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Graham Corporation designs and manufactures fluid, power, heat transfer, and vacuum technologies for chemical and petrochemical processing, defense, space, petroleum refining, cryogenic, and energy industries. The company offers power plant systems, such as ejectors and surface condensers; torpedo ejection, propulsion, and power systems, including turbines, alternators, regulators, pumps, and blowers; and thermal management systems comprising pumps, blowers, and drive electronics for the defense sector. It also provides heat transfer and vacuum systems, including ejectors, process and surface condensers, liquid ring pumps, heat exchangers, and nozzles; power generation systems, such as turbines, generators, compressors, and pumps; and thermal management systems comprising pumps, blowers, and electronics for the energy sector. In addition, the company offers rocket propulsion systems consisting of turbopumps, fuel, cryogenic, and nuclear propellant pumps; cooling systems, which include pumps, compressors, fans, and blowers; and life support systems that comprise fans, pumps, and blowers for the space industry. Further, Graham Corporation sells and services spare parts for its equipment. It operates in the United States, Asia, Canada, the Middle East, South America, and internationally. Graham Corporation was founded in 1936 and is headquartered in Batavia, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $210M | $21M | $12M | $5M | 10.2% | 13.1% | 168.4% |
| 2024 | $186M | $12M | $5M | $19M | 4.3% | 18.1% | 1141.4% |
| 2023 | $157M | $7M | $0M | $10M | 0.4% | 27.9% | -104.2% |
| 2022 | $123M | $-5M | $-9M | $-5M | -9.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 122.81 | 157.12 | 185.53 | 209.90 |
| Operating Revenue | 122.81 | 157.12 | 185.53 | 209.90 |
| Cost Of Revenue | 113.68 | 131.71 | 144.95 | 157.04 |
| Gross Profit | 9.13 | 25.41 | 40.58 | 52.86 |
| Operating Expense | 20.47 | 24.16 | 33.66 | 37.67 |
| Selling General And Administration | 20.39 | 23.06 | 32.22 | 37.14 |
| Total Expenses | 134.16 | 155.87 | 178.61 | 194.71 |
| Operating Income | -11.34 | 1.25 | 6.92 | 15.19 |
| Total Operating Income As Reported | -11.34 | 1.25 | 6.92 | 15.19 |
| EBITDA | -5.22 | 7.24 | 12.35 | 21.12 |
| Normalized EBITDA | -5.22 | 7.24 | 13.08 | 21.12 |
| EBIT | -10.82 | 1.25 | 6.92 | 15.19 |
| Interest Income | 0.05 | 0.13 | - | - |
| Interest Expense | 0.40 | 1.07 | 0.25 | - |
| Net Interest Income | -0.40 | -0.94 | -0.25 | 0.58 |
| Other Non Operating Income Expenses | 0.53 | 0.25 | -0.37 | -0.36 |
| Other Income Expense | 0.53 | 0.25 | -1.10 | -0.36 |
| Interest Income Non Operating | 0.05 | 0.13 | - | - |
| Interest Expense Non Operating | 0.40 | 1.07 | 0.25 | - |
| Net Non Operating Interest Income Expense | -0.40 | -0.94 | -0.25 | 0.58 |
| Pretax Income | -11.22 | 0.56 | 5.57 | 15.41 |
| Tax Provision | -2.44 | 0.19 | 1.02 | 3.18 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | -0.13 | 0 |
| Net Income Continuous Operations | -8.77 | 0.37 | 4.56 | 12.23 |
| Net Income From Continuing And Discontinued Operation | -8.77 | 0.37 | 4.56 | 12.23 |
| Net Income From Continuing Operation Net Minority Interest | -8.77 | 0.37 | 4.56 | 12.23 |
| Net Income | -8.77 | 0.37 | 4.56 | 12.23 |
| Net Income Common Stockholders | -8.77 | 0.37 | 4.56 | 12.23 |
| Net Income Including Noncontrolling Interests | -8.77 | 0.37 | 4.56 | 12.23 |
| Normalized Income | -8.77 | 0.37 | 5.15 | 12.23 |
| Diluted NI Availto Com Stockholders | -8.77 | 0.37 | 4.56 | 12.23 |
| Basic Average Shares | 10.54 | 10.62 | 10.74 | 10.88 |
| Diluted Average Shares | 10.54 | 10.62 | 10.84 | 11.07 |
| Reconciled Depreciation | 5.60 | 5.99 | 5.43 | 5.94 |
| Reconciled Cost Of Revenue | 109 | 126.82 | 140.88 | 152.84 |
| Total Unusual Items | 0 | 0 | -0.73 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | -0.73 | 0 |
| Special Income Charges | 0 | 0 | -0.73 | 0 |
| Other Special Charges | - | - | 0.73 | - |
| Depreciation Amortization Depletion Income Statement | 0.91 | 1.10 | 1.37 | 1.74 |
| Depreciation And Amortization In Income Statement | 0.91 | 1.10 | 1.37 | 1.74 |
| General And Administrative Expense | 20.39 | 23.06 | - | - |
| Other Gand A | 20.39 | 23.06 | - | - |
| Total Other Finance Cost | - | 0.94 | 0.25 | -0.58 |
| Other Operating Expenses | -0.83 | - | 0.08 | -1.22 |
| Amortization | 0.91 | 1.10 | 1.37 | 1.74 |
| Amortization Of Intangibles Income Statement | 0.91 | 1.10 | 1.37 | 1.74 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Graham Corporationthis co. | GHM | $1.2B | 97.74↑ premium | 10.00 | 10.2% | 55.89 |
| ICF International, Inc. | ICFI | $1.2B | 13.60 | 1.21 | 8.9% | 9.01 |
| Heartland Express, Inc. | HTLD | $1.2B | - | 1.62 | -6.9% | 13.29 |
| Satellogic Inc. | SATL | $1.2B | -252.29 | 19.94 | -7.9% | 322.72 |
| Lindsay Corporation | LNN | $1.2B | 16.11 |
| 2.24 |
| 13.9% |
| 9.19 |
| Astec Industries, Inc. | ASTE | $1.2B | 30.56 | 1.74 | 5.7% | 13.55 |
| Global Industrial Company | GIC | $1.2B | 16.22 | 3.73 | 23.0% | 11.44 |
| BrightView Holdings, Inc. | BV | $1.1B | 88.98 | 0.63 | 0.7% | 6.45 |
| Evolv Technologies Holdings, Inc. | EVLV | $1.1B | -34.30 | 9.52 | -27.7% | -161.32 |
| Peer Median | - | 16.11 | 1.99 | 3.2% | 10.32 | |