Latest Ratios: P/E Ratio 17.6x · EV/EBITDA 10.9x · ROE 16.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $4.9B | $2.7B | $1.6B | $1.7B | $1.8B | $1.7B | $2.7B | $3.0B | $2.4B | $1.1B |
| Enterprise Value | $4.3B | $5.5B | $3.4B | $2.2B | $2.5B | $2.6B | $1.7B | $2.9B | $2.9B | $2.3B | $840M |
| P/E Ratio → | 17.57 | 20.96 | 20.12 | 16.75 | — | 23.92 | 6.92 | 19.67 | 89.07 | 19.87 | — |
| P/S Ratio | 2.07 | 2.73 | 1.73 | 1.08 | 1.26 | 2.05 | 1.94 | 2.16 | 2.43 | 1.34 | 0.62 |
| P/B Ratio | 2.85 | 3.40 | 2.01 | 1.07 | 1.17 | 1.23 | 1.28 | 1.91 | 1.96 | 1.45 | 0.72 |
| P/FCF | 12.85 | 16.96 | 11.14 | 9.44 | — | 12.82 | 26.51 | 19.08 | 17.35 | 13.58 | 7.08 |
| P/OCF | 10.94 | 14.43 | 9.30 | 8.16 | 164.18 | 9.58 | 15.65 | 13.05 | 12.52 | 10.66 | 4.96 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.05 | 2.13 | 1.51 | 1.78 | 2.85 | 1.96 | 2.31 | 2.32 | 1.28 | 0.46 |
| EV / EBITDA | 10.85 | 13.86 | 11.55 | 8.09 | 11.26 | 17.75 | 8.72 | 12.66 | 10.98 | 11.83 | 11.45 |
| EV / EBIT | 12.50 | 15.77 | 12.44 | 9.68 | 15.81 | 17.20 | 7.58 | 16.86 | 13.40 | 11.53 | 5.36 |
| EV / FCF | — | 18.96 | 13.68 | 13.20 | — | 17.84 | 26.77 | 20.48 | 16.55 | 12.93 | 5.18 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.9% | 56.9% | 55.9% | 55.3% | 52.3% | 49.1% | 47.2% | 49.7% | 47.6% | 46.8% | 46.5% |
| Operating Margin | 19.1% | 19.1% | 13.7% | 11.6% | 5.6% | 12.3% | 12.7% | 15.0% | 16.9% | 7.7% | -0.7% |
| Net Profit Margin | 13.3% | 13.3% | 8.6% | 6.4% | 22.5% | 7.8% | -9.8% | 10.4% | 2.7% | 6.8% | -0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.9% | 16.9% | 9.7% | 6.3% | 20.9% | 5.0% | -6.3% | 8.8% | 2.1% | 7.5% | -0.2% |
| ROA | 8.6% | 8.6% | 4.9% | 3.2% | 10.3% | 2.7% | -3.8% | 5.6% | 1.4% | 5.5% | -0.2% |
| ROIC | 12.8% | 12.8% | 8.0% | 5.9% | 2.6% | 4.7% | 5.6% | 9.3% | 10.5% | 7.3% | -0.7% |
| ROCE | 15.2% | 15.2% | 9.4% | 6.7% | 2.9% | 4.9% | 5.8% | 9.5% | 10.6% | 7.5% | -0.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.54 | 0.54 | 0.62 | 0.61 | 0.72 | 0.72 | 0.39 | 0.29 | 0.19 | 0.07 | — |
| Debt / EBITDA | 1.97 | 1.97 | 2.90 | 3.31 | 4.88 | 7.39 | 2.65 | 1.77 | 1.13 | 0.64 | — |
| Net Debt / Equity | — | 0.40 | 0.46 | 0.43 | 0.48 | 0.48 | 0.01 | 0.14 | -0.09 | -0.07 | -0.19 |
| Net Debt / EBITDA | 1.46 | 1.46 | 2.15 | 2.30 | 3.29 | 4.99 | 0.08 | 0.87 | -0.53 | -0.59 | -4.20 |
| Debt / FCF | — | 2.00 | 2.55 | 3.76 | — | 5.01 | 0.26 | 1.41 | -0.80 | -0.64 | -1.90 |
| Interest Coverage | 6.53 | 6.53 | 3.41 | 2.66 | 0.59 | 2.58 | 5.64 | 9.35 | 17.92 | 15.16 | -2.05 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 0.86 | 1.11 | 1.32 | 1.32 | 2.00 | 1.62 | 1.88 | 1.25 | 1.43 |
| Quick Ratio | 0.82 | 0.82 | 0.86 | 1.11 | 1.32 | 1.32 | 2.00 | 1.62 | 1.88 | 1.25 | 1.43 |
| Cash Ratio | 0.39 | 0.39 | 0.45 | 0.63 | 0.82 | 0.82 | 1.47 | 0.68 | 1.19 | 0.65 | 0.86 |
| Asset Turnover | — | 0.65 | 0.58 | 0.52 | 0.46 | 0.30 | 0.39 | 0.55 | 0.53 | 0.78 | 0.88 |
| Inventory Turnover | 3451.92 | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 29.84 | 29.21 | 25.85 | 21.56 | 33.14 | 36.67 | 24.60 | 43.50 | 29.99 | 32.15 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 0.5% | 2.0% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 9.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 4.8% | 5.0% | 6.0% | — | 4.2% | 14.4% | 5.1% | 1.1% | 5.0% | — |
| FCF Yield | 7.8% | 5.9% | 9.0% | 10.6% | — | 7.8% | 3.8% | 5.2% | 5.8% | 7.4% | 14.1% |
| Buyback Yield | 5.8% | 4.4% | 9.5% | 7.9% | 6.9% | 5.4% | 8.1% | 9.5% | 4.6% | 2.0% | 2.8% |
| Total Shareholder Yield | 5.8% | 4.4% | 9.5% | 7.9% | 6.9% | 5.4% | 8.1% | 9.5% | 4.6% | 2.5% | 4.8% |
| Shares Outstanding | — | $38M | $40M | $46M | $48M | $52M | $54M | $59M | $62M | $64M | $64M |
Regulatory and clinical capacity
Based on current market data, ATGE trades at a forward P/E of 13.44, which appears to discount the company's 12.85% revenue growth rate and suggests that investors remain cautious regarding the long-term sustainability of its specialized healthcare education model compared to broader sector peers.
The current valuation multiple implies a market expectation of decelerating growth or potential regulatory headwinds, despite the company's successful pivot toward high-demand nursing and medical programs. When compared to peers like Universal Technical Institute, which commands a significantly higher P/E, ATGE's lower multiple may indicate that the market is not yet fully pricing in the competitive moat provided by its proprietary clinical placement networks.
As reported in recent financial statements, ATGE's ROIC has trended within a modest 1.1% to 4.1% range over the last ten quarters, indicating that the company is currently struggling to generate returns on invested capital that exceed its likely cost of capital in the near term.
The relatively low ROIC figures suggest that the capital-intensive nature of maintaining physical medical and veterinary campuses, combined with the integration costs of the Walden acquisition, continues to weigh on overall efficiency. Investors should monitor whether the company can improve its asset turnover, which has remained stagnant at approximately 0.13 to 0.19, to drive higher returns as the current portfolio matures.
According to the latest financial data, the company's cash conversion cycle remains highly irregular, with DSO fluctuating between 113 and 170 days, reflecting the inherent complexity of managing tuition-based revenue streams and the timing of academic enrollment cycles across diverse educational segments.
The wide variance in DSO suggests that Adtalem faces significant challenges in standardizing its collection processes, which directly impacts the predictability of its operating cash flow. While the company maintains a lean D/E ratio, the lack of stability in its working capital metrics warrants further investigation into whether these fluctuations are purely seasonal or indicative of underlying friction in student payment behavior.
The P/E ratio is frequently misapplied to Adtalem's business model because it fails to account for the significant non-cash amortization of intangible assets resulting from the Walden acquisition, which artificially depresses GAAP net income and obscures the company's true underlying cash-generating capacity.
Analysts should prioritize EV/EBITDA or P/FCF metrics to better evaluate the company's operational performance, as these measures are less sensitive to the accounting distortions inherent in large-scale educational acquisitions. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the structural cash flow benefits derived from the company's dominant position in the healthcare education supply chain.
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Quick answers to the most common questions about buying ATGE stock.
Adtalem Global Education Inc.'s current P/E ratio is 17.6x. The historical average is 29.3x. This places it at the 21th percentile of its historical range.
Adtalem Global Education Inc.'s current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Adtalem Global Education Inc.'s return on equity (ROE) is 16.9%. The historical average is 14.6%.
Based on historical data, Adtalem Global Education Inc. is trading at a P/E of 17.6x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Adtalem Global Education Inc. has 56.9% gross margin and 19.1% operating margin. Operating margin between 10-20% is typical for established companies.
Adtalem Global Education Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.