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Graham Holdings Company (GHC)

NEUTRAL
IndustrialsConglomeratesUnited States

Fundamental

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

Education (Kaplan)35.5%

Test preparation, professional training and higher-education support services, largely outside the U.S. and in the U.K.

Automotive23.1%

Eight new-car dealerships and repair services in the Washington, D.C. and Richmond, VA areas.

Healthcare16.6%

In-home infusion therapy, home health, hospice and behavioral therapy services, billed largely to Medicare and Medicaid.

Manufacturing8.9%

Building materials, electrical components, linear-motion equipment and combustion-monitoring systems sold to industrial customers.

Television Broadcasting8.7%

Seven network-affiliated local stations earning advertising and retransmission-consent revenue.

Other Businesses7.3%

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 cíclico

Individually, 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

Justamente Valorizada

Valor Justo

$1371.96

Preço Atual

$1175.29

Margem de Segurança

+14.3%

Intervalo de Valor Justo

$891.77 - $1852.14

Métodos de Estimativa

Analyst Target:$990.00
DCF:-
PE-based:$2234.32
Graham Growth:$1482.50
EPV:$540.82
Consenso dos Analistas:Vender (0B / 2H / 6S)
Última Surpresa de Resultados:+29.92%

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

6/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

1.19

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-0.8%

A recomprar ações. Favorável ao acionista

Governação

Equipa Executiva

NomeCargoIdade
Mr. Timothy J. O'ShaughnessyPresident, CEO & Director44
Mr. Wallace R. Cooney CPASenior VP of Finance & CFO62
Ms. Nicole Marie Maddrey M.D.Senior VP, General Counsel & Secretary60
Mr. Andrew Stephen RosenExecutive Vice President64
Mr. Jacob M. MaasExecutive Vice President48
Mr. Marcel A. SnymanVP & Chief Accounting Officer50
Mr. Spiro RoiniotisVP & CTO-
Ms. Sandra M. StonesiferSenior VP & Chief HR and Administrative Officer40
Mr. Matthew R. GreislerVP & Treasurer-
Ms. Dee GreinChief 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.

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