GHC vs MH: Graham Holdings and McGraw Hill compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Graham Holdings is the larger company, worth $5.0B, about 1.8 times McGraw Hill.
- Graham Holdings grew revenue faster over the last year (+7.1% vs +2.6%).
- Graham Holdings's price assumes faster free cash flow growth: about 4% a year, against -3% for McGraw Hill (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | GHC | MH |
|---|---|---|
| Market cap | $5.0B | $2.7B |
| Share price | $1,173.16 | $13.37 |
| Revenue (last fiscal year) | $4.9B | $2.1B |
| Free cash flow (last fiscal year) | $275M | $246M |
| Revenue growth, last year | +7.1% | +2.6% |
| Revenue growth per year, last 5 fiscal years | +11.4% | +3.6% |
| Operating margin | — | 13.9% |
| Net margin | — | 4.4% |
| Return on equity | 11.4% | 11.8% |
| P/E (trailing) | 17.2x | — |
| Price / free cash flow | 18.7x | 5.59x |
| EV / EBITDA | 7.20x | 11.3x |
| FCF growth the price implies | 3.8% | -2.9% |
| Dividend yield | 0.63% | — |
| Debt / equity | 0.70x | 5.82x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 1 |
| Insider purchases, last 12 months | 0 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Graham Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.2B | $40M | 2.4% |
| 2022 | $3.9B | $153M | 2.1% |
| 2023 | $4.4B | $166M | 1.6% |
| 2024 | $4.8B | $324M | 4.5% |
| 2025 | $4.9B | $275M | 4.8% |
McGraw Hill
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2024 | $2.0B | $154M | 7.9% |
| 2025 | $2.1B | $575M | 14.6% |
| 2026 | $2.1B | $246M | 13.2% |
Where the revenue comes from
Graham Holdings · by segments, 2025
Reportable Segment, Aggregation before Other Operating Segment$4.6B93%
Other Businesses and Corporate Office$360M7%
McGraw Hill · by segments, 2026
K-12$884M42%
Higher Education$879M42%
International$187M9%
Global Professional$150M7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open GHC in InvestinglyQuestions
Which is bigger, Graham Holdings or McGraw Hill?
Graham Holdings (GHC), at $5.0B against $2.7B.
Which grows faster, GHC or MH?
Graham Holdings: revenue grew +7.1% over the last year, against +2.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.