Graham (GHC) Financials

$1,128.70 +8.82 (+0.79%)

Closing price 03:59 PM Eastern

Extended Trading

$1,128.69 0.00 (0.00%)

As of 05:06 PM Eastern

Annual Income Statements for Graham

This table shows Graham's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-101	169	302	271	328	300	352	67	205	725	292
Consolidated Net Income / (Loss)	-99	169	302	271	328	300	353	70	212	733	303
Net Income / (Loss) Continuing Operations	-141	169	302	271	328	300	353	70	212	733	303
Total Pre-Tax Income	-121	251	183	324	426	407	450	122	299	1,025	450
Total Operating Income	-81	223	136	246	145	100	77	84	69	216	235
Total Gross Profit	2,586	2,482	2,592	1,109	984	977	1,071	1,267	1,312	1,466	1,470
Total Revenue	2,586	2,482	2,592	2,696	2,932	2,889	3,186	3,924	4,415	4,791	4,912
Operating Revenue	2,226	2,482	2,592	2,696	2,932	2,889	3,186	3,924	4,415	4,791	4,912
Total Cost of Revenue	0.00	0.00	0.00	1,587	1,948	1,912	2,115	2,658	3,103	3,325	3,442
Operating Cost of Revenue	-	-	-	1,587	1,948	1,912	2,115	2,658	3,103	3,325	3,442
Total Operating Expenses	2,667	2,259	2,455	863	839	877	994	1,183	1,243	1,251	1,235
Selling, General & Admin Expense	1,104	896	888	751	718	715	832	922	1,007	1,077	1,110
Depreciation Expense	78	65	63	57	59	74	71	73	86	87	80
Amortization Expense	19	27	41	47	53	57	58	59	50	37	32
Impairment Charge	260	1.60	9.61	8.11	9.15	30	33	129	99	50	12
Total Other Income / (Expense), net	-40	28	46	77	282	307	372	38	230	809	215
Interest Expense	33	35	34	49	30	38	34	54	63	186	119
Interest & Investment Income	1.21	-4.84	3.33	20	18	11	21	0.39	274	6.57	25
Other Income / (Expense), net	-8.62	68	77	107	294	335	385	92	19	989	309
Income Tax Expense	21	81	-120	52	99	107	96	51	87	292	146
Net Income / (Loss) Attributable to Noncontrolling Interest	1.44	0.87	0.45	0.20	0.02	-0.40	1.25	3.36	6.42	7.98	11
Basic Earnings per Share	($17.87)	$29.95	$54.24	$50.55	$61.70	$58.30	$70.65	$13.83	$43.96	$164.62	$67.11
Weighted Average Basic Shares Outstanding	5.73M	5.56M	5.52M	5.33M	5.29M	5.12M	4.95M	4.82M	4.64M	4.37M	4.33M
Diluted Earnings per Share	($17.87)	$29.80	$53.89	$50.20	$61.21	$58.13	$70.45	$13.79	$43.82	$163.40	$66.47
Weighted Average Diluted Shares Outstanding	5.73M	5.59M	5.55M	5.37M	5.33M	5.14M	4.97M	4.84M	4.65M	4.41M	4.37M
Weighted Average Basic & Diluted Shares Outstanding	5.70M	5.60M	5.60M	5.40M	5.31M	5.00M	4.90M	4.79M	4.46M	4.34M	4.36M
Cash Dividends to Common per Share	$9.10	$4.84	$5.08	$5.32	$5.56	$5.80	$6.04	$6.32	$6.60	$6.88	$7.20

This table shows Graham's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-23	53	124	-21	73	549	24	37	123	109	29
Consolidated Net Income / (Loss)	-21	56	125	-19	75	552	26	40	126	111	31
Net Income / (Loss) Continuing Operations	-21	56	125	-19	75	552	26	40	126	111	31
Total Pre-Tax Income	-12	73	169	-15	113	758	34	61	183	172	41
Total Operating Income	-57	41	35	26	82	73	47	73	67	48	58
Total Gross Profit	330	341	333	353	380	400	347	376	374	373	379
Total Revenue	1,112	1,167	1,153	1,185	1,207	1,246	1,166	1,216	1,279	1,251	1,236
Operating Revenue	1,112	1,167	1,153	1,185	1,207	1,246	1,166	1,216	1,279	1,251	1,236
Total Cost of Revenue	782	826	820	832	827	846	819	839	904	878	857
Operating Cost of Revenue	782	826	820	832	827	846	819	839	904	878	857
Total Operating Expenses	387	300	297	328	299	327	299	304	307	325	321
Selling, General & Admin Expense	255	266	264	269	269	275	271	277	276	287	277
Depreciation Expense	22	23	23	22	21	21	21	20	19	21	18
Amortization Expense	12	11	11	10	8.39	7.93	7.82	7.24	9.69	7.28	6.06
Impairment Charge	98	-	-	26	0.00	24	0.00	0.00	2.24	-	19
Total Other Income / (Expense), net	45	32	133	-41	31	685	-14	-12	116	125	-17
Interest Expense	12	25	19	91	26	50	82	18	17	1.24	16
Interest & Investment Income	1.20	-50	4.51	4.67	58	-138	72	5.38	133	-108	37
Other Income / (Expense), net	56	108	148	46	-0.47	873	-4.07	0.60	0.01	234	-38
Income Tax Expense	9.40	17	44	4.10	39	206	7.90	20	57	62	9.90
Net Income / (Loss) Attributable to Noncontrolling Interest	1.90	2.43	0.96	2.21	2.00	2.80	1.83	3.67	3.31	2.16	1.65
Basic Earnings per Share	($5.02)	$12.11	$27.87	($4.79)	$16.54	$125.00	$5.50	$8.43	$28.19	$24.99	$6.68
Weighted Average Basic Shares Outstanding	4.60M	4.64M	4.43M	4.40M	4.35M	4.37M	4.32M	4.33M	4.33M	4.33M	4.33M
Diluted Earnings per Share	($5.02)	$12.07	$27.72	($4.79)	$16.42	$124.05	$5.45	$8.35	$27.91	$24.76	$6.62
Weighted Average Diluted Shares Outstanding	4.60M	4.65M	4.46M	4.40M	4.38M	4.41M	4.36M	4.37M	4.38M	4.37M	4.38M
Weighted Average Basic & Diluted Shares Outstanding	4.54M	4.46M	4.44M	4.40M	4.33M	4.34M	4.36M	4.36M	4.36M	4.36M	4.31M
Cash Dividends to Common per Share	$1.65	-	$3.44	$1.72	$1.72	-	$3.60	$1.80	$1.80	-	$3.76

This table details how cash moves in and out of Graham's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-24	-104	-263	-143	-50	209	-264	32	11	96	14
Net Cash From Operating Activities	71	261	268	287	165	211	202	236	260	407	347
Net Cash From Continuing Operating Activities	71	261	268	287	165	211	202	236	260	407	347
Net Income / (Loss) Continuing Operations	-99	169	302	271	328	300	353	70	212	733	303
Consolidated Net Income / (Loss)	-99	169	302	271	328	300	353	70	212	733	303
Depreciation Expense	428	93	113	112	122	161	162	261	235	174	125
Amortization Expense	-	-	0.00	0.00	84	90	74	68	68	63	60
Non-Cash Adjustments To Reconcile Net Income	0.27	-29	-12	-86	-243	-286	-342	-37	-226	-903	-257
Changes in Operating Assets and Liabilities, net	-259	28	-136	-10	-126	-55	-45	-126	-29	341	117
Net Cash From Investing Activities	-426	-311	-442	-231	-237	199	-495	-184	-153	-62	-179
Net Cash From Continuing Investing Activities	-426	-311	-442	-231	-237	199	-495	-184	-153	-62	-179
Purchase of Property, Plant & Equipment	-137	-67	-60	-98	-94	-70	-163	-78	-93	-75	-46
Acquisitions	-159	-245	-300	-112	-179	-20	-352	-130	-78	-4.12	-71
Purchase of Investments	-171	-55	-83	-54	-35	-32	-57	-79	-20	-9.55	-69
Sale and/or Maturity of Investments	0.00	30	4.73	72	19	94	65	102	62	24	0.00
Other Investing Activities, net	42	25	-3.51	-38	-2.58	2.07	0.56	1.04	-23	2.34	6.91
Net Cash From Financing Activities	342	-43	-100	-192	19	-204	31	-18	-100	-241	-165
Net Cash From Continuing Financing Activities	342	-43	-100	-192	19	-204	31	-18	-100	-241	-165
Repayment of Debt	-55	-0.65	-17	-429	-8.92	-82	-46	-16	-122	-35	-569
Repurchase of Common Equity	-23	-109	-51	-118	-2.65	-162	-59	-73	-198	-116	-5.76
Payment of Dividends	-148	-27	-28	-29	-30	-30	-31	-34	-36	-36	-223
Issuance of Debt	551	115	1.40	400	56	64	194	104	263	-35	657
Issuance of Common Equity	-	-	0.00	0.00	6.00	0.00	0.00	3.20	0.00	0.00	0.00
Other Financing Activities, net	27	-21	-5.19	-16	-1.77	5.78	-27	-2.91	-6.21	-18	-24
Effect of Exchange Rate Changes	-11	-11	11	-7.15	2.77	2.98	-3.03	-1.84	4.39	-7.73	11
Cash Interest Paid	33	30	33	42	30	31	30	37	51	69	63
Cash Income Taxes Paid	209	65	4.00	54	28	91	39	48	39	63	63

This table details how cash moves in and out of Graham's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	48	1.25	-23	8.63	95	16	-91	22	7.76	74	-77
Net Cash From Operating Activities	140	57	1.07	52	238	116	46	95	178	28	68
Net Cash From Continuing Operating Activities	140	57	1.07	52	238	116	46	95	178	28	68
Net Income / (Loss) Continuing Operations	-21	56	125	-19	75	552	26	40	126	111	31
Consolidated Net Income / (Loss)	-21	56	125	-19	75	552	26	40	126	111	31
Depreciation Expense	132	34	33	59	30	52	28	27	31	38	43
Amortization Expense	17	18	17	16	15	16	14	15	16	16	15
Non-Cash Adjustments To Reconcile Net Income	-9.21	-68	-131	-29	-34	-710	-47	13	-115	-107	44
Changes in Operating Assets and Liabilities, net	21	18	-44	25	152	207	25	0.15	120	-29	-65
Net Cash From Investing Activities	-96	-34	-21	-21	6.10	-27	-19	-13	-67	-81	11
Net Cash From Continuing Investing Activities	-96	-34	-21	-21	6.10	-27	-19	-13	-67	-81	11
Purchase of Property, Plant & Equipment	-20	-28	-21	-18	-18	-17	-15	-17	-16	2.90	-19
Acquisitions	-77	-1.15	0.00	-3.83	-0.19	-0.10	0.00	-2.52	-17	-52	-18
Purchase of Investments	-0.86	-1.21	-0.53	-1.23	-5.43	-2.37	-4.82	-0.14	-35	-29	-3.70
Sale and/or Maturity of Investments	-	-	0.00	-	24	-	0.00	-	-	-	50
Other Investing Activities, net	1.41	-3.19	0.82	2.54	6.32	-7.34	1.72	6.74	1.40	-3.17	0.87
Net Cash From Financing Activities	8.18	-30	1.53	-23	-155	-65	-122	-67	-102	125	-152
Net Cash From Continuing Financing Activities	8.18	-30	1.53	-23	-155	-65	-122	-67	-102	125	-152
Repayment of Debt	-41	-59	-4.17	-9.64	-42	-13	-6.85	-5.99	-10	-546	-85
Repurchase of Common Equity	-63	-66	-20	-29	-49	-18	-3.47	-	-1.76	-0.53	-51
Payment of Dividends	-7.79	-13	-8.48	-7.67	-7.57	-14	-196	-9.91	-9.14	-8.14	-11
Issuance of Debt	124	109	36	24	-52	-7.47	89	-47	-70	684	0.00
Issuance of Common Equity	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Other Financing Activities, net	-3.79	-2.43	-1.85	-	-5.39	-13	-4.44	-4.01	-12	-4.16	-3.84
Effect of Exchange Rate Changes	-3.75	7.58	-4.54	0.20	5.99	-9.38	3.39	7.13	-0.98	1.75	-3.59

This table presents Graham's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,353	4,433	4,938	4,764	5,931	6,444	7,426	6,553	7,188	7,677	8,396
Total Current Assets	1,861	1,871	1,736	1,532	1,663	1,774	1,847	1,679	1,849	2,099	2,431
Cash & Equivalents	754	649	390	253	200	414	146	169	170	261	267
Restricted Cash	21	22	18	11	14	9.06	12	20	32	37	44
Short-Term Investments	379	448	557	515	600	588	824	622	697	859	1,089
Accounts Receivable	572	615	620	582	624	537	607	532	525	514	577
Inventories, net	32	35	61	69	121	121	141	227	297	296	303
Prepaid Expenses	-	-	-	-	92	76	82	97	120	116	125
Current Deferred & Refundable Income Taxes	48	42	24	19	11	29	33	9.31	6.85	7.71	15
Other Current Assets	53	61	66	83	1.40	0.94	1.24	1.55	1.30	7.61	10
Plant, Property, & Equipment, net	231	234	259	293	385	378	468	503	560	549	587
Total Noncurrent Assets	2,261	2,328	2,943	2,939	3,883	4,292	5,110	4,371	4,778	5,029	5,377
Long-Term Investments	59	59	129	144	162	156	155	186	186	169	230
Goodwill	1,018	1,123	1,300	1,298	1,388	1,485	1,650	1,561	1,525	1,500	1,586
Intangible Assets	129	174	340	362	374	325	389	340	300	221	232
Noncurrent Deferred & Refundable Income Taxes	0.00	17	15	13	12	8.40	7.90	6.81	11	8.91	9.69
Employee Benefit Assets	980	882	1,057	1,004	1,292	1,708	2,307	1,658	2,114	2,511	2,772
Other Noncurrent Operating Assets	75	73	102	118	655	609	601	619	642	620	547
Total Liabilities & Shareholders' Equity	4,353	4,433	4,938	4,764	5,931	6,444	7,426	6,553	7,188	7,677	8,396
Total Liabilities	1,836	1,980	2,018	1,843	2,599	2,666	3,000	2,779	3,162	3,347	3,529
Total Current Liabilities	725	819	879	812	1,042	950	1,166	1,145	1,230	1,200	1,389
Short-Term Debt	0.00	6.13	6.73	6.36	82	6.45	142	156	67	27	175
Accounts Payable	428	501	526	487	508	520	584	574	695	713	722
Dividends Payable	-	-	-	-	-	-	-	-	-	-	0.00
Current Deferred Revenue	297	312	339	309	355	331	359	341	397	391	412
Current Deferred & Payable Income Tax Liabilities	-	0.00	6.11	10	4.12	5.14	4.59	3.77	7.41	12	9.00
Other Current Liabilities	-	-	-	0.00	93	87	78	70	64	58	64
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	6.87
Total Noncurrent Liabilities	1,111	1,161	1,139	1,031	1,557	1,716	1,833	1,634	1,932	2,147	2,140
Long-Term Debt	400	486	487	471	431	506	526	571	745	722	706
Noncurrent Deferred & Payable Income Tax Liabilities	403	379	363	322	427	521	677	466	600	739	891
Noncurrent Employee Benefit Liabilities	237	218	214	180	194	202	175	135	137	136	135
Other Noncurrent Operating Liabilities	71	78	76	58	505	487	455	462	450	550	408
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	26	0.05	4.61	4.35	5.66	12	14	22	24	44	40
Total Equity & Noncontrolling Interests	2,491	2,473	2,915	2,917	3,327	3,766	4,412	3,753	4,002	4,287	4,827
Total Preferred & Common Equity	2,491	2,453	2,915	2,917	3,319	3,759	4,400	3,731	3,976	4,257	4,794
Preferred Stock	-	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.00
Total Common Equity	2,491	2,453	2,915	2,897	3,319	3,759	4,400	3,731	3,976	4,257	4,796
Common Stock	377	384	391	379	402	408	409	410	392	377	400
Retained Earnings	5,448	5,589	5,792	6,236	6,534	6,805	7,127	7,163	7,337	8,032	8,293
Treasury Stock	-3,649	-3,757	-3,803	-3,922	-3,920	-4,057	-4,108	-4,178	-4,368	-4,487	-4,486
Accumulated Other Comprehensive Income / (Loss)	315	236	536	204	303	603	971	336	614	335	589
Noncontrolling Interest	-	-	-	0.00	7.56	7.09	12	21	26	30	33

This table presents Graham's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,277	6,542	6,604	6,689	7,255	7,234	7,421	7,616	7,619	7,852	8,180
Total Current Assets	1,639	1,643	1,666	1,798	1,951	1,939	2,085	2,027	2,010	2,243	2,209
Cash & Equivalents	150	123	112	160	131	141	244	157	176	191	136
Restricted Cash	20	31	40	41	48	47	38	49	53	46	113
Short-Term Investments	611	616	661	672	803	822	832	909	898	1,006	973
Accounts Receivable	538	508	468	542	500	466	518	500	462	544	520
Inventories, net	210	246	259	279	327	324	307	262	267	306	307
Prepaid Expenses	87	113	119	101	137	132	140	135	127	135	136
Current Deferred & Refundable Income Taxes	22	3.34	2.05	1.59	2.80	3.87	1.33	5.17	14	6.40	15
Other Current Assets	1.94	1.91	3.68	1.89	1.76	4.50	4.56	9.55	12	7.86	10
Plant, Property, & Equipment, net	468	507	511	540	548	544	556	544	552	560	576
Total Noncurrent Assets	5,170	4,393	4,427	4,351	4,756	4,750	4,780	5,045	5,058	5,049	5,395
Long-Term Investments	169	195	198	191	187	186	168	157	158	201	237
Goodwill	1,631	1,568	1,568	1,500	1,513	1,512	1,535	1,509	1,536	1,572	1,599
Intangible Assets	377	328	315	309	289	260	255	213	203	234	225
Noncurrent Deferred & Refundable Income Taxes	6.90	6.87	6.85	6.81	11	11	12	8.97	9.48	9.52	9.91
Employee Benefit Assets	2,393	1,671	1,685	1,703	2,130	2,129	2,141	2,533	2,550	2,463	2,792
Other Noncurrent Operating Assets	592	624	653	641	627	652	670	624	601	570	517
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	14
Total Liabilities & Shareholders' Equity	7,277	6,542	6,604	6,689	7,255	7,234	7,421	7,616	7,619	7,852	8,180
Total Liabilities	2,983	2,751	2,744	2,947	3,160	3,201	3,350	3,247	3,185	3,311	3,384
Total Current Liabilities	1,141	1,128	1,108	1,152	1,242	1,208	1,332	1,250	1,579	1,693	1,232
Short-Term Debt	142	123	141	22	77	102	34	149	502	425	107
Accounts Payable	557	537	559	630	679	697	754	612	639	747	627
Dividends Payable	7.61	7.90	7.79	7.56	7.67	7.57	7.44	7.85	7.85	7.85	8.20
Current Deferred Revenue	362	373	320	415	387	326	439	402	356	426	362
Current Deferred & Payable Income Tax Liabilities	2.55	15	10	13	30	15	36	9.16	4.69	16	7.37
Other Current Liabilities	70	72	70	66	61	60	62	61	61	63	59
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	8.37	8.41	8.66	62
Total Noncurrent Liabilities	1,841	1,622	1,636	1,795	1,919	1,992	2,018	1,997	1,605	1,618	2,151
Long-Term Debt	569	568	566	740	739	733	731	715	314	307	715
Noncurrent Deferred & Payable Income Tax Liabilities	669	462	485	482	609	603	608	740	743	758	897
Noncurrent Employee Benefit Liabilities	156	135	138	133	129	129	137	131	132	131	132
Other Noncurrent Operating Liabilities	448	458	447	440	442	528	542	411	416	422	408
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	18	22	27	28	24	38	39	44	50	52	30
Total Equity & Noncontrolling Interests	4,277	3,770	3,833	3,714	4,070	3,996	4,032	4,326	4,385	4,489	4,767
Total Preferred & Common Equity	4,260	3,747	3,809	3,689	4,043	3,968	4,004	4,294	4,352	4,457	4,733
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,260	3,747	3,809	3,689	4,043	3,968	4,007	4,294	4,352	4,457	4,733
Common Stock	415	408	405	407	393	382	383	388	385	386	367
Retained Earnings	7,157	7,200	7,315	7,284	7,446	7,418	7,483	8,040	8,069	8,184	8,305
Treasury Stock	-4,162	-4,197	-4,243	-4,305	-4,388	-4,418	-4,468	-4,482	-4,482	-4,484	-4,520
Accumulated Other Comprehensive Income / (Loss)	850	337	333	303	592	587	609	348	380	371	581
Noncontrolling Interest	17	23	23	26	27	27	28	31	33	32	34

This table displays calculated financial ratios and metrics derived from Graham's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.51%	-4.03%	4.43%	4.02%	8.76%	-1.47%	10.27%	23.18%	12.50%	8.52%	2.52%
EBITDA Growth	-73.10%	13.21%	-14.89%	42.42%	38.49%	6.51%	1.75%	-27.75%	31.48%	117.34%	-49.48%
EBIT Growth	-108.85%	425.21%	-26.66%	65.44%	24.22%	-0.78%	6.25%	-61.98%	105.05%	234.19%	-54.84%
NOPAT Growth	-134.23%	366.31%	49.81%	-8.51%	-46.19%	-33.45%	-17.78%	-20.16%	1.22%	213.59%	2.84%
Net Income Growth	-107.67%	270.79%	78.50%	-10.28%	20.81%	-8.51%	17.79%	-80.07%	200.57%	246.05%	-58.60%
EPS Growth	-109.16%	266.76%	80.84%	-6.85%	21.93%	-5.03%	21.19%	-80.43%	217.77%	272.89%	-59.32%
Operating Cash Flow Growth	-77.46%	269.78%	2.60%	7.07%	-42.46%	27.55%	-3.91%	16.39%	10.30%	56.61%	-14.69%
Free Cash Flow Firm Growth	389.93%	-89.39%	-477.96%	115.44%	-658.78%	35.67%	-324.41%	165.15%	-140.08%	176.30%	-238.99%
Invested Capital Growth	-33.87%	3.77%	31.28%	6.73%	15.88%	8.90%	26.60%	-11.46%	7.15%	0.02%	9.90%
Revenue Q/Q Growth	-4.12%	0.54%	1.82%	0.49%	2.60%	0.82%	2.44%	5.40%	2.38%	1.68%	0.11%
EBITDA Q/Q Growth	-57.67%	-2.11%	-3.65%	1.64%	29.52%	7.95%	-15.04%	40.29%	-15.30%	129.52%	-45.18%
EBIT Q/Q Growth	-129.06%	-2.71%	-7.18%	2.41%	35.26%	16.27%	-21.52%	15.79%	0.91%	195.54%	-51.87%
NOPAT Q/Q Growth	-176.78%	-15.99%	199.93%	-32.38%	-23.81%	14.96%	-20.84%	-60.91%	395.43%	20.31%	-15.18%
Net Income Q/Q Growth	-153.83%	-7.73%	142.29%	-36.77%	37.42%	43.50%	-30.06%	-52.69%	30.15%	209.50%	-59.24%
EPS Q/Q Growth	-156.35%	-9.04%	135.95%	-35.60%	37.64%	46.24%	-28.81%	-53.06%	31.67%	217.78%	-59.90%
Operating Cash Flow Q/Q Growth	-14.61%	146.47%	-18.93%	20.06%	-1.36%	-36.88%	21.18%	12.83%	10.84%	16.94%	-20.23%
Free Cash Flow Firm Q/Q Growth	-23.35%	160.39%	-2,487.68%	123.20%	-1,204.79%	-266.49%	-37.90%	202.02%	-133.60%	1,049.63%	-120.70%
Invested Capital Q/Q Growth	6.71%	-7.89%	15.62%	-2.12%	6.38%	11.16%	14.78%	-13.78%	8.87%	5.38%	7.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	41.15%	33.55%	33.82%	33.63%	32.28%	29.72%	30.61%	29.93%
EBITDA Margin	13.11%	15.46%	12.60%	17.26%	21.97%	23.75%	21.92%	12.85%	15.02%	30.09%	14.83%
Operating Margin	-3.13%	8.98%	5.26%	9.13%	4.93%	3.48%	2.43%	2.14%	1.57%	4.50%	4.78%
EBIT Margin	-3.46%	11.72%	8.23%	13.09%	14.95%	15.06%	14.51%	4.48%	8.16%	25.14%	11.07%
Profit (Net Income) Margin	-3.84%	6.83%	11.67%	10.07%	11.18%	10.38%	11.09%	1.79%	4.80%	15.29%	6.17%
Tax Burden Percent	82.07%	67.61%	165.49%	83.90%	76.88%	73.65%	78.58%	57.86%	70.80%	71.49%	67.44%
Interest Burden Percent	135.15%	86.17%	85.68%	91.66%	97.27%	93.62%	97.27%	69.27%	82.97%	85.09%	82.69%
Effective Tax Rate	0.00%	32.39%	-65.49%	16.10%	23.12%	26.35%	21.42%	42.14%	29.20%	28.51%	32.56%
Return on Invested Capital (ROIC)	-2.65%	8.68%	11.05%	8.61%	4.16%	2.47%	1.72%	1.30%	1.35%	4.11%	4.02%
ROIC Less NNEP Spread (ROIC-NNEP)	3.39%	6.21%	-0.71%	-3.80%	-43.54%	-37.99%	-50.32%	-4.59%	-58.22%	-131.85%	-17.92%
Return on Net Nonoperating Assets (RNNOA)	-0.84%	-1.89%	0.17%	0.68%	6.33%	5.97%	6.90%	0.42%	4.07%	13.43%	2.57%
Return on Equity (ROE)	-3.49%	6.79%	11.22%	9.29%	10.49%	8.44%	8.61%	1.72%	5.43%	17.53%	6.59%
Cash Return on Invested Capital (CROIC)	38.13%	4.99%	-16.00%	2.11%	-10.56%	-6.06%	-21.76%	13.46%	-5.54%	4.09%	-5.41%
Operating Return on Assets (OROA)	-1.77%	6.62%	4.55%	7.28%	8.20%	7.03%	6.67%	2.51%	5.25%	16.20%	6.77%
Return on Assets (ROA)	-1.96%	3.86%	6.46%	5.60%	6.13%	4.85%	5.10%	1.01%	3.08%	9.86%	3.77%
Return on Common Equity (ROCE)	-3.45%	6.73%	11.17%	9.25%	10.42%	8.40%	8.57%	1.70%	5.36%	17.27%	6.49%
Return on Equity Simple (ROE_SIMPLE)	-3.98%	6.91%	10.38%	9.31%	9.88%	7.98%	8.03%	1.89%	5.32%	17.21%	0.00%
Net Operating Profit after Tax (NOPAT)	-57	151	226	207	111	74	61	49	49	154	158
NOPAT Margin	-2.19%	6.07%	8.71%	7.66%	3.79%	2.56%	1.91%	1.24%	1.11%	3.22%	3.23%
Net Nonoperating Expense Percent (NNEP)	-6.04%	2.47%	11.75%	12.41%	47.70%	40.46%	52.04%	5.90%	59.57%	135.95%	21.94%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.08%	1.02%	3.06%	2.78%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	58.85%	66.45%	66.18%	66.37%	67.72%	70.28%	69.39%	70.07%
SG&A Expenses to Revenue	42.70%	36.11%	34.25%	27.85%	24.48%	24.76%	26.11%	23.49%	22.82%	22.48%	22.60%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	103.13%	91.02%	94.74%	32.02%	28.62%	30.34%	31.20%	30.14%	28.14%	26.11%	25.14%
Earnings before Interest and Taxes (EBIT)	-89	291	213	353	438	435	462	176	360	1,204	544
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	339	384	327	465	644	686	698	504	663	1,442	728
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.04	1.08	0.99	1.10	0.97	0.68	0.69	0.76	0.79	0.89	1.00
Price to Tangible Book Value (P/TBV)	1.93	2.30	2.26	2.58	2.07	1.32	1.28	1.55	1.46	1.49	1.61
Price to Revenue (P/Rev)	1.00	1.07	1.11	1.19	1.10	0.89	0.95	0.72	0.71	0.79	0.97
Price to Earnings (P/E)	0.00	15.75	9.53	11.78	9.82	8.55	8.61	42.31	15.25	5.20	16.37
Dividend Yield	1.55%	1.02%	0.98%	0.88%	0.92%	1.13%	0.99%	1.07%	0.96%	0.79%	0.66%
Earnings Yield	0.00%	6.35%	10.49%	8.49%	10.18%	11.69%	11.62%	2.36%	6.56%	19.21%	6.11%
Enterprise Value to Invested Capital (EV/IC)	1.06	1.11	0.98	1.11	0.97	0.62	0.65	0.74	0.77	0.87	1.00
Enterprise Value to Revenue (EV/Rev)	0.70	0.79	0.88	1.02	0.94	0.67	0.81	0.66	0.66	0.68	0.84
Enterprise Value to EBITDA (EV/EBITDA)	5.32	5.13	6.99	5.92	4.30	2.82	3.70	5.17	4.38	2.27	5.64
Enterprise Value to EBIT (EV/EBIT)	0.00	6.77	10.70	7.80	6.32	4.45	5.60	14.84	8.07	2.71	7.56
Enterprise Value to NOPAT (EV/NOPAT)	0.00	13.07	10.12	13.33	24.93	26.15	42.54	53.74	59.17	21.21	25.93
Enterprise Value to Operating Cash Flow (EV/OCF)	25.51	7.54	8.52	9.59	16.77	9.18	12.78	11.07	11.19	8.03	11.83
Enterprise Value to Free Cash Flow (EV/FCFF)	2.21	22.75	0.00	54.54	0.00	0.00	0.00	5.20	0.00	21.29	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.20	0.17	0.16	0.15	0.14	0.15	0.19	0.20	0.17	0.18
Long-Term Debt to Equity	0.16	0.20	0.17	0.16	0.13	0.13	0.12	0.15	0.19	0.17	0.15
Financial Leverage	-0.25	-0.30	-0.24	-0.18	-0.15	-0.16	-0.14	-0.09	-0.07	-0.10	-0.14
Leverage Ratio	1.78	1.76	1.74	1.66	1.71	1.74	1.69	1.70	1.76	1.78	1.75
Compound Leverage Factor	2.40	1.52	1.49	1.52	1.66	1.63	1.64	1.18	1.46	1.51	1.45
Debt to Total Capital	13.71%	16.59%	14.45%	14.04%	13.34%	11.95%	13.11%	16.14%	16.78%	14.73%	15.32%
Short-Term Debt to Total Capital	0.00%	0.21%	0.20%	0.19%	2.14%	0.15%	2.78%	3.46%	1.38%	0.52%	3.05%
Long-Term Debt to Total Capital	13.71%	16.38%	14.26%	13.85%	11.20%	11.79%	10.32%	12.68%	15.40%	14.21%	12.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.89%	0.00%	0.14%	0.13%	0.34%	0.44%	0.52%	0.96%	1.04%	1.46%	1.27%
Common Equity to Total Capital	85.40%	82.73%	85.41%	85.24%	86.32%	87.61%	86.38%	82.90%	82.18%	83.81%	83.40%
Debt to EBITDA	1.18	1.28	1.51	1.03	0.80	0.75	0.96	1.44	1.22	0.52	1.21
Net Debt to EBITDA	-2.40	-1.79	-1.84	-0.96	-0.72	-0.95	-0.67	-0.54	-0.41	-0.40	-1.03
Long-Term Debt to EBITDA	1.18	1.27	1.49	1.01	0.67	0.74	0.75	1.13	1.12	0.50	0.97
Debt to NOPAT	-7.07	3.26	2.19	2.31	4.61	6.93	10.98	14.96	16.52	4.86	5.56
Net Debt to NOPAT	14.38	-4.55	-2.66	-2.16	-4.17	-8.84	-7.74	-5.61	-5.57	-3.75	-4.73
Long-Term Debt to NOPAT	-7.07	3.22	2.16	2.28	3.88	6.84	8.65	11.75	15.16	4.68	4.45
Altman Z-Score	3.44	3.63	3.37	3.86	3.15	2.88	2.69	2.93	2.91	3.42	3.14
Noncontrolling Interest Sharing Ratio	1.03%	0.92%	0.46%	0.50%	0.60%	0.45%	0.55%	0.85%	1.20%	1.49%	1.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.57	2.29	1.98	1.89	1.60	1.87	1.58	1.47	1.50	1.75	1.75
Quick Ratio	2.35	2.09	1.78	1.66	1.37	1.62	1.35	1.16	1.13	1.36	1.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	815	87	-327	50	-282	-181	-770	502	-201	153	-213
Operating Cash Flow to CapEx	51.62%	392.21%	444.11%	292.30%	423.40%	0.00%	132.96%	303.51%	291.49%	546.11%	759.41%
Free Cash Flow to Firm to Interest Expense	24.97	2.44	-9.65	1.02	-9.47	-4.74	-22.69	9.22	-3.18	0.82	-1.80
Operating Cash Flow to Interest Expense	2.16	7.38	7.91	5.82	5.55	5.50	5.96	4.33	4.11	2.19	2.92
Operating Cash Flow Less CapEx to Interest Expense	-2.03	5.50	6.13	3.83	4.24	9.57	1.48	2.90	2.70	1.79	2.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.57	0.55	0.56	0.55	0.47	0.46	0.56	0.64	0.64	0.61
Accounts Receivable Turnover	4.52	4.18	4.20	4.48	4.86	4.98	5.57	6.89	8.35	9.22	9.00
Inventory Turnover	0.00	0.00	0.00	24.39	20.47	15.84	16.14	14.43	11.84	11.21	11.49
Fixed Asset Turnover	4.74	10.68	10.51	9.76	8.65	7.57	7.53	8.08	8.30	8.63	8.64
Accounts Payable Turnover	0.00	0.00	0.00	3.13	3.92	3.72	3.83	4.59	4.89	4.73	4.80
Days Sales Outstanding (DSO)	80.72	87.32	86.99	81.41	75.09	73.36	65.57	52.99	43.69	39.60	40.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	14.96	17.83	23.05	22.62	25.29	30.82	32.55	31.77
Days Payable Outstanding (DPO)	0.00	0.00	0.00	116.51	93.14	98.11	95.27	79.51	74.63	77.24	76.05
Cash Conversion Cycle (CCC)	80.72	87.32	86.99	-20.14	-0.22	-1.70	-7.08	-1.24	-0.11	-5.09	-3.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,703	1,767	2,320	2,476	2,869	3,124	3,956	3,502	3,752	3,753	4,125
Invested Capital Turnover	1.21	1.43	1.27	1.12	1.10	0.96	0.90	1.05	1.22	1.28	1.25
Increase / (Decrease) in Invested Capital	-872	64	553	156	393	255	831	-453	250	0.62	372
Enterprise Value (EV)	1,802	1,969	2,284	2,754	2,770	1,934	2,587	2,609	2,907	3,268	4,109
Market Capitalization	2,590	2,655	2,879	3,195	3,220	2,569	3,031	2,838	3,131	3,771	4,785
Book Value per Share	$426.46	$436.97	$526.98	$546.38	$624.58	$750.89	$888.33	$777.11	$874.88	$982.25	$1,098.94
Tangible Book Value per Share	$230.14	$205.93	$230.53	$233.27	$293.03	$389.39	$476.65	$381.13	$473.22	$585.11	$682.17
Total Capital	2,916	2,965	3,413	3,398	3,845	4,291	5,093	4,501	4,838	5,079	5,748
Total Debt	400	492	493	477	513	513	668	726	812	748	881
Total Long-Term Debt	400	486	487	471	431	506	526	571	745	722	706
Net Debt	-814	-686	-600	-445	-463	-654	-470	-272	-274	-578	-749
Capital Expenditures (CapEx)	137	67	60	98	39	-156	152	78	89	75	46
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19	-61	-101	-52	-110	-180	-160	-122	-213	-231	-183
Debt-free Net Working Capital (DFNWC)	1,136	1,059	864	727	704	831	823	690	686	925	1,218
Net Working Capital (NWC)	1,136	1,052	857	720	622	825	681	534	620	899	1,043
Net Nonoperating Expense (NNE)	43	-19	-77	-65	-217	-226	-293	-22	-163	-579	-145
Net Nonoperating Obligations (NNO)	-814	-706	-600	-445	-463	-654	-470	-272	-274	-578	-742
Total Depreciation and Amortization (D&A)	428	93	113	112	206	251	236	329	303	237	184
Debt-free, Cash-free Net Working Capital to Revenue	-0.73%	-2.44%	-3.89%	-1.93%	-3.76%	-6.22%	-5.02%	-3.12%	-4.81%	-4.83%	-3.72%
Debt-free Net Working Capital to Revenue	43.91%	42.65%	33.33%	26.95%	24.00%	28.76%	25.82%	17.58%	15.55%	19.32%	24.79%
Net Working Capital to Revenue	43.91%	42.40%	33.07%	26.71%	21.20%	28.54%	21.37%	13.61%	14.03%	18.76%	21.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($17.87)	$29.95	$54.24	$50.55	$61.70	$58.30	$70.65	$13.83	$43.96	$164.62	$67.11
Adjusted Weighted Average Basic Shares Outstanding	5.73M	5.56M	5.52M	5.33M	5.29M	5.12M	4.95M	4.82M	4.64M	4.37M	4.33M
Adjusted Diluted Earnings per Share	($17.87)	$29.80	$53.89	$50.20	$61.21	$58.13	$70.45	$13.79	$43.82	$163.40	$66.47
Adjusted Weighted Average Diluted Shares Outstanding	5.73M	5.59M	5.55M	5.37M	5.33M	5.14M	4.97M	4.84M	4.65M	4.41M	4.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$50.55	$61.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.64M	5.59M	5.50M	5.32M	5.31M	5.00M	4.90M	4.79M	4.46M	4.34M	4.36M
Normalized Net Operating Profit after Tax (NOPAT)	125	152	102	213	118	96	87	123	119	190	167
Normalized NOPAT Margin	4.84%	6.11%	3.94%	7.91%	4.03%	3.33%	2.72%	3.14%	2.70%	3.96%	3.40%
Pre Tax Income Margin	-4.67%	10.10%	7.05%	12.00%	14.55%	14.10%	14.11%	3.10%	6.77%	21.39%	9.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.74	8.22	6.30	7.16	14.72	11.36	13.62	3.23	5.69	6.47	4.58
NOPAT to Interest Expense	-1.73	4.26	6.66	4.19	3.73	1.93	1.79	0.89	0.78	0.83	1.33
EBIT Less CapEx to Interest Expense	-6.93	6.34	4.51	5.17	13.41	15.43	9.13	1.80	4.28	6.07	4.19
NOPAT Less CapEx to Interest Expense	-5.92	2.38	4.88	2.20	2.42	6.00	-2.69	-0.53	-0.63	0.43	0.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-149.00%	16.12%	9.37%	10.54%	9.01%	9.99%	8.71%	47.83%	17.13%	4.98%	73.62%
Augmented Payout Ratio	-172.16%	80.42%	26.15%	54.03%	9.82%	63.94%	25.46%	150.89%	110.72%	20.82%	75.52%

This table displays calculated financial ratios and metrics derived from Graham's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4,361,835.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4,361,835.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	6.67
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.79%	9.66%	11.74%	7.27%	8.60%	6.77%	1.15%	2.57%	5.94%	0.42%	6.01%
EBITDA Growth	29.86%	-37.49%	6.45%	-37.36%	31.55%	407.25%	-29.72%	-21.45%	-9.65%	-64.16%	-9.36%
EBIT Growth	-101.81%	2.24%	20.66%	-60.52%	13,503.57%	536.80%	-33.67%	1.90%	-17.29%	-67.55%	-54.95%
NOPAT Growth	-192.16%	367.09%	29.61%	-58.24%	234.65%	68.67%	38.04%	167.45%	-13.99%	-42.01%	20.46%
Net Income Growth	-162.45%	738.33%	136.59%	-115.16%	452.54%	890.47%	-79.48%	314.71%	69.43%	-79.90%	19.56%
EPS Growth	-174.26%	688.89%	154.78%	-118.50%	427.09%	927.75%	-80.34%	274.32%	69.98%	-80.04%	21.47%
Operating Cash Flow Growth	34.56%	79.56%	-95.32%	31.99%	69.34%	102.81%	4,212.46%	82.16%	-25.04%	-75.68%	47.20%
Free Cash Flow Firm Growth	200.45%	-149.58%	-142.07%	-122.14%	-110.58%	123.83%	2.53%	-151.46%	-289.49%	-753.89%	-0.75%
Invested Capital Growth	-15.15%	7.15%	6.36%	3.33%	3.33%	0.02%	6.12%	8.17%	7.96%	9.90%	5.99%
Revenue Q/Q Growth	0.59%	4.97%	-1.21%	2.83%	1.85%	3.20%	-6.41%	4.28%	5.19%	-2.18%	-1.20%
EBITDA Q/Q Growth	-36.56%	34.87%	-65.41%	67.66%	33.22%	420.04%	-83.78%	-30.09%	-0.87%	194.42%	-76.78%
EBIT Q/Q Growth	-100.61%	13,364.88%	-81.53%	94.09%	108.36%	530.21%	-87.11%	-39.79%	-8.47%	319.22%	-93.05%
NOPAT Q/Q Growth	-192.04%	178.28%	-15.93%	-31.06%	196.79%	-1.94%	-31.20%	33.57%	-4.55%	-33.89%	42.92%
Net Income Q/Q Growth	-117.02%	363.51%	125.07%	-115.02%	495.74%	640.33%	-95.34%	57.16%	212.29%	-12.16%	-72.27%
EPS Q/Q Growth	-119.39%	340.44%	129.66%	-117.28%	442.80%	655.48%	-95.61%	53.21%	234.25%	-11.29%	-73.26%
Operating Cash Flow Q/Q Growth	255.81%	-59.12%	-98.14%	4,777.32%	356.50%	-51.04%	-60.44%	106.02%	87.86%	-84.12%	139.43%
Free Cash Flow Firm Q/Q Growth	26.97%	-138.06%	9.58%	49.33%	39.31%	185.68%	-469.89%	-30.73%	5.99%	-43.84%	43.01%
Invested Capital Q/Q Growth	-3.24%	8.87%	-0.08%	-1.83%	-3.24%	5.38%	6.01%	0.07%	-3.43%	7.28%	2.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.68%	29.19%	28.86%	29.82%	31.51%	32.10%	29.72%	30.95%	29.28%	29.78%	30.65%
EBITDA Margin	13.32%	17.12%	7.57%	12.34%	16.14%	81.33%	14.09%	9.45%	8.90%	26.80%	6.30%
Operating Margin	-5.14%	3.50%	3.07%	2.19%	6.76%	5.82%	4.07%	5.98%	5.25%	3.80%	4.68%
EBIT Margin	-0.10%	12.72%	3.22%	6.07%	12.42%	75.87%	10.45%	6.03%	5.25%	22.50%	1.58%
Profit (Net Income) Margin	-1.90%	4.77%	10.87%	-1.59%	6.17%	44.28%	2.21%	3.32%	9.87%	8.86%	2.49%
Tax Burden Percent	180.11%	76.72%	74.24%	127.84%	65.93%	72.81%	76.50%	66.68%	68.97%	64.32%	75.65%
Interest Burden Percent	1,048.61%	48.90%	455.23%	-20.46%	75.34%	80.15%	27.60%	82.64%	272.61%	61.24%	207.88%
Effective Tax Rate	0.00%	23.28%	25.76%	0.00%	34.07%	27.19%	23.50%	33.32%	31.03%	35.68%	24.35%
Return on Invested Capital (ROIC)	-4.13%	3.26%	2.85%	1.95%	6.00%	5.41%	3.87%	5.04%	4.80%	3.05%	4.30%
ROIC Less NNEP Spread (ROIC-NNEP)	-11.27%	-5.67%	-29.52%	13.32%	0.86%	-111.81%	6.75%	7.04%	-8.47%	-9.11%	6.98%
Return on Net Nonoperating Assets (RNNOA)	0.74%	0.40%	2.29%	-1.10%	-0.09%	11.39%	-0.59%	-0.67%	1.19%	1.31%	-0.74%
Return on Equity (ROE)	-3.39%	3.66%	5.14%	0.85%	5.91%	16.80%	3.29%	4.37%	5.98%	4.36%	3.56%
Cash Return on Invested Capital (CROIC)	15.94%	-5.54%	-4.64%	-2.45%	0.38%	4.09%	-1.74%	-2.71%	-2.61%	-5.41%	-1.77%
Operating Return on Assets (OROA)	-0.06%	8.17%	2.12%	4.05%	8.30%	48.91%	6.75%	3.93%	3.37%	13.75%	1.00%
Return on Assets (ROA)	-1.17%	3.07%	7.15%	-1.06%	4.12%	28.54%	1.43%	2.16%	6.34%	5.42%	1.57%
Return on Common Equity (ROCE)	-3.35%	3.62%	5.07%	0.84%	5.82%	16.55%	3.24%	4.29%	5.88%	4.29%	3.51%
Return on Equity Simple (ROE_SIMPLE)	4.41%	0.00%	7.03%	3.56%	5.91%	0.00%	14.74%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-40	31	26	18	54	53	36	49	46	31	44
NOPAT Margin	-3.60%	2.68%	2.28%	1.53%	4.46%	4.24%	3.12%	3.99%	3.62%	2.45%	3.54%
Net Nonoperating Expense Percent (NNEP)	7.14%	8.94%	32.37%	-11.37%	5.14%	117.21%	-2.88%	-2.01%	13.27%	12.16%	-2.68%
Return On Investment Capital (ROIC_SIMPLE)	-	0.65%	-	-	-	1.05%	0.70%	0.93%	0.89%	0.54%	0.78%
Cost of Revenue to Revenue	70.32%	70.82%	71.14%	70.18%	68.49%	67.90%	70.28%	69.05%	70.72%	70.22%	69.35%
SG&A Expenses to Revenue	22.92%	22.80%	22.90%	22.69%	22.29%	22.07%	23.22%	22.76%	21.59%	22.92%	22.45%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.82%	25.69%	25.79%	27.63%	24.75%	26.28%	25.65%	24.97%	24.03%	25.97%	25.97%
Earnings before Interest and Taxes (EBIT)	-1.12	148	37	72	150	945	122	73	67	281	20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	148	200	87	146	195	1,013	164	115	114	335	78
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.73	0.79	0.86	0.78	0.90	0.89	0.97	0.95	1.15	1.00	0.97
Price to Tangible Book Value (P/TBV)	1.42	1.46	1.55	1.41	1.63	1.49	1.62	1.58	1.93	1.61	1.58
Price to Revenue (P/Rev)	0.62	0.71	0.77	0.67	0.77	0.79	0.87	0.85	1.04	0.97	0.92
Price to Earnings (P/E)	16.93	15.25	12.52	23.19	15.75	5.20	6.67	6.04	7.00	16.37	15.48
Dividend Yield	1.13%	0.96%	0.87%	0.97%	0.83%	0.79%	0.73%	0.75%	0.61%	0.66%	0.69%
Earnings Yield	5.91%	6.56%	7.99%	4.31%	6.35%	19.21%	15.00%	16.56%	14.29%	6.11%	6.46%
Enterprise Value to Invested Capital (EV/IC)	0.70	0.77	0.85	0.76	0.89	0.87	0.96	0.94	1.17	1.00	0.96
Enterprise Value to Revenue (EV/Rev)	0.56	0.66	0.70	0.61	0.67	0.68	0.80	0.77	0.92	0.84	0.81
Enterprise Value to EBITDA (EV/EBITDA)	3.10	4.38	4.74	4.82	5.03	2.27	2.79	2.78	3.38	5.64	5.60
Enterprise Value to EBIT (EV/EBIT)	6.80	8.07	8.65	10.93	7.75	2.71	3.35	3.26	3.98	7.56	7.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	59.17	57.22	94.84	24.66	21.21	23.65	18.95	24.06	25.93	24.35
Enterprise Value to Operating Cash Flow (EV/OCF)	10.36	11.19	13.31	11.18	9.07	8.03	8.47	7.54	10.33	11.83	10.93
Enterprise Value to Free Cash Flow (EV/FCFF)	4.06	0.00	0.00	0.00	236.56	21.29	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.20	0.20	0.21	0.19	0.17	0.20	0.18	0.16	0.18	0.17
Long-Term Debt to Equity	0.20	0.19	0.18	0.18	0.18	0.17	0.16	0.07	0.07	0.15	0.15
Financial Leverage	-0.07	-0.07	-0.08	-0.08	-0.10	-0.10	-0.09	-0.10	-0.14	-0.14	-0.11
Leverage Ratio	1.74	1.76	1.75	1.75	1.81	1.78	1.76	1.75	1.77	1.75	1.72
Compound Leverage Factor	18.22	0.86	7.96	-0.36	1.36	1.43	0.48	1.45	4.83	1.07	3.58
Debt to Total Capital	16.91%	16.78%	16.61%	17.15%	15.82%	14.73%	16.52%	15.55%	13.88%	15.32%	14.63%
Short-Term Debt to Total Capital	0.49%	1.38%	1.57%	2.09%	0.71%	0.52%	2.85%	9.56%	8.06%	3.05%	1.91%
Long-Term Debt to Total Capital	16.43%	15.40%	15.04%	15.05%	15.12%	14.21%	13.67%	5.98%	5.82%	12.28%	12.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.19%	1.04%	1.04%	1.34%	1.38%	1.46%	1.43%	1.57%	1.59%	1.27%	1.14%
Common Equity to Total Capital	81.90%	82.18%	82.35%	81.51%	82.85%	83.81%	82.05%	82.88%	84.53%	83.40%	84.23%
Debt to EBITDA	0.97	1.22	1.22	1.44	1.22	0.52	0.63	0.61	0.55	1.21	1.14
Net Debt to EBITDA	-0.39	-0.41	-0.53	-0.62	-0.82	-0.40	-0.30	-0.35	-0.54	-1.03	-0.88
Long-Term Debt to EBITDA	0.94	1.12	1.10	1.26	1.16	0.50	0.52	0.23	0.23	0.97	0.99
Debt to NOPAT	-45.80	16.52	14.72	28.25	5.97	4.86	5.34	4.15	3.92	5.56	4.96
Net Debt to NOPAT	18.20	-5.57	-6.37	-12.19	-4.04	-3.75	-2.51	-2.38	-3.81	-4.73	-3.84
Long-Term Debt to NOPAT	-44.48	15.16	13.33	24.80	5.71	4.68	4.42	1.60	1.64	4.45	4.32
Altman Z-Score	2.83	2.81	2.86	2.81	2.88	3.31	3.05	2.99	3.12	3.04	3.00
Noncontrolling Interest Sharing Ratio	1.10%	1.20%	1.21%	1.46%	1.51%	1.49%	1.49%	1.75%	1.72%	1.60%	1.52%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.56	1.50	1.57	1.61	1.57	1.75	1.62	1.27	1.32	1.75	1.79
Quick Ratio	1.19	1.13	1.15	1.18	1.20	1.36	1.25	0.97	1.03	1.39	1.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	575	-219	-198	-100	-61	52	-193	-252	-237	-341	-194
Operating Cash Flow to CapEx	692.88%	204.84%	5.02%	284.35%	1,311.08%	690.48%	297.21%	564.16%	1,090.34%	0.00%	366.04%
Free Cash Flow to Firm to Interest Expense	48.71	-8.61	-10.24	-1.10	-2.35	1.05	-2.35	-13.93	-13.82	-275.10	-11.98
Operating Cash Flow to Interest Expense	11.88	2.26	0.06	0.57	9.17	2.35	0.56	5.24	10.38	22.81	4.17
Operating Cash Flow Less CapEx to Interest Expense	10.16	1.15	-1.04	0.37	8.47	2.01	0.37	4.31	9.42	25.15	3.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.64	0.66	0.67	0.67	0.64	0.65	0.65	0.64	0.61	0.63
Accounts Receivable Turnover	7.99	8.35	9.00	9.88	8.89	9.22	9.61	10.42	9.24	9.00	9.77
Inventory Turnover	12.24	11.84	11.16	11.19	11.29	11.21	11.28	11.28	11.13	11.49	12.22
Fixed Asset Turnover	8.55	8.30	8.60	8.75	8.60	8.63	8.80	8.82	8.79	8.64	8.90
Accounts Payable Turnover	5.04	4.89	5.26	5.19	4.78	4.73	5.15	4.99	4.54	4.80	5.62
Days Sales Outstanding (DSO)	45.68	43.69	40.55	36.94	41.05	39.60	37.99	35.01	39.51	40.55	37.37
Days Inventory Outstanding (DIO)	29.83	30.82	32.72	32.63	32.34	32.55	32.35	32.36	32.80	31.77	29.86
Days Payable Outstanding (DPO)	72.36	74.63	69.45	70.31	76.41	77.24	70.89	73.18	80.38	76.05	65.00
Cash Conversion Cycle (CCC)	3.14	-0.11	3.82	-0.74	-3.02	-5.09	-0.55	-5.80	-8.07	-3.73	2.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,447	3,752	3,749	3,681	3,562	3,753	3,979	3,982	3,845	4,125	4,217
Invested Capital Turnover	1.15	1.22	1.25	1.27	1.34	1.28	1.24	1.26	1.32	1.25	1.22
Increase / (Decrease) in Invested Capital	-615	250	224	118	115	0.62	229	301	283	372	238
Enterprise Value (EV)	2,429	2,907	3,171	2,803	3,158	3,268	3,830	3,730	4,495	4,109	4,032
Market Capitalization	2,678	3,131	3,472	3,098	3,608	3,771	4,162	4,117	5,123	4,785	4,604
Book Value per Share	$793.48	$874.88	$912.34	$894.16	$910.68	$982.25	$989.50	$998.15	$1,022.22	$1,098.94	$1,085.04
Tangible Book Value per Share	$404.48	$473.22	$505.69	$494.68	$504.01	$585.11	$592.72	$599.30	$607.94	$682.17	$666.65
Total Capital	4,504	4,838	4,910	4,868	4,836	5,079	5,234	5,251	5,273	5,748	5,619
Total Debt	762	812	816	835	765	748	865	816	732	881	822
Total Long-Term Debt	740	745	739	733	731	722	715	314	307	706	715
Net Debt	-303	-274	-353	-360	-517	-578	-407	-469	-712	-749	-636
Capital Expenditures (CapEx)	20	28	21	18	18	17	15	17	16	-2.90	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-205	-213	-196	-177	-327	-231	-188	-195	-269	-183	-137
Debt-free Net Working Capital (DFNWC)	668	686	786	833	787	925	926	932	974	1,218	1,084
Net Working Capital (NWC)	646	620	709	731	753	899	777	430	549	1,043	977
Net Nonoperating Expense (NNE)	-19	-24	-99	37	-21	-499	11	8.09	-80	-80	13
Net Nonoperating Obligations (NNO)	-295	-274	-345	-353	-510	-578	-391	-453	-696	-742	-580
Total Depreciation and Amortization (D&A)	149	51	50	74	45	68	42	42	47	54	58
Debt-free, Cash-free Net Working Capital to Revenue	-4.75%	-4.81%	-4.32%	-3.82%	-6.94%	-4.83%	-3.92%	-4.04%	-5.48%	-3.72%	-2.75%
Debt-free Net Working Capital to Revenue	15.49%	15.55%	17.33%	18.05%	16.70%	19.32%	19.28%	19.29%	19.86%	24.79%	21.75%
Net Working Capital to Revenue	14.99%	14.03%	15.63%	15.84%	15.98%	18.76%	16.17%	8.90%	11.20%	21.23%	19.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($5.02)	$12.11	$27.87	($4.79)	$16.54	$125.00	$5.50	$8.43	$28.19	$24.99	$6.68
Adjusted Weighted Average Basic Shares Outstanding	4.60M	4.64M	4.43M	4.40M	4.35M	4.37M	4.32M	4.33M	4.33M	4.33M	4.33M
Adjusted Diluted Earnings per Share	($5.02)	$12.07	$27.72	($4.79)	$16.42	$124.05	$5.45	$8.35	$27.91	$24.76	$6.62
Adjusted Weighted Average Diluted Shares Outstanding	4.60M	4.65M	4.46M	4.40M	4.38M	4.41M	4.36M	4.37M	4.38M	4.37M	4.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	4.54M	4.46M	4.44M	4.40M	4.33M	4.34M	4.36M	4.36M	4.36M	4.36M	4.31M
Normalized Net Operating Profit after Tax (NOPAT)	29	31	26	37	54	70	36	49	48	31	58
Normalized NOPAT Margin	2.60%	2.68%	2.28%	3.08%	4.46%	5.61%	3.12%	3.99%	3.74%	2.45%	4.70%
Pre Tax Income Margin	-1.06%	6.22%	14.65%	-1.24%	9.36%	60.81%	2.88%	4.99%	14.31%	13.78%	3.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.09	5.84	1.92	0.79	5.79	19.08	1.48	4.05	3.91	227.00	1.20
NOPAT to Interest Expense	-3.39	1.23	1.36	0.20	2.08	1.07	0.44	2.68	2.70	24.69	2.70
EBIT Less CapEx to Interest Expense	-1.81	4.74	0.82	0.59	5.09	18.74	1.29	3.12	2.96	229.34	0.06
NOPAT Less CapEx to Interest Expense	-5.10	0.13	0.26	0.00	1.38	0.73	0.25	1.75	1.75	27.02	1.56
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.97%	17.13%	12.68%	25.42%	15.06%	4.98%	35.40%	32.42%	30.20%	73.62%	12.53%
Augmented Payout Ratio	113.34%	110.72%	81.24%	152.02%	84.37%	20.82%	51.12%	42.54%	33.31%	75.52%	29.97%

Financials Breakdown Chart

Key Financial Trends

Graham Holdings Co (GHC) continues to show solid profitability and cash generation in its recent quarters. Below is a concise, data-driven read on the last four years of quarterly statements, focused on trends in revenue, earnings, cash flow, and balance sheet strength.

Q4 2025 profitability strong: Net income to common shareholders was 108,723,000 with basic EPS of 24.99 and diluted EPS of 24.76, signaling a robust quarterly result.
Healthy Q4 2025 revenue mix and gross margin: Operating Revenue (Total Revenue) reached 1,251,017,000 with Total Gross Profit of 372,531,000, implying a gross margin near 29.8% for the quarter.
Positive operating cash flow across 2025 quarters: Cash flow from continuing operating activities was strong in 2025 (e.g., 178,086,000 in Q3 2025 and 28,289,000 in Q4 2025), indicating ongoing cash generation from core activities.
Financing activity supports liquidity: In Q4 2025, Issuance of Debt totaled 684,183,000 with net cash from financing activities at 125,340,000, reflecting access to external liquidity to fund operations and capital plans.
Solid balance sheet backbone and shareholder returns: By Q3 2025, Total Common Equity was about 4.46 billion, with the balance sheet showing a durable equity base and a stable quarterly dividend per share of 1.80.
Investing activity shows ongoing capital deployment: Several quarters show net cash outflows for acquisitions/investments (e.g., Q4 2025 net investing cash outflow of around 81 million; Q3 2025 around 67 million), indicating continued capital allocation that can support growth but reduces near-term cash.
Non-cash adjustments and accounting volatility: Non-cash adjustments to net income are sizable in some periods, which can affect cash-to-income conversion without reflecting immediate cash changes.
Financing cash flow swings: Debt issuance and repayments create volatility in quarterly financing cash flows, providing liquidity in some periods but adding unpredictability in others.
Near-term liquidity could be pressured if operating cash dips: The combination of ongoing investing outflows and debt activity means cash generation from operations is a key risk factor to monitor if quarterly operating cash flow weakens.

05/05/26 04:37 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Graham's Financials

When does Graham's fiscal year end?

According to the most recent income statement we have on file, Graham's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Graham's net income changed over the last 10 years?

Graham's net income appears to be on an upward trend, with a most recent value of $303.27 million in 2025, falling from -$99.22 million in 2015. The previous period was $732.61 million in 2024. Find out what analysts predict for Graham in the coming months.

What is Graham's operating income?

Graham's total operating income in 2025 was $234.95 million, based on the following breakdown:

Total Gross Profit: $1.47 billion
Total Operating Expenses: $1.23 billion

How has Graham's revenue changed over the last 10 years?

Over the last 10 years, Graham's total revenue changed from $2.59 billion in 2015 to $4.91 billion in 2025, a change of 89.9%.

How much debt does Graham have?

Graham's total liabilities were at $3.53 billion at the end of 2025, a 5.4% increase from 2024, and a 92.2% increase since 2015.

How much cash does Graham have?

In the past 10 years, Graham's cash and equivalents has ranged from $145.89 million in 2021 to $754.21 million in 2015, and is currently $266.99 million as of their latest financial filing in 2025.

How has Graham's book value per share changed over the last 10 years?

Over the last 10 years, Graham's book value per share changed from 426.46 in 2015 to 1,098.94 in 2025, a change of 157.7%.

Related Companies

Financial statements for NYSE:GHC last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Graham (GHC) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Graham's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Graham (GHC) Financials

Annual Income Statements for Graham

Quarterly Income Statements for Graham

Annual Cash Flow Statements for Graham

Quarterly Cash Flow Statements for Graham

Annual Balance Sheets for Graham

Quarterly Balance Sheets for Graham

Annual Metrics And Ratios for Graham

Quarterly Metrics And Ratios for Graham

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Graham's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools