 38.33M 37.06M 36.23M 34.78M 35.72M
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		 39.19M 37.61M 37.69M 37.49M 37.26M 35.93M 35.96M 36.33M 34.51M 34.03M 34.04M
Normalized Net Operating Profit after Tax (NOPAT)		 54 63 66 57 80 70 61 68 86 69 79
Normalized NOPAT Margin		 13.83% 15.23% 16.14% 13.72% 17.97% 14.97% 13.43% 14.74% 17.10% 14.08% 15.72%
Pre Tax Income Margin		 11.57% 11.64% 13.58% 13.99% 20.59% 17.02% 15.00% 16.63% 20.24% 16.00% 17.63%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.72 3.90 4.77 5.03 7.63 7.07 7.32 7.93 10.33 6.72 10.02
NOPAT to Interest Expense		 2.91 2.91 4.22 3.84 5.77 5.31 5.63 6.12 7.61 4.99 7.95
EBIT Less CapEx to Interest Expense		 3.17 2.59 4.99 4.31 6.86 6.28 5.57 6.49 8.99 5.23 7.28
NOPAT Less CapEx to Interest Expense		 2.36 1.60 4.43 3.12 5.00 4.52 3.88 4.68 6.27 3.50 5.21
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		 239.09% 300.07% 191.53% 118.80% 84.26% 68.00% 89.90% 74.20% 122.97% 130.97% 95.35%

Financials Breakdown Chart

Key Financial Trends

Adtalem Global Education’s financial trend is broadly positive, with strong revenue growth, improving profitability and a substantial reduction in share count. However, investors should monitor cash-flow volatility, debt-funded financing activity and the company’s relatively large goodwill and intangible-asset balances.

  • Revenue growth has remained strong. Quarterly revenue increased from $357.3 million in Q4 2022 to $501.4 million in Q4 2026, a gain of approximately 40%. Revenue also rose 3.0% sequentially from $487.0 million in Q3 2026.
  • Profitability has improved materially. Q4 2026 gross profit was $284.6 million, representing a 56.8% gross margin, while operating income reached $95.4 million. The operating margin was approximately 19.0%, compared with 10.8% in Q4 2022.
  • Net income and earnings per share are trending higher. Q4 2026 consolidated net income was $71.7 million, up from $54.2 million in Q4 2025. Diluted EPS increased to $2.06 from $1.43 in Q4 2025 and $0.51 in Q4 2022.
  • Share repurchases have supported per-share results. Basic weighted-average shares declined from 39.4 million in Q4 2024 to 35.0 million in Q4 2026. The reduction in shares has helped earnings growth translate into stronger EPS performance.
  • Operating cash flow remains healthy in the latest quarter. Cash flow from operating activities was $124.0 million in Q4 2026, compared with $59.7 million in Q4 2025. Continuing-operations operating cash flow was $124.4 million, comfortably above quarterly capital expenditures of $26.8 million.
  • Debt levels had been declining before the latest financing activity. Long-term debt decreased from $649.9 million at the end of Q2 2025 to $495.6 million at Q3 2026. This suggests progress in reducing leverage, although the Q4 2026 cash-flow statement reports a new $163.0 million debt issuance that investors should reconcile with the next balance sheet.
  • Cash balances have been volatile. Reported cash declined to $56.3 million at Q2 2026 before rising to $147.0 million at Q3 2026. The Q4 2026 cash-flow statement shows a $258.9 million increase in cash, but much of that improvement came from $163.0 million of new debt rather than operating activities.
  • Discontinued operations are becoming less significant but still affect reported results. The Q3 2026 quarter included a $16.3 million loss from discontinued operations, while Q4 2026 included only a $439,000 loss. Continuing operations therefore provide a clearer view of the company’s underlying performance.
  • Working-capital cash generation has been inconsistent. Changes in operating assets and liabilities contributed $75.3 million of cash in Q3 2026 but only $1.6 million in Q4. Earlier periods also included substantial working-capital uses, including a $98.7 million outflow in Q2 2026 and a $142.7 million outflow in Q2 2025.
  • The balance sheet remains heavily weighted toward goodwill and intangible assets. At Q3 2026, goodwill and intangible assets totaled approximately $1.72 billion, or roughly 63% of total assets. This concentration increases the importance of future enrollment growth and operating performance because impairment charges could reduce reported earnings and equity.

Overall, the statements show a company that has expanded revenue and operating margins while producing stronger earnings and reducing its share count. The main risks are the uneven conversion of earnings into operating cash flow, a current ratio below 1.0 based on reported current assets and liabilities, and the possibility that recent cash growth was driven by additional borrowing. Investors should compare the next reported balance sheet with the Q4 financing activity before concluding that liquidity and leverage have improved.

08/11/26 12:16 PM ETAI Generated. May Contain Errors.

Adtalem Global Education Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Adtalem Global Education's financial year ends in June. Their financial year 2026 ended on June 30, 2026.

Adtalem Global Education's net income appears to be on an upward trend, with a most recent value of $251.57 million in 2026, falling from -$2.76 million in 2016. The previous period was $237.07 million in 2025. See Adtalem Global Education's forecast for analyst expectations on what's next for the company.

Adtalem Global Education's total operating income in 2026 was $383.38 million, based on the following breakdown:
  • Total Gross Profit: $1.12 billion
  • Total Operating Expenses: $737.05 million

Over the last 10 years, Adtalem Global Education's total revenue changed from $1.08 billion in 2016 to $1.95 billion in 2026, a change of 80.9%.

Adtalem Global Education's total liabilities were at $1.57 billion at the end of 2026, a 18.8% increase from 2025, and a 207.3% increase since 2016.

In the past 10 years, Adtalem Global Education's cash and equivalents has ranged from $199.60 million in 2025 to $500.52 million in 2020, and is currently $406.32 million as of their latest financial filing in 2026.

Over the last 10 years, Adtalem Global Education's book value per share changed from 25.21 in 2016 to 42.50 in 2026, a change of 68.6%.


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Financial statements for NYSE:CVSA last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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