# Graham Holdings (GHC.US)

Canonical: https://gigainvestors.com/s/GHC

Analysis as of: 2026-10-16T07:28:45.724Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1,198.75 per share; close as of 2026-10-15.

Estimated value: low $1,451.86 per share, central $1,615.95 per share, high $1,834.38 per share. Buy at or below the central value $1,615.95 per share. Valuation as of 2026-10-16T07:28:45.724Z; scenarios are not confidence intervals.

Expected annual return: 13.3% at the stated quote. About 13.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.09×

- FY2019: 0.05×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.02×

- FY2024: 0.04×

- FY2025: 0.05×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.9%

- ROIC, second-lowest year: 2.1%

- Typical minus recent gross margin: 4.1 pp

- Typical gross margin (annual median): 32.9%

- Recent gross margin (lower of latest and 3-year median): 28.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 10.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 11.7%

- FY2018: 15.5%

- FY2019: 5.1%

- FY2020: 3.2%

- FY2021: 2.1%

- FY2022: 2.1%

- FY2023: 1.7%

- FY2024: 5.5%

- FY2025: 4.7%

- LTM to Jun 2026: 7.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $1.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: 10.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 4.67×

- FY2023: 2.02×

- FY2024: 1.21×

- FY2025: 1.34×

- LTM to Jun 2026: 1.16×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.5% vs 4.7%

- Per-share earnings: 30.16 to 66.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.7%

- Ordinary dilution, 5-year annual growth: -3.2%

- Market cap gain: $1.9B

- Cumulative retained earnings: $2.7B

- Diluted shares, 10-year annual growth: -2.7%

- Diluted shares, 5-year annual growth: -3.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.5%

- Per-share value change: $36.68

- Per-share value, starting three-year median: $30.16

- Per-share value, ending three-year median: $66.84

- Buybacks concentrated in cheaper years (correlation): -0.07

- Average buyback yield: 2.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $928M

- Cumulative net income, 10 years: $3.0B

- ROIC, first three-year median: 15.5%

- ROIC, last three-year median: 4.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $30.16

- FY2017: $54.40

- FY2018: $50.50

- FY2019: $61.55

- FY2020: $58.45

- FY2021: $70.91

- FY2022: $13.87

- FY2023: $44.11

- FY2024: $164.50

- FY2025: $66.84

### accounting: pass

- Sloan accruals: -0.6%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: 0.7%

- FY2018: -0.3%

- FY2019: 2.7%

- FY2020: 1.4%

- FY2021: 2.0%

- FY2022: -2.6%

- FY2023: -0.8%

- FY2024: 4.1%

- FY2025: -0.6%

## Holders

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 3.7% a year for ten years · sales +3.2%

Story as of 2026-10-16T09:58:48.937Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.7% a year for ten years

### Sales · FY2025–2026

sales +3.2%; source https://www.sec.gov/Archives/edgar/data/104889/000162828026011405/ghc-20251231.htm; observed 2026-02-25.

- FY2017: $2.6B 

- FY2018: $2.7B 

- FY2019: $2.9B 

- FY2020: $2.9B 

- FY2021: $3.2B 

- FY2022: $3.9B 

- FY2023: $4.4B 

- FY2024: $4.8B 

- FY2025: $4.9B 

- FY2026: $5.1B 

### Gross margin · FY2026

gross margin 28.8%; source https://www.sec.gov/Archives/edgar/data/104889/000162828026011405/ghc-20251231.htm; observed 2026-02-25.

- FY2017: 43.9% 

- FY2018: 41.1% 

- FY2019: 33.6% 

- FY2020: 33.8% 

- FY2021: 33.6% 

- FY2022: 32.3% 

- FY2023: 29.7% 

- FY2024: 30.6% 

- FY2025: 27.6% 

- FY2026: 28.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are USD 4.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/104889/000162828026011405/ghc-20251231.htm (filed 2026-02-25); FY2025: revenue 4911563000; grossProfit 1357480000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GHC.US: Graham Holdings Company, through its subsidiaries, operates as a diversified holding company in the United States and internationally. The company provides academic preparation programs for international students; professional training and postsecondary education services, as well as English-language programs; operations support services for pre-college, certificate, undergraduate and graduate programs; exam preparation services; career and academic advisement services; and operates a sixth-form college that prepares students for A-level examinations. It also owns and operates television broadcast stations, restaurants, and entertainment venues; and offers social media management tools to connect newsrooms with their users. In addition, the company offers in-home specialty pharmacy infusion therapies; home health, hospice and palliative services; applied behavior analysis therapy; physician services for allergy, asthma and immunology patients; in-home aesthetics; and healthcare software-as-a-service technology. Further, it operates as a multi-product supplier to the commercial building industry; manufactures electrical and lifting solutions; and supplies parts used in electric utilities and industrial systems. Additionally, the company operates dealerships and valet repair services; provides custom framing services; marketing solutions; customer data and analytics software; Slate and Foreign Policy magazines; daily local news podcast and newsletter; a software-as-a-service platform that monetize audio content through paid subscriptions, memberships, and audiobooks; operates an online art gallery and in-person art fair business; and an online commerce platform that features original art and designs on an array of consumer products. The company was formerly known as The Washington Post Company and changed its name to Graham Holdings Company in November 2013. Graham Holdings Company was founded in 1877 and is based in Arlington, Virginia.

### Why customers stay

Margins ranged from 27.6% to 30.6% during 2023–25; it earns 4.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 29.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 30.6%.

- Source: https://www.sec.gov/Archives/edgar/data/104889/000162828026011405/ghc-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2017,0.11743137432149145],[2018,0.1554668533708722],[2019,0.0505126481814779],[2020,0.03223473745511719],[2021,0.020751697652054903],[2022,0.02123011053079072],[2023,0.017322241140219744],[2024,0.05490172479935929],[2025,0.04735452550399882],[2026,0.06972678335627143]]; median 0.048933586842738366. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 3.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 66612000; owner earnings 194872000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 60358000; owner earnings 354996000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 98192000; owner earnings 285259000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 0; upkeep 93504000; owner earnings 440184000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 69591000; owner earnings 481937000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 162537000; owner earnings 425515000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 82684000; owner earnings 313101000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 93447000; owner earnings 414744000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 82912000; owner earnings 878962000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/104889/000162828026011405/ghc-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 71881000; owner earnings 392565000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,27325000],[2017,28329000],[2018,28617000],[2019,29553000],[2020,29970000],[2021,30136000],[2022,30712000],[2023,30953000],[2024,30347000],[2025,31360000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/104889/000162828026011405/ghc-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 3468000 USD.

### Are managers owners

Insiders own 7.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GHC.US SharesStats.PercentInsiders = 7.167 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.7% yearly over ten years; actual growth was 10.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate -0.0652533375786753. Price 1198.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 33.33734939759036 → FY2025 89.77018065401326. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $475.00 per share

- 2016-11: $489.75 per share

- 2016-12: $511.95 per share

- 2017-01: $519.55 per share

- 2017-02: $538.25 per share

- 2017-03: $599.55 per share

- 2017-04: $601.70 per share

- 2017-05: $598.80 per share

- 2017-06: $599.65 per share

- 2017-07: $592.40 per share

- 2017-08: $587.20 per share

- 2017-09: $585.10 per share

- 2017-10: $556.45 per share

- 2017-11: $583.10 per share

- 2017-12: $558.35 per share

- 2018-01: $594.45 per share

- 2018-02: $580.10 per share

- 2018-03: $602.25 per share

- 2018-04: $603.05 per share

- 2018-05: $580.85 per share

- 2018-06: $586.10 per share

- 2018-07: $559.00 per share

- 2018-08: $562.65 per share

- 2018-09: $579.30 per share

- 2018-10: $581.05 per share

- 2018-11: $658.96 per share

- 2018-12: $640.58 per share

- 2019-01: $665.00 per share

- 2019-02: $683.71 per share

- 2019-03: $683.18 per share

- 2019-04: $743.43 per share

- 2019-05: $680.54 per share

- 2019-06: $690.03 per share

- 2019-07: $742.73 per share

- 2019-08: $704.06 per share

- 2019-09: $663.45 per share

- 2019-10: $629.66 per share

- 2019-11: $631.61 per share

- 2019-12: $638.99 per share

- 2020-01: $549.22 per share

- 2020-02: $502.88 per share

- 2020-03: $341.17 per share

- 2020-04: $390.01 per share

- 2020-05: $358.23 per share

- 2020-06: $342.67 per share

- 2020-07: $398.37 per share

- 2020-08: $427.95 per share

- 2020-09: $404.11 per share

- 2020-10: $380.34 per share

- 2020-11: $447.02 per share

- 2020-12: $533.38 per share

- 2021-01: $568.11 per share

- 2021-02: $600.83 per share

- 2021-03: $562.44 per share

- 2021-04: $635.61 per share

- 2021-05: $662.54 per share

- 2021-06: $633.90 per share

- 2021-07: $664.66 per share

- 2021-08: $616.81 per share

- 2021-09: $589.16 per share

- 2021-10: $585.85 per share

- 2021-11: $566.52 per share

- 2021-12: $629.83 per share

- 2022-01: $595.12 per share

- 2022-02: $601.13 per share

- 2022-03: $611.47 per share

- 2022-04: $592.37 per share

- 2022-05: $613.02 per share

- 2022-06: $566.84 per share

- 2022-07: $594.49 per share

- 2022-08: $565.43 per share

- 2022-09: $537.98 per share

- 2022-10: $623.87 per share

- 2022-11: $643.68 per share

- 2022-12: $604.21 per share

- 2023-01: $653.31 per share

- 2023-02: $626.66 per share

- 2023-03: $595.84 per share

- 2023-04: $575.57 per share

- 2023-05: $564.75 per share

- 2023-06: $571.48 per share

- 2023-07: $586.75 per share

- 2023-08: $586.33 per share

- 2023-09: $583.00 per share

- 2023-10: $578.72 per share

- 2023-11: $627.15 per share

- 2023-12: $696.52 per share

- 2024-01: $720.40 per share

- 2024-02: $702.33 per share

- 2024-03: $767.68 per share

- 2024-04: $701.37 per share

- 2024-05: $752.43 per share

- 2024-06: $699.55 per share

- 2024-07: $774.85 per share

- 2024-08: $795.19 per share

- 2024-09: $821.72 per share

- 2024-10: $843.30 per share

- 2024-11: $931.12 per share

- 2024-12: $871.92 per share

- 2025-01: $928.82 per share

- 2025-02: $983.77 per share

- 2025-03: $960.86 per share

- 2025-04: $920.05 per share

- 2025-05: $954.41 per share

- 2025-06: $946.17 per share

- 2025-07: $954.18 per share

- 2025-08: $1,086.05 per share

- 2025-09: $1,177.31 per share

- 2025-10: $1,012.13 per share

- 2025-11: $1,106.50 per share

- 2025-12: $1,098.60 per share

- 2026-01: $1,166.63 per share

- 2026-02: $1,053.21 per share

- 2026-03: $1,057.26 per share

- 2026-04: $1,122.51 per share

- 2026-05: $1,097.29 per share

- 2026-06: $1,141.42 per share

- 2026-07: $1,203.54 per share

- 2026-08: $1,128.89 per share

- 2026-09: $1,134.67 per share

- 2026-10: $1,198.75 per share

## Annual estimated value (USD per share)

- FY2016: low $568.53 per share, central $621.07 per share, high $691.02 per share

- FY2017: low $706.00 per share, central $781.10 per share, high $881.09 per share

- FY2018: low $713.57 per share, central $793.63 per share, high $900.20 per share

- FY2019: low $778.38 per share, central $866.15 per share, high $982.99 per share

- FY2020: low $1,027.07 per share, central $1,143.11 per share, high $1,297.59 per share

- FY2021: low $1,143.26 per share, central $1,275.71 per share, high $1,452.03 per share

- FY2022: low $1,332.16 per share, central $1,495.50 per share, high $1,712.94 per share

- FY2023: low $1,552.13 per share, central $1,743.06 per share, high $1,997.24 per share

- FY2024: low $1,820.13 per share, central $2,039.05 per share, high $2,330.46 per share

- FY2025: low $1,440.88 per share, central $1,599.89 per share, high $1,811.57 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:27.934Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/104889/000162828026011405/ghc-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.