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Makes vacuum and heat-transfer equipment for defense (naval nuclear propulsion), refining, chemical and space customers.
Makes vacuum and heat-transfer equipment for defense (naval nuclear propulsion), refining, chemical and space customers.
Builds to order under long fixed-price contracts, recognizing revenue as work progresses, with the US Navy's submarine and carrier programs as the key buyer through shipbuilders. The 2021 acquisition of Barber-Nichols added turbomachinery for space and defense and shifted the mix toward defense.
Moat: narrow (regulatory licence, customer qualification, process know-how). Qualified defense supplier status for naval nuclear programs is a high barrier for new entrants.
Headquarters: Batavia, New York, United States · Founded: 1936 · Employees: 732
Size Graham (GHM) is a United States Industrials company (Industrial Machinery) with a market value of $916M, the 2303rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $78.02 on 6 Nov 2026.
Performance Over six months the shares fell 20.5%, against -17.7% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 21.2% over the last twelve months (peer median +7.2%); the operating margin is 6.6% (peer median 6.7%).
Valuation It trades at 44.8× forward earnings against a peer median of 14.8× (3rd most expensive of 13).
Capital Return on invested capital runs 2.7 points below its cost of capital (10.6% WACC).
Backlog Backlog (remaining performance obligations) was $561M at 30 Sep 2026, up 12% on a year earlier — 2.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 8.3% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $261M | $245M | $210M | $186M | $157M |
| Revenue growth | — | +17% | +13% | +18% | — |
| Gross profit | $59.0M | $56.0M | $55.2M | $43.2M | $24.3M |
| EBITDA | $26.2M | $24.1M | $20.0M | $12.8M | $7.24M |
| Net income | $11.8M | $12.5M | $12.2M | $4.56M | $367,000 |
| Free cash flow | -$6.12M | -$121,000 | $5.36M | $18.9M | $10.2M |
| Capital expenditure | $11.7M | $16.1M | $19.0M | $9.23M | $3.75M |
| Total debt | $6.79M | $20.2M | $6.85M | $7.77M | $20.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Graham GHM | $916M | -21% | +21% | 7% | 44.8× | n/a |
| Curtiss-Wright CW | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% |
| BWX Technologies BWXT | $11.0B | -42% | +18% | 10% | 23.8× | 19.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GHM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | -4.9% | 10th highest of 21 |
| 6-month return | -20.5% | -17.7% | 10th lowest of 20 |
| Distance from 52-week high | -38.0% | -37.3% | 11th highest of 21 |
| Revenue growth (TTM) | +21.2% | +7.2% | 6th highest of 21 |
| Operating margin | 6.6% | 6.7% | 11th highest of 21 |
| Forward P/E | 44.8× | 14.8× | 3rd most expensive of 13 |
| ROIC minus cost of capital | -2.7 pp | -2.6 pp | 11th highest of 21 |
| EV / EBITDA | 34.1× | 9.6× | 3rd most expensive of 9 |
| Net debt / EBITDA | -0.8× | 0.5× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Graham GHM | United States | $916M | -21% | +21% | 7% | 44.8× | n/a | n/a |
| Kitz 6498.T | Japan | $915M | -21% | +8% | 8% | 10.1× | 4.3% | +9.5% |
| Tianjin Motor Dies 002510.SZ | China | $918M | -10% | +5% | -1% | n/a | 33.8% | +12.2% |
| Qingdao Gaoce Technology 688556.SS | China | $922M | -45% | +5% | -17% | n/a | 8.8% | +37.4% |
| Dynamatic Technologies DYNAMATECH.NS | India | $922M | +3% | +17% | 7% | 88.0× | n/a | n/a |
| Mesnac 002073.SZ | China | $923M | -11% | +18% | 4% | 14.7× | -3.2% | +21.6% |
| Galilei 6420.T | Japan | $925M | -3% | +4% | 13% | 10.7× | n/a | n/a |
| Banco Products (India) BANCOINDIA.NS | India | $905M | -7% | +22% | 14% | n/a | 24.8% | +20.6% |
| Sinoseal 300470.SZ | China | $903M | -18% | +1% | 20% | 14.9× | -0.7% | +13.9% |
| Trican Well Service TCW.TO | Canada | $899M | -10% | +15% | 14% | 9.3× | -11.5% | +22.5% |
| Shanghai SK Automation Technology 688155.SS | China | $936M | -53% | +56% | 15% | 17.6× | 5.3% | +43.3% |
| Unimech Aerospace & Manufacturing UNIMECH.NS | India | $937M | +63% | +40% | 27% | 61.6× | n/a | n/a |
| Shenzhen Dobot 2432.HK | Hong Kong | $937M | -50% | +67% | -33% | n/a | n/a | n/a |
| Shanghai Seer Intelligent Technology 6106.HK | Hong Kong | $940M | n/a | +30% | -12% | n/a | n/a | n/a |
| Jiangyin Hengrun Heavy Industries 603985.SS | China | $942M | -45% | -20% | 9% | n/a | n/a | n/a |
| KraussMaffei 600579.SS | China | $888M | -15% | -22% | 0% | n/a | n/a | n/a |
| Zhejiang Jinggong Integration Technology 002006.SZ | China | $946M | -31% | -12% | 5% | 21.6× | 28.8% | +9.6% |
| SUSS MicroTec SMHN.DE | Germany | $948M | -53% | -15% | 9% | 35.8× | 24.2% | +14.8% |
| Jin Tong Ling Technology 300091.SZ | China | $882M | -36% | -40% | -72% | n/a | n/a | n/a |
| Manitou BF MTU.PA | France | $882M | -6% | +8% | 6% | 8.6× | -3.6% | +10.1% |
| Suzhou Chunqiu Electronic Technology 603890.SS | China | $880M | -38% | +7% | 6% | 13.0× | 5.2% | +4.2% |
Graham reported $561M of remaining performance obligations at 30 Sep 2026, up 12% from a year earlier and up 1% from the previous quarter. That is 2.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.06.