Adtalem Global Education Inc. (ATGE) Stock Analysis

Adtalem Global Education’s primary competitive advantage is its scale and specialization in U.S. healthcare education. With over 90% of its 97,000+ students enrolled in healthcare programs, Adtalem is the largest healthcare educator in the country. Its Chamberlain University is the nation’s largest nursing school, with record enrollment exceeding 40,000 in FY25. Walden University and the company’s medical and veterinary schools further diversify its healthcare offerings, enabling cross-segment synergies and risk mitigation.

Adtalem’s focus on non-traditional, working-adult learners—supported by flexible online and hybrid delivery—differentiates it from traditional universities and for-profit peers such as American Public Education (APEI) and Stride (LRN). Its programs are closely aligned with labor market needs, evidenced by a 95% first-time residency attainment rate for medical graduates and strong placement in underserved areas.

Operationally, Adtalem’s “Growth with Purpose” strategy emphasizes marketing, enrollment, retention, and pricing discipline, driving 12.9% revenue growth and 25.7% adjusted EBITDA margins in FY25—well above most sector peers. The company’s regulatory expertise and scale allow it to navigate complex accreditation and compliance requirements more efficiently than smaller rivals.

Potential weaknesses include regulatory risk and reliance on federal student aid, but Adtalem’s diversified program mix, strong student outcomes, and disciplined capital allocation (including $913 million in share repurchases since 2022) reinforce its durable competitive position.