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GHM

Graham Corporation

GHM

Graham Corporation • NYSE
$57.50 ▲ 0.42% (+0.24)
Market Cap $631.76 M
52w High $64.66
52w Low $24.78
Dividend Yield 0%
P/E 46.75
Volume 20.72K
Outstanding Shares 10.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $66.027M ▲ $10.035M ▲ $3.09M ▼ 4.68% ▼ $0.28 ▼ $5.868M ▼
Q1-2025 $55.487M ▼ $9.757M ▼ $4.595M ▲ 8.281% ▲ $0.42 ▲ $6.487M ▼
Q4-2024 $59.345M ▲ $10.489M ▲ $4.395M ▲ 7.406% ▲ $0.4 ▲ $7.08M ▲
Q3-2024 $47.037M ▼ $9.476M ▲ $1.588M ▼ 3.376% ▼ $0.15 ▼ $3.755M ▼
Q2-2024 $53.563M $8.564M $3.281M 6.125% $0.3 $5.654M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $20.579M ▲ $286.99M ▲ $159.4M ▲ $127.59M ▲
Q1-2025 $10.753M ▼ $252.339M ▼ $128.955M ▼ $123.384M ▲
Q4-2024 $21.577M ▼ $264.11M ▼ $144.533M ▼ $119.577M ▲
Q3-2024 $30.046M ▼ $264.25M ▲ $149.819M ▲ $114.431M ▲
Q2-2024 $32.318M $249.53M $137.056M $112.474M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $3.09M ▼ $13.583M ▲ $-4.144M ▲ $375K ▲ $9.826M ▲ $9.439M ▲
Q1-2025 $4.595M ▲ $-2.259M ▲ $-7.004M ▼ $-1.614M ▼ $-10.824M ▼ $-9.263M ▼
Q4-2024 $4.395M ▲ $-3.557M ▼ $-5.157M ▲ $236K ▲ $-8.469M ▼ $-8.714M ▼
Q3-2024 $1.588M ▼ $5.224M ▼ $-7.336M ▼ $-80K ▼ $-2.272M ▼ $-2.112M ▼
Q2-2024 $3.281M $13.933M $-3.486M $212K $10.707M $10.447M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Defense
Defense
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
Space
Space
 $0 ▲$0 ▲$0 ▲$0 ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Refining
Refining
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Graham’s income statement shows a clear turnaround story. Sales have been climbing steadily over the last few years, and profits have followed, moving from small losses or breakeven results to solid profitability most recently. Margins are gradually improving, helped by a richer mix of higher-value defense and space work and better cost control. That said, profitability still looks relatively modest for an industrial business, so execution missteps, project delays, or cost overruns could quickly squeeze earnings. Overall, the trend is positive: the business has shifted from repair mode to growth and margin-recovery mode.

Balance Sheet

Balance Sheet The balance sheet looks generally sound and gradually stronger. Total assets have grown as the company has invested in new capabilities and acquisitions. Equity has crept up, which reflects retained earnings and a more resilient capital base. Debt is present but appears manageable relative to the size of the company and its equity; leverage does not look aggressive. Cash on hand is steady but not especially large, which means the company likely relies on its credit lines and future cash generation to fund growth and any downturns. In short, the financial foundation appears stable but not overly cushioned, making disciplined capital allocation important.

Cash Flow

Cash Flow Cash flow has improved alongside earnings. Operating cash generation has been consistently positive in recent years, which is key for funding day-to-day needs without heavy dependence on external financing. After investment spending, free cash flow is also positive, though not abundant, and recently dipped as the company stepped up capital investment. The higher spending on equipment and capacity fits with the growth and innovation strategy, but it does mean less excess cash in the short run. The main watchpoint is whether these investments translate into higher, more stable cash flows over time.

Competitive Edge

Competitive Edge Graham’s competitive position rests on deep engineering know-how and long-standing relationships in markets where reliability is critical. Its role in U.S. Navy nuclear propulsion systems, high-performance space turbomachinery, and specialized vacuum and heat transfer systems gives it a niche, high-barrier foothold that is difficult for generic manufacturers to challenge. The move away from heavy dependence on refining and petrochemicals toward defense, space, and new energy reduces exposure to classic industrial cycles and ties the company to long-dated, often government-backed programs. A sizable, defense-heavy backlog supports multi-year revenue visibility. Key risks include customer concentration in defense and space, the need to keep meeting very demanding technical standards, and competition from larger industrial and aerospace players that may target these profitable niches.

Innovation and R&D

Innovation and R&D Innovation is a central part of Graham’s strategy. Internally, products like the more efficient NextGen steam ejector show a focus on helping customers cut energy use and emissions, which can be a strong selling point as sustainability pressures rise. Externally, acquisitions have brought in proprietary technologies in diffusers, magnetic pumps, and advanced bearings, especially through the Barber-Nichols platform. These capabilities deepen Graham’s reach into space, defense, cryogenics, and new energy applications. The company is also investing in specialized facilities and more automated manufacturing, which can both improve product performance and support margin expansion. The main uncertainty is how quickly and broadly it can commercialize these technologies beyond a small set of flagship projects, and how smoothly it can integrate the acquired know-how into cohesive product families.

Summary

Graham Corporation is transitioning from a traditional industrial supplier into a more specialized technology and engineering partner for defense, space, and advanced energy markets. Financially, revenue and profitability have improved meaningfully, and cash flows are now consistently positive, though margins and cash cushions remain moderate rather than robust. The balance sheet supports continued investment but leaves limited room for major missteps. Strategically, the company benefits from entrenched positions in mission-critical applications, a growing base of proprietary technologies, and a backlog that offers visibility. At the same time, it faces execution risk in integrating acquisitions, scaling new products, and maintaining flawless performance in very demanding end markets. The trajectory is upward, but success depends on continued disciplined execution, careful capital deployment, and effective commercialization of its innovation pipeline.

NEWS

November 7, 2025 · 6:32 AM UTC

Graham Corporation Reports Second Quarter Fiscal 2026 Results

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November 7, 2025 · 6:30 AM UTC

Graham Corporation Secures Multiple Orders From Leading Space Customers

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October 24, 2025 · 8:00 AM UTC

Graham Corporation Announces Second Quarter Fiscal Year 2026 Financial Results Conference Call and Webcast

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October 20, 2025 · 4:30 PM UTC

Graham Corporation Acquires Xdot Bearing Technologies, Expanding its High-Speed Bearing Technology Capabilities

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October 16, 2025 · 8:00 AM UTC

Graham Corporation to Participate in the Maxim Growth Summit

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