Universal Technical Institute (UTI) is a for-profit post-secondary vocational education company that trains students for careers in skilled trades and healthcare. UTI operates through two divisions: the UTI division, which runs 15 campuses across nine states offering hands-on training in automotive, diesel, welding, HVACR, aviation, and other skilled trades; and the Concorde Career Colleges division, which runs 17 campuses across eight states offering healthcare training in dental hygiene, nursing, medical assisting, and related fields. UTI acquired Concorde in December 2022. UTI generates revenue by enrolling tuition-paying students, with revenue recognized over the duration of each program. Roughly 78% of revenue comes from federal student aid — including Direct Loans, Pell Grants, and veterans' benefits. Enrollment growth is the primary revenue driver, and operating leverage is meaningful as fixed campus costs are spread across more students. UTI also runs manufacturer-specific advanced training programs in partnership with OEMs like BMW, Ford, Tesla, and Mercedes-Benz, generating incremental revenue and providing students with brand-specific credentials. UTI is currently in an investment phase under its "North Star Phase 2" strategy, opening two to five new campuses per year and launching approximately 20 new programs annually. This growth investment is expected to compress margins in FY26 and FY27 before new campuses ramp toward maturity in FY28 and FY29. Management targets more than $1.2B in annual revenue and approximately $220M in adjusted EBITDA by FY29.