Graham (GHM)


Market Price (9/23/2026): $87.09 | Market Cap: $1.0 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components

Graham (GHM)


Market Price (9/23/2026): $87.09
Market Cap: $1.0 Bil
Sector: Industrials
Industry: Industrial Machinery & Supplies & Components

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%

Megatrend and thematic drivers
Megatrends include Hydrogen Economy, Energy Transition & Decarbonization, and US Energy Independence. Themes include Green Hydrogen Production, Show more.

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 71x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 182x, P/EPrice/Earnings or Price/(Net Income) is 85x

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.3%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9%

Key risks
GHM key risks include [1] a heavy reliance on defense contracts from a single key customer, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%
1 Megatrend and thematic drivers
Megatrends include Hydrogen Economy, Energy Transition & Decarbonization, and US Energy Independence. Themes include Green Hydrogen Production, Show more.
2 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 71x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 182x, P/EPrice/Earnings or Price/(Net Income) is 85x
3 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.3%
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9%
5 Key risks
GHM key risks include [1] a heavy reliance on defense contracts from a single key customer, Show more.

GHM in ETFs

Weight = GHM's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
IWO0.06%
VTWO0.03%
DFAS0.02%
SCHA0.02%
DFAC0.00%
+2 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/14/2026

Graham (GHM) stock has lost about 15% since 5/31/2026 because of the following key factors:

1. Gross margin compression significantly impacted profitability, driven by a less favorable sales mix.

Graham Corporation's gross profit margin declined from 27.0% in Q4 fiscal 2026 (ended March 31, 2026) to 22.7% in the prior year period, primarily due to an increased level of lower-margin Defense sales and accounting adjustments related to the FlackTek acquisition. This trend continued into fiscal Q1 2027 (ended June 30, 2026), where gross margin further decreased to 25.0% from 26.5% year-over-year, as Defense work, which carries lower profit margins, constituted 58% of net sales.

2. Despite strong revenue growth, GAAP net income and diluted earnings per share (EPS) declined.

While Graham reported record net sales of $71.3 million in fiscal Q1 2027, a 29% increase from the prior year, GAAP diluted EPS for the quarter was $0.33, representing a 21% decrease compared to $0.42 in fiscal Q1 2026. Similarly, GAAP net income fell by 15%, from $4.595 million in Q1 fiscal 2026 to $3.912 million in fiscal Q1 2027, and operating income also decreased from $4.964 million to $4.152 million year-over-year.

Show more
Updated on 9/14/2026

Graham (GHM) stock has lost about 15% since 5/31/2026 because of the following key factors:

1. Gross margin compression significantly impacted profitability, driven by a less favorable sales mix.

Graham Corporation's gross profit margin declined from 27.0% in Q4 fiscal 2026 (ended March 31, 2026) to 22.7% in the prior year period, primarily due to an increased level of lower-margin Defense sales and accounting adjustments related to the FlackTek acquisition. This trend continued into fiscal Q1 2027 (ended June 30, 2026), where gross margin further decreased to 25.0% from 26.5% year-over-year, as Defense work, which carries lower profit margins, constituted 58% of net sales.

2. Despite strong revenue growth, GAAP net income and diluted earnings per share (EPS) declined.

While Graham reported record net sales of $71.3 million in fiscal Q1 2027, a 29% increase from the prior year, GAAP diluted EPS for the quarter was $0.33, representing a 21% decrease compared to $0.42 in fiscal Q1 2026. Similarly, GAAP net income fell by 15%, from $4.595 million in Q1 fiscal 2026 to $3.912 million in fiscal Q1 2027, and operating income also decreased from $4.964 million to $4.152 million year-over-year.

3. Investor concerns over future margins and unchanged fiscal year guidance weighed on the stock.

Following the release of fiscal Q4 2026 results on June 8, 2026, Graham's stock dropped 8.5% in pre-market trading, largely attributed to investor worries about future margins and market conditions, despite the company exceeding adjusted EPS and revenue forecasts. This market sentiment persisted after the fiscal Q1 2027 earnings report on August 6, 2026, where the stock declined 2.01% despite an adjusted EPS beat, as the company reaffirmed its existing full-year fiscal 2027 guidance for net sales of $285-$295 million and adjusted EBITDA of $35-$40 million, potentially signaling a lack of anticipated upside beyond initial projections.

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Stock Movement Drivers

Fundamental Drivers

The -13.2% change in GHM stock from 5/31/2026 to 9/22/2026 was primarily driven by a -28.0% change in the company's Net Income Margin (%).
(LTM values as of)53120269222026Change
Stock Price ($)100.1486.94-13.2%
Change Contribution By: 
Total Revenues ($ Mil)2382619.9%
Net Income Margin (%)6.3%4.5%-28.0%
P/E Multiple73.785.315.7%
Shares Outstanding (Mil)1112-5.3%
Cumulative Contribution-13.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/22/2026
ReturnCorrelation
GHM-13.2% 
Market (SPY)2.5%39.5%
Sector (XLI)-1.4%64.9%

Fundamental Drivers

The 7.0% change in GHM stock from 2/28/2026 to 9/22/2026 was primarily driven by a 42.7% change in the company's P/E Multiple.
(LTM values as of)22820269222026Change
Stock Price ($)81.2286.947.0%
Change Contribution By: 
Total Revenues ($ Mil)2382619.9%
Net Income Margin (%)6.3%4.5%-28.0%
P/E Multiple59.885.342.7%
Shares Outstanding (Mil)1112-5.3%
Cumulative Contribution7.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/22/2026
ReturnCorrelation
GHM7.0% 
Market (SPY)13.3%49.1%
Sector (XLI)-3.4%64.9%

Fundamental Drivers

The 77.2% change in GHM stock from 8/31/2025 to 9/22/2026 was primarily driven by a 120.6% change in the company's P/E Multiple.
(LTM values as of)83120259222026Change
Stock Price ($)49.0586.9477.2%
Change Contribution By: 
Total Revenues ($ Mil)21526121.2%
Net Income Margin (%)6.4%4.5%-29.7%
P/E Multiple38.785.3120.6%
Shares Outstanding (Mil)1112-5.8%
Cumulative Contribution77.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/22/2026
ReturnCorrelation
GHM77.2% 
Market (SPY)21.2%48.6%
Sector (XLI)13.5%62.5%

Fundamental Drivers

The 443.4% change in GHM stock from 8/31/2023 to 9/22/2026 was primarily driven by a 227.3% change in the company's Net Income Margin (%).
(LTM values as of)83120239222026Change
Stock Price ($)16.0086.94443.4%
Change Contribution By: 
Total Revenues ($ Mil)16926154.9%
Net Income Margin (%)1.4%4.5%227.3%
P/E Multiple73.185.316.7%
Shares Outstanding (Mil)1112-8.1%
Cumulative Contribution443.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/22/2026
ReturnCorrelation
GHM443.4% 
Market (SPY)78.3%48.0%
Sector (XLI)64.3%55.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GHM Return-16%-23%97%134%44%34%483%
Peers Return16%-11%18%0%9%-15%12%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
GHM Win Rate42%50%67%58%67%56% 
Peers Win Rate62%33%58%50%58%27% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
GHM Max Drawdown-30%-52%-24%-23%-46%-33% 
Peers Max Drawdown-16%-34%-22%-19%-19%-25% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: XYL, GGG, CEPL, GFUZ, MFP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/22/2026 (YTD)

How Low Can It Go

EventGHMS&P 500
2025 US Tariff Shock
  % Loss-26.4%-18.8%
  % Gain to Breakeven35.9%23.1%
  Time to Breakeven35 days79 days
2023 SVB Regional Banking Crisis
  % Loss-15.0%-6.7%
  % Gain to Breakeven17.6%7.1%
  Time to Breakeven22 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.7%-24.5%
  % Gain to Breakeven98.9%32.4%
  Time to Breakeven203 days427 days
2020 COVID-19 Crash
  % Loss-38.8%-33.7%
  % Gain to Breakeven63.4%50.9%
  Time to Breakeven1210 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.5%-19.2%
  % Gain to Breakeven36.1%23.8%
  Time to Breakeven1918 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-16.5%-12.2%
  % Gain to Breakeven19.7%13.9%
  Time to Breakeven45 days62 days

Compare to XYL, GGG, CEPL, GFUZ, MFP

In The Past

Graham's stock fell -26.4% during the 2025 US Tariff Shock. Such a loss loss requires a 35.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGHMS&P 500
2025 US Tariff Shock
  % Loss-26.4%-18.8%
  % Gain to Breakeven35.9%23.1%
  Time to Breakeven35 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.7%-24.5%
  % Gain to Breakeven98.9%32.4%
  Time to Breakeven203 days427 days
2020 COVID-19 Crash
  % Loss-38.8%-33.7%
  % Gain to Breakeven63.4%50.9%
  Time to Breakeven1210 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.5%-19.2%
  % Gain to Breakeven36.1%23.8%
  Time to Breakeven1918 days105 days
2014-2016 Oil Price Collapse
  % Loss-50.4%-6.8%
  % Gain to Breakeven101.7%7.3%
  Time to Breakeven948 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-24.7%-17.9%
  % Gain to Breakeven32.8%21.8%
  Time to Breakeven25 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-27.4%-15.4%
  % Gain to Breakeven37.7%18.2%
  Time to Breakeven149 days125 days
2008-2009 Global Financial Crisis
  % Loss-66.8%-53.4%
  % Gain to Breakeven201.3%114.4%
  Time to Breakeven688 days1085 days

Compare to XYL, GGG, CEPL, GFUZ, MFP

In The Past

Graham's stock fell -26.4% during the 2025 US Tariff Shock. Such a loss loss requires a 35.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Graham (GHM)

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Graham Corporation (GHM) is an engineering and manufacturing company that designs, produces, and supplies highly specialized vacuum and heat transfer equipment for a wide range of industrial applications. The company also offers turbomachinery products for advanced technological markets. Beyond manufacturing, Graham supports its installed base by providing essential servicing and selling spare parts for its equipment.

The company's primary offerings include a comprehensive suite of heat transfer equipment such as surface condensers, heliflows, water heaters, and various types of heat exchangers, in addition to custom-engineered ejectors. For vacuum-related needs, Graham manufactures steam jet ejector vacuum systems and liquid ring vacuum pumps. Its turbomachinery segment develops critical components for the aerospace, cryogenic, defense, and energy markets.

Graham serves a global and diverse customer base, with its equipment being vital to industries such as chemical processing, petrochemicals, and petroleum refining. The company also plays a role in power generation, alternative energy, and the defense sector. With its specialized turbomachinery, it caters to the aerospace and cryogenic industries. Graham reaches its customers through direct sales and a network of independent sales representatives across the United States, the Middle East, Canada, Asia, South America, and other international territories.

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AI Analysis | Feedback

Graham (GHM) is like:

  • A very specialized division of General Electric (GE), focusing entirely on the vacuum and heat transfer systems essential for industrial plants and power generation.
  • An industrial-grade Trane Technologies, but providing critical heat transfer and vacuum equipment specifically for chemical, refining, and power generation facilities.

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  • Heat Transfer Equipment: This includes surface condensers, heliflows, water heaters, various types of heat exchangers, and custom-engineered ejectors for industrial applications.
  • Vacuum Equipment: Graham offers steam jet ejector vacuum systems and liquid ring vacuum pumps designed for creating and maintaining vacuum.
  • Turbomachinery Products: Specialized rotating machinery is provided for the aerospace, cryogenic, defense, and energy markets.
  • Aftermarket Services and Spare Parts: The company services its manufactured equipment and sells replacement parts.

AI Analysis | Feedback

Graham Corporation (GHM) primarily sells its products and services to other companies (B2B).

Graham Corporation does not publicly disclose the names of its specific major customers, which is common for companies operating in the industrial supply sector. Public filings indicate that no single customer accounted for 10% or more of net sales in recent fiscal years, meaning there isn't a single dominant customer to be named.

Based on the company's descriptions, its major customers are companies operating within the following industries:

  • Chemical Industry
  • Petrochemical Industry
  • Petroleum Refining Industry
  • Power Generation / Alternative Energy Industry
  • Defense Industry
  • Aerospace Industry
  • Cryogenic Industry
  • Other industrial sectors requiring vacuum and heat transfer equipment and turbomachinery products.

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Matthew J. Malone, President and Chief Executive Officer

Matthew J. Malone became President and Chief Executive Officer of Graham Corporation in June 2025. He joined Barber-Nichols, a Graham subsidiary, in 2015 as a Project Engineer focusing on rocket engine turbopump design and development. He was promoted to Navy Program Manager in 2018 and became Vice President of Operations for Barber-Nichols in 2020. Mr. Malone began his career at GE Transportation, holding various engineering and management positions.

Christopher J. Thome, Vice President - Finance, Chief Financial Officer and Chief Accounting Officer

Christopher J. Thome was appointed Vice President - Finance and Chief Financial Officer of Graham Corporation in April 2022. Prior to joining Graham, Mr. Thome served as Corporate Controller for Allied Motion Technologies Inc. (Nasdaq: AMOT). He brings nearly 30 years of experience in finance and accounting leadership, audit, public company financial reporting, treasury, operational accounting, and shared services implementation. From 2006 to 2020, he held progressively advancing roles at Integer Holdings (NYSE: ITGR), including Senior Director – Treasurer and Senior Director – Financial Reporting, Treasury Operations and Shared Services. Mr. Thome also served as Vice President – Reporting and Investor Relations Manager with First Niagara Financial Group and began his career as a Senior Accountant with PricewaterhouseCoopers LLP.

Mike Dixon, Vice President and General Manager of Barber-Nichols

Mike Dixon became Vice President of Graham Corporation and General Manager of Barber-Nichols in June 2025. Before this role, he served as Director of Sales and Marketing at Graham since August 2021, where he played a key role in expanding technical capabilities and securing major contracts in the space, aerospace, and defense sectors. His career also includes roles of increasing responsibility at Sundyne, and he began his career at ESS Metron.

Matthew Gross, Vice President and General Manager, FlackTek™

Matthew Gross joined Graham Corporation’s leadership team as Vice President and General Manager, where he leads the FlackTek™ business. He is the former CEO and Co-Founder of FlackTek™, an entrepreneur and materials engineer with over a decade of technical and executive leadership experience, and a track record of translating engineering innovation into scalable commercial success. Prior to co-founding FlackTek™, Mr. Gross served as a Materials Engineer at Ball Aerospace.

William Zmyndak, Deputy General Manager of Graham Manufacturing (to be Vice President and General Manager)

William Zmyndak was appointed Deputy General Manager of Graham Manufacturing in February 2026 and is expected to assume the role of Vice President and General Manager of Graham Manufacturing in April 2026, succeeding Alan Smith. Mr. Zmyndak brings more than three decades of manufacturing and operational leadership experience, including senior leadership and P&L responsibility across complex, multi-site aerospace and industrial businesses. Before joining Graham, he served as Vice President and General Manager at ITT Control Technologies. Earlier in his career, he held senior leadership roles at Kaman Aerosystems, Chromalloy, Barnes Aerospace, and Pratt & Whitney.

AI Analysis | Feedback

The key risks to Graham Corporation's business are:

  1. Customer Concentration in the Defense Industry: Graham Corporation faces significant customer concentration risk due to its increasing reliance on the defense industry, particularly the U.S. Navy. Sales to the defense sector accounted for approximately 58% of total sales in fiscal 2025 and 54% in fiscal 2024. Furthermore, roughly 85% of the company's record backlog, which was $515.6 million as of February 2026 and $500.1 million as of the end of the third quarter of calendar year 2025 (Q2 Fiscal Year 2026), is tied to defense programs, primarily the U.S. Navy. This concentration exposes Graham to potential disruptions, short or long term, in funding for these projects or shifts in U.S. Navy priorities and budgets.

  2. Cyclicality and Market Uncertainty in the Energy & Process Segment: Graham's energy business is highly cyclical, depending heavily on customers' willingness to invest in major capital projects. The Energy & Process segment is currently experiencing a mixed demand environment, characterized by slowing large capital expenditure decisions due to factors such as lower oil prices, tariffs, and broader macroeconomic uncertainty. While the company has diversified into defense to mitigate this, sales to the more cyclical refining industry still represented approximately 16% of revenue in fiscal 2024.

  3. Project Delays and Conversion Risk of Backlog: Although Graham boasts a record backlog, a significant portion of this future revenue is subject to macro-level delays and the inherent complexities of large, custom projects. Delays in defense projects can impact revenue recognition, and any shifts in defense budgets or program timing could affect the conversion of this substantial backlog to actual revenue. Additionally, "lumpy material receipts and order timing" can introduce quarter-to-quarter volatility in margins and reported results, requiring efficient execution to convert the backlog into timely revenue without margin erosion.

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Graham Corporation (GHM) operates within several significant addressable markets for its vacuum and heat transfer equipment, and turbomachinery products globally.

Vacuum and Heat Transfer Equipment

  • Heat Exchangers: The global heat exchangers market was valued at approximately USD 19.25 billion in 2024 and is projected to grow to about USD 36.60 billion by 2034. Other estimates place the global market size at USD 19.7 billion in 2023, projected to reach USD 33.2 billion by 2033, or USD 20.01 billion in 2025, growing to USD 33.60 billion by 2034. The market is driven by extensive usage in chemical plants, petrochemical plants, power stations, and petroleum refineries.
  • Industrial Vacuum Pumps: The global industrial vacuum pump market size was estimated at USD 5.93 billion in 2025 and is expected to reach USD 8.04 billion by 2030. Another report estimated the global vacuum pumps market size at USD 6.87 billion in 2025, with a projection to increase to approximately USD 12.01 billion by 2035. The demand is fueled by semiconductor manufacturing, chemical processing, and energy industries.

Turbomachinery Products

  • Overall Turbomachinery Market: The global turbomachinery market was valued at approximately USD 13.8 billion in 2024 and is expected to reach USD 21.4 billion by 2031. Another assessment indicates the market was valued at USD 27.91 billion in 2024 and is expected to reach USD 32.37 billion by 2032. This market is driven by demand from industries such as oil & gas, power generation, and aerospace.
  • Aerospace Turbomachinery (Aircraft Turbine Engines): The global aircraft turbine engine market size was approximately USD 82.64 billion in 2024 and is predicted to grow to around USD 182.49 billion by 2034. The aviation gas turbine market specifically was valued at USD 12.14 billion in 2025 and is expected to grow to USD 16.21 billion by 2030.
  • Cryogenic Equipment: The global cryogenic equipment market, which is relevant for turbomachinery in cryogenic applications, was estimated at USD 21.4 billion in 2025 and is expected to grow to USD 37 billion by 2035. Other estimates include a market size of USD 22.73 billion in 2024, expected to reach USD 34.40 billion by 2033, or USD 26.57 billion in 2025, expected to reach USD 45.39 billion by 2033.
  • Defense Industry Equipment: The broader global defense equipment market, which Graham serves with certain products, was valued at USD 539.96 billion in 2024 and is projected to reach USD 795.54 billion by 2033. Specific segments include the air-based defense equipment market, which was USD 174.46 billion in 2025, and the military and defense ground support equipment market, valued at USD 829.4 million in 2025.

AI Analysis | Feedback

Graham Corporation (GHM) is expected to drive future revenue growth over the next 2-3 years through several key areas:

  1. Strong Demand and Conversion of Record Backlog in the Defense Sector: Graham's defense segment is a primary revenue source, particularly with critical U.S. Navy programs, including the Virginia- and Columbia-class nuclear submarine programs. The company has a record backlog, with a significant portion expected to convert to revenue within the next 12-24 months, providing strong revenue visibility and growth.
  2. Growth in Space and New Energy Markets: The company is experiencing strong demand in the space market, which is considered a high-growth area. Additionally, the energy and process market is showing momentum, especially in new energy applications like small modular reactors (SMRs).
  3. Strategic Acquisitions and Investments: Recent strategic acquisitions, such as FlackTek and Xdot Bearing Technologies, are expected to enhance Graham's competitive positioning, expand its technology platforms, and contribute to overall revenue growth. The company is also making strategic investments in organic growth opportunities, including modernizing designs, expanding offerings, and improving facilities and automated technologies.
  4. Organic Growth Initiatives and Operational Execution: Graham is focused on organic revenue growth, targeting 8% to 10% annually, supported by new programs, better pricing strategies, and continuous improvements in operational efficiency. These initiatives are aimed at expanding core technology platforms and leveraging new capabilities to enhance market reach and profitability.

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Capital Allocation Decisions of Graham Corporation (GHM) over the Last 3-5 Years

Share Repurchases

  • Graham Corporation made share repurchases totaling approximately $834.88 thousand in fiscal year 2025 (ended March 31, 2025).
  • Share repurchases for fiscal year 2024 (ended March 31, 2024) were approximately $59.26 thousand.
  • In fiscal year 2023 (ended March 31, 2023) and fiscal year 2022 (ended March 31, 2022), the company repurchased approximately $23.76 thousand and $43.87 thousand of its shares, respectively.

Share Issuance

  • In January 2026, Graham Corporation issued 75,818 shares of its common stock as part of the consideration for the acquisition of FlackTek Manufacturing and FlackTek Sales.
  • As of November 6, 2025, Graham Corporation had 10,987,954 shares of common stock outstanding.

Inbound Investments

  • In fiscal year 2024, Graham Corporation received a $13.5 million strategic investment from a major defense customer to expand its Batavia, New York production capabilities, primarily for machinery and equipment, supporting the U.S. Navy's shipbuilding schedule.
  • Fiscal year 2025 benefited from a $1.3 million grant received from the BlueForge Alliance to reimburse the company for costs associated with its Defense welder training programs in Batavia and related equipment.

Outbound Investments

  • In January 2026, Graham Corporation acquired FlackTek Manufacturing and FlackTek Sales for a purchase price of $35 million. This was paid 85% in cash and 15% through the issuance of 75,818 shares of Graham common stock, with a potential for up to $25 million in performance-based cash earnouts over four years starting in fiscal year 2027.
  • In November 2023 (fiscal year 2024), the company invested $6.8 million in the acquisition of P3 Technologies.
  • Graham Corporation acquired Barber-Nichols, LLC in June 2021 (fiscal year 2022).

Capital Expenditures

  • For the third quarter of fiscal year 2026 (ended December 31, 2025), capital expenditures were $2.2 million, primarily focused on capacity expansion, increasing capabilities, and productivity improvements.
  • Capital expenditures for fiscal year 2025 (ended March 31, 2025) totaled $19.0 million, dedicated to capacity expansion, increasing capabilities, and productivity improvements, including projects such as automated welding, the expansion of its Batavia, NY facility, and a new cryogenic testing facility.
  • In fiscal year 2024 (ended March 31, 2024), capital expenditures were $9.2 million, concentrated on capacity expansion, productivity improvements, and the initiation of ERP system implementation. Expected capital expenditures for the full fiscal year 2026 are projected to be between $15.0 million and $18.0 million, with an estimated 7% to 10% of sales allocated to capital expenditures annually for the next several years.

Better Bets vs. Graham (GHM)

Peer Outperformance in Industrial Machinery & Supplies & Components

GHM has outperformed 96% of its 72 Industrial Machinery & Supplies & Components peers over 5Y. Industrial Machinery & Supplies & Components ranks 7th of 23 industries in Industrials by median 5Y return.
Share of Industrial Machinery & Supplies & Components constituents that GHM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
88%
of 76 industry peers · 67.4% return
3Y
96%
of 74 industry peers · 465.6% return
5Y
96%
of 72 industry peers · 604.0% return
No Industrial Machinery & Supplies & Components peer with a comparable growth profile has beaten GHM by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Industrial Machinery & Supplies & Components is GHM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 31 4.9%113.4%189.3% STRL 2263% · CDNL 2216% · FIX 2188%
Marine Transportation 9 75.9%107.9%157.6% HOS 44163% · ASC 540% · MATX 195%
Construction Machinery & Heavy Transportation Equipment 13 5.8%51.3%128.1% CAT 348% · ALSN 247% · WAB 234%
Aerospace & Defense 56 -6.7%74.0%73.2% ATI 1012% · FTAI 956% · HWM 621%
Trading Companies & Distributors 19 8.8%43.2%59.2% DXPE 563% · AIT 295% · WCC 220%
Rail Transportation 7 24.1%55.7%52.3% FSTR 144% · CSX 65% · RAIL 63%
Industrial Machinery & Supplies & Components ← 73 9.4%55.0%38.9% CRS 1184% · PSIX 1105% · EROC 637%
Diversified Support Services 33 11.4%36.2%34.5% LIME 3198% · TH 445% · WLFC 358%
Cargo Ground Transportation 16 35.3%0.2%29.7% XPO 240% · R 228% · CVLG 155%
Electrical Components & Equipment 41 -1.0%62.2%24.6% POWL 2390% · BE 1308% · VRT 957%
Building Products 34 -13.8%1.8%18.9% LMB 638% · GFF 399% · PPIH 291%
Passenger Ground Transportation 3 -31.7%49.9%4.9% UBER 54% · CAR 5% · LYFT -73%
Industrial Conglomerates 17 12.1%9.3%2.7% RCMT 455% · CSW 148% · DD 76%
Agricultural & Farm Machinery 17 2.1%3.8%-5.6% BLBD 191% · DE 114% · GENC 62%
Environmental & Facilities Services 29 -9.4%21.8%-6.3% CECO 958% · ADUR 422% · NVRI 350%
Research & Consulting Services 14 -15.6%-24.4%-12.9% HURN 205% · CRAI 73% · GRNQ 62%
Data Processing & Outsourced Services 6 -33.8%-15.3%-26.3% EXLS 42% · BR 6% · G -25%
Passenger Airlines 11 10.5%22.0%-29.9% LTM 3123% · UAL 143% · SKYW 107%
Office Services & Supplies 9 8.6%13.0%-34.5% PBI 171% · TILE 145% · HNI 52%
Human Resource & Employment Services 22 4.2%-14.1%-37.6% BBSI 84% · ADP 50% · PAYX 21%
Air Freight & Logistics 12 -23.0%-20.9%-39.3% CHRW 90% · FDX 78% · EXPD 59%
Security & Alarm Services 10 -24.5%17.1%-46.6% CIX 161% · MG 127% · NL 75%
Airport Services 3 -73.9%-77.8%-61.5% JOBY -39% · ASLE -62% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GHMXYLGGGCEPLGFUZMFPMedian
NameGraham Xylem Graco Capstone.General .Midera F. 
Mkt Price86.94107.8577.645.958.2544.7461.19
Mkt Cap1.025.512.7---12.7
Rev LTM2619,1262,267103-856856
Op Inc LTM141,4196225-8484
FCF LTM-69606293-5656
FCF 3Y Avg1910566---566
CFO LTM61,3016734-8888
CFO 3Y Avg161,243657---657

Growth & Margins

GHMXYLGGGCEPLGFUZMFPMedian
NameGraham Xylem Graco Capstone.General .Midera F. 
Rev Chg LTM21.2%4.5%4.6%5.4%--5.0%
Rev Chg 3Y Avg15.8%15.7%1.2%11.7%--13.7%
Rev Chg Q28.6%1.5%3.3%-10.6%--2.4%
QoQ Delta Rev Chg LTM6.5%0.4%0.8%-2.8%--0.6%
Op Inc Chg LTM-16.1%22.4%7.8%305.8%--15.1%
Op Inc Chg 3Y Avg69.8%28.5%0.9%119.4%--49.1%
Op Mgn LTM5.4%15.5%27.4%4.4%-9.8%9.8%
Op Mgn 3Y Avg5.6%13.3%27.7%-7.7%--9.5%
QoQ Delta Op Mgn LTM-0.7%0.7%0.6%1.2%--0.6%
CFO/Rev LTM2.1%14.3%29.7%4.3%-10.3%10.3%
CFO/Rev 3Y Avg7.8%14.2%29.9%---14.2%
FCF/Rev LTM-2.3%10.5%27.8%2.8%-6.5%6.5%
FCF/Rev 3Y Avg0.8%10.4%25.7%---10.4%

Valuation

GHMXYLGGGCEPLGFUZMFPMedian
NameGraham Xylem Graco Capstone.General .Midera F. 
Mkt Cap1.025.512.7---12.7
P/S3.92.85.6---3.9
P/Op Inc71.018.020.4---20.4
P/EBIT71.019.719.4---19.7
P/E85.325.023.8---25.0
P/CFO181.919.618.9---19.6
Total Yield1.2%5.6%5.7%---5.6%
Dividend Yield0.0%1.6%1.5%---1.5%
FCF Yield 3Y Avg1.2%3.0%4.3%---3.0%
D/E0.00.10.0---0.0
Net D/E-0.00.1-0.0----0.0

Returns

GHMXYLGGGCEPLGFUZMFPMedian
NameGraham Xylem Graco Capstone.General .Midera F. 
1M Rtn-14.3%-4.5%-3.7%-9.8%17.9%-11.8%-7.2%
3M Rtn-20.8%-1.9%5.1%-46.6%-25.0%22.2%-11.4%
6M Rtn2.4%-9.8%-8.5%-46.6%-25.0%22.2%-9.2%
12M Rtn67.4%-23.8%-6.8%-46.6%-25.0%22.2%-15.3%
3Y Rtn465.6%23.1%10.1%-46.6%-25.0%22.2%16.2%
1M Excs Rtn-15.5%-5.7%-4.9%-11.0%16.7%-12.9%-8.4%
3M Excs Rtn-26.2%-7.4%-0.3%-52.1%-30.4%16.8%-16.8%
6M Excs Rtn-14.7%-27.4%-26.2%-64.6%-43.0%4.3%-26.8%
12M Excs Rtn45.5%-40.0%-23.5%-63.1%-41.5%5.7%-31.7%
3Y Excs Rtn386.1%-57.3%-67.2%-121.1%-99.5%-52.2%-62.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Design and manufacture mission critical fluid, power, heat transfer, vacuum and advanced mixing245210186157123
Total245210186157123


Net Income by Segment
$ Mil2026202520242023
Design and manufacture mission critical fluid, power, heat transfer, vacuum and advanced mixing121250
Total121250


Price Behavior

Price Behavior
Market Price$86.94 
Market Cap ($ Bil)1.0 
First Trading Date03/17/1992 
Distance from 52W High-29.8% 
   50 Days200 Days
DMA Price$97.79$89.38
DMA Trendupdown
Distance from DMA-11.1%-2.7%
 3M1YR
Volatility58.1%54.5%
Downside Capture394.33198.56
Upside Capture180.20223.69
Correlation (SPY)49.0%48.5%
GHM Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta3.213.531.962.052.101.62
Up Beta4.174.202.852.142.151.46
Down Beta3.523.290.841.371.831.48
Up Capture140%186%181%269%452%1431%
Bmk +ve Days10213268138427
Stock +ve Days11213364136394
Down Capture458%439%217%194%153%110%
Bmk -ve Days11213259113324
Stock -ve Days10213163115353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GHM
GHM62.4%54.5%1.08-
Sector ETF (XLI)12.7%17.2%0.5362.2%
Equity (SPY)17.6%13.0%0.9848.4%
Gold (GLD)18.0%29.3%0.5627.1%
Commodities (DBC)46.6%20.7%1.75-16.6%
Real Estate (VNQ)5.2%13.6%0.1219.4%
Bitcoin (BTCUSD)-26.0%44.9%-0.5420.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GHM
GHM46.7%50.7%0.94-
Sector ETF (XLI)12.7%17.6%0.5539.8%
Equity (SPY)13.3%17.2%0.5935.3%
Gold (GLD)18.9%18.8%0.819.8%
Commodities (DBC)10.8%19.6%0.436.1%
Real Estate (VNQ)1.0%18.9%-0.0518.9%
Bitcoin (BTCUSD)12.7%52.6%0.4215.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GHM
GHM17.9%45.8%0.53-
Sector ETF (XLI)13.3%20.0%0.5840.2%
Equity (SPY)15.4%17.9%0.7336.3%
Gold (GLD)12.2%16.4%0.617.1%
Commodities (DBC)8.3%18.1%0.3712.0%
Real Estate (VNQ)4.7%20.7%0.1924.4%
Bitcoin (BTCUSD)64.0%66.2%1.049.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity0.8 Mil
Short Interest: % Change Since 815202612.0%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest4.2 days
Basic Shares Quantity11.6 Mil
Short % of Basic Shares7.2%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20260.5%8.3%-17.7%
6/8/2026-11.0%-3.0%-0.4%
2/6/202612.9%13.7%15.9%
11/7/20250.4%-6.4%-0.3%
8/5/2025-18.2%-15.6%-17.5%
6/9/20256.3%10.1%22.5%
2/7/2025-16.1%-20.2%-35.6%
11/8/202417.0%21.6%29.6%
...
SUMMARY STATS   
# Positive151412
# Negative91012
Median Positive7.0%13.7%20.9%
Median Negative-5.8%-4.9%-5.8%
Max Positive17.0%21.6%44.7%
Max Negative-24.4%-21.7%-35.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20260.5%8.3%-17.7%
6/8/2026-11.0%-3.0%-0.4%
2/6/202612.9%13.7%15.9%
11/7/20250.4%-6.4%-0.3%
8/5/2025-18.2%-15.6%-17.5%
6/9/20256.3%10.1%22.5%
2/7/2025-16.1%-20.2%-35.6%
11/8/202417.0%21.6%29.6%
8/7/2024-4.1%-0.8%-1.1%
6/7/20246.1%13.7%4.3%
2/5/202411.0%15.9%20.7%
11/6/2023-2.4%1.4%9.8%
8/7/202313.5%20.3%21.2%
6/8/202311.1%13.7%11.5%
2/6/20237.0%16.4%31.3%
11/7/20229.0%16.6%15.2%
7/29/20228.3%19.2%44.7%
6/9/20226.1%-3.3%-18.8%
2/8/2022-24.4%-21.7%-33.1%
10/27/2021-2.7%-0.5%-0.5%
8/10/2021-3.9%-9.2%-6.2%
6/1/20214.2%0.6%-5.4%
1/28/2021-5.8%-0.6%-0.8%
10/28/20203.4%6.0%21.1%
SUMMARY STATS   
# Positive151412
# Negative91012
Median Positive7.0%13.7%20.9%
Median Negative-5.8%-4.9%-5.8%
Max Positive17.0%21.6%44.7%
Max Negative-24.4%-21.7%-35.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202606/08/202610-K
12/31/202502/06/202610-Q
09/30/202511/07/202510-Q
06/30/202508/05/202510-Q
03/31/202506/09/202510-K
12/31/202402/07/202510-Q
09/30/202411/08/202410-Q
06/30/202408/07/202410-Q
03/31/202406/07/202410-K
12/31/202302/05/202410-Q
09/30/202311/06/202310-Q
06/30/202308/07/202310-Q
03/31/202306/08/202310-K
12/31/202202/06/202310-Q
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202606/08/202610-K
12/31/202502/06/202610-Q
09/30/202511/07/202510-Q
06/30/202508/05/202510-Q
03/31/202506/09/202510-K
12/31/202402/07/202510-Q
09/30/202411/08/202410-Q
06/30/202408/07/202410-Q
03/31/202406/07/202410-K
12/31/202302/05/202410-Q
09/30/202311/06/202310-Q
06/30/202308/07/202310-Q
03/31/202306/08/202310-K
12/31/202202/06/202310-Q
09/30/202211/07/202210-Q
06/30/202208/01/202210-Q
03/31/202206/09/202210-K
12/31/202102/08/202210-Q
09/30/202110/29/202110-Q
06/30/202108/12/202110-Q
03/31/202106/02/202110-K
12/31/202002/01/202110-Q
09/30/202010/30/202010-Q
06/30/202008/03/202010-Q
03/31/202006/15/202010-K
12/31/201901/31/202010-Q
09/30/201911/05/201910-Q

Recent Forward Guidance

Updated 8/7/2026

Latest: Q1 2027 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Net SalesReported285.00 Mil290.00 Mil295.00 Mil0 AffirmedGuidance: 290.00 Mil for 2027
2027 Gross ProfitCalculated69.83 Mil72.50 Mil75.22 Mil  Rev x Gross Margin
2027 Gross MarginReported24.5%25.0%25.5% 0AffirmedGuidance: 25.0% for 2027
2027 SG&A expenseReported0.170.170.17 0AffirmedGuidance: 0.17 for 2027
2027 Adjusted EBITDAReported35.00 Mil37.50 Mil40.00 Mil0 AffirmedGuidance: 37.50 Mil for 2027
2027 Effective Tax RateReported18.0%19.0%20.0% 0AffirmedGuidance: 19.0% for 2027
2027 Capital ExpendituresReported18.00 Mil20.00 Mil22.00 Mil0 AffirmedGuidance: 20.00 Mil for 2027


Prior: Q4 2026 Earnings Reported 6/8/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Net SalesReported285.00 Mil290.00 Mil295.00 Mil22.9% Higher NewGuidance: 236.00 Mil for 2026
2027 Gross ProfitCalculated69.83 Mil72.50 Mil75.22 Mil  Rev x Gross Margin
2027 Gross MarginReported24.5%25.0%25.5% 0.5%Higher NewGuidance: 24.5% for 2026
2027 SG&A expenseReported0.170.170.17 -1.0%Lower NewGuidance: 0.18 for 2026
2027 Adjusted EBITDAReported35.00 Mil37.50 Mil40.00 Mil44.2% Higher NewGuidance: 26.00 Mil for 2026
2027 Effective Tax RateReported18.0%19.0%20.0% 2.0%Higher NewGuidance: 17.0% for 2026
2027 Capital ExpendituresReported18.00 Mil20.00 Mil22.00 Mil21.2% Higher NewGuidance: 16.50 Mil for 2026

Q3 2026 Earnings Reported 2/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net SalesReported233.00 Mil236.00 Mil239.00 Mil2.6% RaisedGuidance: 230.00 Mil for 2026
2026 Gross MarginReported24.0%24.5%25.0% -0.5%LoweredGuidance: 25.0% for 2026
2026 SG&A expenseReported0.170.180.18 0AffirmedGuidance: 0.18 for 2026
2026 Adjusted EBITDAReported24.00 Mil26.00 Mil28.00 Mil4.0% RaisedGuidance: 25.00 Mil for 2026
2026 Effective Tax RateReported16.0%17.0%18.0% -4.0%LoweredGuidance: 21.0% for 2026
2026 Capital ExpendituresReported15.00 Mil16.50 Mil18.00 Mil0 AffirmedGuidance: 16.50 Mil for 2026

Q2 2026 Earnings Reported 11/7/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net SalesReported225.00 Mil230.00 Mil235.00 Mil0 AffirmedGuidance: 230.00 Mil for 2026
2026 Gross MarginReported24.5%25.0%25.5% 0AffirmedGuidance: 25.0% for 2026
2026 SG&A expenseReported0.170.180.18 0AffirmedGuidance: 0.18 for 2026
2026 Adjusted EBITDAReported22.00 Mil25.00 Mil28.00 Mil0 AffirmedGuidance: 25.00 Mil for 2026
2026 Effective Tax RateReported20.0%21.0%22.0% 0AffirmedGuidance: 21.0% for 2026
2026 Capital ExpendituresReported15.00 Mil16.50 Mil18.00 Mil0 AffirmedGuidance: 16.50 Mil for 2026

Insider Activity

Updated 9/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gregorio, Mauro DirectBuy915202549.011,20058,81258,812Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gregorio, Mauro DirectBuy915202549.011,20058,81258,812Form
Core Cache Last Updated: 9/22/2026