Graham Holdings Co GHC
Graham Holdings Company (the Company) is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses. Through Kaplan, Inc. (Kaplan), the Company provides a wide variety of educational services to students, schools, colleges, universities and businesses, both domestically and outside the United States (U.S.). Kaplan's educational services include academic preparation programs for international students, English-language programs, operations support services for pre-college, certificate, undergraduate and graduate programs, exam preparation for high school and graduate students and for professional certifications and licensures, career and academic advisement services to businesses, and a United Kingdom (U.K.) sixth-form college that prepares students for A-level examinations. The Company's television broadcasting segment owns and operates seven television broadcast stations and provides social media management tools designed to connect newsrooms with their users. The Company's healthcare segments provide in-home specialty pharmacy infusion therapies; home health, hospice and palliative services; applied behavior analysis therapy; physician services for allergy, asthma and immunology patients; in-home aesthetics; and healthcare software-as-a-service technology. The Company's manufacturing companies include a multi-product supplier to the commercial building industry, a manufacturer of electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in electric utilities and industrial systems. The Company's automotive business comprises eight dealerships and valet repair services. The Company's other businesses include restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; Slate and Foreign Policy magazines; a daily local news podcast and newsletter company; a software-as-a-service platform provider that enables podcasters and media companies to monetize audio content through paid subscriptions, memberships, and audiobooks; an online art gallery and in-person art fair business; and an online commerce platform featuring original art and designs on an array of consumer products.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.91B | $4.79B | $4.41B | $3.92B | $3.19B | $2.89B | $2.93B | $2.70B | $2.59B | $2.48B |
| SG&A | — | — | — | — | — | — | — | — | $887.8M | $896.1M |
| Total operating expenses | $4.68B | $4.58B | $4.35B | $3.84B | $3.11B | $2.79B | $2.79B | $2.45B | $2.46B | $2.26B |
| Operating income | $234.9M | $215.5M | $69.4M | $83.9M | $77.4M | $100.4M | $144.5M | $246.2M | $136.4M | $222.9M |
| Interest expense | $118.8M | $186.1M | $63.3M | $54.4M | $33.9M | $38.3M | $29.8M | $37.9M | $33.9M | $35.4M |
| Pre-tax income | $449.7M | $1.02B | $299.0M | $121.7M | $449.6M | $407.3M | $426.5M | $323.5M | $182.8M | $250.7M |
| Income tax | $146.4M | $292.1M | $87.3M | $51.3M | $96.3M | $107.3M | $98.6M | $52.1M | $119.7M | $81.2M |
| Net income | $292.3M | $724.6M | $205.3M | $67.1M | $352.1M | $300.4M | $327.9M | $271.2M | $302.0M | $168.6M |
| EPS, basic | 67.11 | 164.62 | 43.96 | 13.83 | 70.65 | 58.30 | 61.70 | 50.55 | 54.24 | 29.95 |
| EPS, diluted | 66.47 | 163.40 | 43.82 | 13.79 | 70.45 | 58.13 | 61.21 | 50.20 | 53.89 | 29.80 |
| Shares, diluted (wtd. avg.) | 4.4M | 4.4M | 4.7M | 4.8M | 5.0M | 5.1M | 5.3M | 5.4M | 5.6M | 5.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $267.0M | $260.9M | $201.9M | $190.4M | $158.8M | $423.1M | $214.0M | $264.1M | $407.6M | $670.8M |
| Receivables | $519.1M | $477.8M | $496.2M | $504.8M | $589.6M | $519.6M | $595.3M | $538.0M | $600.2M | $591.9M |
| Total current assets | $2.43B | $2.10B | $1.85B | $1.68B | $1.85B | $1.77B | $1.66B | $1.53B | $1.74B | $1.87B |
| Property, plant and equipment | $587.4M | $549.4M | $560.3M | $503.0M | $468.1M | $378.3M | $384.7M | $293.1M | $259.4M | $233.7M |
| Goodwill | $1.59B | $1.50B | $1.53B | $1.56B | $1.65B | $1.48B | $1.39B | $1.30B | $1.30B | $1.12B |
| Other intangibles | $61.6M | $56.7M | $112.2M | $161.4M | $247.1M | $204.6M | $233.5M | $263.3M | $238.0M | $107.9M |
| Total assets | $8.40B | $7.68B | $7.19B | $6.55B | $7.43B | $6.44B | $5.93B | $4.76B | $4.94B | $4.43B |
| Accounts payable | $181.0M | $160.4M | $154.5M | $136.2M | $127.0M | $106.2M | $507.7M | $486.6M | $526.3M | $500.7M |
| Short-term debt | $175.1M | $26.6M | $66.8M | $155.8M | $141.7M | $6.5M | $82.2M | $6.4M | $6.7M | $6.1M |
| Total current liabilities | $1.39B | $1.20B | $1.23B | $1.15B | $1.17B | $949.6M | $1.04B | $812.2M | $878.6M | $819.0M |
| Long-term debt | $705.6M | $721.6M | $745.1M | $570.5M | $525.8M | $506.1M | $430.6M | $470.8M | $486.6M | $485.7M |
| Total liabilities | $3.53B | $3.35B | $3.16B | $2.78B | $3.00B | $2.67B | $2.60B | $1.84B | $2.02B | $1.98B |
| Retained earnings | $8.29B | $8.03B | $7.34B | $7.16B | $7.13B | $6.80B | $6.53B | $6.24B | $5.79B | $5.59B |
| Total equity | $4.79B | $4.26B | $4.00B | $3.75B | $4.41B | $3.77B | $3.33B | $2.92B | $2.92B | $2.45B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $347.2M | $407.0M | $259.9M | $235.6M | $202.4M | $210.7M | $165.2M | $287.0M | $268.1M | $261.3M |
| Depreciation and amortisation | $80.4M | $87.0M | $86.1M | $73.3M | $71.4M | $74.3M | $59.3M | $56.7M | $62.5M | $64.6M |
| Stock-based compensation | $5.7M | $6.3M | $6.7M | $6.1M | $5.7M | $6.3M | $6.3M | $6.4M | $10.2M | $13.4M |
| Capital expenditure | $71.9M | $82.9M | $93.4M | $82.7M | $162.5M | $69.6M | $93.5M | $98.2M | $60.4M | $66.6M |
| Investing cash flow | -$179.4M | -$62.3M | -$153.0M | -$184.1M | -$494.6M | $199.4M | -$236.7M | -$231.0M | -$442.0M | -$311.3M |
| Financing cash flow | -$165.5M | -$241.0M | -$99.8M | -$18.1M | $31.0M | -$204.0M | $18.7M | -$192.4M | -$100.1M | -$43.1M |
| Buybacks | $3.5M | $114.1M | $193.2M | $71.4M | $55.7M | $161.8M | $2.1M | $118.0M | $50.8M | $108.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-011405.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.48B | $2.59B | $2.70B | $2.93B | $2.89B | $3.19B | $3.92B | $4.41B | $4.79B | $4.91B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $168.6M | $302.0M | $271.2M | $327.9M | $300.4M | $352.1M | $67.1M | $205.3M | $724.6M | $292.3M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 8200
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|---|---|---|---|---|
| LAUR | LAUREATE EDUCATION, INC. | $5.38B | 20.7x | 8.6% |
| CVSA | Covista Inc. | $4.49B | 18.7x | 9.3% |
| LOPE | Grand Canyon Education, Inc. | $4.24B | 21.1x | 7.1% |
| LRN | Stride, Inc. | $3.30B | 11.1x | 4.7% |
| PRDO | PERDOCEO EDUCATION Corp | $2.12B | 14.0x | 24.2% |
| STRA | Strategic Education, Inc. | $1.82B | 15.1x | 4.0% |
| UTI | UNIVERSAL TECHNICAL INSTITUTE INC | $1.20B | 19.3x | 14.0% |
| APEI | AMERICAN PUBLIC EDUCATION INC | $892.6M | 35.9x | 3.9% |