Adtalem Global Education's Investment Narrative: Enrollment Momentum and Online Nursing Expansion.

Adtalem Global Education reported ongoing enrollment momentum across its Walden and Medical/Veterinary schools, supported by expanded programs and growing online offerings. This growth has shaped its investment narrative, pairing enrollment strength with partnerships to enhance student access and career relevance. However, the stock's sharp pullback suggests concerns about softer long-run revenue momentum, shrinking forecast free cash flow margins, and returns on capital that are not especially high.