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) Piotroski F-score
Graham Holdings Company's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | (2.00) |
| FY2024 | 8 | 1.00 |
| FY2023 | 7 | 2.00 |
| FY2022 | 5 | 0.00 |
| FY2021 | 5 | 0.00 |
| FY2020 | 5 | 0.00 |
| FY2019 | 5 | (1.00) |
| FY2018 | 6 | 1.00 |
| FY2017 | 5 | (1.00) |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 3.64% | 9.75% | Pass | 1 |
| Positive operating cash flow | 347.19m | 406.99m | Pass | 1 |
| Rising return on assets | 3.64% | 9.75% | Fail | 0 |
| Cash flow above net income | 54.89m | (317.65m) | Pass | 1 |
| Falling long-term leverage | 0.09 | 0.10 | Pass | 1 |
| Rising current ratio | 1.75 | 1.75 | Pass | 1 |
| No new shares issued | 4,331,000 | 4,372,000 | Pass | 1 |
| Rising gross margin | 29.93% | 30.61% | Fail | 0 |
| Rising asset turnover | 0.61 | 0.64 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| TAL TAL Education Group compare | 8 |
| CVSA Covista Inc. compare | 8 |
| LAUR Laureate Education compare | 7 |
| PRDO Perdoceo Education Corporation compare | 7 |
| LOPE Grand Canyon Education, Inc. compare | 7 |
| LRN Stride, Inc. compare | 7 |
| EDU New Oriental Education & Technology Group, Inc. compare | 7 |
| GHC Graham Holdings Company | 6 |
| MH McGraw Hill, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover