Graham Holdings Co

Real Estate
Other Consumer Services
www.ghco.com

Earnings Score
Moat Score
Safety Score

Market Cap $4.13B
PE 7
Debt $864.64M
Cash $206.94M
EV $4.79B
FCF $374.80M

Earnings

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Sales & Net Margins

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Earnings	$619.94M
EBIT	$903.34M
ROE	14%
ROA	12%
FCF	$374.80M
Equity	$4.33B
Growth Stability	21%
PE	6.66
PEG	-5.39
PB	0.95
P/FCF	11.01
P/S	0.86
Price/Cash	0.05
Debt/Equity	0.2
Debt/FCF	2.31
Net Margins	2%
Op. Margins	19%
Earnings CAGR	0%
Sales Growth YoY	1%
Sales Growth QoQ	-6%
Sales CAGR	9%
FCF CAGR	3%
Equity CAGR	6%
Earnings Stability	0
Earnings Growth YoY	-81%
Earnings Growth QoQ	-96%
Earnings CAGR 5Y	-1%

Sales CAGR 5Y	14%
FCF CAGR 5Y	21%
Equity CAGR 5Y	3%
Earnings CAGR 3Y	12%
Sales CAGR 3Y	12%
FCF CAGR 3Y	61%
Equity CAGR 3Y	2%
Market Cap	$4.13B
Revenue	$4.80B
Dividend Yield	1%
Payout Ratio	5%
Assets	$7.62B
Total Debt	$864.64M
Cash	$206.94M
Shares Outstanding	4.32M
EV	4.79B
Earnings Score	6%
Moat Score	82%
Safety Score	64%
Final Score	51%
Working Capital	777.03M
Current Ratio	1.62
Shares Growth 3y	-5%
Equity Growth QoQ	1%
Equity Growth YoY	6%

Assets & ROA

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Stockholders Equity & ROE

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Graham Holdings Co. is a diversified education and media company made up of subsidiaries. Firm operations include educational services; television broadcasting; online, print, and local news; home health and hospice care; and manufacturing. The Company segments into the following seven reportable segments: Kaplan International, Higher Education, Supplemental Education, Television Broadcasting, Manufacturing, Healthcare, and Automotive. The majority of revenue comes from the Kaplan International segment, which includes higher education, test preparation, language instruction, and professional training. A large portion of company revenue also comes from the television broadcasting segment through advertising.

SEC Filings

Direct access to Graham Holdings Co (GHC) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Graham Holdings Co compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Graham Holdings Co compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 0%

Stability 0%

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Graham Holdings Co Discounted Cash Flow

Fully customizable DCF calculator online for Graham Holdings Co.

Years

Calculation mode

= $4.5B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$375M	$385M	$395M	$405M	$415M	$426M	$437M	$449M	$461M	$473M	$485M	$4.8B
DCF		$350M	$326M	$304M	$284M	$265M	$247M	$230M	$215M	$200M	$187M	$1.9B
Value	$4.5B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-4%	7%	12%	10%	11%	10%	11%	2%	5%	15%	2%
ROA	-	7%	4%	7%	7%	6%	6%	2%	4%	13%	12%
ROE	-	7%	10%	9%	10%	8%	8%	2%	5%	17%	14%

Bad Net Margins (2.04%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	2.53	2.38	2.53	7.16	3.63	16.73	4.75	4.88	2.31	2.31
Debt over Equity	0.16	0.2	0.17	0.16	0.15	0.14	0.15	0.19	0.2	0.17	0.2
Growth Stability	-	-	-	100%	100%	100%	100%	21%	86%	100%	21%

Neutral Debt/FCF ratio (2.31)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.2)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (21%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-4%	4%	4%	9%	-1%	10%	23%	12%	9%	14%
Earnings YoY growth	-	-266%	79%	-11%	21%	-8%	17%	-81%	206%	253%	-1%
Equity YoY growth	-	-2%	19%	0%	14%	13%	17%	-15%	7%	7%	3%
FCF YoY growth	-	-414%	7%	-9%	-62%	97%	-72%	283%	9%	95%	21%