Graham Holdings Company (GHC)
NEUTRALFundamental
66
Preço
$1175.29
Capitalização de Mercado
$4.98B
Parte 1 · Quanto vale a empresa
Visão Geral
Graham Holdings, the former publisher of The Washington Post, is now a diversified holding company that owns a set of unrelated businesses run independently of one another: Kaplan, an education and test-preparation provider; seven local television stations; home healthcare and infusion-therapy providers; several manufacturers; car dealerships around Washington, D.C.; and a handful of smaller ventures in restaurants, media and online art. The Graham family controls the company through a separate class of stock.
Como gera receita
There is no single revenue model: each division earns money in its own way. Kaplan collects tuition and per-student fees from universities and licensing bodies; television stations sell advertising time and collect retransmission fees from cable and satellite operators; healthcare units bill Medicare, Medicaid and private payors for services rendered; manufacturers sell physical products to industrial customers; and dealerships sell and service vehicles. Capital is allocated centrally by the corporate office across these unrelated cash flows.
Receita por segmento
Test preparation, professional training and higher-education support services, largely outside the U.S. and in the U.K.
Eight new-car dealerships and repair services in the Washington, D.C. and Richmond, VA areas.
In-home infusion therapy, home health, hospice and behavioral therapy services, billed largely to Medicare and Medicaid.
Building materials, electrical components, linear-motion equipment and combustion-monitoring systems sold to industrial customers.
Seven network-affiliated local stations earning advertising and retransmission-consent revenue.
Restaurants, custom framing, online art platforms and digital media ventures, none individually large enough to be a reportable segment.
O que impulsiona a procura
Moderadamente cíclicoIndividually, the divisions swing with different cycles: automotive sales and TV advertising track the broader economy, while test-preparation and healthcare services hold up better in downturns. Because the company owns all of them at once, the group's combined results move less sharply than any single division would on its own.
Principais riscos
- International student and regulatory exposure at Kaplan — Kaplan International depends on foreign students being able to obtain visas and travel to study; the company states that tightening immigration rules and U.S. visa office closures in 2025 already hurt recruitment.
- Declining television advertising — The company cites changing perceptions of broadcast television's effectiveness and growing competition from digital platforms as pressure on advertising revenue at its stations.
- Healthcare reimbursement and staffing — The healthcare division is subject to extensive regulation and depends on Medicare and Medicaid reimbursement rates it does not control, alongside ongoing nursing staffing shortages.
- Controlled-company structure — The Graham family controls the company through Class B common stock, which the company states limits the influence of other shareholders on corporate decisions.
- Goodwill and intangible asset impairment — As a serial acquirer across unrelated industries, the company states it is exposed to impairment charges on goodwill and other intangible assets if any acquired business underperforms.
Os argumentos a favor
Buyers argue that owning unrelated, independently run businesses lets capital move to wherever it earns the best return, that Kaplan's international and professional-training franchises are durable, and that the stock has historically traded below the sum of its parts.
Os argumentos contra
Sellers fear that a conglomerate this scattered is hard to underwrite as a whole, that Class B control by the Graham family limits any outside pressure to unlock value, and that several divisions — from broadcast advertising to Kaplan's international enrollment — face structural headwinds at the same time.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balanço & Liquidez
Receita
$4.91B
Exercício encerrado em 31/12/2025
Resultado Líquido
$292M
Exercício encerrado em 31/12/2025
Fluxo de Caixa Livre
$275M
Capital Próprio Total
$4.79B
Passivo Total
$3.53B
Rácio de Liquidez
1.86
Cobertura de Juros
1.98
Dívida/EBITDA
2.03
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$1371.96
Preço Atual
$1175.29
Margem de Segurança
+14.3%
Intervalo de Valor Justo
$891.77 - $1852.14
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
17.69
ROE
6.1%
Rácio P/B
0.81
P/FCF
-
Margem Bruta
-
ROIC
2.6%
Radar de Rentabilidade
Value Creation (Economic Moat)
ROIC
2.6%
WACC
8.2%
ROIC − WACC
-5.5 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Critérios de Análise Fundamental
Aprovado (16)
- EPS shows upward trend
- EPS CAGR 14.28%
- Price CAGR 8.59%
- P/B Ratio 0.81
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 11.6%
- Revenue Growth 5Y 11.2%
- Earnings Surprise avg 13.4%
- Earnings Quality (OCF/NI) 1.19
- Share Dilution -0.8%
- Piotroski F-Score 6/9
Reprovado (7)
- ROIC 2.6%
- Operating Margin 4.8%
- CapEx intensity
- Low reliance on intangibles
- DCF valuation (Unknown)
- Analyst Consensus 0% Buy
- PEG Ratio 3.64
Indisponível (5)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Price below Graham Number
- Net Margin Trend (invalid data)
Piotroski F-Score
Sinais mistos: algumas áreas requerem atenção
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. Timothy J. O'Shaughnessy | President, CEO & Director | 44 |
| Mr. Wallace R. Cooney CPA | Senior VP of Finance & CFO | 62 |
| Ms. Nicole Marie Maddrey M.D. | Senior VP, General Counsel & Secretary | 60 |
| Mr. Andrew Stephen Rosen | Executive Vice President | 64 |
| Mr. Jacob M. Maas | Executive Vice President | 48 |
| Mr. Marcel A. Snyman | VP & Chief Accounting Officer | 50 |
| Mr. Spiro Roiniotis | VP & CTO | - |
| Ms. Sandra M. Stonesifer | Senior VP & Chief HR and Administrative Officer | 40 |
| Mr. Matthew R. Greisler | VP & Treasurer | - |
| Ms. Dee Grein | Chief Executive Officer of Graham Healthcare Group | - |
Risco de Auditoria
7
Risco do Conselho
8
Risco de Remuneração
7
Risco dos Direitos dos Acionistas
10
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for GHC, sourced from Markets Gazette.