GRAHAM CORP GHM
Graham Corporation ("we," "us," "our" or the "Company") is a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries. For the Defense industry, our equipment is used in nuclear and non-nuclear propulsion, power, fluid transfer, thermal management, and advanced mixing systems. For the Energy & Process industries we supply equipment for vacuum, heat transfer, advanced mixing, and fluid transfer applications used in oil refining, downstream chemical facilities, fertilizers, ethylene, methanol, energetics, edible oil, food & beverage, pulp & paper, medical, and multiple alternative energy applications such as hydrogen, small modular nuclear, concentrated solar, lithium extraction, and geothermal processes. For the Space industry, our equipment is used in propulsion, power, thermal management, advanced mixing, and life support systems.
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 | $245.3M | $209.9M | $185.5M | $157.1M | $122.8M | $97.5M | $90.6M | $91.8M | $77.5M | $91.8M |
| Cost of revenue | $187.5M | $157.0M | $144.9M | $131.7M | $113.7M | $77.0M | $72.5M | $69.9M | $60.6M | $69.6M |
| Gross profit | $57.8M | $52.9M | $40.6M | $25.4M | $9.1M | $20.5M | $18.1M | $21.9M | $17.0M | $22.2M |
| R&D | $6.4M | $4.0M | $3.9M | $4.1M | $3.8M | $3.4M | $3.4M | $3.5M | $3.2M | $3.9M |
| SG&A | $41.6M | $37.1M | $32.2M | $23.1M | $20.4M | $17.5M | $16.9M | $17.9M | $15.5M | $14.6M |
| Operating income | $15.0M | $15.2M | $6.9M | $1.2M | -$11.3M | $3.0M | $652.0K | — | — | — |
| Interest expense | $257.0K | $583.0K | $248.0K | $939.0K | $400.0K | $11.0K | $12.0K | $12.0K | $12.0K | $10.0K |
| Pre-tax income | $14.8M | $15.4M | $5.6M | $561.0K | -$11.2M | $3.3M | $2.3M | -$145.0K | -$12.9M | $7.0M |
| Income tax | $2.3M | $3.2M | $1.0M | $194.0K | $2.4M | $893.0K | $440.0K | $163.0K | $3.0M | $2.0M |
| Net income | $12.5M | $12.2M | $4.6M | $367.0K | -$8.8M | $2.4M | $1.9M | -$308.0K | -$9.8M | $5.0M |
| EPS, basic | 1.14 | 1.12 | 0.42 | 0.03 | -0.83 | 0.24 | 0.19 | -0.03 | -1.01 | 0.52 |
| EPS, diluted | 1.12 | 1.11 | 0.42 | 0.03 | -0.83 | 0.24 | 0.19 | -0.03 | -1.01 | 0.52 |
| Shares, diluted (wtd. avg.) | $11.1M | $11.1M | $10.8M | $10.7M | $10.5M | $10.0M | $9.9M | $9.8M | $9.8M | $9.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.6M | $21.6M | $16.9M | $18.3M | $14.7M | $59.5M | $33.0M | $15.0M | $40.5M | $39.5M |
| Receivables | $33.8M | $35.5M | $44.4M | $24.0M | $27.6M | $17.4M | $15.4M | $17.6M | $17.0M | $11.5M |
| Inventory | $50.8M | $40.0M | $33.4M | $26.3M | $17.4M | $17.3M | $22.3M | $24.7M | $11.6M | — |
| Total current assets | $156.5M | $141.4M | $126.3M | $110.1M | $87.2M | $120.2M | $126.7M | $134.8M | $115.4M | $110.7M |
| Property, plant and equipment | $60.3M | $50.6M | $32.1M | $25.5M | $24.9M | $17.6M | $17.6M | $17.1M | $17.1M | $17.0M |
| Goodwill | $38.1M | $25.5M | $25.5M | $23.5M | $23.5M | $0 | — | $0 | $1.2M | $6.9M |
| Other intangibles | $38.7M | $23.6M | $25.8M | $20.8M | — | — | — | — | — | — |
| Total assets | $323.6M | $264.1M | $233.9M | $203.9M | $183.7M | $144.3M | $148.1M | $156.3M | $143.3M | $151.6M |
| Accounts payable | $25.7M | $27.3M | $20.8M | $20.2M | $16.7M | $18.0M | $14.3M | $12.4M | $16.2M | $10.3M |
| Short-term debt | — | — | $0 | $2.0M | $2.0M | $0 | $0 | $0 | $0 | $0 |
| Total current liabilities | $156.3M | $136.2M | $118.2M | $86.2M | $59.4M | $43.6M | $49.2M | $54.9M | $37.3M | $32.0M |
| Long-term debt | $13.0M | $0 | $0 | $9.7M | $18.5M | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $183.3M | $144.5M | $128.3M | $107.0M | $87.2M | $46.4M | $51.4M | $57.3M | $40.0M | $37.5M |
| Retained earnings | $106.7M | $94.2M | $82.0M | $77.4M | $77.1M | $89.4M | $91.4M | $93.8M | $99.0M | $110.5M |
| Total equity | $140.3M | $119.6M | $105.6M | $96.9M | $96.5M | $97.9M | $96.7M | $99.0M | $103.3M | $114.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $15.9M | $24.3M | $28.1M | $13.9M | -$2.2M | -$1.7M | $1.2M | $7.9M | $8.5M | $12.4M |
| Depreciation and amortisation | $5.3M | $3.7M | $3.3M | $3.5M | $3.1M | $1.9M | $2.0M | $2.0M | $2.0M | $2.1M |
| Stock-based compensation | $2.1M | $2.0M | $1.3M | $806.0K | $809.0K | $864.0K | $975.0K | $1.1M | $577.0K | $627.0K |
| Capital expenditure | $16.1M | $19.0M | $9.2M | $3.7M | $2.3M | $2.2M | $2.4M | $2.1M | $2.1M | $325.0K |
| Investing cash flow | -$43.1M | -$19.1M | -$16.0M | -$3.7M | -$57.1M | $32.4M | $20.9M | -$28.8M | -$4.1M | $6.7M |
| Financing cash flow | $12.0M | -$521.0K | -$13.4M | -$6.4M | $14.4M | -$4.5M | -$4.5M | -$3.8M | -$3.7M | -$3.5M |
| Dividends paid | — | — | $0 | $0 | $3.5M | $4.4M | $4.2M | $3.8M | $3.5M | $3.5M |
| Buybacks | — | $854.0K | $58.0K | $21.0K | $41.0K | $23.0K | $230.0K | $146.0K | $119.0K | $29.0K |
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 0001193125-26-302521.
Others in SIC 3560
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ITW | ILLINOIS TOOL WORKS INC | $76.93B | 25.8x | 0.9% |
| IR | Ingersoll Rand Inc. | $29.63B | 52.7x | 5.7% |
| ZBRA | ZEBRA TECHNOLOGIES CORP | $17.16B | 44.3x | 8.3% |
| ZWS | Zurn Elkay Water Solutions Corp | $7.94B | 41.4x | 8.3% |
| GTES | Gates Industrial Corp Ltd. | $6.57B | 27.0x | 1.0% |
| TWIN | TWIN DISC INC | $346.8M | 12.8x | 11.9% |
| GTEC | Greenland Technologies Holding Corp. | $19.6M | 3.1x | 8.0% |
| EFXT | Enerflex Ltd. | — | — | 6.5% |