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Graham Holdings Company

GHC Industrials Conglomerates

Graham Holdings Company’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, up 2.52% from fiscal 2024.

Revenue
+3.69%
EPS
−36.9%
Free cash flow
−42.9%
Total debt
+16.6%

Quarter to September 2026, against a year earlier

1,221.38 3.52 +0.29%
Market cap
$5.1B
P/E
10.6×
Fwd P/E
15.5×
Dividend yield
0.62%
F-score
6/9
Altman Z
3.01
Beneish M
−2.35
Dividend safety
55/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 26.16%

Capital & Financial Ratios $m

Size
Market Cap 5,080.00
Revenue ttm 5,115.55
Net income ttm 501.26
Free cash flow ttm 175.20
Net debt Q (392.72)
Valuation
P/E 10.55
Forward P/E 15.50
Price / sales 1.00
Forward P/S Powerpack
Price / FCF 29.05
Price / book 1.06
Financial health
Current ratio Q 1.76 (at or above 1.5: strong)
Debt / equity Q 0.18 (at or below 0.5: strong)
Interest coverage Q 5.42
Growth
Revenue growth Q +3.69% (above 0%: growing)
Operating income growth Q +27.38% (above 0%: growing)
EPS, this year +11.33%
EPS, next year A −8.78% (below 0%: weak)
Revenue, next year A +6.56%
EPS, past 5 yrs +2.72%
EPS, next 5 yrs A +13.82%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 0.8×; over the ten years it ranged from 0.5× in 2020 to 1.4× in 2019.
P/E against its own 10 years 42.10%
10-year low 10-year high
P/S against its own 10 years 54.09%
10-year low 10-year high
P/B against its own 10 years 64.61%
10-year low 10-year high
EV/Sales against its own 10 years 66.78%
10-year low 10-year high
EV/FCF against its own 10 years 90.36%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.62%
Annual rate
7.52
Payout ratio
6.61%
Growth, 2018–26
+4.42%/yr
  1. 5.32 ’18
  2. 5.56 ’19 +5
  3. 5.80 ’20 +4
  4. 6.04 ’21 +4
  5. 6.32 ’22 +5
  6. 6.60 ’23 +4
  7. 6.88 ’24 +4
  8. 7.20 ’25 +5
  9. 7.52 ’26 +4
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 899 1,157 1,400 1,246
Receivables 532 522 592 571
Inventory 297 296 303 354
Other 1 8 10 71
1,849 2,099 2,431 2,357
2023 2024 2025 Q'26
Payables 695 713 722 691
ST’ Debt 67 27 175 148
Other — — 7 55
1,230 1,200 1,389 1,340

Compound Annual Growth %

10y 5y 3y
Sales 6.62% 11.20% 7.77%
Cash Flow 17.26% 10.51% 13.80%
Earnings 0.00% (0.54%) 63.33%
Book Value 6.84% 5.09% 8.76%

EPS $

Mar Jun Sep Dec Year
’26 6.62 64.86 17.60 — —
’25 5.45 8.35 27.91 24.69 66.47
’24 27.72 (4.79) 16.42 125.55 163.40
’23 10.88 25.89 (5.02) 11.72 43.82
’22 19.45 (13.95) 6.76 1.28 13.79
’21 22.44 22.99 7.90 17.10 70.45
’20 (6.32) 3.60 15.22 47.34 58.13
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,236 1,303 1,326 — —
’25 1,166 1,216 1,279 1,251 4,912
’24 1,153 1,185 1,207 1,246 4,791
’23 1,032 1,105 1,112 1,167 4,415
’22 915 933 1,012 1,064 3,924
’21 712 801 809 863 3,186
’20 732 653 717 787 2,889
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 68 53 160 — —
’25 46 95 178 28 347
’24 1 52 238 116 407
’23 23 39 140 57 260
’22 45 55 104 32 236
’21 24 49 124 5 202
’20 12 109 120 (30) 211
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 49 32 97 — —
’25 31 77 170 (3) 275
’24 (20) 33 228 83 324
’23 3 18 124 21 166
’22 32 38 83 6 158
’21 11 39 15 (15) 50
’20 (13) 95 104 180 367
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,482 2,592 2,696 2,932 2,889 3,186 3,924 4,415 4,791 4,912 5,116 +7.9% 5,234 5,425 5,829 +5.9%
Gross margin, % 48.83 43.89 41.15 33.55 33.82 33.63 32.28 29.72 30.61 29.93 30.02 (18.9) pt
EBT 251 183 324 426 407 450 122 299 1,025 450 630 +6.7%
EBT margin, % 10.10 7.05 12.00 14.55 14.10 14.11 3.10 6.77 21.39 9.16 12.31 (0.9) pt
Net income 169 302 271 328 300 353 70 212 733 303 501 +6.7%
Per share, $
Per share, $ Revenue 446.46 469.88 505.53 554.80 563.84 643.50 813.70 951.69 1,095.82 1,134.05 1,218.57 +10.9%
Earnings 29.95 54.24 50.55 61.70 58.30 70.65 13.83 43.96 164.62 67.11 114.93 +9.4%
Cash flow 47.00 48.60 53.82 31.25 41.11 40.89 48.85 56.02 93.09 80.16 73.64 +6.1%
Capex (4.88) (10.35) (20.35) (7.38) 30.44 (30.75) (16.10) (20.14) (18.96) (16.60) (31.90) +14.6%
Free cash flow 42.12 38.25 33.47 23.87 71.55 10.14 32.75 35.88 74.13 63.57 41.73 +4.7%
Book value 441.26 528.49 546.93 629.48 735.05 891.07 778.08 862.66 980.52 1,114.60 1,146.30 +10.8%
Shares, m 6 6 5 5 5 5 5 5 4 4 4 (2.7%)
Valuation, ×
Valuation, × P/E 17.48 10.33 12.65 10.36 8.89 8.92 45.00 16.10 5.24 16.38 10.55 15.1
P/S 1.17 1.20 1.27 1.15 0.95 0.98 0.75 0.74 0.80 0.97 1.00 1.0
P/B 1.19 1.07 1.17 1.02 0.73 0.71 0.79 0.81 0.89 0.99 1.06 0.9
EV/Sales 0.92 1.02 1.16 1.05 0.77 0.88 0.73 0.72 0.71 0.86 0.92 0.9
EV/FCF 9.75 12.48 17.45 24.38 6.10 55.86 18.16 19.05 10.50 15.40 26.81 18.9
Cash, $m
Cash, $m Operating cash flow 261 268 287 165 211 202 236 260 407 347 309 +3.2%
Capex (27) (57) (109) (39) 156 (152) (78) (93) (83) (72) (134) +11.4%
Free cash flow 234 211 178 126 367 50 158 166 324 275 175 +1.8%
Balance, $m
Balance, $m Working capital 1,052 857 720 622 825 681 534 620 899 1,043 1,017 (0.1%)
Net debt (627) (471) (302) (301) (498) (315) (86) (87) (408) (520) (393) (2.1%)
Shareholders’ equity 2,453 2,915 2,917 3,327 3,766 4,412 3,753 4,002 4,287 4,827 4,812 +7.8%
Returns, %
Returns, % ROA 3.84 6.45 5.59 6.13 4.85 5.08 0.96 2.99 9.75 3.64 6.12 (0.2) pt
ROIC 7.63 3.49 5.88 2.99 1.92 1.18 1.43 1.11 3.47 3.41 3.88 (4.2) pt
ROE 6.82 11.25 9.30 10.50 8.47 8.61 1.64 5.29 17.48 6.41 10.62 (0.4) pt
People
People Employees 11,300 11,900 11,100 12,053 16,661 6,100 6,500 19,900 21,446 19,920 — +6.5%
Revenue/emp, $m 0.22 0.22 0.24 0.24 0.17 0.52 0.60 0.22 0.22 0.25 — +1.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Graham Holdings Company vs peers in Conglomerates (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VMI Valmont Industries, Inc. $7.6B 14.7× 18.2× +5.53% (above 0%: growing) +25.30% (above 0%: growing) −22.73% (below 0%: shrinking) 30.02% 15.66% Compare
BBUC Brookfield Business Partners L.P. $6.2B — (loss-making) — (loss-making) −2.96% (below 0%: shrinking) +50.00% (above 0%: growing) −2,167.65% (below 0%: shrinking) 19.59% 15.15% Compare
GHC Graham Holdings Company $5.1B 10.6× 15.5× +3.69% (above 0%: growing) −36.89% (below 0%: shrinking) −42.93% (below 0%: shrinking) 29.58% 6.45%
PAM Pampa Energia S.A. $3.4B 5.1× 7.2× +33.67% (above 0%: growing) +491.30% (above 0%: growing) −965.12% (below 0%: shrinking) 32.91% 18.99% Compare
OTTR Otter Tail Corporation $3.4B 19.0× 21.9× −1.55% (below 0%: shrinking) −24.21% (below 0%: shrinking) +28.54% (above 0%: growing) 54.41% 21.50% Compare
SEB Seaboard Corporation $3.3B 5.9× — (loss-making) +9.09% (above 0%: growing) −73.38% (below 0%: shrinking) +6.17% (above 0%: growing) 4.76% 0.47% Compare
DLX Deluxe Corporation $1.3B 16.1× 9.3× +2.53% (above 0%: growing) −62.16% (below 0%: shrinking) +11.71% (above 0%: growing) 51.92% 9.51% Compare
CODI Compass Diversified Holdings $863.0M — (loss-making) — (loss-making) −11.42% (below 0%: shrinking) n/m +150.97% (above 0%: growing) 47.16% 6.83% Compare
FBYD Falcon's Beyond Global, Inc. $821.5M — (loss-making) — +120.40% (above 0%: growing) n/m +130.40% (above 0%: growing) 62.66% (4.66%) Compare
Median of peers $3.3B 14.7× 13.8× +4.03% +0.54% +8.94% 40.04% 12.33%

All 29 Conglomerates stocks →

Pay and ownership Proxy statement filed 24 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.99m 9.78m 216.22
2024 3.92m 7.65m 170.27
2023 1.78m 4.26m 134.79
2022 3.49m 4.28m 115.65
2021 2.27m 7.67m 119.25
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Graham Holdings Company (GHC) Latest News

31 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 3 · · Zacks
Impact 3 · · Business Wire
Impact 3 · · Business Wire

27 Oct

Impact 3 · · Business Wire
Impact 3 · · Business Wire

20 Oct

Impact 3 · · Business Wire

13 Oct

Impact 3 · · Business Wire

7 Oct

Impact 3 · · Business Wire

5 Oct

Impact 3 · · Business Wire

30 Sep

Impact 3 · · PR Newswire

28 Sep

Impact 3 · · StockStory

24 Sep

Impact 4 · · Simply Wall St.

13 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 4 ·
Impact 3 ·

5 Aug

Impact 4 ·

30 Jul

Impact 3 ·

9 Jul

Impact 4 ·

30 Jun

Impact 3 ·

5 Jun

Impact 3 · · Exec Edge

14 May

Impact 3 · · Business Wire

11 May

Impact 3 · · Business Wire

7 May

Impact 4 · · Simply Wall St.

4 May

Impact 4 · · Simply Wall St.

30 Apr

Impact 3 · · Business Wire
Impact 3 · · Business Wire

20 Apr

Impact 4 ·

26 Mar

Impact 4 · · Simply Wall St.

GHC metrics, ten years each

stockrow.com/GHC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com