What is Graham's operating income?

Graham's total operating income in 2026 was $15.02 million, based on the following breakdown: Total Gross Profit: $57.75 million Total Operating Expenses: $42.73 million

Graham (GHM) Financials

$87.66 +0.72 (+0.83%)

Closing price 09/23/2026 03:59 PM Eastern

Extended Trading

$87.45 -0.21 (-0.24%)

As of 06:02 AM Eastern

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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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12	13
Consolidated Net Income / (Loss)	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12	13
Net Income / (Loss) Continuing Operations	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12	13
Total Pre-Tax Income	8.73	7.05	-13	-0.15	2.31	3.27	-11	0.56	5.57	15	15
Total Operating Income	6.69	6.66	-14	-2.42	0.65	3.00	-11	1.25	6.92	15	15
Total Gross Profit	23	22	17	22	18	20	9.13	25	41	53	58
Total Revenue	90	92	78	92	91	97	123	157	186	210	245
Operating Revenue	90	92	78	92	91	97	123	157	186	210	245
Total Cost of Revenue	67	70	61	70	72	77	114	132	145	157	188
Operating Cost of Revenue	67	70	61	70	72	77	114	132	145	157	188
Total Operating Expenses	17	15	31	24	17	17	20	24	34	38	43
Selling, General & Admin Expense	16	15	16	18	17	17	21	24	34	39	43
Other Operating Expenses / (Income)	-	-	-	-	0.62	0.00	-0.83	0.00	0.08	-1.22	-0.62
Total Other Income / (Expense), net	2.04	0.39	1.07	2.27	1.66	0.27	0.13	-0.69	-1.35	0.22	-0.26
Interest Expense	0.01	0.01	0.01	0.01	0.01	0.01	0.40	0.94	0.97	-0.58	-0.26
Other Income / (Expense), net	-	0.01	0.48	0.82	0.35	0.11	0.53	0.25	-0.37	-0.36	-0.51
Income Tax Expense	2.60	2.03	-3.01	0.16	0.44	0.89	-2.44	0.19	1.02	3.18	2.26
Basic Earnings per Share	$0.61	$0.52	($1.01)	($0.03)	$0.19	$0.24	($0.83)	$0.03	$0.42	$1.12	$1.14
Weighted Average Basic Shares Outstanding	9.98M	9.72M	9.76M	9.82M	9.88M	9.96M	10.54M	10.61M	10.74M	10.88M	10.99M
Diluted Earnings per Share	$0.61	$0.52	($1.01)	($0.03)	$0.19	$0.24	($0.83)	$0.03	$0.42	$1.11	$1.12
Weighted Average Diluted Shares Outstanding	9.98M	9.73M	9.76M	9.82M	9.88M	9.96M	10.54M	10.65M	10.84M	11.07M	11.14M
Weighted Average Basic & Diluted Shares Outstanding	10.10M	9.70M	9.70M	10.30M	9.86M	9.95M	10.60M	10.68M	10.87M	10.95M	11.69M

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

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q1 2027
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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	0.41	0.17	1.01	2.97	3.28	1.59	4.40	4.60	3.09	2.85	3.91
Consolidated Net Income / (Loss)	0.41	0.17	1.01	2.97	3.28	1.59	4.40	4.60	3.09	2.85	3.91
Net Income / (Loss) Continuing Operations	0.41	0.17	1.01	2.97	3.28	1.59	4.40	4.60	3.09	2.85	3.91
Total Pre-Tax Income	0.65	0.06	1.57	3.29	4.30	2.25	5.57	5.01	4.22	3.20	4.18
Total Operating Income	0.80	0.91	1.98	3.22	4.24	2.21	5.52	4.96	4.27	3.12	4.15
Total Gross Profit	7.19	9.72	11	12	13	12	16	15	14	13	18
Total Revenue	45	44	47	50	54	47	59	55	66	57	71
Operating Revenue	45	44	47	50	54	47	59	55	66	57	71
Total Cost of Revenue	38	34	35	38	41	35	43	41	52	43	54
Operating Cost of Revenue	38	34	35	38	41	35	43	41	52	43	54
Total Operating Expenses	6.39	8.81	9.32	9.14	8.56	9.48	10	9.76	10	10	14
Selling, General & Admin Expense	6.39	8.81	9.11	9.27	9.16	9.70	11	9.83	10	11	13
Other Operating Expenses / (Income)	0.00	0.00	0.21	-0.13	-0.60	-0.22	-0.27	-0.08	-0.19	-0.22	0.59
Total Other Income / (Expense), net	-0.15	-0.86	-0.41	0.07	0.06	0.04	0.05	0.05	-0.05	0.08	0.03
Interest Expense	0.06	0.76	0.32	-0.16	-0.15	-0.13	-0.14	-0.18	-0.07	-0.17	-0.12
Other Income / (Expense), net	-0.09	-0.09	-0.10	-0.09	-0.09	-0.09	-0.09	-0.13	-0.12	-0.09	-0.09
Income Tax Expense	0.24	-0.11	0.56	0.33	1.02	0.66	1.17	0.42	1.13	0.36	0.27
Basic Earnings per Share	$0.04	$0.02	$0.09	$0.27	$0.30	$0.15	$0.40	$0.42	$0.28	$0.26	$0.34
Weighted Average Basic Shares Outstanding	10.70M	10.78M	10.74M	10.86M	10.89M	10.89M	10.88M	10.93M	10.99M	10.99M	11.60M
Diluted Earnings per Share	$0.04	$0.02	$0.09	$0.27	$0.30	$0.14	$0.40	$0.42	$0.28	$0.25	$0.33
Weighted Average Diluted Shares Outstanding	10.81M	10.92M	10.84M	10.96M	11.02M	11.06M	11.07M	11.03M	11.14M	11.16M	11.71M
Weighted Average Basic & Diluted Shares Outstanding	10.70M	-	10.87M	10.89M	10.89M	10.90M	10.95M	10.98M	10.99M	11.07M	11.74M

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.20	15	0.98	-25	17	27	76	3.52	-1.32	4.64	-15
Net Cash From Operating Activities	19	12	8.51	7.92	1.24	-1.72	-2.22	14	28	24	16
Net Cash From Continuing Operating Activities	19	12	8.51	7.92	1.24	-1.72	-2.22	14	28	24	16
Net Income / (Loss) Continuing Operations	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12	13
Consolidated Net Income / (Loss)	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12	13
Depreciation Expense	2.20	2.09	1.99	1.97	1.96	1.95	3.08	3.51	3.28	3.72	5.34
Amortization Expense	1.45	1.62	1.29	1.11	1.01	1.07	3.52	3.36	3.13	3.00	3.35
Non-Cash Adjustments To Reconcile Net Income	-0.52	-0.18	22	3.85	-10	-18	2.23	11	39	5.34	-3.25
Changes in Operating Assets and Liabilities, net	9.49	3.83	-7.19	1.30	6.66	11	-2.28	-4.03	-22	0.03	-2.00
Net Cash From Investing Activities	-9.15	6.68	-4.07	-29	21	32	-57	-3.75	-16	-19	-43
Net Cash From Continuing Investing Activities	-9.15	6.68	-4.07	-29	21	32	63	-3.75	-16	-19	-43
Purchase of Property, Plant & Equipment	-1.15	-0.33	-2.05	-2.14	-2.42	-2.16	-2.32	-3.75	-9.23	-19	-16
Acquisitions	-	-	-	-	0.00	0.00	60	0.00	-6.81	-0.17	-27
Sale of Property, Plant & Equipment	0.00	0.00	0.01	0.00	0.01	0.01	0.00	0.00	0.04	0.00	0.27
Net Cash From Financing Activities	-13	-3.46	-3.74	-3.77	-4.51	-4.45	14	-6.44	-13	-0.52	12
Net Cash From Continuing Financing Activities	-13	-3.46	-3.74	-3.77	-4.51	-4.45	14	-6.44	-13	-0.52	12
Repayment of Debt	-0.06	-0.06	-0.11	-0.10	-0.05	-4.64	-40	-11	-27	-0.32	-20
Issuance of Debt	-	-	-	0.00	0.00	4.60	58	5.00	13	0.00	33
Issuance of Common Equity	-	-	-	-	-	-	0.00	0.00	0.48	0.65	0.83
Other Financing Activities, net	0.10	0.12	0.00	0.31	0.02	0.00	-0.23	-	-0.06	-0.85	-1.54
Other Net Changes in Cash	-	-0.20	0.00	-0.55	-0.23	0.36	-	-	-0.05	-	0.18

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q1 2027
Period end date	6/30/2024	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2025	3/31/2025	6/30/2025	9/30/2025	6/30/2026
Net Change in Cash & Equivalents	4.67	2.87	-11	1.78	4.67	11	-15	-8.47	-11	9.83	20
Net Cash From Operating Activities	8.72	3.18	7.59	8.64	8.72	14	-6.57	-3.56	-2.26	14	-13
Net Cash From Continuing Operating Activities	8.72	3.18	7.59	8.54	8.72	14	-6.57	-3.56	-2.26	14	-13
Net Income / (Loss) Continuing Operations	2.97	0.09	0.17	1.34	2.97	3.28	4.28	4.40	4.60	3.09	3.91
Consolidated Net Income / (Loss)	2.97	0.09	0.17	1.34	2.97	3.28	4.28	4.40	4.60	3.09	3.91
Depreciation Expense	0.86	0.69	0.83	0.90	0.86	0.86	1.95	1.01	1.02	1.15	1.67
Amortization Expense	0.75	0.68	0.82	0.88	0.75	0.75	0.64	0.75	0.71	0.71	1.22
Non-Cash Adjustments To Reconcile Net Income	3.95	15	11	10	4.26	-1.21	7.71	-20	-0.04	11	5.81
Changes in Operating Assets and Liabilities, net	0.20	-13	-5.24	-4.72	-0.11	10	-21	10	-8.55	-2.69	-25
Net Cash From Investing Activities	-3.15	-0.13	-8.69	-4.03	-3.15	-3.49	-7.59	-5.16	-7.00	-4.14	-1.04
Net Cash From Continuing Investing Activities	-3.15	-0.13	-8.69	-4.03	-3.15	-3.49	-7.59	-5.16	-7.00	-4.14	-1.04
Purchase of Property, Plant & Equipment	-2.98	-0.33	-1.88	-4.03	-2.98	-3.49	-7.02	-5.16	-7.00	-4.14	-2.61
Acquisitions	-0.17	0.17	-6.81	-	-0.17	-	-0.73	-	0.00	-	1.57
Net Cash From Financing Activities	-0.89	-0.11	-9.57	-2.82	-0.89	0.21	-0.65	0.24	-1.61	0.38	34
Net Cash From Continuing Financing Activities	-0.89	-0.11	-9.57	-2.82	-0.89	0.21	-0.65	0.24	-1.61	0.38	34
Repayment of Debt	-0.08	-1.02	-22	-2.98	-0.08	-	-8.00	-0.32	-6.08	-2.08	-13
Repurchase of Common Equity	-	0.75	-	-0.00	-	-	-	-	0.00	-	-0.14
Issuance of Debt	0.00	-	13	-	0.00	-	8.00	-	6.00	2.00	0.00
Issuance of Common Equity	-	-	-	0.25	-	-	0.12	0.32	0.00	0.46	50
Other Financing Activities, net	-0.81	-0.07	-0.08	-0.09	-0.81	-0.93	-0.77	-	-1.53	-	-2.73
Effect of Exchange Rate Changes	-	-	-	-	-0.01	-	-	-	0.05	0.01	0.02

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Total Assets	143	152	143	156	148	144	184	204	234	264	324
Total Current Assets	103	111	115	135	127	120	87	110	126	141	156
Cash & Equivalents	24	39	40	15	33	60	15	18	17	22	6.58
Accounts Receivable	25	27	17	18	15	17	28	24	44	36	34
Inventories, net	11	9.25	12	25	22	17	17	26	33	40	51
Prepaid Expenses	0.61	0.68	0.77	1.33	0.91	0.51	1.39	1.84	3.56	4.25	4.26
Current Deferred & Refundable Income Taxes	1.65	-	1.48	1.07	0.49	0.00	0.46	-	0.00	1.52	1.18
Other Current Assets	-	-	8.08	7.52	15	20	26	40	28	38	60
Plant, Property, & Equipment, net	19	17	17	17	18	18	25	26	32	51	60
Total Noncurrent Assets	22	24	11	4.42	3.86	6.41	72	69	76	72	107
Goodwill	6.94	6.94	1.22	-	-	0.00	24	24	26	26	38
Intangible Assets	4.25	4.07	3.39	-	-	0.00	30	28	33	30	52
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.00	2.44	2.80	2.98	1.50	0.13
Employee Benefit Assets	-	2.34	4.37	4.27	3.46	6.22	7.06	6.11	6.40	5.95	6.63
Other Noncurrent Operating Assets	10	10	1.90	0.15	0.40	0.20	8.59	8.40	8.03	8.79	9.93
Total Liabilities & Shareholders' Equity	143	152	143	156	148	144	184	204	234	264	324
Total Liabilities	34	37	40	57	51	46	87	107	128	145	183
Total Current Liabilities	28	32	37	55	49	44	59	86	118	136	156
Accounts Payable	10	10	16	12	14	18	17	20	21	27	26
Accrued Expenses	3.83	3.72	2.89	2.93	3.35	4.63	6.05	6.43	6.67	4.32	4.73
Customer Deposits	8.40	12	13	31	27	14	26	46	72	84	102
Current Deferred & Payable Income Tax Liabilities	-	0.32	-	-	0.00	0.74	0.00	0.02	0.72	0.00	0.01
Current Employee Benefit Liabilities	5.32	5.19	4.96	5.13	4.45	6.11	7.99	10	17	19	22
Other Current Liabilities	-	-	-	0.05	0.19	0.05	1.08	1.05	1.26	1.30	1.83
Total Noncurrent Liabilities	5.83	5.42	2.69	2.42	2.16	2.78	28	21	10	8.38	27
Long-Term Debt	-	-	-	-	-	0.00	16	9.74	-	0.00	13
Capital Lease Obligations	0.16	0.14	0.06	0.10	0.06	0.03	0.01	0.09	0.07	0.04	0.02
Noncurrent Deferred & Payable Income Tax Liabilities	3.55	4.05	1.43	1.06	0.72	0.64	0.06	-	-	0.02	0.90
Noncurrent Employee Benefit Liabilities	2.13	1.23	1.21	1.27	1.30	2.07	1.67	1.34	1.25	1.19	1.15
Other Noncurrent Operating Liabilities	-	-	-	0.00	0.08	0.04	9.66	9.65	8.78	7.12	12
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	109	114	103	99	97	98	96	97	106	120	140
Total Preferred & Common Equity	109	114	103	99	97	98	96	97	106	120	140
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	109	114	103	99	97	98	96	97	106	120	140
Common Stock	23	24	25	26	27	28	29	29	33	36	43
Retained Earnings	109	111	99	94	91	89	77	77	82	94	107
Treasury Stock	-12	-12	-12	-12	-13	-12	-2.96	-2.18	-2.53	-3.39	-3.39
Accumulated Other Comprehensive Income / (Loss)	-11	-8.43	-8.25	-8.83	-9.56	-7.40	-6.47	-7.46	-7.01	-6.99	-5.85

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	Q1 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026	Q1 2027
Period end date	6/30/2023	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025	6/30/2026
Total Assets	210	210	213	219	244	250	264	252	287	293	364
Total Current Assets	117	117	120	115	135	138	146	128	159	164	198
Cash & Equivalents	25	25	26	15	22	32	30	11	21	22	27
Accounts Receivable	30	30	29	36	37	29	35	35	42	32	50
Inventories, net	25	25	27	31	33	32	39	37	42	49	49
Prepaid Expenses	2.68	2.68	2.85	4.01	4.01	4.41	3.87	4.06	4.01	3.49	5.41
Current Deferred & Refundable Income Taxes	0.51	0.51	0.77	0.75	0.00	0.12	0.05	1.31	0.18	0.02	0.94
Other Current Assets	34	34	35	29	40	41	38	39	50	58	66
Plant, Property, & Equipment, net	26	26	27	29	34	37	44	53	57	57	61
Total Noncurrent Assets	68	68	66	75	75	75	75	72	71	72	105
Goodwill	24	24	24	25	26	26	26	26	26	26	37
Intangible Assets	28	28	27	34	32	32	31	30	29	30	51
Noncurrent Deferred & Refundable Income Taxes	1.79	1.79	1.49	1.73	2.83	2.88	2.93	1.37	1.44	1.53	0.13
Employee Benefit Assets	6.18	6.18	6.25	6.32	6.45	6.51	6.57	5.99	6.02	6.06	6.67
Other Noncurrent Operating Assets	8.22	8.22	8.01	7.99	8.18	8.37	8.50	8.77	8.68	8.56	9.60
Total Liabilities & Shareholders' Equity	210	210	213	219	244	250	264	252	287	293	364
Total Liabilities	110	110	112	115	136	137	150	129	159	162	172
Total Current Liabilities	90	90	94	104	126	128	141	121	152	155	161
Accounts Payable	15	15	14	16	20	22	25	21	27	18	25
Accrued Expenses	5.71	5.71	6.26	5.26	6.27	5.10	4.65	4.11	3.87	4.53	8.33
Customer Deposits	56	56	60	63	88	86	93	83	105	112	113
Current Deferred & Payable Income Tax Liabilities	0.06	0.06	0.00	0.00	0.89	0.08	0.07	-	0.09	0.66	0.00
Current Employee Benefit Liabilities	10	10	11	15	11	13	17	12	15	19	13
Other Current Liabilities	1.14	1.14	1.14	1.24	1.23	1.16	1.16	1.38	1.41	1.48	1.82
Total Noncurrent Liabilities	20	20	18	11	9.79	9.25	8.89	7.90	7.46	6.95	11
Long-Term Debt	9.30	9.30	8.86	0.00	0.00	-	-	-	-	-	0.00
Capital Lease Obligations	0.08	0.08	0.08	0.07	0.06	0.06	0.05	0.04	0.03	0.03	0.02
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.00	0.05	0.06	0.00	-	-	0.12	0.16	0.07	1.10
Noncurrent Employee Benefit Liabilities	1.34	1.34	1.34	1.34	1.26	1.26	1.26	1.19	1.19	1.19	1.14
Other Noncurrent Operating Liabilities	9.25	9.25	8.16	9.89	8.47	7.93	7.59	6.55	6.07	5.66	8.38
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	100	100	101	104	108	112	114	123	128	131	192
Total Preferred & Common Equity	100	100	101	104	108	112	114	123	128	131	192
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	100	100	101	104	108	112	114	123	128	131	192
Common Stock	30	30	30	33	33	34	35	35	36	36	91
Retained Earnings	80	80	80	81	85	88	90	99	102	105	111
Treasury Stock	-2.53	-2.53	-2.53	-2.53	-3.34	-3.39	-3.39	-3.39	-3.39	-3.39	-3.39
Accumulated Other Comprehensive Income / (Loss)	-7.55	-7.55	-7.45	-7.14	-6.89	-6.61	-6.67	-6.78	-6.67	-6.44	-5.66

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
DEI Shares Outstanding	9,808,004.00	9,729,090.00	9,768,026.00	9,834,082.00	9,891,052.00	-	-	-	-	10,902,937.00	11,072,780.00
DEI Adjusted Shares Outstanding	9,808,004.00	9,729,090.00	9,768,026.00	9,834,082.00	9,891,052.00	-	-	-	-	10,902,937.00	11,072,780.00
DEI Earnings Per Adjusted Shares Outstanding	0.63	0.52	-1.01	-0.03	0.19	-	-	-	-	1.12	1.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-33.39%	1.92%	-15.51%	18.44%	-1.34%	7.60%	25.98%	27.93%	18.09%	13.13%	16.86%
EBITDA Growth	-57.62%	0.45%	-197.98%	114.59%	167.00%	54.40%	-168.95%	298.32%	54.75%	66.29%	7.64%
EBIT Growth	-68.99%	-0.25%	-301.53%	88.14%	162.70%	211.10%	-447.67%	113.87%	336.53%	126.39%	-2.17%
NOPAT Growth	-67.85%	1.06%	-305.31%	82.64%	131.19%	312.66%	-464.47%	110.30%	591.89%	113.09%	5.49%
Net Income Growth	-58.39%	-18.07%	-295.98%	96.87%	707.79%	26.82%	-469.55%	104.18%	1,141.42%	168.44%	2.21%
EPS Growth	-57.93%	-14.75%	-294.23%	97.03%	733.33%	26.32%	-445.83%	103.61%	1,300.00%	164.29%	0.90%
Operating Cash Flow Growth	198.63%	-33.93%	-31.30%	-6.98%	-84.35%	-238.98%	-28.86%	727.04%	102.10%	-13.53%	-34.48%
Free Cash Flow Firm Growth	426.76%	-49.56%	-50.79%	29.40%	-161.17%	-114.31%	-973.67%	112.70%	-17.23%	-61.68%	-1,285.74%
Invested Capital Growth	-21.12%	-8.16%	-33.93%	-26.02%	18.98%	38.59%	203.90%	-8.71%	-2.45%	10.13%	49.50%
Revenue Q/Q Growth	-14.41%	3.76%	-4.26%	1.62%	-0.61%	7.60%	2.48%	0.00%	0.00%	6.42%	0.00%
EBITDA Q/Q Growth	-34.04%	22.94%	-16.05%	-81.44%	294.84%	53.20%	-279.46%	0.00%	0.00%	19.50%	0.00%
EBIT Q/Q Growth	-45.22%	39.87%	-10.70%	-132.66%	119.85%	211.10%	-246.22%	0.00%	0.00%	31.37%	0.00%
NOPAT Q/Q Growth	-44.07%	36.24%	-14.64%	-148.78%	113.70%	312.66%	-229.64%	0.00%	0.00%	33.39%	0.00%
Net Income Q/Q Growth	-37.29%	34.23%	-10.91%	-106.07%	157.48%	26.82%	-206.53%	0.00%	0.00%	38.21%	0.00%
EPS Q/Q Growth	-37.11%	36.84%	0.00%	0.00%	155.88%	26.32%	-186.21%	0.00%	0.00%	38.75%	0.00%
Operating Cash Flow Q/Q Growth	-10.48%	70.02%	53.19%	-39.90%	126.16%	-128.57%	86.90%	0.00%	0.00%	-33.40%	0.00%
Free Cash Flow Firm Q/Q Growth	-17.86%	17.61%	105.28%	-21.88%	56.71%	-124.49%	22.76%	0.00%	0.00%	-81.88%	0.00%
Invested Capital Q/Q Growth	5.80%	6.37%	-3.27%	-18.65%	-15.84%	0.00%	5.56%	0.00%	0.00%	15.98%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.83%	24.14%	21.89%	23.86%	20.03%	21.00%	7.43%	16.17%	21.87%	25.18%	23.54%
EBITDA Margin	11.48%	11.32%	-13.12%	1.62%	4.38%	6.28%	-3.44%	5.33%	6.98%	10.26%	9.45%
Operating Margin	7.43%	7.26%	-17.96%	-2.63%	0.72%	3.08%	-9.24%	0.80%	3.73%	7.24%	6.12%
EBIT Margin	7.43%	7.27%	-17.34%	-1.74%	1.10%	3.19%	-8.81%	0.95%	3.53%	7.06%	5.91%
Profit (Net Income) Margin	6.81%	5.47%	-12.70%	-0.34%	2.07%	2.44%	-7.14%	0.23%	2.46%	5.83%	5.10%
Tax Burden Percent	70.23%	71.26%	76.58%	212.41%	80.97%	72.67%	78.22%	65.42%	81.74%	79.38%	84.69%
Interest Burden Percent	130.49%	105.63%	95.58%	9.09%	231.20%	105.01%	103.70%	37.40%	85.13%	103.93%	101.77%
Effective Tax Rate	29.77%	28.74%	0.00%	0.00%	19.03%	27.33%	0.00%	34.58%	18.26%	20.62%	15.31%
Return on Invested Capital (ROIC)	9.31%	11.12%	-28.71%	-7.20%	2.41%	7.68%	-11.93%	0.85%	6.27%	12.87%	10.38%
ROIC Less NNEP Spread (ROIC-NNEP)	7.01%	10.72%	-28.59%	-8.99%	0.64%	7.40%	-9.22%	49.06%	16.32%	11.95%	13.31%
Return on Net Nonoperating Assets (RNNOA)	-3.88%	-6.62%	19.66%	6.90%	-0.50%	-5.24%	2.91%	-0.47%	-1.77%	-2.00%	-0.76%
Return on Equity (ROE)	5.43%	4.50%	-9.05%	-0.30%	1.91%	2.44%	-9.02%	0.38%	4.50%	10.86%	9.62%
Cash Return on Invested Capital (CROIC)	32.92%	19.63%	12.15%	22.71%	-14.92%	-24.67%	-112.90%	9.97%	8.75%	3.23%	-29.30%
Operating Return on Assets (OROA)	4.50%	4.53%	-9.12%	-1.06%	0.66%	2.13%	-6.60%	0.77%	2.99%	5.95%	4.94%
Return on Assets (ROA)	4.13%	3.41%	-6.68%	-0.21%	1.23%	1.62%	-5.35%	0.19%	2.08%	4.91%	4.25%
Return on Common Equity (ROCE)	5.43%	4.50%	-9.05%	-0.30%	1.91%	2.44%	-9.02%	0.38%	4.50%	10.86%	9.62%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	2.42%	-9.09%	0.38%	4.32%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	4.70	4.75	-9.75	-1.69	0.53	2.18	-7.94	0.82	5.66	12	13
NOPAT Margin	5.22%	5.17%	-12.57%	-1.84%	0.58%	2.23%	-6.47%	0.52%	3.05%	5.74%	5.18%
Net Nonoperating Expense Percent (NNEP)	2.29%	0.40%	-0.13%	1.78%	1.77%	0.28%	-2.72%	-48.21%	-10.06%	0.92%	-2.93%
Return On Investment Capital (ROIC_SIMPLE)	4.29%	4.15%	-9.42%	-1.71%	0.55%	-	-	-	-	10.08%	8.29%
Cost of Revenue to Revenue	74.17%	75.86%	78.11%	76.14%	79.97%	79.00%	92.57%	83.83%	78.13%	74.82%	76.46%
SG&A Expenses to Revenue	18.14%	15.94%	20.03%	19.47%	18.63%	17.92%	17.34%	15.38%	18.10%	18.53%	17.67%
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	18.40%	16.88%	39.85%	26.49%	19.31%	17.92%	16.67%	15.38%	18.14%	17.95%	17.42%
Earnings before Interest and Taxes (EBIT)	6.69	6.67	-13	-1.60	1.00	3.11	-11	1.50	6.55	15	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	10	10	-10	1.49	3.97	6.12	-4.22	8.37	13	22	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.57	1.74	1.84	1.81	1.25	1.42	0.85	1.44	2.77	2.63	6.23
Price to Tangible Book Value (P/TBV)	1.75	1.92	1.93	1.81	1.25	1.42	1.91	3.09	6.21	4.94	17.44
Price to Revenue (P/Rev)	1.90	2.16	2.46	1.95	1.33	1.43	0.67	0.89	1.57	1.50	3.56
Price to Earnings (P/E)	27.95	39.51	0.00	0.00	64.43	58.52	0.00	379.14	64.08	25.69	69.91
Dividend Yield	1.89%	1.75%	1.85%	2.15%	3.53%	3.16%	5.71%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.58%	2.53%	0.00%	0.00%	1.55%	1.71%	0.00%	0.26%	1.56%	3.89%	1.43%
Enterprise Value to Invested Capital (EV/IC)	2.39	3.06	4.23	5.05	2.01	2.24	0.86	1.45	3.09	2.98	6.00
Enterprise Value to Revenue (EV/Rev)	1.18	1.36	1.47	1.10	0.53	0.76	0.70	0.84	1.48	1.39	3.59
Enterprise Value to EBITDA (EV/EBITDA)	10.30	12.06	0.00	68.00	12.02	12.08	0.00	15.85	21.24	13.59	37.97
Enterprise Value to EBIT (EV/EBIT)	15.92	18.77	0.00	0.00	47.67	23.77	0.00	88.48	42.01	19.74	60.70
Enterprise Value to NOPAT (EV/NOPAT)	22.67	26.38	0.00	0.00	90.30	33.94	0.00	162.30	48.62	24.28	69.22
Enterprise Value to Operating Cash Flow (EV/OCF)	5.68	10.11	13.42	12.75	38.47	0.00	0.00	9.54	9.78	12.04	55.25
Enterprise Value to Free Cash Flow (EV/FCFF)	6.41	14.94	27.70	18.92	0.00	0.00	0.00	13.90	34.82	96.69	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.12	0.00	0.00	0.09
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.17	0.10	0.00	0.00	0.09
Financial Leverage	-0.55	-0.62	-0.69	-0.77	-0.78	-0.71	-0.32	-0.01	-0.11	-0.17	-0.06
Leverage Ratio	1.32	1.32	1.36	1.48	1.56	1.50	1.69	2.00	2.16	2.21	2.26
Compound Leverage Factor	1.72	1.39	1.30	0.13	3.60	1.58	1.75	0.75	1.84	2.30	2.30
Debt to Total Capital	0.19%	0.22%	0.14%	0.10%	0.06%	0.06%	16.01%	10.88%	0.06%	0.04%	8.49%
Short-Term Debt to Total Capital	0.05%	0.09%	0.09%	0.00%	0.00%	0.02%	1.74%	1.84%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.14%	0.13%	0.05%	0.10%	0.06%	0.03%	14.27%	9.04%	0.06%	0.04%	8.49%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.81%	99.78%	99.86%	99.90%	99.94%	99.94%	83.99%	89.12%	99.94%	99.96%	91.51%
Debt to EBITDA	0.02	0.02	-0.01	0.06	0.01	0.01	-4.36	1.41	0.01	0.00	0.56
Net Debt to EBITDA	-6.27	-7.05	7.50	-52.29	-18.40	-10.61	-0.86	-0.77	-1.30	-1.00	0.28
Long-Term Debt to EBITDA	0.02	0.01	-0.01	0.06	0.01	0.01	-3.88	1.17	0.01	0.00	0.56
Debt to NOPAT	0.05	0.05	-0.01	-0.06	0.10	0.03	-2.32	14.47	0.01	0.00	1.02
Net Debt to NOPAT	-13.80	-15.42	7.83	45.88	-138.18	-29.83	-0.46	-7.86	-2.98	-1.79	0.51
Long-Term Debt to NOPAT	0.03	0.03	-0.01	-0.06	0.10	0.02	-2.06	12.02	0.01	0.00	1.02
Altman Z-Score	5.52	5.57	4.71	3.88	3.53	4.05	1.81	2.25	2.78	2.81	4.23
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.68	3.46	3.09	2.46	2.57	2.76	1.47	1.28	1.07	1.04	1.00
Quick Ratio	3.21	3.15	2.51	1.74	1.80	1.89	0.71	0.49	0.52	0.42	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	17	8.38	4.12	5.34	-3.27	-7.00	-75	9.54	7.90	3.03	-36
Operating Cash Flow to CapEx	1,630.52%	3,823.77%	416.19%	370.30%	51.52%	-80.06%	-95.48%	371.14%	306.25%	128.27%	100.97%
Free Cash Flow to Firm to Interest Expense	1,661.63	838.19	343.73	444.78	-272.09	-636.13	-187.83	10.16	8.11	0.00	0.00
Operating Cash Flow to Interest Expense	1,875.10	1,238.90	709.25	659.75	103.25	-156.55	-5.55	14.82	28.87	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1,760.10	1,206.50	538.83	481.58	-97.17	-352.09	-11.36	10.83	19.44	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.62	0.53	0.61	0.60	0.67	0.75	0.81	0.85	0.84	0.83
Accounts Receivable Turnover	2.98	3.54	3.50	5.31	5.49	5.95	5.46	6.08	5.42	5.25	7.08
Inventory Turnover	5.38	6.94	5.82	3.86	3.09	3.89	6.54	6.03	4.86	4.28	4.13
Fixed Asset Turnover	4.67	5.13	4.55	5.38	5.23	5.54	5.78	6.23	6.44	5.07	4.42
Accounts Payable Turnover	5.65	6.75	4.58	4.90	5.44	4.78	6.56	7.14	7.07	6.53	7.07
Days Sales Outstanding (DSO)	122.62	103.23	104.39	68.78	66.43	61.36	66.90	59.99	67.28	69.48	51.57
Days Inventory Outstanding (DIO)	67.78	52.58	62.72	94.58	118.28	93.89	55.78	60.56	75.17	85.34	88.34
Days Payable Outstanding (DPO)	64.65	54.06	79.70	74.53	67.15	76.36	55.60	51.11	51.63	55.90	51.62
Cash Conversion Cycle (CCC)	125.75	101.75	87.42	88.82	117.57	78.89	67.08	69.44	90.82	98.92	88.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	45	41	27	20	24	33	100	91	89	98	147
Invested Capital Turnover	1.78	2.15	2.28	3.91	4.14	3.44	1.85	1.64	2.05	2.24	2.00
Increase / (Decrease) in Invested Capital	-12	-3.63	-14	-7.03	3.79	9.18	67	-8.73	-2.24	9.03	49
Enterprise Value (EV)	107	125	114	101	48	74	86	133	275	293	880
Market Capitalization	171	198	191	179	121	139	82	139	292	314	874
Book Value per Share	$11.15	$11.83	$10.58	$10.06	$9.78	$9.80	$9.07	$9.11	$9.83	$10.97	$12.67
Tangible Book Value per Share	$10.01	$10.69	$10.11	$10.06	$9.78	$9.80	$4.04	$4.23	$4.38	$5.83	$4.53
Total Capital	110	114	103	99	97	98	115	109	106	120	153
Total Debt	0.21	0.25	0.14	0.10	0.06	0.06	18	12	0.07	0.04	13
Total Long-Term Debt	0.16	0.14	0.06	0.10	0.06	0.03	16	9.83	0.07	0.04	13
Net Debt	-65	-73	-76	-78	-73	-65	3.65	-6.43	-17	-22	6.44
Capital Expenditures (CapEx)	1.15	0.32	2.05	2.14	2.41	2.15	2.32	3.75	9.18	19	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	9.79	5.32	1.71	2.14	4.44	12	15	7.65	-8.83	-16	-6.40
Debt-free Net Working Capital (DFNWC)	75	79	78	80	77	77	30	26	8.11	5.22	0.18
Net Working Capital (NWC)	75	79	78	80	77	77	28	24	8.11	5.22	0.18
Net Nonoperating Expense (NNE)	-1.43	-0.28	0.10	-1.38	-1.34	-0.20	0.83	0.45	1.10	-0.17	0.22
Net Nonoperating Obligations (NNO)	-65	-73	-76	-79	-73	-65	3.65	-5.52	-16	-21	6.50
Total Depreciation and Amortization (D&A)	3.65	3.71	3.27	3.08	2.97	3.01	6.60	6.87	6.41	6.72	8.68
Debt-free, Cash-free Net Working Capital to Revenue	10.87%	5.80%	2.21%	2.33%	4.90%	11.96%	12.26%	4.87%	-4.76%	-7.79%	-2.61%
Debt-free Net Working Capital to Revenue	83.14%	85.86%	100.85%	87.00%	85.47%	78.67%	24.26%	16.49%	4.37%	2.49%	0.08%
Net Working Capital to Revenue	83.08%	85.75%	100.74%	87.00%	85.47%	78.65%	22.63%	15.21%	4.37%	2.49%	0.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	$0.52	($1.01)	($0.03)	$0.19	$0.24	($0.83)	$0.03	$0.42	$1.12	$1.14
Adjusted Weighted Average Basic Shares Outstanding	9.98M	9.72M	9.76M	9.82M	9.88M	9.96M	10.54M	10.61M	10.74M	10.88M	10.99M
Adjusted Diluted Earnings per Share	$0.61	$0.52	($1.01)	($0.03)	$0.19	$0.24	($0.83)	$0.03	$0.42	$1.11	$1.12
Adjusted Weighted Average Diluted Shares Outstanding	9.98M	9.73M	9.76M	9.82M	9.88M	9.96M	10.54M	10.65M	10.84M	11.07M	11.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.03)	$0.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	9.65M	9.74M	9.77M	9.84M	9.86M	9.95M	10.60M	10.68M	10.87M	10.95M	11.69M
Normalized Net Operating Profit after Tax (NOPAT)	4.70	5.20	0.84	2.82	0.53	2.18	-7.94	0.82	5.66	12	13
Normalized NOPAT Margin	5.22%	5.66%	1.09%	3.07%	0.58%	2.23%	-6.47%	0.52%	3.05%	5.74%	5.18%
Pre Tax Income Margin	9.70%	7.68%	-16.58%	-0.16%	2.55%	3.35%	-9.13%	0.36%	3.00%	7.34%	6.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	669.00	667.30	-1,120.67	-132.92	83.33	282.82	-27.04	1.60	6.72	0.00	0.00
NOPAT to Interest Expense	469.83	474.79	-812.35	-141.05	43.99	198.05	-19.85	0.87	5.81	0.00	0.00
EBIT Less CapEx to Interest Expense	554.00	634.90	-1,291.08	-311.08	-117.08	87.27	-32.85	-2.40	-2.70	0.00	0.00
NOPAT Less CapEx to Interest Expense	354.83	442.39	-982.77	-319.22	-156.42	2.50	-25.66	-3.12	-3.62	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	53.76%	69.52%	-35.73%	-1,244.81%	227.03%	184.96%	-40.16%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	207.75%	70.10%	-36.94%	-1,292.21%	239.32%	185.93%	-40.62%	5.72%	1.27%	6.98%	0.00%

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

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q1 2027
Period end date	9/30/2024	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	6/30/2026
DEI Shares Outstanding	-	-	10,828,327.00	10,870,564.00	10,975,874.00	-	10,902,937.00	10,948,443.00	10,975,874.00	10,987,954.00	11,691,140.00
DEI Adjusted Shares Outstanding	-	-	10,828,327.00	10,870,564.00	10,975,874.00	-	10,902,937.00	10,948,443.00	10,975,874.00	10,987,954.00	11,691,140.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	0.09	0.27	0.28	-	0.40	0.42	0.28	0.26	0.33
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	40.43%	0.00%	8.51%	0.00%	18.83%	7.35%	27.11%	11.08%	23.27%	20.55%	28.57%
EBITDA Growth	234.05%	0.00%	151.99%	0.00%	176.48%	-13.97%	95.80%	38.62%	4.36%	-21.38%	5.89%
EBIT Growth	41,340.00%	0.00%	751.03%	0.00%	484.49%	159.05%	187.50%	54.36%	0.27%	43.18%	-15.98%
NOPAT Growth	8,983.68%	0.00%	619.71%	0.00%	540.79%	-42.85%	240.13%	56.74%	-3.36%	77.66%	-14.66%
Net Income Growth	1,773.98%	0.00%	310.81%	0.00%	698.30%	862.42%	333.43%	54.92%	-5.82%	79.16%	-14.86%
EPS Growth	1,600.00%	0.00%	325.00%	0.00%	650.00%	600.00%	344.44%	55.56%	-6.67%	78.57%	-21.43%
Operating Cash Flow Growth	4,687.97%	0.00%	73.85%	0.00%	337.87%	0.00%	-141.18%	-125.92%	-2.51%	0.00%	-459.98%
Free Cash Flow Firm Growth	-175.52%	0.00%	-58.46%	-82.04%	-209.04%	0.00%	-232.67%	-797.37%	-355.32%	-335.28%	-129.12%
Invested Capital Growth	0.00%	0.00%	-2.45%	-0.16%	23.87%	0.00%	10.13%	29.60%	33.05%	28.92%	46.53%
Revenue Q/Q Growth	7.23%	-18.19%	6.55%	6.99%	7.23%	0.00%	26.17%	-6.50%	19.00%	-14.12%	0.00%
EBITDA Q/Q Growth	21.52%	-57.23%	48.96%	29.16%	21.52%	0.00%	86.16%	-8.56%	-8.51%	-49.52%	0.00%
EBIT Q/Q Growth	32.27%	-80.26%	130.81%	65.94%	32.27%	0.00%	156.16%	-10.91%	-14.08%	-26.98%	0.00%
NOPAT Q/Q Growth	11.39%	-15.48%	-53.14%	126.69%	11.39%	0.00%	178.87%	4.47%	-31.32%	-11.21%	0.00%
Net Income Q/Q Growth	10.62%	-94.97%	514.55%	192.50%	10.62%	0.00%	176.76%	4.55%	-32.75%	-7.93%	0.00%
EPS Q/Q Growth	11.11%	-93.33%	350.00%	200.00%	11.11%	0.00%	185.71%	5.00%	-33.33%	-10.71%	0.00%
Operating Cash Flow Q/Q Growth	59.86%	138.37%	13.87%	0.91%	59.86%	0.00%	-168.09%	36.49%	701.28%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-2,630.58%	100.00%	-32.97%	-13.64%	-672.57%	0.00%	-150.63%	-353.92%	-10.75%	7.57%	0.00%
Invested Capital Q/Q Growth	-7.84%	-100.00%	-3.43%	-2.39%	23.11%	0.00%	15.98%	14.87%	-5.01%	1.88%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.90%	22.19%	24.21%	24.76%	23.90%	24.84%	26.97%	26.53%	21.67%	23.75%	24.95%
EBITDA Margin	10.75%	5.62%	7.86%	9.49%	10.75%	4.51%	12.11%	11.84%	9.10%	5.35%	9.75%
Operating Margin	7.91%	2.08%	4.25%	6.45%	7.91%	4.70%	9.30%	8.95%	6.47%	5.51%	5.82%
EBIT Margin	7.74%	1.87%	4.04%	6.27%	7.74%	4.51%	9.15%	8.72%	6.29%	5.35%	5.70%
Profit (Net Income) Margin	6.13%	0.38%	2.17%	5.94%	6.13%	3.38%	7.41%	8.28%	4.68%	5.02%	5.48%
Tax Burden Percent	76.36%	300.00%	64.54%	90.04%	76.36%	70.67%	78.92%	91.66%	73.17%	88.82%	93.52%
Interest Burden Percent	103.69%	6.72%	83.21%	105.14%	103.69%	106.04%	102.60%	103.66%	101.64%	105.57%	102.95%
Effective Tax Rate	23.64%	-200.00%	35.46%	9.96%	23.64%	29.33%	21.08%	8.34%	26.83%	11.18%	6.48%
Return on Invested Capital (ROIC)	26.33%	0.00%	5.64%	12.38%	12.87%	0.00%	16.44%	17.68%	11.49%	0.00%	10.22%
ROIC Less NNEP Spread (ROIC-NNEP)	26.04%	0.00%	8.07%	12.00%	12.60%	0.00%	16.23%	17.40%	11.63%	0.00%	10.07%
Return on Net Nonoperating Assets (RNNOA)	-7.47%	0.00%	-0.87%	-1.95%	-1.92%	0.00%	-2.72%	-2.38%	-2.54%	0.00%	-1.20%
Return on Equity (ROE)	18.86%	0.00%	4.76%	10.43%	10.96%	0.00%	13.72%	15.30%	8.96%	0.00%	9.03%
Cash Return on Invested Capital (CROIC)	-189.40%	0.00%	8.75%	6.65%	-12.84%	0.00%	3.23%	-12.07%	-13.88%	0.00%	-29.08%
Operating Return on Assets (OROA)	5.42%	0.00%	3.43%	5.12%	6.39%	0.00%	7.71%	7.56%	5.35%	0.00%	4.83%
Return on Assets (ROA)	4.29%	0.00%	1.84%	4.85%	5.06%	0.00%	6.24%	7.19%	3.98%	0.00%	4.65%
Return on Common Equity (ROCE)	18.86%	0.00%	4.76%	10.43%	10.96%	0.00%	13.72%	15.30%	8.96%	0.00%	9.03%
Return on Equity Simple (ROE_SIMPLE)	3.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	3.23	2.73	1.28	2.90	3.23	1.56	4.36	4.55	3.13	2.77	3.88
NOPAT Margin	6.04%	6.24%	2.74%	5.81%	6.04%	3.32%	7.34%	8.20%	4.73%	4.89%	5.44%
Net Nonoperating Expense Percent (NNEP)	0.29%	0.00%	-2.43%	0.37%	0.27%	0.18%	0.21%	0.28%	-0.13%	0.27%	0.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.21%	2.68%	2.53%	1.36%	3.64%	3.69%	2.45%	2.11%	2.02%
Cost of Revenue to Revenue	76.10%	77.81%	75.79%	75.24%	76.10%	75.16%	73.03%	73.47%	78.33%	76.25%	75.05%
SG&A Expenses to Revenue	17.10%	20.11%	19.51%	18.57%	17.10%	20.61%	18.13%	17.72%	15.49%	18.63%	18.31%
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	15.99%	20.11%	19.96%	18.31%	15.99%	20.15%	17.67%	17.58%	15.20%	18.24%	19.13%
Earnings before Interest and Taxes (EBIT)	4.14	0.82	1.89	3.13	4.14	2.12	5.43	4.84	4.16	3.03	4.06
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.76	2.46	3.67	4.74	5.76	2.12	7.18	6.57	6.01	3.03	6.96
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.87	0.00	2.80	2.83	2.53	4.23	2.63	4.39	4.72	5.37	7.53
Price to Tangible Book Value (P/TBV)	5.80	0.00	6.28	6.09	4.44	8.38	4.94	7.98	8.30	9.34	13.95
Price to Revenue (P/Rev)	1.84	0.00	1.59	1.65	1.56	0.00	1.50	2.52	2.64	0.00	5.54
Price to Earnings (P/E)	77.28	0.00	64.84	67.19	44.54	0.00	25.69	39.11	44.09	0.00	122.47
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.29%	0.00%	1.54%	1.49%	2.25%	0.00%	3.89%	2.56%	2.27%	0.00%	0.82%
Enterprise Value to Invested Capital (EV/IC)	3.62	0.00	3.12	3.27	2.82	5.37	2.98	4.71	5.43	6.26	8.59
Enterprise Value to Revenue (EV/Rev)	1.66	0.00	1.50	1.53	1.46	0.00	1.39	2.47	2.55	0.00	5.44
Enterprise Value to EBITDA (EV/EBITDA)	24.42	0.00	21.50	21.97	17.74	0.00	13.59	22.74	24.64	0.00	60.25
Enterprise Value to EBIT (EV/EBIT)	56.03	0.00	42.54	43.46	30.19	0.00	19.74	32.15	35.19	0.00	103.45
Enterprise Value to NOPAT (EV/NOPAT)	68.25	0.00	49.23	50.30	36.70	0.00	24.28	38.79	42.80	0.00	117.87
Enterprise Value to Operating Cash Flow (EV/OCF)	7.85	0.00	9.90	10.12	7.76	12.44	12.04	39.83	44.80	54.56	256.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	35.26	49.09	0.00	0.00	96.69	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.29	0.00	-0.11	-0.16	-0.15	-0.26	-0.17	-0.14	-0.22	-0.21	-0.12
Leverage Ratio	2.22	0.00	2.16	2.18	2.19	2.31	2.21	2.14	2.23	2.27	1.95
Compound Leverage Factor	2.30	0.00	1.80	2.30	2.27	2.45	2.27	2.22	2.27	2.39	2.01
Debt to Total Capital	0.05%	0.00%	0.06%	0.06%	0.03%	0.04%	0.04%	0.03%	0.03%	0.02%	0.01%
Short-Term Debt 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%
Long-Term Debt to Total Capital	0.05%	0.00%	0.06%	0.06%	0.03%	0.04%	0.04%	0.03%	0.03%	0.02%	0.01%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.95%	0.00%	99.94%	99.94%	99.97%	99.96%	99.96%	99.97%	99.97%	99.98%	99.99%
Debt to EBITDA	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-2.72	0.00	-1.30	-1.66	-1.21	0.00	-1.00	-0.46	-0.87	0.00	-1.14
Long-Term Debt to EBITDA	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.01	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-7.59	0.00	-2.98	-3.81	-2.50	0.00	-1.79	-0.78	-1.51	0.00	-2.24
Long-Term Debt to NOPAT	0.01	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.71	0.00	2.73	2.68	2.51	0.00	2.69	4.02	3.64	0.00	6.36
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	0.00	1.07	1.07	1.05	1.03	1.04	1.05	1.05	1.06	1.23
Quick Ratio	0.48	0.00	0.52	0.46	0.41	0.46	0.42	0.38	0.41	0.35	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-77	0.00	3.52	3.04	-17	-83	-4.67	-21	-23	-22	-49
Operating Cash Flow to CapEx	399.68%	403.24%	214.48%	292.68%	399.68%	0.00%	-68.97%	-32.25%	327.78%	0.00%	-484.86%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	11.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	9.94	27.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	7.48	14.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.00	0.85	0.82	0.83	0.00	0.84	0.87	0.85	0.00	0.85
Accounts Receivable Turnover	6.01	0.00	5.42	5.60	5.83	0.00	5.25	6.03	6.40	0.00	6.19
Inventory Turnover	4.46	0.00	4.86	4.98	4.57	0.00	4.28	4.57	4.63	0.00	4.61
Fixed Asset Turnover	4.78	0.00	6.44	6.19	4.94	0.00	5.07	4.93	4.89	0.00	4.58
Accounts Payable Turnover	6.42	0.00	7.07	8.38	7.85	0.00	6.53	7.97	7.02	0.00	8.83
Days Sales Outstanding (DSO)	60.69	0.00	67.28	65.23	62.62	0.00	69.48	60.51	57.03	0.00	58.99
Days Inventory Outstanding (DIO)	81.87	0.00	75.17	73.34	79.81	0.00	85.34	79.90	78.86	0.00	79.10
Days Payable Outstanding (DPO)	56.82	0.00	51.63	43.56	46.48	0.00	55.90	45.79	52.00	0.00	41.35
Cash Conversion Cycle (CCC)	85.74	0.00	90.82	95.01	95.94	0.00	98.92	94.62	83.89	0.00	96.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	80	0.00	89	87	107	85	98	113	107	109	165
Invested Capital Turnover	4.36	0.00	2.05	2.13	2.13	0.00	2.24	2.16	2.43	0.00	1.88
Increase / (Decrease) in Invested Capital	80	0.00	-2.24	-0.14	21	85	9.03	26	27	24	52
Enterprise Value (EV)	290	0.00	279	285	302	454	293	531	582	684	1,420
Market Capitalization	322	203	295	306	322	484	314	542	603	706	1,447
Book Value per Share	$10.33	$0.00	$9.75	$9.96	$11.71	$10.51	$10.97	$11.27	$11.62	$11.95	$16.44
Tangible Book Value per Share	$5.10	$0.00	$4.34	$4.63	$6.67	$5.31	$5.83	$6.20	$6.62	$6.88	$8.87
Total Capital	113	0.00	106	108	128	114	120	123	128	131	192
Total Debt	0.06	0.00	0.07	0.06	0.03	0.05	0.04	0.04	0.03	0.03	0.02
Total Long-Term Debt	0.06	0.00	0.07	0.06	0.03	0.05	0.04	0.04	0.03	0.03	0.02
Net Debt	-32	0.00	-17	-22	-21	-30	-22	-11	-21	-22	-27
Capital Expenditures (CapEx)	3.49	1.88	4.03	2.98	3.49	0.00	5.16	7.00	4.14	0.00	2.61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-22	0.00	-8.83	-13	-13	-25	-16	-4.29	-13	-13	10
Debt-free Net Working Capital (DFNWC)	10	0.00	8.11	9.00	7.50	4.79	5.22	6.46	7.50	9.15	37
Net Working Capital (NWC)	10	0.00	8.11	9.00	7.50	4.79	5.22	6.46	7.50	9.15	37
Net Nonoperating Expense (NNE)	-0.05	2.57	0.27	-0.06	-0.05	-0.03	-0.04	-0.04	0.04	-0.07	-0.03
Net Nonoperating Obligations (NNO)	-32	0.00	-16	-21	-20	-30	-21	-11	-20	-22	-27
Total Depreciation and Amortization (D&A)	1.62	1.65	1.78	1.61	1.62	0.00	1.76	1.73	1.86	0.00	2.89
Debt-free, Cash-free Net Working Capital to Revenue	-12.53%	0.00%	-4.76%	-6.80%	-6.33%	0.00%	-7.79%	-1.99%	-5.74%	0.00%	3.94%
Debt-free Net Working Capital to Revenue	5.94%	0.00%	4.37%	4.85%	3.63%	0.00%	2.49%	3.00%	3.29%	0.00%	14.27%
Net Working Capital to Revenue	5.94%	0.00%	4.37%	4.85%	3.63%	0.00%	2.49%	3.00%	3.29%	0.00%	14.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.00	$0.09	$0.27	$0.30	$0.15	$0.40	$0.42	$0.28	$0.26	$0.34
Adjusted Weighted Average Basic Shares Outstanding	10.89M	0.00	10.74M	10.86M	10.89M	10.89M	10.88M	10.93M	10.99M	10.99M	11.60M
Adjusted Diluted Earnings per Share	$0.30	$0.00	$0.09	$0.27	$0.30	$0.14	$0.40	$0.42	$0.28	$0.25	$0.33
Adjusted Weighted Average Diluted Shares Outstanding	11.02M	0.00	10.84M	10.96M	11.02M	11.06M	11.07M	11.03M	11.14M	11.16M	11.71M
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	10.89M	0.00	10.87M	10.89M	10.99M	10.90M	10.95M	10.98M	10.99M	11.07M	11.74M
Normalized Net Operating Profit after Tax (NOPAT)	3.23	0.64	1.28	2.90	3.23	1.56	4.36	4.55	3.13	2.77	3.88
Normalized NOPAT Margin	6.04%	1.46%	2.74%	5.81%	6.04%	3.32%	7.34%	8.20%	4.73%	4.89%	5.44%
Pre Tax Income Margin	8.02%	0.13%	3.36%	6.59%	8.02%	4.78%	9.38%	9.03%	6.40%	5.65%	5.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.07	5.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	3.58	4.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-1.39	-6.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	1.12	-8.66	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	20.46%	0.00%	1.27%	0.00%	0.00%	0.00%	6.98%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Graham Corporation (NYSE: GHM) has shown a significant operating recovery over the period provided. Revenue increased from $39.9 million in Q3 2022 to $55.5 million in Q1 2026, while gross margin improved from approximately 15.6% to 26.5%. The company also moved from an operating loss in Q2 2023 to $5.0 million of operating income in Q1 2026.

The latest quarter remained profitable, with reported revenue of $55.5 million, net income of $4.6 million and diluted EPS of $0.42. However, cash generation was much weaker than accounting earnings, and the company relied heavily on equity financing to increase its cash balance.

Revenue growth has been sustained: Q1 2026 revenue was approximately 11% below the Q4 2025 record of $59.3 million but was still about 18% above Q3 2022 revenue.
Profitability has improved substantially: Gross margin has remained near 24% to 27% in the latest four reported quarters, compared with roughly 14% to 16% in the 2022–2023 period.
Operating earnings are materially stronger: Operating income rose from $0.7 million in Q3 2022 and a $0.1 million loss in Q2 2023 to $5.0 million in Q1 2026.
Higher earnings are reaching shareholders: Diluted EPS increased from $0.03 in Q3 2022 to $0.42 in Q1 2026, although quarterly comparisons can be affected by unusual items and share-count changes.
Balance-sheet leverage is low: Graham reported no long-term debt at June 30, 2026, with only $15,000 of capital lease obligations. This limits interest-rate and refinancing risk.
Liquidity improved: Cash and equivalents increased to $26.95 million from $20.58 million in Q2 2025 and $15.16 million in Q3 2024.
Equity has expanded: Total common equity reached $192.2 million at the latest quarter, up from $100.8 million at Q2 2024, supported partly by the company’s recent capital raise.
Working capital remains a major swing factor: Accounts receivable rose to $49.8 million and inventories reached $49.4 million, while customer deposits totaled $113.1 million. These balances may support future production, but they can cause substantial quarter-to-quarter cash-flow volatility.
Operating cash flow was negative: Graham used $12.7 million in operating cash during Q1 2026, compared with positive operating cash flow in Q1 and Q2 2025. The primary pressure was a $24.9 million unfavorable change in operating assets and liabilities.
Cash growth depended on new equity: Financing activities provided $34.0 million in Q1 2026, including $50.0 million from common-stock issuance. This strengthened liquidity but may dilute existing shareholders and indicates that reported cash growth was not driven by operations.

Overall, Graham’s income statement shows a clear multi-year improvement in revenue, margins and earnings. The company also has a stronger equity base and minimal traditional debt. Investors should nevertheless monitor whether operating cash flow turns positive, whether receivables and inventory convert into cash, and whether additional equity issuance is needed to fund growth.

09/24/26 06:25 AM ETAI Generated. May Contain Errors.

Graham Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Graham's fiscal year ends in March. Their fiscal year 2026 ended on March 31, 2026.

Graham's net income appears to be on an upward trend, with a most recent value of $12.50 million in 2026, rising from $6.13 million in 2016. The previous period was $12.23 million in 2025. See where experts think Graham is headed by visiting Graham's forecast page.

Graham's total operating income in 2026 was $15.02 million, based on the following breakdown:

Total Gross Profit: $57.75 million
Total Operating Expenses: $42.73 million

Over the last 10 years, Graham's total revenue changed from $90.04 million in 2016 to $245.29 million in 2026, a change of 172.4%.

Graham's total liabilities were at $183.30 million at the end of 2026, a 26.8% increase from 2025, and a 443.1% increase since 2016.

In the past 10 years, Graham's cash and equivalents has ranged from $6.58 million in 2026 to $59.53 million in 2021, and is currently $6.58 million as of their latest financial filing in 2026.

Over the last 10 years, Graham's book value per share changed from 11.15 in 2016 to 12.67 in 2026, a change of 13.6%.

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Financial statements for NYSE:GHM last updated on 9/15/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Graham (GHM) Financials

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Graham (GHM) Financials

Annual Income Statements for Graham

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Financials Breakdown Chart

Key Financial Trends

Graham Financials - Frequently Asked Questions

When does Graham's financial year end?

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

What is Graham's operating income?

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

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

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