GHC vs TAL: Graham Holdings and TAL Education Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- TAL Education Group is the larger company, worth $7.2B, about 1.4 times Graham Holdings.
- TAL Education Group grew revenue faster over the last year (+33.7% vs +7.1%).
- On earnings, TAL Education Group is the cheaper stock (4.7x vs 17.2x).
- Graham Holdings's price assumes faster free cash flow growth: about 4% a year, against 0% for TAL Education Group (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 | TAL |
|---|---|---|
| Market cap | $5.0B | $7.2B |
| Share price | $1,173.16 | $12.86 |
| Revenue (last fiscal year) | $4.9B | $3.0B |
| Free cash flow (last fiscal year) | $275M | $508M |
| Revenue growth, last year | +7.1% | +33.7% |
| Revenue growth per year, last 5 fiscal years | +11.4% | -9.0% |
| Operating margin | — | 9.2% |
| Net margin | — | 17.6% |
| Return on equity | 11.4% | 14.1% |
| P/E (trailing) | 17.2x | 4.68x |
| Price / free cash flow | 18.7x | 25.0x |
| EV / EBITDA | 7.20x | 6.13x |
| FCF growth the price implies | 3.8% | 0.38% |
| Dividend yield | 0.63% | — |
| Debt / equity | 0.70x | 0.57x |
| Fundamental grade | C | B |
| Superinvestors holding it | 7 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
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% |
TAL Education Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $4.4B | -$1.2B | -14.0% |
| 2023 | $1.0B | -$103M | -8.9% |
| 2024 | $1.5B | $193M | -4.6% |
| 2025 | $2.3B | $286M | -0.14% |
| 2026 | $3.0B | $508M | 9.2% |
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%
TAL Education Group · by products, 2026
Learning services and others$1.9B65%
Learning content solutions$1.1B35%
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 TAL Education Group?
TAL Education Group (TAL), at $7.2B against $5.0B.
Is GHC or TAL cheaper?
By trailing P/E, TAL Education Group (4.68x) is cheaper than Graham Holdings (17.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, GHC or TAL?
TAL Education Group: revenue grew +33.7% over the last year, against +7.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.