Graham (GHM) financial statements
Graham reported revenue of $245M in fiscal 2026, up 11.5% a year over 9 years.
Net income was $12M.
Free cash flow was -$121,000.
The diluted share count rose 14% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Graham's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $92M | $78M | $92M | $91M | $97M | $123M | $157M | $186M | $210M | $245M |
| Cost of revenue | $70M | $61M | $70M | $72M | $77M | $114M | $132M | $145M | $157M | $188M |
| Gross profit | $22M | $17M | $22M | $18M | $20M | $9M | $25M | $41M | $53M | $58M |
| Research and development | $4M | $3M | $4M | $3M | $3M | $4M | $4M | $4M | $4M | $6M |
| Selling, general and admin | $15M | $16M | $18M | $17M | $17M | $20M | $23M | $32M | $37M | $42M |
| Operating income | — | — | — | $652,000 | $3M | -$11M | $1M | $7M | $15M | $15M |
| Interest expense | $10,000 | $12,000 | $12,000 | $12,000 | $11,000 | $400,000 | $939,000 | $248,000 | -$583,000 | -$257,000 |
| Pre-tax income | $7M | -$13M | -$145,000 | $2M | $3M | -$11M | $561,000 | $6M | $15M | $15M |
| Income tax | $2M | -$3M | $163,000 | $440,000 | $893,000 | -$2M | $194,000 | $1M | $3M | $2M |
| Net income | $5M | -$10M | -$308,000 | $2M | $2M | -$9M | $367,000 | $5M | $12M | $12M |
| EPS (diluted) | $0.52 | -$1.01 | -$0.03 | $0.19 | $0.24 | -$0.83 | $0.03 | $0.42 | $1.11 | $1.12 |
| Diluted shares | 10M | 10M | 10M | 10M | 10M | 11M | 11M | 11M | 11M | 11M |
| Gross margin | 24.1% | 21.9% | 23.9% | 20.0% | 21.0% | 7.4% | 16.2% | 21.9% | 25.2% | 23.5% |
| Operating margin | — | — | — | 0.7% | 3.1% | -9.2% | 0.8% | 3.7% | 7.2% | 6.1% |
| Net margin | 5.5% | -12.7% | -0.3% | 2.1% | 2.4% | -7.1% | 0.2% | 2.5% | 5.8% | 5.1% |
Balance sheet
Fiscal years, from Graham's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $39M | $40M | $15M | $33M | $60M | $15M | $18M | $17M | $22M | $7M |
| Receivables | $11M | $17M | $18M | $15M | $17M | $28M | $24M | $44M | $36M | $34M |
| Inventory | — | $12M | $25M | $22M | $17M | $17M | $26M | $33M | $40M | $51M |
| Total current assets | $111M | $115M | $135M | $127M | $120M | $87M | $110M | $126M | $141M | $156M |
| Property, plant and equipment | $17M | $17M | $17M | $18M | $18M | $25M | $26M | $32M | $51M | $60M |
| Goodwill | $7M | $1M | $0 | — | $0 | $24M | $24M | $26M | $26M | $38M |
| Total assets | $152M | $143M | $156M | $148M | $144M | $184M | $204M | $234M | $264M | $324M |
| Total current liabilities | $32M | $37M | $55M | $49M | $44M | $59M | $86M | $118M | $136M | $156M |
| Long-term debt | — | — | — | — | — | $16M | $10M | $0 | $0 | $13M |
| Total liabilities | $37M | $40M | $57M | $51M | $46M | $87M | $107M | $128M | $145M | $183M |
| Shareholders' equity | $114M | $103M | $99M | $97M | $98M | $96M | $97M | $106M | $120M | $140M |
| Net debt | -$39M | -$40M | -$15M | -$33M | -$60M | $4M | -$7M | -$17M | -$22M | $6M |
Cash flow
Fiscal years, from Graham's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12M | $9M | $8M | $1M | -$2M | -$2M | $14M | $28M | $24M | $16M |
| Capital spending | $325,000 | $2M | $2M | $2M | $2M | $2M | $4M | $9M | $19M | $16M |
| Free cash flow | $12M | $6M | $6M | -$1M | -$4M | -$5M | $10M | $19M | $5M | -$121,000 |
| Stock-based compensation | $627,000 | $577,000 | $1M | $975,000 | $864,000 | $809,000 | $806,000 | $1M | $2M | $2M |
| Dividends paid | $3M | $4M | $4M | $4M | $4M | $4M | $0 | $0 | — | — |
| Share buybacks (net) | -$29,000 | -$119,000 | -$146,000 | -$230,000 | -$23,000 | -$41,000 | -$21,000 | -$58,000 | -$854,000 | — |
| Net borrowing | — | — | — | $0 | $0 | $18M | -$6M | -$12M | $0 | $13M |
| Free cash flow margin | 13.1% | 8.3% | 6.3% | -1.3% | -4.0% | -3.7% | 6.5% | 10.2% | 2.6% | -0.0% |
| Dividends per share | $0.36 | $0.36 | $0.39 | $0.43 | $0.44 | $0.33 | — | — | — | — |
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Open GHM in InvestinglyQuestions
What was Graham's revenue in 2026?
$245M in fiscal 2026, from its 10-K filing.
How much free cash flow does Graham generate?
-$121,000 in fiscal 2026 (operating cash flow minus capital spending).
From Graham's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.