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.
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Graham Holdings Company (GHC) Beneish M-score
Graham Holdings Company's Beneish M-score for fiscal 2025 is −2.35; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.35 | (0.09) |
| FY2024 | −2.26 | 0.20 |
| FY2023 | −2.47 | 0.25 |
| FY2022 | −2.72 | (0.47) |
| FY2021 | −2.24 | 0.26 |
| FY2020 | −2.50 | (0.37) |
| FY2019 | −2.13 | 0.32 |
| FY2018 | −2.45 | (0.12) |
| FY2017 | −2.33 | 0.01 |
| FY2016 | −2.34 | 0.39 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.98 | — | 0.39 | |
| Sales growth index | 1.03 | — | 0.91 | |
| Depreciation index | 1.26 | — | 0.15 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.01) | — | −0.02 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.35 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LOPE Grand Canyon Education, Inc. compare | −2.7× |
| CVSA Covista Inc. compare | −2.7× |
| EDU New Oriental Education & Technology Group, Inc. compare | −2.7× |
| MH McGraw Hill, Inc. compare | −2.6× |
| PRDO Perdoceo Education Corporation compare | −2.6× |
| LRN Stride, Inc. compare | −2.4× |
| LAUR Laureate Education compare | −2.4× |
| GHC Graham Holdings Company | −2.4× |
| TAL TAL Education Group compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI