Adtalem Global Education Inc (ATGE)

Inventory turnover

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Cost of revenue (ttm)	US$ in thousands	757,852	744,954	715,975	701,408	684,031	675,295	670,225	657,459	648,486	646,047	646,254	667,371	670,836	635,192	592,242	538,645	489,233	479,648	475,283	475,718
Inventory	US$ in thousands	—	—	—	—	0	—	3,183	1,988	1,386	1,804	2,234	—	—	0	0	0	—	—	—	—
Inventory turnover		—	—	—	—	—	—	210.56	330.71	467.88	358.12	289.28	—	—	—	—	—	—	—	—	—

June 30, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $757,852K ÷ $—K
= —

The inventory turnover ratio for Adtalem Global Education Inc. exhibits no recorded values from September 30, 2020, through September 30, 2022, indicating that the company potentially maintained a non-inventory approach during this period or there was insufficient data to report inventory levels or costs of goods sold (COGS).

Starting with December 31, 2022, the ratio is reported at 289.28, which suggests a high frequency of inventory replenishment or a low inventory holding relative to COGS. In the subsequent quarters, the ratio increases significantly to 358.12 in March 2023 and further to 467.88 in June 2023, reflecting an accelerated turnover rate during this period. This trend indicates an increasingly efficient inventory management, where inventory is being sold and replenished more rapidly, or possibly that inventory levels are decreasing relative to sales.

However, in the quarter ending September 30, 2023, the ratio decreases to 330.71, representing a slowdown compared to the prior quarter but still remaining high. The decline continues into December 2023, with the ratio falling to 210.56, suggesting a significant reduction in inventory turnover rate at that time.

Overall, the data indicates a period of rapid inventory turnover beginning in late 2022 through mid-2023, followed by a decline in late 2023. The fluctuations could reflect changes in operational practices, shifts in business volume, variations in inventory management strategies, or seasonality effects. Nevertheless, the early periods lack data, which limits comprehensive trend analysis, but the later figures suggest a period of increased efficiency then a partial slowdown toward the end of 2023.