GRAHAM CORP
GHM · General Industrial Machinery & Equipment · 11.7M shares · +2%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$1M (gross $21K, SBC $1M)
Reference price $49.01 · est. market cap ~$573M — last insider purchase, 2025-09-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C68Niche defense/energy machinery maker with sector-leading revenue growth but thin margins and customer concentration.
Strengths
- Revenue growth top of sector (16.9%, 100th pct) on strong Navy/defense backlog
- Clean balance sheet (D/E 0.09) and top-quartile ROE (8.9%, 75th pct)
Risks
- Low margins — gross 23.5% (22nd), operating 6.1% (22nd) and negative FCF
- Heavy customer/end-market concentration (Navy ~60%) exposed to defense funding and DOGE cutbacks
Notable findings
- No interest coverageInterest coverage -58.43 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-0.1M)
- Customer concentration~60% of revenue from one customer/distributor — During fiscal 2026, sales to the Defense industry continued to grow and represented 60% of our business compared with 58% and 54% of sales to the Defense industry in fiscal 2025 and 2024, respectively
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
23.5%
Operating margin
6.1%
Net margin
5.1%
Return on equity
8.9%
Return on assets
3.9%
ROIC
7.7%
Revenue growth (QoQ)
18.3%
Net-income growth
2.2%
Debt / equity
0.1×
Net debt / EBITDA
0.3×
Interest coverage
-58.4×
Current ratio
1.0×
Free cash flow
-$121K
EBITDA
$23M
Tangible book value
$64M
Cash & investments
$7M
Cash runway
218q
Stock comp / revenue
0.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-08 | Thoren Daniel J. | Grant | 22K | — |
| 2026-06-08 | Thoren Daniel J. | Tax withheld | 8.1K | $95.34 |
| 2026-06-08 | Thome Christopher J. | Grant | 8.6K | — |
| 2026-06-08 | Thome Christopher J. | Tax withheld | 3.2K | $95.34 |
| 2026-06-08 | Malone Matthew | Grant | 8.6K | — |
| 2026-06-08 | Malone Matthew | Tax withheld | 2.5K | $95.34 |
| 2026-06-04 | Thoren Daniel J. | Option exercise | 5.5K | — |
| 2026-06-04 | Thoren Daniel J. | Tax withheld | 1.6K | $107.96 |
| 2026-06-04 | Thome Christopher J. | Option exercise | 1.6K | — |
| 2026-06-04 | Thome Christopher J. | Tax withheld | 608 | $107.96 |
| 2026-06-04 | Malone Matthew | Option exercise | 1.3K | — |
| 2026-06-04 | Malone Matthew | Tax withheld | 371 | $107.96 |
| 2026-06-02 | Painter Jonathan W | Option exercise | 2.0K | — |
| 2026-06-02 | Stoner Troy A. | Option exercise | 2.0K | — |
| 2026-06-02 | Schnorr Lisa M. | Option exercise | 2.0K | — |
| 2026-06-02 | Barber James J | Option exercise | 2.0K | — |
| 2026-06-02 | Jaroslawsky Cari L | Option exercise | 2.0K | — |
| 2026-06-02 | Malone Matthew | Option exercise | 2.5K | — |
| 2026-06-02 | Malone Matthew | Tax withheld | 730 | $106.11 |
| 2026-06-02 | Dixon Michael E. | Option exercise | 762 | — |
| 2026-06-02 | Dixon Michael E. | Tax withheld | 235 | $106.11 |
| 2026-06-02 | Thoren Daniel J. | Option exercise | 529 | — |
| 2026-06-02 | Thoren Daniel J. | Tax withheld | 152 | $106.11 |
| 2026-06-02 | Thome Christopher J. | Option exercise | 1.1K | — |
| 2026-06-02 | Thome Christopher J. | Tax withheld | 407 | $106.11 |
| 2026-05-17 | Malone Matthew | Option exercise | 2.4K | — |
| 2026-05-17 | Malone Matthew | Tax withheld | 682 | $98.28 |
| 2026-05-17 | Thome Christopher J. | Option exercise | 2.4K | — |
| 2026-05-17 | Thome Christopher J. | Tax withheld | 900 | $98.28 |
| 2026-05-17 | Thoren Daniel J. | Option exercise | 6.1K | — |
| 2026-05-17 | Thoren Daniel J. | Tax withheld | 1.8K | $98.28 |
| 2026-02-04 | Dixon Michael E. | Option exercise | 355 | — |
| 2026-02-04 | Dixon Michael E. | Tax withheld | 120 | $73.19 |
| 2025-09-12 | Gregorio Mauro | Buy | 1.2K | $49.01 |
| 2025-06-09 | Thoren Daniel J. | Grant | 21K | — |
| 2025-06-09 | Thoren Daniel J. | Tax withheld | 7.4K | $44.66 |
| 2025-06-09 | Malone Matthew | Grant | 7.7K | — |
| 2025-06-09 | Malone Matthew | Tax withheld | 2.2K | $44.66 |
| 2025-06-09 | Thome Christopher J. | Grant | 7.4K | — |
| 2025-06-09 | Thome Christopher J. | Tax withheld | 2.7K | $44.66 |
| 2025-06-09 | Smith Alan E | Grant | 7.7K | — |
| 2025-06-09 | Smith Alan E | Tax withheld | 3.6K | $44.66 |
| 2025-06-04 | Smith Alan E | Option exercise | 1.3K | — |
| 2025-06-04 | Smith Alan E | Tax withheld | 607 | $40.89 |
| 2025-06-04 | Thoren Daniel J. | Option exercise | 5.5K | — |
| 2025-06-04 | Thoren Daniel J. | Tax withheld | 2.0K | $40.89 |
| 2025-06-04 | Thome Christopher J. | Option exercise | 1.6K | — |
| 2025-06-04 | Thome Christopher J. | Tax withheld | 592 | $40.89 |
| 2025-06-04 | Malone Matthew | Option exercise | 1.3K | — |
| 2025-06-04 | Malone Matthew | Tax withheld | 371 | $40.89 |
| 2025-06-04 | Stoner Troy A. | Option exercise | 2.9K | — |
| 2025-06-04 | Schnorr Lisa M. | Option exercise | 2.9K | — |
| 2025-06-04 | Painter Jonathan W | Option exercise | 2.9K | — |
| 2025-06-04 | Jaroslawsky Cari L | Option exercise | 2.9K | — |
| 2025-06-04 | Barber James J | Option exercise | 2.9K | — |
| 2025-05-23 | Smith Alan E | Option exercise | 3.1K | — |
| 2025-05-23 | Smith Alan E | Tax withheld | 1.4K | $36.79 |
| 2025-05-23 | Smith Alan E | Option exercise | 18K | — |
| 2025-05-23 | Smith Alan E | Tax withheld | 8.6K | $36.79 |
| 2025-05-23 | Thoren Daniel J. | Option exercise | 8.1K | — |
| 2025-05-23 | Thoren Daniel J. | Tax withheld | 2.9K | $36.79 |
| 2025-05-23 | Thome Christopher J. | Option exercise | 3.0K | — |
| 2025-05-23 | Thome Christopher J. | Tax withheld | 1.1K | $36.79 |
| 2025-05-23 | Malone Matthew | Option exercise | 3.1K | — |
| 2025-05-17 | Thome Christopher J. | Option exercise | 2.4K | — |
| 2025-05-17 | Thome Christopher J. | Tax withheld | 906 | $37.29 |
| 2025-05-17 | Thoren Daniel J. | Option exercise | 6.1K | — |
| 2025-05-17 | Thoren Daniel J. | Tax withheld | 2.2K | $37.29 |
| 2025-05-17 | Malone Matthew | Option exercise | 2.4K | — |
| 2025-05-17 | Smith Alan E | Option exercise | 2.4K | — |
| 2025-05-17 | Smith Alan E | Tax withheld | 1.2K | $37.29 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (25)
- 3M
- Air Liquide
- Anduril
- Applied Research Laboratory at Pennsylvania State University
- Aramco
- Axiom Space
- Bechtel Plant Machinery Inc.
- Blue Origin
- Boeing
- CERN
- Cummins
- Dow Chemical
- DuPont
- Echogen Power Systems
- General Atomics
- General Dynamics
- GE Vernova
- ExxonMobil
- Fluor Corporation
- Intuitive Machines
- Jacobs Engineering Group Inc.
- Kairos Power
- Koch Fertilizer ENID LLC
- L3Harris
- Lockheed Martin
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Reg FDExhibits | filing ↗ |
| 2026-06-17 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-06-08 | ResultsReg FDExhibits | filing ↗ |
| 2026-06-05 | Exec/director changeExhibits | filing ↗ |
| 2026-04-15 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2026-03-30 | Exec/director change | filing ↗ |
| 2026-02-17 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-06 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-18 | 0001193125-26-274996 ↗ |
| 8-K | 2026-06-17 | 2026-06-15 | 0001193125-26-273382 ↗ |
| 10-K | 2026-06-08 | 2026-03-31 | 0001193125-26-260688 ↗ |
| 8-K | 2026-06-08 | 2026-06-08 | 0001193125-26-260670 ↗ |
| 8-K | 2026-06-05 | 2026-06-01 | 0001193125-26-259740 ↗ |
| 8-K | 2026-04-15 | 2026-04-14 | 0001193125-26-155977 ↗ |
| 8-K | 2026-03-30 | 2026-03-24 | 0001193125-26-131870 ↗ |
| 8-K | 2026-02-17 | 2026-02-16 | 0001193125-26-053140 ↗ |
| 8-K | 2026-02-06 | 2026-02-06 | 0001193125-26-040276 ↗ |
| 10-Q | 2026-02-06 | 2025-12-31 | 0001193125-26-040310 ↗ |
| 8-K | 2026-01-26 | 2026-01-23 | 0001193125-26-021705 ↗ |
| 8-K/A | 2025-11-10 | 2025-08-28 | 0001193125-25-273313 ↗ |