Graham Corporation
GHM Industrials Specialty Industrial Machinery
Graham Corporation’s revenue for fiscal 2026 (year ended March 2026) was $245.3 million, up 16.9% from fiscal 2025. In the quarter to June 2026, revenue grew 28.6%, EPS fell 19.1%, free cash flow fell 64.7% and total debt fell 60.5%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five.
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Graham Corporation (GHM) Altman Z-score
Graham Corporation's Altman Z-score for fiscal 2026 is 4.21, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 4.21 | 1.40 |
| FY2025 | 2.81 | 0.02 |
| FY2024 | 2.79 | 0.55 |
| FY2023 | 2.24 | 0.45 |
| FY2022 | 1.79 | (2.29) |
| FY2021 | 4.08 | 0.48 |
| FY2020 | 3.60 | (0.54) |
| FY2019 | 4.15 | (1.18) |
| FY2018 | 5.33 | (0.66) |
| FY2017 | 5.99 | (0.02) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | 0.00 | |
| Retained earnings / total assets | 0.33 | — | 0.46 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 4.73 | — | 2.84 | |
| Sales / total assets | 0.76 | — | 0.76 | |
| Altman Z-score | Safe zone | 4.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.19 | ||
Z and Z″ put Graham Corporation in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KRNT Kornit Digital Ltd. compare | 7.5× |
| PSIX Power Solutions International, Inc. compare | 6.4× |
| GHM Graham Corporation | 4.2× |
| AMSC American Superconductor Corporation compare | 3.8× |
| LXFR Luxfer Holdings PLC compare | 3.4× |
| TNC Tennant Company compare | 3.3× |
| PKOH Park-Ohio Holdings Corp. compare | 2.1× |
| BW Babcock compare | −1.9× |
| NNE Nano Nuclear Energy Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets