Graham (GHM) Financials

$95.23 +0.27 (+0.28%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$94.86 -0.37 (-0.38%)

As of 05/22/2026 05:36 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	3/31/2015	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
Net Income / (Loss) Attributable to Common Shareholders	15	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12
Consolidated Net Income / (Loss)	15	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12
Net Income / (Loss) Continuing Operations	15	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12
Total Pre-Tax Income	22	8.73	7.05	-13	-0.15	2.31	3.27	-11	0.56	5.57	15
Total Operating Income	22	6.69	6.66	-14	-2.42	0.65	3.00	-11	1.25	6.92	15
Total Gross Profit	42	23	22	17	22	18	20	9.13	25	41	53
Total Revenue	135	90	92	78	92	91	97	123	157	186	210
Operating Revenue	135	90	92	78	92	91	97	123	157	186	210
Total Cost of Revenue	93	67	70	61	70	72	77	114	132	145	157
Operating Cost of Revenue	93	67	70	61	70	72	77	114	132	145	157
Total Operating Expenses	20	17	15	31	24	17	17	20	24	34	38
Selling, General & Admin Expense	18	16	15	16	18	17	17	21	24	34	39
Other Operating Expenses / (Income)	-	-	-	-	-	0.62	0.00	-0.83	0.00	0.08	-1.22
Total Other Income / (Expense), net	0.18	2.04	0.39	1.07	2.27	1.66	0.27	0.13	-0.69	-1.35	0.22
Interest Expense	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.40	0.94	0.97	-0.58
Other Income / (Expense), net	-	-	0.01	0.48	0.82	0.35	0.11	0.53	0.25	-0.37	-0.36
Income Tax Expense	7.02	2.60	2.03	-3.01	0.16	0.44	0.89	-2.44	0.19	1.02	3.18
Basic Earnings per Share	$1.46	$0.61	$0.52	($1.01)	($0.03)	$0.19	$0.24	($0.83)	$0.03	$0.42	$1.12
Weighted Average Basic Shares Outstanding	10.12M	9.98M	9.72M	9.76M	9.82M	9.88M	9.96M	10.54M	10.61M	10.74M	10.88M
Diluted Earnings per Share	$1.45	$0.61	$0.52	($1.01)	($0.03)	$0.19	$0.24	($0.83)	$0.03	$0.42	$1.11
Weighted Average Diluted Shares Outstanding	10.14M	9.98M	9.73M	9.76M	9.82M	9.88M	9.96M	10.54M	10.65M	10.84M	11.07M
Weighted Average Basic & Diluted Shares Outstanding	10.10M	10.10M	9.70M	9.70M	10.30M	9.86M	9.95M	10.60M	10.68M	10.87M	10.95M

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

Metric	Q1 2023	Q2 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2022	6/30/2024	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2025	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	2.64	-0.20	2.97	0.41	0.17	1.01	2.97	3.09	1.59	4.40	4.60
Consolidated Net Income / (Loss)	2.64	-0.20	2.97	0.41	0.17	1.01	2.97	3.09	1.59	4.40	4.60
Net Income / (Loss) Continuing Operations	2.64	-0.20	2.97	0.41	0.17	1.01	2.97	3.09	1.59	4.40	4.60
Total Pre-Tax Income	3.41	-0.24	3.29	0.65	0.06	1.57	3.29	4.22	2.25	5.57	5.01
Total Operating Income	3.68	-0.05	3.22	0.80	0.91	1.98	3.22	4.27	2.21	5.52	4.96
Total Gross Profit	11	5.28	12	7.19	9.72	11	12	14	12	16	15
Total Revenue	48	38	50	45	44	47	50	66	47	59	55
Operating Revenue	48	38	50	45	44	47	50	66	47	59	55
Total Cost of Revenue	37	33	38	38	34	35	38	52	35	43	41
Operating Cost of Revenue	37	33	38	38	34	35	38	52	35	43	41
Total Operating Expenses	7.29	5.33	9.14	6.39	8.81	9.32	9.14	10	9.48	10	9.76
Selling, General & Admin Expense	7.29	5.33	9.27	6.39	8.81	9.11	9.27	10	9.70	11	9.83
Other Operating Expenses / (Income)	0.00	0.00	-0.13	0.00	0.00	0.21	-0.13	-0.19	-0.22	-0.27	-0.08
Total Other Income / (Expense), net	-0.28	-0.18	0.07	-0.15	-0.86	-0.41	0.07	-0.05	0.04	0.05	0.05
Interest Expense	0.19	0.25	-0.16	0.06	0.76	0.32	-0.16	-0.07	-0.13	-0.14	-0.18
Other Income / (Expense), net	-0.09	0.06	-0.09	-0.09	-0.09	-0.10	-0.09	-0.12	-0.09	-0.09	-0.13
Income Tax Expense	0.77	-0.04	0.33	0.24	-0.11	0.56	0.33	1.13	0.66	1.17	0.42
Basic Earnings per Share	$0.25	($0.02)	$0.27	$0.04	$0.02	$0.09	$0.27	$0.28	$0.15	$0.40	$0.42
Weighted Average Basic Shares Outstanding	10.65M	10.62M	10.86M	10.70M	10.78M	10.74M	10.86M	10.99M	10.89M	10.88M	10.93M
Diluted Earnings per Share	$0.25	($0.02)	$0.27	$0.04	$0.02	$0.09	$0.27	$0.28	$0.14	$0.40	$0.42
Weighted Average Diluted Shares Outstanding	10.72M	10.62M	10.96M	10.81M	10.92M	10.84M	10.96M	11.14M	11.06M	11.07M	11.03M
Weighted Average Basic & Diluted Shares Outstanding	10.70M	-	10.70M	10.70M	-	10.87M	10.89M	10.99M	11.07M	10.95M	10.98M

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	3/31/2015	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
Net Change in Cash & Equivalents	-4.88	-3.20	15	0.98	-25	17	27	76	3.52	-1.32	4.64
Net Cash From Operating Activities	6.28	19	12	8.51	7.92	1.24	-1.72	-2.22	14	28	24
Net Cash From Continuing Operating Activities	6.28	19	12	8.51	7.92	1.24	-1.72	-2.22	14	28	24
Net Income / (Loss) Continuing Operations	15	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12
Consolidated Net Income / (Loss)	15	6.13	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12
Depreciation Expense	2.08	2.20	2.09	1.99	1.97	1.96	1.95	3.08	3.51	3.28	3.72
Amortization Expense	0.74	1.45	1.62	1.29	1.11	1.01	1.07	3.52	3.36	3.13	3.00
Non-Cash Adjustments To Reconcile Net Income	-0.44	-0.52	-0.18	22	3.85	-10	-18	2.23	11	40	-6.75
Changes in Operating Assets and Liabilities, net	-11	9.49	3.83	-7.19	1.30	6.66	11	-2.28	-4.03	-23	12
Net Cash From Investing Activities	-9.30	-9.15	6.68	-4.07	-29	21	32	-57	-3.75	-16	-19
Net Cash From Continuing Investing Activities	-9.30	-9.15	6.68	-4.07	-29	21	32	63	-3.75	-16	-19
Purchase of Property, Plant & Equipment	-5.30	-1.15	-0.33	-2.05	-2.14	-2.42	-2.16	-2.32	-3.75	-9.23	-19
Acquisitions	-	-	-	-	-	0.00	0.00	60	0.00	-6.81	-0.17
Sale of Property, Plant & Equipment	0.00	0.00	0.00	0.01	0.00	0.01	0.01	0.00	0.00	0.04	0.00
Net Cash From Financing Activities	-1.86	-13	-3.46	-3.74	-3.77	-4.51	-4.45	14	-6.44	-13	-0.52
Net Cash From Continuing Financing Activities	-1.86	-13	-3.46	-3.74	-3.77	-4.51	-4.45	14	-6.44	-13	-0.52
Repayment of Debt	-0.08	-0.06	-0.06	-0.11	-0.10	-0.05	-4.64	-40	-11	-26	-0.32
Repurchase of Common Equity	-	-9.44	-0.03	-0.12	-0.15	-0.23	-0.02	-0.04	-0.02	-0.06	-0.85
Issuance of Debt	-	-	-	-	0.00	0.00	4.60	58	5.00	13	0.00
Issuance of Common Equity	-	-	-	-	-	-	-	0.00	0.00	0.48	0.65
Effect of Exchange Rate Changes	0.00	-0.11	-	0.28	-0.18	-	-	-	-0.21	-	-0.03

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 2023	Q2 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2022	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
Net Change in Cash & Equivalents	6.41	1.22	4.67	2.87	-11	1.78	4.67	11	-15	-8.47	-11
Net Cash From Operating Activities	8.60	0.29	8.72	3.18	7.59	8.64	8.72	14	-6.57	-3.56	-2.26
Net Cash From Continuing Operating Activities	8.60	0.29	8.72	3.18	7.59	8.54	8.72	14	-6.57	-3.56	-2.26
Net Income / (Loss) Continuing Operations	2.64	-0.20	2.97	0.09	0.17	1.34	2.97	3.28	4.28	4.40	4.60
Consolidated Net Income / (Loss)	2.64	-0.20	2.97	0.09	0.17	1.34	2.97	3.28	4.28	4.40	4.60
Depreciation Expense	0.79	0.87	0.86	0.69	0.83	0.90	0.86	0.86	1.95	1.01	1.02
Amortization Expense	0.72	0.85	0.75	0.68	0.82	0.88	0.75	0.75	0.64	0.75	0.71
Non-Cash Adjustments To Reconcile Net Income	16	-1.19	3.95	15	11	10	4.26	-1.21	7.71	-20	-1.30
Changes in Operating Assets and Liabilities, net	-11	-0.04	0.20	-13	-5.24	-4.72	-0.11	10	-21	10	-7.29
Net Cash From Investing Activities	-1.50	-0.89	-3.15	-0.13	-8.69	-4.03	-3.15	-3.49	-7.59	-5.16	-7.00
Net Cash From Continuing Investing Activities	-1.50	-0.89	-3.15	-0.13	-8.69	-4.03	-3.15	-3.49	-7.59	-5.16	-7.00
Purchase of Property, Plant & Equipment	-1.50	-0.89	-2.98	-0.33	-1.88	-4.03	-2.98	-3.49	-7.02	-5.16	-7.00
Acquisitions	0.00	-	-0.17	0.17	-6.81	-	-0.17	-	-0.73	-	0.00
Net Cash From Financing Activities	-0.64	1.93	-0.89	-0.11	-9.57	-2.82	-0.89	0.21	-0.65	0.24	-1.61
Net Cash From Continuing Financing Activities	-0.64	1.93	-0.89	-0.11	-9.57	-2.82	-0.89	0.21	-0.65	0.24	-1.61
Repayment of Debt	-0.50	-1.01	-0.08	-1.02	-22	-2.98	0.00	-	-8.00	-0.32	-6.00
Issuance of Debt	-	3.00	0.00	-	13	-	-	-	8.00	-	6.00
Other Financing Activities, net	-0.09	-0.07	-0.81	-0.07	-0.08	-0.09	-0.08	-0.93	-0.77	-	-1.61
Other Net Changes in Cash	-0.06	-0.11	-0.01	-0.08	0.04	-0.01	-0.01	0.05	0.10	-	0.05

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	3/31/2015	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
Total Assets	154	143	152	143	156	148	144	184	204	234	264
Total Current Assets	111	103	111	115	135	127	120	87	110	126	141
Cash & Equivalents	27	24	39	40	15	33	60	15	18	17	22
Accounts Receivable	36	25	27	17	18	15	17	28	24	44	36
Inventories, net	14	11	9.25	12	25	22	17	17	26	33	40
Prepaid Expenses	0.53	0.61	0.68	0.77	1.33	0.91	0.51	1.39	1.84	3.56	4.25
Current Deferred & Refundable Income Taxes	0.34	1.65	-	1.48	1.07	0.49	0.00	0.46	-	0.00	1.52
Other Current Assets	-	-	-	8.08	7.52	15	20	26	40	28	38
Plant, Property, & Equipment, net	20	19	17	17	17	18	18	25	26	32	51
Total Noncurrent Assets	23	22	24	11	4.42	3.86	6.41	72	69	76	72
Goodwill	6.94	6.94	6.94	1.22	-	-	0.00	24	24	26	26
Intangible Assets	4.43	4.25	4.07	3.39	-	-	0.00	30	28	33	30
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	0.00	2.44	2.80	2.98	1.50
Employee Benefit Assets	1.33	-	2.34	4.37	4.27	3.46	6.22	7.06	6.11	6.40	5.95
Other Noncurrent Operating Assets	10	10	10	1.90	0.15	0.40	0.20	8.59	8.40	8.03	8.79
Total Liabilities & Shareholders' Equity	154	143	152	143	156	148	144	184	204	234	264
Total Liabilities	37	34	37	40	57	51	46	87	107	128	145
Total Current Liabilities	30	28	32	37	55	49	44	59	86	118	136
Accounts Payable	13	10	10	16	12	14	18	17	20	21	27
Accrued Expenses	3.25	3.83	3.72	2.89	2.93	3.35	4.63	6.05	6.43	6.67	4.32
Customer Deposits	4.18	8.40	12	13	31	27	14	26	46	72	84
Current Deferred & Payable Income Tax Liabilities	-	-	0.32	-	-	0.00	0.74	0.00	0.02	0.72	0.00
Current Employee Benefit Liabilities	9.34	5.32	5.19	4.96	5.13	4.45	6.11	7.99	10	17	19
Other Current Liabilities	-	-	-	-	0.05	0.19	0.05	1.08	1.05	1.26	1.30
Total Noncurrent Liabilities	7.29	5.83	5.42	2.69	2.42	2.16	2.78	28	21	10	8.38
Capital Lease Obligations	0.10	0.16	0.14	0.06	0.10	0.06	0.03	0.01	0.09	0.07	0.04
Noncurrent Deferred & Payable Income Tax Liabilities	5.88	3.55	4.05	1.43	1.06	0.72	0.64	0.06	-	-	0.00
Noncurrent Employee Benefit Liabilities	1.32	2.13	1.23	1.21	1.27	1.30	2.07	1.67	1.34	1.25	1.19
Other Noncurrent Operating Liabilities	-	-	-	-	0.00	0.08	0.04	9.66	9.65	8.78	7.15
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	117	109	114	103	99	97	98	96	97	106	120
Total Preferred & Common Equity	117	109	114	103	99	97	98	96	97	106	120
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	117	109	114	103	99	97	98	96	97	106	120
Common Stock	22	23	24	25	26	27	28	29	29	33	36
Retained Earnings	106	109	111	99	94	91	89	77	77	82	94
Treasury Stock	-3.01	-12	-12	-12	-12	-13	-12	-2.96	-2.18	-2.53	-3.39
Accumulated Other Comprehensive Income / (Loss)	-9.06	-11	-8.43	-8.25	-8.83	-9.56	-7.40	-6.47	-7.46	-7.01	-6.99

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	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	12/31/2022	6/30/2023	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2025	12/31/2025	6/30/2025
Total Assets	208	210	210	213	219	244	287	293	252
Total Current Assets	112	117	117	120	115	135	159	164	128
Cash & Equivalents	17	25	25	26	15	22	21	22	11
Accounts Receivable	35	30	30	29	36	37	42	32	35
Inventories, net	24	25	25	27	31	33	42	49	37
Prepaid Expenses	1.90	2.68	2.68	2.85	4.01	4.01	4.01	3.49	4.06
Current Deferred & Refundable Income Taxes	0.59	0.51	0.51	0.77	0.75	0.00	0.18	0.02	1.31
Other Current Assets	34	34	34	35	29	40	50	58	39
Plant, Property, & Equipment, net	25	26	26	27	29	34	57	57	53
Total Noncurrent Assets	70	68	68	66	75	75	71	72	72
Goodwill	24	24	24	24	25	26	26	26	26
Intangible Assets	28	28	28	27	34	32	29	30	30
Noncurrent Deferred & Refundable Income Taxes	2.21	1.79	1.79	1.49	1.73	2.83	1.44	1.53	1.37
Employee Benefit Assets	7.55	6.18	6.18	6.25	6.32	6.45	6.02	6.06	5.99
Other Noncurrent Operating Assets	8.70	8.22	8.22	8.01	7.99	8.18	8.68	8.56	8.77
Total Liabilities & Shareholders' Equity	208	210	210	213	219	244	287	293	252
Total Liabilities	110	110	110	112	115	136	159	162	129
Total Current Liabilities	86	90	90	94	104	126	152	155	121
Accounts Payable	23	15	15	14	16	20	27	18	21
Accrued Expenses	5.20	5.71	5.71	6.26	5.26	6.27	3.87	4.53	4.11
Customer Deposits	44	56	56	60	63	88	105	112	83
Current Employee Benefit Liabilities	11	10	10	11	15	11	15	19	12
Other Current Liabilities	1.03	1.14	1.14	1.14	1.24	1.23	1.41	1.48	1.38
Total Noncurrent Liabilities	24	20	20	18	11	9.79	7.46	6.95	7.90
Capital Lease Obligations	0.00	0.08	0.08	0.08	0.07	0.06	0.03	0.03	0.04
Noncurrent Deferred & Payable Income Tax Liabilities	0.13	0.00	0.00	0.05	0.06	0.00	0.16	0.07	0.12
Noncurrent Employee Benefit Liabilities	1.67	1.34	1.34	1.34	1.34	1.26	1.19	1.19	1.19
Other Noncurrent Operating Liabilities	9.87	9.25	9.25	8.16	9.89	8.47	6.07	5.66	6.55
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	98	100	100	101	104	108	128	131	123
Total Preferred & Common Equity	98	100	100	101	104	108	128	131	123
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	98	100	100	101	104	108	128	131	123
Common Stock	29	30	30	30	33	33	36	36	35
Retained Earnings	78	80	80	80	81	85	102	105	99
Treasury Stock	-2.63	-2.53	-2.53	-2.53	-2.53	-3.34	-3.39	-3.39	-3.39
Accumulated Other Comprehensive Income / (Loss)	-6.60	-7.55	-7.55	-7.45	-7.14	-6.89	-6.67	-6.44	-6.78

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	3/31/2015	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
DEI Shares Outstanding	10,127,342.00	9,808,004.00	9,729,090.00	9,768,026.00	9,834,082.00	9,891,052.00	-	-	-	-	10,902,937.00
DEI Adjusted Shares Outstanding	10,127,342.00	9,808,004.00	9,729,090.00	9,768,026.00	9,834,082.00	9,891,052.00	-	-	-	-	10,902,937.00
DEI Earnings Per Adjusted Shares Outstanding	1.46	0.63	0.52	-1.01	-0.03	0.19	-	-	-	-	1.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.24%	-33.39%	1.92%	-15.51%	18.44%	-1.34%	7.60%	25.98%	27.93%	18.09%	13.13%
EBITDA Growth	37.88%	-57.62%	0.45%	-197.98%	114.59%	167.00%	54.40%	-168.95%	298.32%	54.75%	66.29%
EBIT Growth	47.60%	-68.99%	-0.25%	-301.53%	88.14%	162.70%	211.10%	-447.67%	113.87%	336.53%	126.39%
NOPAT Growth	44.97%	-67.85%	1.06%	-305.31%	82.64%	131.19%	312.66%	-464.47%	110.30%	591.89%	113.09%
Net Income Growth	45.24%	-58.39%	-18.07%	-295.98%	96.87%	707.79%	26.82%	-469.55%	104.18%	1,141.42%	168.44%
EPS Growth	45.00%	-57.93%	-14.75%	-294.23%	97.03%	733.33%	26.32%	-445.83%	103.61%	1,300.00%	164.29%
Operating Cash Flow Growth	-58.77%	198.63%	-33.93%	-31.30%	-6.98%	-84.35%	-238.98%	-28.86%	727.04%	102.10%	-13.53%
Free Cash Flow Firm Growth	-52.35%	426.76%	-49.56%	-50.79%	29.40%	-161.17%	-114.31%	-973.67%	112.70%	-17.23%	-61.68%
Invested Capital Growth	25.48%	-21.12%	-8.16%	-33.93%	-26.02%	18.98%	38.59%	203.90%	-8.71%	-2.45%	10.13%
Revenue Q/Q Growth	9.18%	-14.41%	3.76%	-4.26%	1.62%	-0.61%	7.60%	2.48%	0.00%	0.00%	6.42%
EBITDA Q/Q Growth	13.43%	-34.04%	22.94%	-16.05%	-81.44%	294.84%	53.20%	-279.46%	0.00%	0.00%	19.50%
EBIT Q/Q Growth	15.91%	-45.22%	39.87%	-10.70%	-132.66%	119.85%	211.10%	-246.22%	0.00%	0.00%	31.37%
NOPAT Q/Q Growth	14.57%	-44.07%	36.24%	-14.64%	-148.78%	113.70%	312.66%	-229.64%	0.00%	0.00%	33.39%
Net Income Q/Q Growth	14.34%	-37.29%	34.23%	-10.91%	-106.07%	157.48%	26.82%	-206.53%	0.00%	0.00%	38.21%
EPS Q/Q Growth	15.08%	-37.11%	36.84%	0.00%	0.00%	155.88%	26.32%	-186.21%	0.00%	0.00%	38.75%
Operating Cash Flow Q/Q Growth	-23.09%	-10.48%	70.02%	53.19%	-39.90%	126.16%	-128.57%	86.90%	0.00%	0.00%	-33.40%
Free Cash Flow Firm Q/Q Growth	198.64%	-17.86%	17.61%	105.28%	-21.88%	56.71%	-124.49%	22.76%	0.00%	0.00%	-81.88%
Invested Capital Q/Q Growth	4.69%	5.80%	6.37%	-3.27%	-18.65%	-15.84%	0.00%	5.56%	0.00%	0.00%	15.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.93%	25.83%	24.14%	21.89%	23.86%	20.03%	21.00%	7.43%	16.17%	21.87%	25.18%
EBITDA Margin	18.05%	11.48%	11.32%	-13.12%	1.62%	4.38%	6.28%	-3.44%	5.33%	6.98%	10.26%
Operating Margin	15.96%	7.43%	7.26%	-17.96%	-2.63%	0.72%	3.08%	-9.24%	0.80%	3.73%	7.24%
EBIT Margin	15.96%	7.43%	7.27%	-17.34%	-1.74%	1.10%	3.19%	-8.81%	0.95%	3.53%	7.06%
Profit (Net Income) Margin	10.90%	6.81%	5.47%	-12.70%	-0.34%	2.07%	2.44%	-7.14%	0.23%	2.46%	5.83%
Tax Burden Percent	67.74%	70.23%	71.26%	76.58%	212.41%	80.97%	72.67%	78.22%	65.42%	81.74%	79.38%
Interest Burden Percent	100.83%	130.49%	105.63%	95.58%	9.09%	231.20%	105.01%	103.70%	37.40%	85.13%	103.93%
Effective Tax Rate	32.26%	29.77%	28.74%	0.00%	0.00%	19.03%	27.33%	0.00%	34.58%	18.26%	20.62%
Return on Invested Capital (ROIC)	28.82%	9.31%	11.12%	-28.71%	-7.20%	2.41%	7.68%	-11.93%	0.85%	6.27%	12.87%
ROIC Less NNEP Spread (ROIC-NNEP)	28.62%	7.01%	10.72%	-28.59%	-8.99%	0.64%	7.40%	-9.22%	49.06%	16.32%	11.95%
Return on Net Nonoperating Assets (RNNOA)	-15.57%	-3.88%	-6.62%	19.66%	6.90%	-0.50%	-5.24%	2.91%	-0.47%	-1.77%	-2.00%
Return on Equity (ROE)	13.25%	5.43%	4.50%	-9.05%	-0.30%	1.91%	2.44%	-9.02%	0.38%	4.50%	10.86%
Cash Return on Invested Capital (CROIC)	6.22%	32.92%	19.63%	12.15%	22.71%	-14.92%	-24.67%	-112.90%	9.97%	8.75%	3.23%
Operating Return on Assets (OROA)	14.59%	4.50%	4.53%	-9.12%	-1.06%	0.66%	2.13%	-6.60%	0.77%	2.99%	5.95%
Return on Assets (ROA)	9.97%	4.13%	3.41%	-6.68%	-0.21%	1.23%	1.62%	-5.35%	0.19%	2.08%	4.91%
Return on Common Equity (ROCE)	13.25%	5.43%	4.50%	-9.05%	-0.30%	1.91%	2.44%	-9.02%	0.38%	4.50%	10.86%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.42%	-9.09%	0.38%	4.32%	0.00%
Net Operating Profit after Tax (NOPAT)	15	4.70	4.75	-9.75	-1.69	0.53	2.18	-7.94	0.82	5.66	12
NOPAT Margin	10.81%	5.22%	5.17%	-12.57%	-1.84%	0.58%	2.23%	-6.47%	0.52%	3.05%	5.74%
Net Nonoperating Expense Percent (NNEP)	0.20%	2.29%	0.40%	-0.13%	1.78%	1.77%	0.28%	-2.72%	-48.21%	-10.06%	0.92%
Return On Investment Capital (ROIC_SIMPLE)	12.52%	4.29%	4.15%	-9.42%	-1.71%	0.55%	-	-	-	-	10.08%
Cost of Revenue to Revenue	69.07%	74.17%	75.86%	78.11%	76.14%	79.97%	79.00%	92.57%	83.83%	78.13%	74.82%
SG&A Expenses to Revenue	13.53%	18.14%	15.94%	20.03%	19.47%	18.63%	17.92%	17.34%	15.38%	18.10%	18.53%
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	14.97%	18.40%	16.88%	39.85%	26.49%	19.31%	17.92%	16.67%	15.38%	18.14%	17.95%
Earnings before Interest and Taxes (EBIT)	22	6.69	6.67	-13	-1.60	1.00	3.11	-11	1.50	6.55	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24	10	10	-10	1.49	3.97	6.12	-4.22	8.37	13	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.80	1.57	1.74	1.84	1.81	1.25	1.42	0.85	1.44	2.77	2.63
Price to Tangible Book Value (P/TBV)	1.99	1.75	1.92	1.93	1.81	1.25	1.42	1.91	3.09	6.21	4.94
Price to Revenue (P/Rev)	1.55	1.90	2.16	2.46	1.95	1.33	1.43	0.67	0.89	1.57	1.50
Price to Earnings (P/E)	14.20	27.95	39.51	0.00	0.00	64.43	58.52	0.00	379.14	64.08	25.69
Dividend Yield	1.16%	1.89%	1.75%	1.85%	2.15%	3.53%	3.16%	5.71%	0.00%	0.00%	0.00%
Earnings Yield	7.04%	3.58%	2.53%	0.00%	0.00%	1.55%	1.71%	0.00%	0.26%	1.56%	3.89%
Enterprise Value to Invested Capital (EV/IC)	2.64	2.39	3.06	4.23	5.05	2.01	2.24	0.86	1.45	3.09	2.98
Enterprise Value to Revenue (EV/Rev)	1.10	1.18	1.36	1.47	1.10	0.53	0.76	0.70	0.84	1.48	1.39
Enterprise Value to EBITDA (EV/EBITDA)	6.11	10.30	12.06	0.00	68.00	12.02	12.08	0.00	15.85	21.24	13.59
Enterprise Value to EBIT (EV/EBIT)	6.91	15.92	18.77	0.00	0.00	47.67	23.77	0.00	88.48	42.01	19.74
Enterprise Value to NOPAT (EV/NOPAT)	10.20	22.67	26.38	0.00	0.00	90.30	33.94	0.00	162.30	48.62	24.28
Enterprise Value to Operating Cash Flow (EV/OCF)	23.75	5.68	10.11	13.42	12.75	38.47	0.00	0.00	9.54	9.78	12.04
Enterprise Value to Free Cash Flow (EV/FCFF)	47.27	6.41	14.94	27.70	18.92	0.00	0.00	0.00	13.90	34.82	96.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.12	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.17	0.10	0.00	0.00
Financial Leverage	-0.54	-0.55	-0.62	-0.69	-0.77	-0.78	-0.71	-0.32	-0.01	-0.11	-0.17
Leverage Ratio	1.33	1.32	1.32	1.36	1.48	1.56	1.50	1.69	2.00	2.16	2.21
Compound Leverage Factor	1.34	1.72	1.39	1.30	0.13	3.60	1.58	1.75	0.75	1.84	2.30
Debt to Total Capital	0.14%	0.19%	0.22%	0.14%	0.10%	0.06%	0.06%	16.01%	10.88%	0.06%	0.04%
Short-Term Debt to Total Capital	0.05%	0.05%	0.09%	0.09%	0.00%	0.00%	0.02%	1.74%	1.84%	0.00%	0.00%
Long-Term Debt to Total Capital	0.08%	0.14%	0.13%	0.05%	0.10%	0.06%	0.03%	14.27%	9.04%	0.06%	0.04%
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	99.86%	99.81%	99.78%	99.86%	99.90%	99.94%	99.94%	83.99%	89.12%	99.94%	99.96%
Debt to EBITDA	0.01	0.02	0.02	-0.01	0.06	0.01	0.01	-4.36	1.41	0.01	0.00
Net Debt to EBITDA	-2.46	-6.27	-7.05	7.50	-52.29	-18.40	-10.61	-0.86	-0.77	-1.30	-1.00
Long-Term Debt to EBITDA	0.00	0.02	0.01	-0.01	0.06	0.01	0.01	-3.88	1.17	0.01	0.00
Debt to NOPAT	0.01	0.05	0.05	-0.01	-0.06	0.10	0.03	-2.32	14.47	0.01	0.00
Net Debt to NOPAT	-4.11	-13.80	-15.42	7.83	45.88	-138.18	-29.83	-0.46	-7.86	-2.98	-1.79
Long-Term Debt to NOPAT	0.01	0.03	0.03	-0.01	-0.06	0.10	0.02	-2.06	12.02	0.01	0.00
Altman Z-Score	6.29	5.52	5.57	4.71	3.88	3.53	4.05	1.81	2.25	2.78	2.81
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	3.68	3.46	3.09	2.46	2.57	2.76	1.47	1.28	1.07	1.04
Quick Ratio	3.19	3.21	3.15	2.51	1.74	1.80	1.89	0.71	0.49	0.52	0.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.15	17	8.38	4.12	5.34	-3.27	-7.00	-75	9.54	7.90	3.03
Operating Cash Flow to CapEx	118.49%	1,630.52%	3,823.77%	416.19%	370.30%	51.52%	-80.06%	-95.48%	371.14%	306.25%	128.27%
Free Cash Flow to Firm to Interest Expense	286.77	1,661.63	838.19	343.73	444.78	-272.09	-636.13	-187.83	10.16	8.11	0.00
Operating Cash Flow to Interest Expense	570.82	1,875.10	1,238.90	709.25	659.75	103.25	-156.55	-5.55	14.82	28.87	0.00
Operating Cash Flow Less CapEx to Interest Expense	89.09	1,760.10	1,206.50	538.83	481.58	-97.17	-352.09	-11.36	10.83	19.44	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.91	0.61	0.62	0.53	0.61	0.60	0.67	0.75	0.81	0.85	0.84
Accounts Receivable Turnover	5.00	2.98	3.54	3.50	5.31	5.49	5.95	5.46	6.08	5.42	5.25
Inventory Turnover	6.12	5.38	6.94	5.82	3.86	3.09	3.89	6.54	6.03	4.86	4.28
Fixed Asset Turnover	7.46	4.67	5.13	4.55	5.38	5.23	5.54	5.78	6.23	6.44	5.07
Accounts Payable Turnover	7.97	5.65	6.75	4.58	4.90	5.44	4.78	6.56	7.14	7.07	6.53
Days Sales Outstanding (DSO)	73.02	122.62	103.23	104.39	68.78	66.43	61.36	66.90	59.99	67.28	69.48
Days Inventory Outstanding (DIO)	59.64	67.78	52.58	62.72	94.58	118.28	93.89	55.78	60.56	75.17	85.34
Days Payable Outstanding (DPO)	45.78	64.65	54.06	79.70	74.53	67.15	76.36	55.60	51.11	51.63	55.90
Cash Conversion Cycle (CCC)	86.89	125.75	101.75	87.42	88.82	117.57	78.89	67.08	69.44	90.82	98.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	56	45	41	27	20	24	33	100	91	89	98
Invested Capital Turnover	2.67	1.78	2.15	2.28	3.91	4.14	3.44	1.85	1.64	2.05	2.24
Increase / (Decrease) in Invested Capital	11	-12	-3.63	-14	-7.03	3.79	9.18	67	-8.73	-2.24	9.03
Enterprise Value (EV)	149	107	125	114	101	48	74	86	133	275	293
Market Capitalization	209	171	198	191	179	121	139	82	139	292	314
Book Value per Share	$11.51	$11.15	$11.83	$10.58	$10.06	$9.78	$9.80	$9.07	$9.11	$9.83	$10.97
Tangible Book Value per Share	$10.39	$10.01	$10.69	$10.11	$10.06	$9.78	$9.80	$4.04	$4.23	$4.38	$5.83
Total Capital	117	110	114	103	99	97	98	115	109	106	120
Total Debt	0.16	0.21	0.25	0.14	0.10	0.06	0.06	18	12	0.07	0.04
Total Long-Term Debt	0.10	0.16	0.14	0.06	0.10	0.06	0.03	16	9.83	0.07	0.04
Net Debt	-60	-65	-73	-76	-78	-73	-65	3.65	-6.43	-17	-22
Capital Expenditures (CapEx)	5.30	1.15	0.32	2.05	2.14	2.41	2.15	2.32	3.75	9.18	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	21	9.79	5.32	1.71	2.14	4.44	12	15	7.65	-8.83	-16
Debt-free Net Working Capital (DFNWC)	81	75	79	78	80	77	77	30	26	8.11	5.22
Net Working Capital (NWC)	81	75	79	78	80	77	77	28	24	8.11	5.22
Net Nonoperating Expense (NNE)	-0.12	-1.43	-0.28	0.10	-1.38	-1.34	-0.20	0.83	0.45	1.10	-0.17
Net Nonoperating Obligations (NNO)	-60	-65	-73	-76	-79	-73	-65	3.65	-5.52	-16	-21
Total Depreciation and Amortization (D&A)	2.82	3.65	3.71	3.27	3.08	2.97	3.01	6.60	6.87	6.41	6.72
Debt-free, Cash-free Net Working Capital to Revenue	15.29%	10.87%	5.80%	2.21%	2.33%	4.90%	11.96%	12.26%	4.87%	-4.76%	-7.79%
Debt-free Net Working Capital to Revenue	59.88%	83.14%	85.86%	100.85%	87.00%	85.47%	78.67%	24.26%	16.49%	4.37%	2.49%
Net Working Capital to Revenue	59.84%	83.08%	85.75%	100.74%	87.00%	85.47%	78.65%	22.63%	15.21%	4.37%	2.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.46	$0.61	$0.52	($1.01)	($0.03)	$0.19	$0.24	($0.83)	$0.03	$0.42	$1.12
Adjusted Weighted Average Basic Shares Outstanding	10.12M	9.98M	9.72M	9.76M	9.82M	9.88M	9.96M	10.54M	10.61M	10.74M	10.88M
Adjusted Diluted Earnings per Share	$1.45	$0.61	$0.52	($1.01)	($0.03)	$0.19	$0.24	($0.83)	$0.03	$0.42	$1.11
Adjusted Weighted Average Diluted Shares Outstanding	10.14M	9.98M	9.73M	9.76M	9.82M	9.88M	9.96M	10.54M	10.65M	10.84M	11.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.03)	$0.19	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	10.14M	9.65M	9.74M	9.77M	9.84M	9.86M	9.95M	10.60M	10.68M	10.87M	10.95M
Normalized Net Operating Profit after Tax (NOPAT)	16	4.70	5.20	0.84	2.82	0.53	2.18	-7.94	0.82	5.66	12
Normalized NOPAT Margin	11.67%	5.22%	5.66%	1.09%	3.07%	0.58%	2.23%	-6.47%	0.52%	3.05%	5.74%
Pre Tax Income Margin	16.09%	9.70%	7.68%	-16.58%	-0.16%	2.55%	3.35%	-9.13%	0.36%	3.00%	7.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1,961.27	669.00	667.30	-1,120.67	-132.92	83.33	282.82	-27.04	1.60	6.72	0.00
NOPAT to Interest Expense	1,328.58	469.83	474.79	-812.35	-141.05	43.99	198.05	-19.85	0.87	5.81	0.00
EBIT Less CapEx to Interest Expense	1,479.55	554.00	634.90	-1,291.08	-311.08	-117.08	87.27	-32.85	-2.40	-2.70	0.00
NOPAT Less CapEx to Interest Expense	846.86	354.83	442.39	-982.77	-319.22	-156.42	2.50	-25.66	-3.12	-3.62	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	13.75%	53.76%	69.52%	-35.73%	-1,244.81%	227.03%	184.96%	-40.16%	0.00%	0.00%	0.00%
Augmented Payout Ratio	13.75%	207.75%	70.10%	-36.94%	-1,292.21%	239.32%	185.93%	-40.62%	5.72%	1.27%	6.98%

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

Metric	Q1 2023	Q2 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2022	6/30/2024	9/30/2024	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
DEI Shares Outstanding	-	-	-	-	-	10,828,327.00	10,870,564.00	10,975,874.00	-	10,902,937.00	10,948,443.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	10,828,327.00	10,870,564.00	10,975,874.00	-	10,902,937.00	10,948,443.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	0.09	0.27	0.28	-	0.40	0.42
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	135.99%	11.71%	5.01%	40.43%	0.00%	8.51%	0.00%	18.83%	7.35%	27.11%	11.08%
EBITDA Growth	281.49%	36.07%	-7.08%	234.05%	0.00%	151.99%	0.00%	176.48%	-13.97%	95.80%	38.62%
EBIT Growth	193.30%	101.80%	-12.75%	41,340.00%	0.00%	751.03%	0.00%	484.49%	159.05%	187.50%	54.36%
NOPAT Growth	201.75%	92.59%	1.66%	8,983.68%	0.00%	619.71%	0.00%	540.79%	-42.85%	240.13%	56.74%
Net Income Growth	184.45%	60.16%	12.35%	1,773.98%	0.00%	310.81%	0.00%	698.30%	862.42%	333.43%	54.92%
EPS Growth	180.65%	60.00%	8.00%	1,600.00%	0.00%	325.00%	0.00%	650.00%	600.00%	344.44%	55.56%
Operating Cash Flow Growth	221.58%	117.90%	1.31%	4,687.97%	0.00%	73.85%	0.00%	337.87%	0.00%	-141.18%	-125.92%
Free Cash Flow Firm Growth	120.35%	199.48%	-86.34%	-175.52%	0.00%	-58.46%	-82.04%	-209.04%	0.00%	-232.67%	-797.37%
Invested Capital Growth	-18.21%	0.00%	-0.16%	0.00%	0.00%	-2.45%	-0.16%	23.87%	0.00%	10.13%	29.60%
Revenue Q/Q Growth	93.05%	-19.82%	0.00%	7.23%	-18.19%	6.55%	6.99%	7.23%	0.00%	26.17%	-6.50%
EBITDA Q/Q Growth	187.39%	-66.20%	0.00%	21.52%	-57.23%	48.96%	29.16%	21.52%	0.00%	86.16%	-8.56%
EBIT Q/Q Growth	146.58%	-99.72%	0.00%	32.27%	-80.26%	130.81%	65.94%	32.27%	0.00%	156.16%	-10.91%
NOPAT Q/Q Growth	151.30%	-101.27%	0.00%	11.39%	-15.48%	-53.14%	126.69%	11.39%	0.00%	178.87%	4.47%
Net Income Q/Q Growth	145.37%	-107.42%	0.00%	10.62%	-94.97%	514.55%	192.50%	10.62%	0.00%	176.76%	4.55%
EPS Q/Q Growth	147.17%	-108.00%	0.00%	11.11%	-93.33%	350.00%	200.00%	11.11%	0.00%	185.71%	5.00%
Operating Cash Flow Q/Q Growth	-30.24%	-96.62%	0.00%	59.86%	138.37%	13.87%	0.91%	59.86%	0.00%	-168.09%	36.49%
Free Cash Flow Firm Q/Q Growth	130.60%	357.85%	0.00%	-2,630.58%	100.00%	-32.97%	-13.64%	-672.57%	0.00%	-150.63%	-353.92%
Invested Capital Q/Q Growth	-12.95%	-100.00%	0.00%	-7.84%	-100.00%	-3.43%	-2.39%	23.11%	0.00%	15.98%	14.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.08%	13.84%	24.76%	23.90%	22.19%	24.21%	24.76%	23.90%	24.84%	26.97%	26.53%
EBITDA Margin	10.72%	4.52%	9.49%	10.75%	5.62%	7.86%	9.49%	10.75%	4.51%	12.11%	11.84%
Operating Margin	7.74%	-0.14%	6.45%	7.91%	2.08%	4.25%	6.45%	7.91%	4.70%	9.30%	8.95%
EBIT Margin	7.55%	0.03%	6.27%	7.74%	1.87%	4.04%	6.27%	7.74%	4.51%	9.15%	8.72%
Profit (Net Income) Margin	5.55%	-0.51%	5.94%	6.13%	0.38%	2.17%	5.94%	6.13%	3.38%	7.41%	8.28%
Tax Burden Percent	77.51%	83.05%	90.04%	76.36%	300.00%	64.54%	90.04%	76.36%	70.67%	78.92%	91.66%
Interest Burden Percent	94.85%	-2,360.00%	105.14%	103.69%	6.72%	83.21%	105.14%	103.69%	106.04%	102.60%	103.66%
Effective Tax Rate	22.49%	0.00%	9.96%	23.64%	-200.00%	35.46%	9.96%	23.64%	29.33%	21.08%	8.34%
Return on Invested Capital (ROIC)	9.31%	0.00%	10.64%	26.33%	0.00%	5.64%	12.38%	12.87%	0.00%	16.44%	17.68%
ROIC Less NNEP Spread (ROIC-NNEP)	14.01%	0.00%	10.27%	26.04%	0.00%	8.07%	12.00%	12.60%	0.00%	16.23%	17.40%
Return on Net Nonoperating Assets (RNNOA)	-0.63%	0.00%	-1.66%	-7.47%	0.00%	-0.87%	-1.95%	-1.92%	0.00%	-2.72%	-2.38%
Return on Equity (ROE)	8.68%	0.00%	8.98%	18.86%	0.00%	4.76%	10.43%	10.96%	0.00%	13.72%	15.30%
Cash Return on Invested Capital (CROIC)	17.40%	0.00%	1.56%	-189.40%	0.00%	8.75%	6.65%	-12.84%	0.00%	3.23%	-12.07%
Operating Return on Assets (OROA)	5.74%	0.00%	4.41%	5.42%	0.00%	3.43%	5.12%	6.39%	0.00%	7.71%	7.56%
Return on Assets (ROA)	4.22%	0.00%	4.17%	4.29%	0.00%	1.84%	4.85%	5.06%	0.00%	6.24%	7.19%
Return on Common Equity (ROCE)	8.68%	0.00%	8.98%	18.86%	0.00%	4.76%	10.43%	10.96%	0.00%	13.72%	15.30%
Return on Equity Simple (ROE_SIMPLE)	-3.02%	0.00%	0.64%	3.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	2.86	-0.04	2.90	3.23	2.73	1.28	2.90	3.23	1.56	4.36	4.55
NOPAT Margin	6.00%	-0.10%	5.81%	6.04%	6.24%	2.74%	5.81%	6.04%	3.32%	7.34%	8.20%
Net Nonoperating Expense Percent (NNEP)	-4.71%	0.00%	0.37%	0.29%	0.00%	-2.43%	0.37%	0.27%	0.18%	0.21%	0.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	1.21%	2.68%	2.53%	1.36%	3.64%	3.69%
Cost of Revenue to Revenue	76.92%	86.16%	75.24%	76.10%	77.81%	75.79%	75.24%	76.10%	75.16%	73.03%	73.47%
SG&A Expenses to Revenue	15.33%	13.98%	18.57%	17.10%	20.11%	19.51%	18.57%	17.10%	20.61%	18.13%	17.72%
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	15.33%	13.98%	18.31%	15.99%	20.11%	19.96%	18.31%	15.99%	20.15%	17.67%	17.58%
Earnings before Interest and Taxes (EBIT)	3.59	0.01	3.13	4.14	0.82	1.89	3.13	4.14	2.12	5.43	4.84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.10	1.72	4.74	5.76	2.46	3.67	4.74	5.76	2.12	7.18	6.57
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.42	0.00	2.83	2.87	0.00	2.80	2.83	2.53	4.23	2.63	4.39
Price to Tangible Book Value (P/TBV)	2.93	0.00	6.09	5.80	0.00	6.28	6.09	4.44	8.38	4.94	7.98
Price to Revenue (P/Rev)	0.94	0.67	1.92	1.84	0.00	1.59	1.65	1.56	0.00	1.50	2.52
Price to Earnings (P/E)	0.00	0.00	441.72	77.28	0.00	64.84	67.19	44.54	0.00	25.69	39.11
Dividend Yield	0.00%	5.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.23%	1.29%	0.00%	1.54%	1.49%	2.25%	0.00%	3.89%	2.56%
Enterprise Value to Invested Capital (EV/IC)	1.47	0.00	3.27	3.62	0.00	3.12	3.27	2.82	5.37	2.98	4.71
Enterprise Value to Revenue (EV/Rev)	0.86	0.00	1.78	1.66	0.00	1.50	1.53	1.46	0.00	1.39	2.47
Enterprise Value to EBITDA (EV/EBITDA)	34.83	0.00	35.53	24.42	0.00	21.50	21.97	17.74	0.00	13.59	22.74
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	273.09	56.03	0.00	42.54	43.46	30.19	0.00	19.74	32.15
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	233.38	68.25	0.00	49.23	50.30	36.70	0.00	24.28	38.79
Enterprise Value to Operating Cash Flow (EV/OCF)	9.55	0.00	20.29	7.85	0.00	9.90	10.12	7.76	12.44	12.04	39.83
Enterprise Value to Free Cash Flow (EV/FCFF)	7.62	0.00	209.50	0.00	0.00	35.26	49.09	0.00	0.00	96.69	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	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	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.05	0.00	-0.16	-0.29	0.00	-0.11	-0.16	-0.15	-0.26	-0.17	-0.14
Leverage Ratio	1.95	0.00	2.18	2.22	0.00	2.16	2.18	2.19	2.31	2.21	2.14
Compound Leverage Factor	1.85	0.00	2.30	2.30	0.00	1.80	2.30	2.27	2.45	2.27	2.22
Debt to Total Capital	10.24%	0.00%	0.06%	0.05%	0.00%	0.06%	0.06%	0.03%	0.04%	0.04%	0.03%
Short-Term Debt to Total Capital	1.80%	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	8.44%	0.00%	0.06%	0.05%	0.00%	0.06%	0.06%	0.03%	0.04%	0.04%	0.03%
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	89.76%	0.00%	99.94%	99.95%	0.00%	99.94%	99.94%	99.97%	99.96%	99.96%	99.97%
Debt to EBITDA	3.08	0.00	0.01	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-3.60	0.00	-2.69	-2.72	0.00	-1.30	-1.66	-1.21	0.00	-1.00	-0.46
Long-Term Debt to EBITDA	2.54	0.00	0.01	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-4.45	0.00	0.05	0.01	0.00	0.01	0.01	0.00	0.00	0.00	0.00
Net Debt to NOPAT	5.20	0.00	-17.67	-7.59	0.00	-2.98	-3.81	-2.50	0.00	-1.79	-0.78
Long-Term Debt to NOPAT	-3.67	0.00	0.05	0.01	0.00	0.01	0.01	0.00	0.00	0.00	0.00
Altman Z-Score	2.23	0.00	2.58	2.71	0.00	2.73	2.68	2.51	0.00	2.69	4.02
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	1.30	0.00	1.07	1.08	0.00	1.07	1.07	1.05	1.03	1.04	1.05
Quick Ratio	0.60	0.00	0.46	0.48	0.00	0.52	0.46	0.41	0.46	0.42	0.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	22	102	3.04	-77	0.00	3.52	3.04	-17	-83	-4.67	-21
Operating Cash Flow to CapEx	573.92%	32.62%	292.68%	399.68%	403.24%	214.48%	292.68%	399.68%	0.00%	-68.97%	-32.25%
Free Cash Flow to Firm to Interest Expense	120.34	414.36	0.00	0.00	0.00	11.11	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	46.50	1.18	0.00	0.00	9.94	27.25	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	38.40	-2.44	0.00	0.00	7.48	14.54	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.00	0.70	0.70	0.00	0.85	0.82	0.83	0.00	0.84	0.87
Accounts Receivable Turnover	6.28	0.00	4.81	6.01	0.00	5.42	5.60	5.83	0.00	5.25	6.03
Inventory Turnover	5.87	0.00	4.56	4.46	0.00	4.86	4.98	4.57	0.00	4.28	4.57
Fixed Asset Turnover	5.83	0.00	5.32	4.78	0.00	6.44	6.19	4.94	0.00	5.07	4.93
Accounts Payable Turnover	8.68	0.00	7.67	6.42	0.00	7.07	8.38	7.85	0.00	6.53	7.97
Days Sales Outstanding (DSO)	58.09	0.00	75.87	60.69	0.00	67.28	65.23	62.62	0.00	69.48	60.51
Days Inventory Outstanding (DIO)	62.16	0.00	80.11	81.87	0.00	75.17	73.34	79.81	0.00	85.34	79.90
Days Payable Outstanding (DPO)	42.07	0.00	47.58	56.82	0.00	51.63	43.56	46.48	0.00	55.90	45.79
Cash Conversion Cycle (CCC)	78.18	0.00	108.41	85.74	0.00	90.82	95.01	95.94	0.00	98.92	94.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	87	0.00	87	80	0.00	89	87	107	85	98	113
Invested Capital Turnover	1.55	0.00	1.83	4.36	0.00	2.05	2.13	2.13	0.00	2.24	2.16
Increase / (Decrease) in Invested Capital	-19	-102	-0.14	80	0.00	-2.24	-0.14	21	85	9.03	26
Enterprise Value (EV)	128	0.00	285	290	0.00	279	285	302	454	293	531
Market Capitalization	142	93	306	322	203	295	306	322	484	314	542
Book Value per Share	$9.34	$0.00	$9.96	$10.33	$0.00	$9.75	$9.96	$11.71	$10.51	$10.97	$11.27
Tangible Book Value per Share	$4.53	$0.00	$4.63	$5.10	$0.00	$4.34	$4.63	$6.67	$5.31	$5.83	$6.20
Total Capital	111	0.00	108	113	0.00	106	108	128	114	120	123
Total Debt	11	0.00	0.06	0.06	0.00	0.07	0.06	0.03	0.05	0.04	0.04
Total Long-Term Debt	9.38	0.00	0.06	0.06	0.00	0.07	0.06	0.03	0.05	0.04	0.04
Net Debt	-13	0.00	-22	-32	0.00	-17	-22	-21	-30	-22	-11
Capital Expenditures (CapEx)	1.50	0.89	2.98	3.49	1.88	4.03	2.98	3.49	0.00	5.16	7.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.34	0.00	-13	-22	0.00	-8.83	-13	-13	-25	-16	-4.29
Debt-free Net Working Capital (DFNWC)	29	0.00	9.00	10	0.00	8.11	9.00	7.50	4.79	5.22	6.46
Net Working Capital (NWC)	27	0.00	9.00	10	0.00	8.11	9.00	7.50	4.79	5.22	6.46
Net Nonoperating Expense (NNE)	0.22	0.16	-0.06	-0.05	2.57	0.27	-0.06	-0.05	-0.03	-0.04	-0.04
Net Nonoperating Obligations (NNO)	-13	0.00	-21	-32	0.00	-16	-21	-20	-30	-21	-11
Total Depreciation and Amortization (D&A)	1.51	1.71	1.61	1.62	1.65	1.78	1.61	1.62	0.00	1.76	1.73
Debt-free, Cash-free Net Working Capital to Revenue	2.89%	0.00%	-7.90%	-12.53%	0.00%	-4.76%	-6.80%	-6.33%	0.00%	-7.79%	-1.99%
Debt-free Net Working Capital to Revenue	19.31%	0.00%	5.64%	5.94%	0.00%	4.37%	4.85%	3.63%	0.00%	2.49%	3.00%
Net Working Capital to Revenue	17.98%	0.00%	5.64%	5.94%	0.00%	4.37%	4.85%	3.63%	0.00%	2.49%	3.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.27	$0.30	$0.00	$0.09	$0.27	$0.30	$0.15	$0.40	$0.42
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	10.86M	10.89M	0.00	10.74M	10.86M	10.89M	10.89M	10.88M	10.93M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.27	$0.30	$0.00	$0.09	$0.27	$0.30	$0.14	$0.40	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	10.96M	11.02M	0.00	10.84M	10.96M	11.02M	11.06M	11.07M	11.03M
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	0.00	0.00	10.89M	10.89M	0.00	10.87M	10.89M	10.99M	10.90M	10.95M	10.98M
Normalized Net Operating Profit after Tax (NOPAT)	2.86	-0.04	2.90	3.23	0.64	1.28	2.90	3.23	1.56	4.36	4.55
Normalized NOPAT Margin	6.00%	-0.10%	5.81%	6.04%	1.46%	2.74%	5.81%	6.04%	3.32%	7.34%	8.20%
Pre Tax Income Margin	7.16%	-0.62%	6.59%	8.02%	0.13%	3.36%	6.59%	8.02%	4.78%	9.38%	9.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.41	0.04	0.00	0.00	1.07	5.96	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	15.44	-0.15	0.00	0.00	3.58	4.04	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	11.31	-3.59	0.00	0.00	-1.39	-6.75	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	7.33	-3.77	0.00	0.00	1.12	-8.66	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	-1.90%	-0.44%	111.69%	20.46%	0.00%	1.27%	0.00%	0.00%	0.00%	6.98%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Graham Corp (GHM) quarterly statements over the last four years, focusing on trends in the income statement, balance sheet, and cash flow. The bullets below are sorted with positive items first, then neutral, then negative items.

Latest quarters show solid profitability: Net income attributable to common shareholders in Q4 2025 and Q1 2026 runs about $4.40–$4.60 million, with basic/diluted earnings per share of roughly $0.40–$0.42 (Q4 2025 EPS 0.40, Q1 2026 EPS 0.42).
Gross margins have stayed in the mid-20s percentage range, indicating consistent gross profitability on sales (Q4 2025 gross margin around 27%, Q1 2026 around 26.5%).
Revenue has remained in a solid band, roughly $55–$66 million per quarter, with a peak around $66.0 million in Q2 2025 and about $59.3 million in Q4 2025.
Liquidity indicators are generally healthy: current ratio around 1.05 in Q1 2026 (current assets $127.5M vs current liabilities $121.1M) and a similar cushion in late-2025 periods.
Cash on hand provides a liquidity cushion: cash and equivalents have ranged from about $10.8M to $22.3M across recent periods, with Q4 2025 showing the higher end of that range ($22.3M).
A notable positive cash flow signal occurred in Q2 2025, where net cash from continuing operating activities was about $13.93M, underscoring the potential for cash generation from operations when conditions are favorable.
Large customer deposits appear on the liabilities side (for example, Q4 2025 shows customer deposits of about $111.98M), which may reflect upfront receipts or contract-related funding. The impact on ongoing liquidity and working capital is context-dependent and may be neutral-to-positive depending on contract timing.
Capital spending and intangible asset investments are recurring and moderate, suggesting ongoing investment in the asset base (examples: PP&E purchases in several quarters; Q4 2025 PP&E outflow around $5.16M, Q1 2026 around $7.00M, Q3 2025 around $7.02M).
Earnings volatility exists on a quarterly basis—net income moves up and down across quarters (e.g., stronger results in late 2025/early 2026 versus softer quarters in mid-2025). This reflects cyclicality or mix shifts in end markets or product lines.
Cash flow from operations is not consistently positive: several quarters show negative net cash from operating activities (for example, Q1 2026 around -$2.26M and Q3 2025 around -$6.56M), indicating cash flow variability despite reported net income.
Near-term leverage showed pressure in late 2025: total liabilities rose to about $161.6M in Q4 2025 while equity was around $131.3M, signaling higher leverage in that period; by Q1 2026, liabilities eased to about $128.96M but remained a meaningful portion of the capital structure.

Overall, Graham has demonstrated improving profitability in late 2025 and early 2026, with solid gross margins and reasonable liquidity. However, cash flow from operations has shown volatility, and balance-sheet leverage spiked in late 2025 before moderating in early 2026. Retail investors may want to weigh the ability to convert earnings into cash, the sustainability of the current deposit-driven liabilities, and the trajectory of working capital as they gauge the stock’s near- to mid-term risk/return profile.

05/26/26 04:02 AM ETAI Generated. May Contain Errors.

Graham Financials - Frequently Asked Questions

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

Graham's net income appears to be on a downward trend, with a most recent value of $12.23 million in 2025, falling from $14.74 million in 2015. The previous period was $4.56 million in 2024. See Graham's forecast for analyst expectations on what's next for the company.

Graham's total operating income in 2025 was $15.19 million, based on the following breakdown:

Total Gross Profit: $52.86 million
Total Operating Expenses: $37.67 million

Over the last 10 years, Graham's total revenue changed from $135.17 million in 2015 to $209.90 million in 2025, a change of 55.3%.

Graham's total liabilities were at $144.53 million at the end of 2025, a 12.6% increase from 2024, and a 285.9% increase since 2015.

In the past 10 years, Graham's cash and equivalents has ranged from $14.74 million in 2022 to $59.53 million in 2021, and is currently $21.58 million as of their latest financial filing in 2025.

Over the last 10 years, Graham's book value per share changed from 11.51 in 2015 to 10.97 in 2025, a change of -4.7%.

Related Companies

Financial statements for NYSE:GHM last updated on 4/9/2026 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

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

Graham Financials - Frequently Asked Questions

When does Graham's fiscal 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?

How much debt does Graham have?

How much cash does Graham have?

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

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