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Graham Holdings Company (GHC)

NEUTRAL
IndustrialsConglomeratesUnited States

基本面

66

价格

$1175.29

市值

$4.98B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

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.

需求驱动因素

中度周期性

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.

主要风险

  • 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.

看多理由

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.

看空理由

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

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No competitor list for this company yet.

资产负债表与流动性

营收

$4.91B

截至2025/12/31的财政年度

净利润

$292M

截至2025/12/31的财政年度

自由现金流

$275M

股东权益合计

$4.79B

负债合计

$3.53B

流动比率

1.86

利息覆盖率

1.98

债务/EBITDA

2.03

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

合理估值

公允价值

$1371.96

当前价格

$1175.29

安全边际

+14.3%

公允价值区间

$891.77 - $1852.14

估算方法

Analyst Target:$990.00
DCF:-
PE-based:$2234.32
Graham Growth:$1482.50
EPV:$540.82
分析师共识:卖出 (0B / 2H / 6S)
最近财报超预期:+29.92%

估值指标

市盈率(P/E)

17.69

ROE

6.1%

市净率(P/B)

0.81

P/FCF

-

毛利率

-

ROIC

2.6%

盈利能力雷达图

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.

基本面分析标准

通过(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

未通过(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

不可用(5)

  • Gross Margin NaN%
  • P/FCF NaN
  • Dividend Payout NaN%
  • Price below Graham Number
  • Net Margin Trend (invalid data)

Piotroski F-评分

6/9

信号混杂:部分领域需关注

score
criteria

盈利质量

1.19

高质量:盈利有现金流支撑

股权稀释

-0.8%

正在回购股份,对股东友好

公司治理

管理团队

姓名职位年龄
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-

审计风险

7

董事会风险

8

薪酬风险

7

股东权利风险

10

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

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