Here are a few analogies for Adtalem Global Education (ATGE):

• Like a Kaplan that also owns full universities specializing in healthcare and finance degrees.
• Like a University of Phoenix but dedicated to specific professions like nursing and financial services.

• Walden University: Provides online higher education, offering bachelor's, master's, and doctoral degrees across various fields including healthcare, education, business, and public policy.
• Chamberlain University: Offers healthcare education programs, with a primary focus on nursing degrees from bachelor's to doctoral levels, along with other health professions.
• Ross University School of Medicine (RUSM): Delivers medical education programs leading to a Doctor of Medicine (MD) degree for aspiring physicians.
• Ross University School of Veterinary Medicine (RUSVM): Provides veterinary education programs culminating in a Doctor of Veterinary Medicine (DVM) degree.
• American University of the Caribbean School of Medicine (AUC): Offers medical education programs for students pursuing a Doctor of Medicine (MD) degree.

Adtalem Global Education (symbol: ATGE) primarily sells its educational services directly to **individuals**, who are students pursuing various academic and career goals through its institutions. The company does not have major corporate customers in the traditional B2B sense where other companies would purchase services wholesale from Adtalem. While Adtalem may partner with organizations for tuition benefits or specific training programs, the ultimate customer receiving the education is an individual student.

Based on its portfolio of institutions, Adtalem serves two primary categories of individual customers:

1. Aspiring Healthcare Professionals

This category includes individuals enrolling in Adtalem's medical and healthcare-focused institutions: American University of the Caribbean School of Medicine (AUC), Ross University School of Medicine (RUSM), Ross University School of Veterinary Medicine (RUSVM), and Chamberlain University. These students are pursuing undergraduate and graduate degrees to become nurses, doctors, veterinarians, and other allied health professionals. They typically range from recent high school and college graduates to individuals making a career change into the healthcare sector.

2. Working Professionals and Adult Learners

This category primarily encompasses students attending Walden University. These individuals are often already in the workforce and are seeking online or flexible programs to earn bachelor's degree completion, master's degrees, or doctoral degrees. Their motivations typically involve career advancement, professional development, skill enhancement, or transitioning into new professions across diverse fields such as business, education, psychology, public health, and information technology. This segment values the flexibility and accessibility of online learning to balance education with existing work and personal commitments.

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The most significant risk stems from investigations and potential legal challenges, specifically regarding alleged securities fraud violations. In late October 2025, DJS Law Group initiated an investor inquiry into Adtalem's possible violations of securities laws, focusing on whether the company issued misleading statements or failed to disclose crucial information to investors. This inquiry followed an analyst report contradicting prior optimistic statements about student demand and enrollment trends, particularly at Chamberlain University, leading to a significant approximately 31% drop in Adtalem's stock price. Furthermore, a short seller report in January 2024 also negatively impacted Adtalem's share price and could lead to further distractions for management, potential legal challenges, and regulatory scrutiny.

Secondly, the company is exposed to substantial risks related to its highly regulated industry. As an educational institution, Adtalem Global Education operates within a stringent regulatory environment, particularly concerning federal financing programs like Title IV. Changes in regulations governing healthcare education or federal financial aid can significantly impact the company's operations, eligibility for funding, and overall financial health.

A third key risk involves fluctuations in enrollment growth and student demand. Adtalem's financial performance is closely tied to its ability to attract and retain students. Concerns have been raised about potential slowdowns in enrollment growth, particularly at institutions like Chamberlain University. Factors such as marketing execution issues, changes in demand for specific educational services, and financing risks, including those related to the Grad PLUS loan program, could pressure earnings and limit potential valuation gains.

The emergence of advanced AI-powered personalized learning and exam preparation platforms poses a clear emerging threat to Adtalem Global Education’s Becker Professional Education segment. These platforms are increasingly capable of delivering highly adaptive study materials, generating limitless practice questions, and providing immediate, tailored feedback at potentially lower costs, offering a superior and more flexible alternative to traditional professional certification exam review courses.

Adtalem Global Education (ATGE) primarily focuses on healthcare education, encompassing nursing, medicine, and veterinary medicine. They also offer programs in social and behavioral sciences through Walden University.

Addressable Market Sizes:

• Healthcare Education Market (U.S.):
  • The U.S. healthcare education market was valued at approximately USD 39.24 billion in 2023 and is projected to reach USD 61.44 billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.4%.
  • Another estimate places the global healthcare education market at USD 124.71 billion in 2024, with North America holding the largest revenue share of 39.2% in 2024.
  • The global healthcare education market size was estimated at USD 118.22 billion in 2024 and is predicted to increase to approximately USD 268.00 billion by 2034, with a CAGR of 8.53%. North America is expected to grow at a significant rate.
• Nursing Education Market (U.S.):
  • The U.S. nursing education market was valued at USD 9.7 billion in 2024 and is expected to grow to USD 16.1 billion by 2034, at a CAGR of 5.3% from 2025 to 2034.
  • Another report indicates the U.S. nursing education market size is forecast to increase by USD 161.9 billion, at a CAGR of 30% between 2024 and 2029.
  • Globally, the nursing education market was valued at USD 26.6 billion in 2024 and is expected to reach USD 49.4 billion in 2034, with North America holding the highest market share of 37.3% in 2024.
• Medical Education Market (U.S. / Global, with North America leading):
  • The global medical education market was valued at approximately US$ 83.2 billion in 2024. North America held the largest market share in 2024.
  • The global medical education market is projected to reach a value of US$ 35.11 billion in 2024 and US$ 57.95 billion by the end of 2034, at a CAGR of 5.1%.
  • Another estimate for the global medical education market valued it at USD 46.30 billion in 2024, with an anticipated growth to USD 79.09 billion by 2034 at a CAGR of 5.50%. North America, particularly the United States, is expected to lead this market.
  • The global medical education market size is forecast to increase by USD 294.5 billion, at a CAGR of 18.4% between 2024 and 2029, with North America estimated to contribute 34% to this growth.
• Veterinary Education Market (U.S. / Global, with North America leading):
  • The U.S. veterinary education market was valued at USD 754.4 million in 2024 and is projected to reach USD 1.16 billion by 2030, growing at a CAGR of 7.62%.
  • The global veterinary education market size was estimated at USD 2.99 billion in 2023 and is anticipated to grow at a CAGR of 5.9% from 2024 to 2030.
  • The global veterinary education market was valued at USD 3.18 billion in 2024 and is expected to reach USD 4.52 billion by 2030, with a CAGR of 6.01%. North America was the dominant region in this market in 2024.
• Financial Services Education Market (U.S.):
  • Spending on financial education in the U.S. (by federal, state, and local governments, non-profit organizations, and charitable foundations) was approximately $670 million.

1. Sustained Enrollment Growth: Adtalem Global Education has consistently reported enrollment growth across its institutions, including Chamberlain University, Walden University, and its Medical and Veterinary segments. This trend is expected to continue, driven by ongoing demand in the healthcare education sector and the company's "Growth with Purpose" strategy, which focuses on optimizing marketing, enrollment, and retention efforts. For instance, total student enrollment increased by 2.2% in a recent quarter, marking the 11th consecutive quarter of growth. Chamberlain University and Walden University have shown strong enrollment increases, with Chamberlain achieving its highest-ever total enrollment for the second consecutive year.
2. Strategic Pricing Optimization: The company has identified pricing optimization as a contributing factor to its revenue growth. This suggests a continued strategic approach to tuition and fees that balances competitiveness with value, thereby enhancing revenue per student.
3. Expansion of Program Offerings and Capacity: Adtalem is investing in and expanding its educational offerings, such as the pre-licensure Bachelor of Science in Nursing (BSN) Online program. There is also a focus on bringing new capacity to market and exploring new opportunities in high-demand areas like Allied Health, which are driven by employer needs. New partnerships, such as the SSM Health Aspiring Nurse program, also contribute to expanding access and program reach.
4. Strategic Partnerships and Acquisitions: Adtalem is actively pursuing strategic partnerships, such as the collaboration with Sinai Chicago for clinical rotations, to enhance the educational experience and address healthcare workforce needs. The company's strategy also includes considering "bolt-on acquisitions to enhance capabilities and expand geographically," indicating potential revenue growth through inorganic means.

Share Repurchases

• Adtalem Global Education completed a $300 million share repurchase program on May 5, 2025.
• Since February 2022, the company has returned $763 million to shareholders, reducing shares outstanding by 28% at an average share repurchase price of approximately $49.
• A new $150 million share repurchase program was authorized by the board of directors through May 2028, with plans announced on November 5, 2025, to accelerate the execution of the remaining $136 million balance.

Share Issuance

• As of July 31, 2024, there were 37,689,832 shares of common stock outstanding.
• By July 31, 2025, the number of outstanding common shares was 35,955,712.

Inbound Investments

• Adtalem Global Education has raised funding across 5 rounds, with the first in 2020.
• The company's latest funding round was a $1.2 million Grant (prize money) in 2024, with HRSA participating as an investor.

Outbound Investments

• Adtalem Global Education has acquired 8 companies, including Walden University.
• The company has strategically transformed by divesting less profitable, non-healthcare units like DeVry University to focus on nursing, medicine, public health, and psychology segments.

Capital Expenditures

• Capital expenditures increased by $18 million on a trailing 12-month basis in the first quarter of fiscal year 2025 (ended September 30, 2024).
• The company makes planned capital investments to expand its reach and impact within the healthcare education market.
• Adtalem is strategically investing to remove access barriers and expand capacity in its healthcare career-oriented programs.