GHCNYSEServices-Educational ServicesFiscal year ends December 31
Graham Holdings Co
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$1210.21+6.95 (+0.58%)
Close on Oct 19, 2026
- Market cap
- $5.21B
- P/E (TTM)
- 18.2
- Dividend yield
- 0.59%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
4.8%+1.3 pts over 5 years
Net margin
6.0%−4.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.5% | +7.8% | +11.2% | +6.6% | |
| Operating income | +9.0% | +41.0% | +18.5% | – | |
| Net income | -59.7% | +63.3% | -0.5% | – | |
| EPS, diluted | -59.3% | +68.9% | +2.7% | – | |
| Free cash flow | -15.0% | +21.7% | +14.3% | – | |
| Dividend per share | +4.7% | +4.4% | +4.4% | -2.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 8.5% | 6.5% | |
| Return on assets | 3.8% | 4.9% | 3.6% | |
| Current ratio | 2.29 | 1.87 | 1.75 | |
| Debt to equity | – | 0.14 | 0.18 | |
| Interest coverage | 6.3× | 2.6× | 2.0× | |
| Capex to revenue | 2.7% | 2.4% | 1.5% | |
| Diluted shares | 6M | 5M | 4M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Graham generated $1.45B from operations and spent $931.26M on capital expenditure, dividends and share buybacks. 53% of that went back into the business.
Generated
$1.45B
Used
$931.26M
Capital expenditure$493.46M53%Dividends$00%Share buybacks$437.80M47%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.0%
×Asset turnover0.61×
×Equity multiplier1.78×
=Return on equity, FY20256.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.0% | 0.61× | 1.78× | 6.5% |
| FY2024 | 15.1% | 0.64× | 1.81× | 17.6% |
| FY2023 | 4.6% | 0.64× | 1.78× | 5.3% |
| FY2022 | 1.7% | 0.56× | 1.72× | 1.6% |
| FY2021 | 11.1% | 0.46× | 1.70× | 8.6% |
| FY2020 | 10.4% | 0.47× | 1.75× | 8.5% |
| FY2019 | 11.2% | 0.55× | 1.72× | 10.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$292.29M
- Cash generatingOperating cash flow above zero$347.19M
- Return on assets improvedROA up on the prior year10.1% → 3.8%
- Earnings backed by cashOperating cash flow above net income$347.19M vs $292.29M
- Less leverageLong-term debt to assets fell9.4% → 8.4%
- Better liquidityCurrent ratio rose1.75 → 1.75
- No dilutionShare count did not rise4M → 4M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.67 → 0.64