Saturday 17 October 2026
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Graham Holdings Company
GHC Consumer Defensive Education & Training Services
Graham Holdings Company’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, up 2.52% from fiscal 2024. In the quarter to June 2026, revenue grew 7.13%, EPS grew 677.3%, free cash flow fell 58.5% and total debt rose 10.3%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five.
1,203.26
4.51
+0.38%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
17.48 | 10.33 | 12.65 | 10.36 | 8.89 | 8.92 | 45.00 | 16.10 | 5.24 | 16.38 |
Piotroski F-Score |
6 | 5 | 6 | 5 | 5 | 5 | 5 | 7 | 8 | 6 |
P/S ratio |
1.17 | 1.20 | 1.27 | 1.15 | 0.95 | 0.98 | 0.75 | 0.74 | 0.80 | 0.97 |
Altman Z-Score |
3.64 | 3.38 | 3.86 | 3.02 | 2.74 | 2.54 | 2.89 | 2.79 | 3.00 | 3.01 |
Altman Z″-Score (non-manufacturers) |
7.31 | 6.66 | 7.26 | 5.78 | 5.86 | 5.34 | 5.59 | 5.28 | 5.69 | 5.64 |
P/FCF ratio |
12.43 | 14.72 | 19.14 | 26.77 | 7.45 | 62.14 | 18.70 | 19.57 | 11.76 | 17.28 |
Beneish M-Score |
(2.34) | (2.33) | (2.45) | (2.13) | (2.50) | (2.24) | (2.72) | (2.47) | (2.26) | (2.35) |
P/Operating CF |
26.51 | 65.79 | 35.90 | 36.36 | (90.42) | 604.91 | 92.49 | 56.79 | 32.77 | 168.19 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 55 |
P/B ratio |
1.19 | 1.07 | 1.17 | 1.02 | 0.73 | 0.71 | 0.79 | 0.81 | 0.89 | 0.99 |
Price to Tangible BV |
2.52 | 2.44 | 2.72 | 2.16 | 1.40 | 1.31 | 1.60 | 1.50 | 1.49 | 1.58 |
EV/Sales |
0.92 | 1.02 | 1.16 | 1.05 | 0.77 | 0.88 | 0.73 | 0.72 | 0.71 | 0.86 |
EV/EBITDA |
7.23 | 10.55 | 8.69 | 8.78 | 6.36 | 8.95 | 6.95 | 8.51 | 7.52 | 10.11 |
EV/Operating CF |
8.74 | 9.83 | 10.85 | 18.62 | 10.61 | 13.85 | 12.17 | 12.20 | 8.36 | 12.21 |
EV/FCF |
9.75 | 12.48 | 17.45 | 24.38 | 6.10 | 55.86 | 18.16 | 19.05 | 10.50 | 15.40 |
Quick Ratio |
2.17 | 1.83 | 1.70 | 1.39 | 1.66 | 1.39 | 1.18 | 1.16 | 1.40 | 1.44 |
Current Ratio |
2.29 | 1.98 | 1.89 | 1.60 | 1.87 | 1.58 | 1.47 | 1.50 | 1.75 | 1.75 |
Net Debt/EBITDA |
(1.99) | (1.89) | (0.84) | (0.86) | (1.42) | (1.01) | (0.21) | (0.23) | (0.90) | (1.24) |
Debt/Assets |
11.10% | 9.99% | 10.02% | 8.65% | 7.95% | 8.99% | 11.08% | 11.29% | 9.75% | 10.49% |
Debt/Equity |
0.20 | 0.17 | 0.16 | 0.15 | 0.14 | 0.15 | 0.19 | 0.20 | 0.17 | 0.18 |
Asset Turnover |
0.57 | 0.55 | 0.56 | 0.55 | 0.47 | 0.46 | 0.56 | 0.64 | 0.64 | 0.61 |
Operating CF/Net income |
1.55 | 0.89 | 1.06 | 0.50 | 0.70 | 0.58 | 3.51 | 1.27 | 0.56 | 1.19 |
Capex/Depreciation |
(0.29) | (0.50) | (0.97) | (0.19) | 0.62 | (0.65) | (0.24) | (0.31) | (0.35) | (0.39) |
Interest Coverage |
6.30 | 4.03 | 6.49 | 4.85 | 2.62 | 2.28 | 1.54 | 1.10 | 1.16 | 1.98 |
| 6.82% | 11.25% | 9.30% | 10.50% | 8.47% | 8.61% | 1.64% | 5.29% | 17.48% | 6.41% | |
| 3.84% | 6.45% | 5.59% | 6.13% | 4.85% | 5.08% | 0.96% | 2.99% | 9.75% | 3.64% | |
ROIC |
7.63% | 3.49% | 5.88% | 2.99% | 1.92% | 1.18% | 1.43% | 1.11% | 3.47% | 3.41% |
Return on Tangible Assets |
13.11% | 27.05% | 26.77% | 32.58% | 24.97% | 30.64% | 6.47% | 17.40% | 50.04% | 17.93% |
Average Days of Receivables |
96.58 | 90.72 | 81.43 | 79.04 | 71.57 | 73.35 | 50.34 | 43.98 | 39.78 | 44.01 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
36.11% | 34.25% | 27.85% | 24.48% | 24.76% | 26.11% | 23.49% | 22.82% | 22.48% | 22.60% |
Intangible Assets out of Total Assets |
0.29 | 0.33 | 0.35 | 0.30 | 0.28 | 0.27 | 0.29 | 0.25 | 0.22 | 0.22 |
Share Based Compensation of Revenue |
0.54% | 0.39% | 0.24% | 0.21% | 0.22% | 0.18% | 0.16% | 0.15% | 0.13% | 0.12% |
Graham Net Nets |
(0.04) | (0.09) | (0.09) | (0.28) | (0.33) | (0.37) | (0.38) | (0.41) | (0.34) | (0.24) |
Graham Number |
545.30 | 804.95 | 789.49 | 934.74 | 996.07 | 1,189.98 | 488.13 | 920.03 | 1,915.13 | 1,296.73 |
Earnings Yield |
5.72% | 9.68% | 7.91% | 9.65% | 11.25% | 11.21% | 2.22% | 6.21% | 19.07% | 6.10% |
Free Cash Flow Yield |
8.04% | 6.79% | 5.22% | 3.74% | 13.42% | 1.61% | 5.35% | 5.11% | 8.50% | 5.79% |
Revenue per Share |
446.46 | 469.88 | 505.53 | 554.80 | 563.84 | 643.50 | 813.70 | 951.69 | 1,095.82 | 1,134.05 |
Operating CF per Share |
47.00 | 48.60 | 53.82 | 31.25 | 41.11 | 40.89 | 48.85 | 56.02 | 93.09 | 80.16 |
Capex per Share |
(4.88) | (10.35) | (20.35) | (7.38) | 30.44 | (30.75) | (16.10) | (20.14) | (18.96) | (16.60) |
Free Cash Flow per Share |
42.12 | 38.25 | 33.47 | 23.87 | 71.55 | 10.14 | 32.75 | 35.88 | 74.13 | 63.57 |
Cash per Share |
201.31 | 174.89 | 146.01 | 154.02 | 197.24 | 198.45 | 168.40 | 193.77 | 264.55 | 323.34 |
Shareholders Equity per Share |
441.26 | 528.49 | 546.93 | 629.48 | 735.05 | 891.07 | 778.08 | 862.66 | 980.52 | 1,114.60 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
441.26 | 528.49 | 546.93 | 629.48 | 735.05 | 891.07 | 778.08 | 862.66 | 980.52 | 1,114.60 |
Free Cash Flow |
234.13 | 210.96 | 178.48 | 126.16 | 366.64 | 50.18 | 157.98 | 166.43 | 324.08 | 275.30 |
Working Capital |
1,052.39 | 857.19 | 720.18 | 621.61 | 824.55 | 680.84 | 534.09 | 619.62 | 898.83 | 1,042.52 |
Capital Expenditures |
(27.12) | (57.09) | (108.54) | (39.01) | 155.98 | (152.24) | (77.63) | (93.45) | (82.91) | (71.88) |
Net Current Asset Value |
(108.38) | (286.87) | (314.92) | (940.95) | (903.53) | (1,166.68) | (1,121.46) | (1,336.57) | (1,291.77) | (1,137.29) |
EV/EBIT |
10.25 | 19.31 | 12.65 | 21.28 | 22.26 | 36.23 | 34.19 | 45.68 | 15.79 | 18.04 |
Capex to Sales |
0.01 | 0.02 | 0.04 | 0.01 | (0.05) | 0.05 | 0.02 | 0.02 | 0.02 | 0.01 |
Price to Operating Income |
13.06 | 22.77 | 13.88 | 23.36 | 27.22 | 40.30 | 35.21 | 46.93 | 17.69 | 20.25 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.40 | 0.44 | 0.38 | 0.54 | 0.66 | 0.50 | 0.65 | 0.54 | 0.43 | 0.31 |
Cash ROIC |
5.76% | 4.82% | 4.28% | 2.71% | 6.93% | 0.83% | 2.99% | 2.91% | 5.23% | 3.87% |
Accounts Receivable Turnover |
3.89 | 3.98 | 4.33 | 4.74 | 4.81 | 5.28 | 6.64 | 8.23 | 9.09 | 8.82 |
Accounts Payable Turnover |
2.74 | 2.83 | 3.13 | 3.92 | 3.72 | 3.83 | 4.59 | 4.89 | 4.73 | 4.80 |
Inventory Turnover |
37.98 | 30.48 | 24.39 | 20.47 | 15.84 | 16.14 | 14.43 | 11.84 | 11.21 | 11.49 |
Average Days of Payables |
143.91 | 132.09 | 111.94 | 95.12 | 99.31 | 100.74 | 78.87 | 81.70 | 78.23 | 76.53 |
Days of Inventory on Hand |
10.01 | 15.21 | 15.98 | 22.64 | 23.03 | 24.42 | 31.15 | 34.96 | 32.48 | 32.17 |
Average Receivables |
638.78 | 650.48 | 622.83 | 618.20 | 600.71 | 603.34 | 590.73 | 536.59 | 527.04 | 557.17 |
Average Payables |
464.37 | 513.52 | 506.45 | 497.14 | 513.97 | 551.93 | 578.96 | 634.40 | 703.51 | 717.07 |
Average Inventory |
33.44 | 47.72 | 65.04 | 95.16 | 120.73 | 131.05 | 184.14 | 262.01 | 296.51 | 299.59 |
Average Assets |
4,392.75 | 4,685.25 | 4,850.93 | 5,347.64 | 6,187.68 | 6,934.82 | 6,989.45 | 6,870.55 | 7,432.47 | 8,036.46 |
Average Common Equity |
2,471.82 | 2,684.04 | 2,915.96 | 3,121.79 | 3,546.59 | 4,089.03 | 4,082.17 | 3,877.26 | 4,144.34 | 4,557.07 |
Columns are period end dates