Graham Holdings CoGraham Holdings Co
Graham Holdings Co

Graham Holdings Co

GHC
Consumer Discretionary·Diversified Consumer Services

Graham Holdings Co. is a holding company, which engages in the provision of education and media services. It operates through the following segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, CSI, Manufacturing, and Automotive. The Kaplan International segment consists of educational businesses across Europe, the Middle East and North Africa, the Asia Pacific region, and North America. The Kaplan Higher Education segment provides non-academic managed services which include analytics, technology support, marketing, student advising and admissions support, financial aid services, and curriculum development support for online programs offered at higher education institutions. The Kaplan Supplemental Education segment offers supplemental education at significant scale directly to students and professionals and indirectly through agreements with other organizations. The Television Broadcasting segment owns seven television stations located in Houston, Detroit, Orlando, San Antonio, Jacksonville, and Roanoke, and Social News Desk. The CSI segment is a nationwide specialty home infusion pharmacy licensed in 50 states serving patients suffering from chronic and rare illness. The company was founded by Stilson Hutchins in 1877 and is headquartered in Arlington, VA.

Virginia; U.S.A
Market cap
No dataNo data
Revenue
$4.9B+2.5% YoY
Net income
$292.3M−59.7% YoY
Free cash flow
$275.3M−15.0% YoY

Market

Listed stock
GHCPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$4.9B+2.5% YoY
Operating income
$234.9M+9.0% YoY
Net income
$292.3M−59.7% YoY
Free cash flow
$275.3M−15.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $3.2B, 2022 $3.9B, 2023 $4.4B, 2024 $4.8B, 2025 $4.9B. Operating income: 2021 $77.4M, 2022 $83.9M, 2023 $69.4M, 2024 $215.5M, 2025 $234.9M. Net income: 2021 $352.1M, 2022 $67.1M, 2023 $205.3M, 2024 $724.6M, 2025 $292.3M. Free cash flow: 2021 $39.9M, 2022 $152.9M, 2023 $166.4M, 2024 $324.1M, 2025 $275.3M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
2.5%−600 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $77.4M, 2022-12-31 $83.9M, 2023-12-31 $69.4M, 2024-12-31 $215.5M, 2025-12-31 $234.9M. Net income: 2021-12-31 $352.1M, 2022-12-31 $67.1M, 2023-12-31 $205.3M, 2024-12-31 $724.6M, 2025-12-31 $292.3M. Free cash flow: 2021-12-31 $39.9M, 2022-12-31 $152.9M, 2023-12-31 $166.4M, 2024-12-31 $324.1M, 2025-12-31 $275.3M

Growth heatmap

2022202320242025CAGR
Revenue
+23.2%
+12.5%
+8.5%
+2.5%
+11.4%
Gross profit
-137.6%
-6065.9%
+101.9%
-95.7%
-63.1%
Operating income
+8.4%
-17.3%
+210.6%
+9.0%
+32.0%
Free cash flow
+283.4%
+8.8%
+94.7%
-15.0%
+62.1%

Earnings quality

Operating cash flow
$347.2M−14.7% YoY
Net income
$292.3M−59.7% YoY
Free cash flow
$275.3M−15.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 119%, 2024-12-31 56%, 2023-12-31 127%, 2022-12-31 351%, 2021-12-31 57%. Free cash flow: 2025-12-31 94%, 2024-12-31 45%, 2023-12-31 81%, 2022-12-31 228%, 2021-12-31 11%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data