# Graham Holdings Company (GHC)

> Source: Nexqual · https://nexqual.com/GHC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Graham Holdings Company (GHC), nexqual.com/GHC" · informational, not investment advice.

**Price:** USD 1,239.59 (+1.32% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1,223.43 · day 1,209.52–1,241.65 · 52w 990.09–1,262.35 · market cap $5.25B · NYQ

## Key facts
- Valuation: P/E 9.7x (avg 12.5x at the last 3 fiscal year-ends), net debt $744M.
- 2 of 80 tracked superinvestors hold GHC (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Analysts: Sell (mean 4.00 on a 1–5 scale) (1 analysts), mean target USD 1,100 (range 1,100–1,100).
- Total return with dividends: 1Y +23.0% vs S&P 500 +14.9%; 5Y +124.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 18.36, revenue estimate $1.33B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.19B | $3.92B | $4.41B | $4.79B | $4.91B | — |
| Operating income | $77.4M | $83.9M | $69.4M | $216M | $235M | — |
| Net income | $352M | $67.1M | $205M | $725M | $292M | $544M |
| EPS (diluted) | $70.45 | $13.79 | $43.82 | $163.40 | $66.47 | — |
| Free cash flow | $39.9M | $153M | $166M | $324M | $275M | — |
| Operating margin | 2.4% | 2.1% | 1.6% | 4.5% | 4.8% | — |
| Net margin | 11.1% | 1.7% | 4.6% | 15.1% | 6.0% | — |
| Revenue growth | +10.3% | +23.2% | +12.5% | +8.5% | +2.5% | — |
| Cash + short-term investments | $146M | $169M | $170M | $261M | $267M | — |
| Total debt | $668M | $726M | $812M | $748M | $881M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.7x · P/B 1.1x · Earnings yield 10.35% · Net debt $744M · EV $5.99B
P/E at fiscal year-ends: Dec 2025 16.4x, Dec 2024 5.3x, Dec 2023 15.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold GHC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 1.74% | $33.3M | Reduced -22.8% |
| Thomas Gayner | Markel Group | 0.05% | $5.9M | Unchanged |

## Analysts
Consensus Sell (mean 4.00 on a 1–5 scale), 1 analysts; mean target USD 1,100 (low 1,100, high 1,100).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +23.0% | +124.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +23.1% | +17.5% |
| Volatility (annualized) | 23.0% | 24.7% |
| Max drawdown | -13.0% (Jan 2026→Mar 2026) | -19.5% (Sep 2025→Oct 2025) |

## Peers (Conglomerates)
VMI (Valmont Industries, Inc.) USD 435.87 -2.81% · HON (Honeywell International Inc.) USD 218.31 +1.67% · MMM (3M Company) USD 175.56 +0.47% · NSC (Norfolk Southern Corporation) USD 338.23 +3.09% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42%

## More
Full page: https://nexqual.com/GHC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable Segment, Aggregation before Other Operating | $1.21B | 92.9% | +7.4% |
| — Education (part of Reportable Segment, Aggregation before Other Operating) | $417.8M | 32.1% | -4.4% |
| — Automotive (part of Reportable Segment, Aggregation before Other Operating) | $301.4M | 23.1% | +5.5% |
| — Graham Healthcare Group (part of Reportable Segment, Aggregation before Other Operating) | $247.7M | 19.0% | +22.5% |
| — Manufacturing (part of Reportable Segment, Aggregation before Other Operating) | $133.3M | 10.2% | +38.5% |
| — Television Broadcasting (part of Reportable Segment, Aggregation before Other Operating) | $109.6M | 8.4% | +3.4% |
| Other Businesses and Corporate Office | $93.6M | 7.2% | +4.4% |
| Total revenue | $1.30B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Services | $664.6M | 51.0% | -0.6% |
| Goods | $637.9M | 49.0% | +16.6% |
| Total revenue | $1.30B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $18.36 | $17.46 | +5.2% | $1.33B | 1 |
| Next quarter (ends 2026-12-31) | $22.40 | $19.81 | +13.1% | $1.37B | 1 |
| Current fiscal year (ends 2026-12-31) | $74.00 | $69.00 | +7.2% | $5.23B | 1 |
| Next fiscal year (ends 2027-12-31) | $67.50 | $67.00 | +0.7% | $5.42B | 1 |