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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%
Market cap
$5.1B
P/E
9.6×
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 Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 27.32%

Capital & Financial Ratios $m

Market Cap 5,080.00
Revenue 5,068.37
Net Income 550.25
Free Cash Flow 247.96
Net Debt (397.04)
Current Ratio 1.86 (at or above 1.5: strong)
Debt/Equity 0.19 (at or below 0.5: strong)
P/E ratio 9.60
Fwd P/E 15.50
P/S ratio 1.01
P/B ratio 1.07
Past 5Y EPS Growth 2.72%
This Y EPS Growth 3.81%
Next Y EPS Growth (2.90%) (below 0%: weak)
Next Y revenue growth 5.97%
Next 5Y EPS Growth 13.04%

Green and red mark values outside typical ranges. 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 34.69%
10-year low 10-year high
P/S against its own 10 years 55.84%
10-year low 10-year high
P/B against its own 10 years 66.24%
10-year low 10-year high
EV/Sales against its own 10 years 69.30%
10-year low 10-year high
EV/FCF against its own 10 years 63.81%
10-year low 10-year high

Dividends

Payout Ratio 0.06
Annual Dividend Rate 7.52
Annual Dividend Yield 0.62%
total individual payouts
2026 7.52
1.88
1.88
1.88
1.88
2025 0.00
1.80
1.80
1.80
1.80
2024 6.88
1.72
1.72
1.72
1.72
2023 6.60
1.65
1.65
1.65
1.65
2022 6.32
1.58
1.58
1.58
1.58
2021 6.04
1.51
1.51
1.51
1.51
2020 5.80
1.45
1.45
1.45
1.45
2019 5.56
1.39
1.39
1.39
1.39
2018 5.32
1.33
1.33
1.33
1.33
2017 5.08
1.27
1.27
1.27
1.27
2016 4.84
1.21
1.21
1.21
1.21
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 899 1,157 1,400 1,297
Receivables 532 522 592 508
Inventory 297 296 303 333
Other 1 8 10 11
1,849 2,099 2,431 2,271
2023 2024 2025 Q'26
Payables 695 713 722 639
ST’ Debt 67 27 175 191
Other — — 7 6
1,230 1,200 1,389 1,221

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%

Revenue $m

Mar Jun Sep Dec Year
’26 1,236 1,303 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 6.62 64.86 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 425.14 502.25 537.40 613.54 267.89 523.68 525.58 545.00 663.47 840.50

Analyst estimates 2026–2028

Powerpack
High 547.80 615.85 678.36 756.26 648.94 685.00 675.00 702.40 974.00 1,200.00
People
People Employees 11,300 11,900 11,100 12,053 16,661 6,100 6,500 19,900 21,446 19,920
Revenue/emp, $m 0.22 0.22 0.24 0.24 0.17 0.52 0.60 0.22 0.22 0.25
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
Gross margin, % 48.83 43.89 41.15 33.55 33.82 33.63 32.28 29.72 30.61 29.93
EBT 251 183 324 426 407 450 122 299 1,025 450
EBT margin, % 10.10 7.05 12.00 14.55 14.10 14.11 3.10 6.77 21.39 9.16
Net income 169 302 271 328 300 353 70 212 733 303
Depreciation 93 113 112 206 251 236 329 303 237 184
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
Earnings 29.95 54.24 50.55 61.70 58.30 70.65 13.83 43.96 164.62 67.11
Cash flow 47.00 48.60 53.82 31.25 41.11 40.89 48.85 56.02 93.09 80.16
Capex (4.88) (10.35) (20.35) (7.38) 30.44 (30.75) (16.10) (20.14) (18.96) (16.60)
Free cash flow 42.12 38.25 33.47 23.87 71.55 10.14 32.75 35.88 74.13 63.57
Book value 441.26 528.49 546.93 629.48 735.05 891.07 778.08 862.66 980.52 1,114.60
Shares, m 6 6 5 5 5 5 5 5 4 4
Valuation, ×
Valuation, × P/E 17.48 10.33 12.65 10.36 8.89 8.92 45.00 16.10 5.24 16.38
P/S 1.17 1.20 1.27 1.15 0.95 0.98 0.75 0.74 0.80 0.97
P/B 1.19 1.07 1.17 1.02 0.73 0.71 0.79 0.81 0.89 0.99
EV/Sales 0.92 1.02 1.16 1.05 0.77 0.88 0.73 0.72 0.71 0.86
EV/FCF 9.75 12.48 17.45 24.38 6.10 55.86 18.16 19.05 10.50 15.40
Cash, $m
Cash, $m Operating cash flow 261 268 287 165 211 202 236 260 407 347
Capex (27) (57) (109) (39) 156 (152) (78) (93) (83) (72)
Free cash flow 234 211 178 126 367 50 158 166 324 275
Balance, $m
Balance, $m Working capital 1,052 857 720 622 825 681 534 620 899 1,043
Total debt 492 493 477 513 513 668 726 812 748 881
Net debt (627) (471) (302) (301) (498) (315) (86) (87) (408) (520)
Shareholders’ equity 2,453 2,915 2,917 3,327 3,766 4,412 3,753 4,002 4,287 4,827
Returns, %
Returns, % ROA 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
ROE 6.82 11.25 9.30 10.50 8.47 8.61 1.64 5.29 17.48 6.41
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Graham Holdings Company vs peers in Education & Training Services (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
EDU New Oriental Education & Technology Group, Inc. $8.4B 20.2× 11.4× +23.04% (above 0%: growing) +900.00% (above 0%: growing) +72.87% (above 0%: growing) 53.10% 5.61% Compare
LAUR Laureate Education $5.4B 17.2× 15.8× +17.50% (above 0%: growing) +50.77% (above 0%: growing) +37.68% (above 0%: growing) 38.59% 36.28% Compare
GHC Graham Holdings Company $5.1B 9.6× 15.5× +7.13% (above 0%: growing) +677.34% (above 0%: growing) −58.54% (below 0%: shrinking) 30.10% 6.42%
CVSA Covista Inc. $4.3B 17.7× 15.0× +9.69% (above 0%: growing) +40.67% (above 0%: growing) +102.24% (above 0%: growing) 56.77% 19.04% Compare
LOPE Grand Canyon Education, Inc. $4.2B 19.4× 16.3× +6.69% (above 0%: growing) +18.24% (above 0%: growing) −15.15% (below 0%: shrinking) 49.36% 22.02% Compare
TAL TAL Education Group $4.2B 7.3× 12.0× +31.89% (above 0%: growing) +1,380.00% (above 0%: growing) +37.51% (above 0%: growing) 57.78% 18.09% Compare
LRN Stride, Inc. $3.5B 10.4× 13.4× −2.69% (below 0%: shrinking) +62.18% (above 0%: growing) +3.70% (above 0%: growing) 34.16% 16.64% Compare
MH McGraw Hill, Inc. $2.7B 27.7× 15.6× +2.65% (above 0%: growing) +9,900.00% (above 0%: growing) +57.50% (above 0%: growing) 79.87% 20.78% Compare
PRDO Perdoceo Education Corporation $2.1B 12.0× 11.7× +1.80% (above 0%: growing) +22.22% (above 0%: growing) −3.87% (below 0%: shrinking) 76.15% 25.72% Compare
Median of peers $4.2B 17.5× 14.2× +8.19% +56.48% +37.60% 54.94% 19.91%

All 46 Education & Training Services stocks →

Graham Holdings Company (GHC) key facts

  • Concern: Net income was $303.3 million, or $67.11 per share (basic), a net margin of 5.95%.
  • Strength: Graham Holdings Company’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, up 2.52% from fiscal 2024.
  • Graham Holdings Company (GHC) is an Education & Training Services company in the Consumer Defensive sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, GHC traded at $1,203.26, a market capitalization of $5.1 billion.
  • At that price the stock trades at 9.6× trailing-twelve-month earnings and 1.0× sales; its P/E is higher than 35% of its own readings over the past ten years.
  • Graham Holdings Company pays an annual dividend of $7.52 per share, a yield of 0.62%, with a payout ratio of 6.06%.
  • Return on equity was 6.41% and debt-to-equity 0.19.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.01 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Graham Holdings Company (GHC) Latest News

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stockrow.com/GHC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com