GRAHAM CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GRAHAM CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	91.8	77.5	91.8	90.6	97.5	123	157	186	210	245
Cost of revenue	69.6	60.6	69.9	72.5	77	114	132	145	157	188
Gross profit	22.2	17	21.9	18.1	20.5	9.13	25.4	40.6	52.9	57.8
Research and development	3.86	3.21	3.54	3.35	3.37	3.85	4.14	3.94	4.04	6.35
Selling, general and administrative	14.6	15.5	17.9	16.9	17.5	20.4	23.1	32.2	37.1	41.6
Operating income				0.65	3	-11.3	1.25	6.92	15.2	15
Interest expense	0.01	0.01	0.01	0.01	0.01	0.4	0.94	0.25	-0.58	-0.26
Interest income	0.39	0.61	1.46	1.32	0.17	0.05	0.13
Pre-tax income	7.05	-12.9	-0.15	2.31	3.27	-11.2	0.56	5.57	15.4	14.8
Income tax	2.03	-3.01	0.16	0.44	0.89	-2.44	0.19	1.02	3.18	2.26
Net income	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12.2	12.5
EBITDA				2.61	4.94	-8.27	7.24	12.4	21.1	22.9
EPS, basic	0.52	-1.01	-0.03	0.19	0.24	-0.83	0.03	0.42	1.12	1.14
EPS, diluted	0.52	-1.01	-0.03	0.19	0.24	-0.83	0.03	0.42	1.11	1.12
Shares, basic (weighted)	9.72	9.76	9.82	9.88	9.96	10.5	10.6	10.7	10.9	11
Shares, diluted (weighted)	9.73	9.76	9.82	9.88	9.96	10.5	10.7	10.8	11.1	11.1
Dividend per share	0.36	0.36	0.39	0.43	0.44	0.33	0.00	0.00

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	39.5	40.5	15	33	59.5	14.7	18.3	16.9	21.6	6.58
Receivables	11.5	17	17.6	15.4	17.4	27.6	24	44.4	35.5	33.8
Inventory		11.6	24.7	22.3	17.3	17.4	26.3	33.4	40	50.8
Other current assets	0.68	0.77	1.33	0.91	0.51	1.39	1.84	3.56	4.25	4.26
Total current assets	111	115	135	127	120	87.2	110	126	141	156
Property, plant and equipment	17	17.1	17.1	17.6	17.6	24.9	25.5	32.1	50.6	60.3
Lease right-of-use assets				0.24	0.1	8.39	8.24	7.31	6.39	6.74
Goodwill	6.94	1.22	0		0	23.5	23.5	25.5	25.5	38.1
Intangible assets							20.8	25.8	23.6	38.7
Other non-current assets	0.18	0.2	0.15	0.15	0.1	0.19	0.16	0.72	2.4	3.19
Total assets	152	143	156	148	144	184	204	234	264	324
Accounts payable	10.3	16.2	12.4	14.3	18	16.7	20.2	20.8	27.3	25.7
Accrued liabilities	3.72	2.89	2.93	3.35	4.63	6.05	6.43	6.67	4.32	4.73
Deferred revenue		13.2	30.8	27	14.1	25.6	46	72	84.1	102
Short-term debt	0	0	0	0	0	2	2	0
Total current liabilities	32	37.3	54.9	49.2	43.6	59.4	86.2	118	136	156
Long-term debt						16.4	9.74	0	0	13
Lease liabilities				0.08	0.04	7.46	7.5	6.45	5.51	5.34
Other non-current liabilities					0	2.2	2.15	2.33	1.61	6.63
Total liabilities	37.5	40	57.3	51.4	46.4	87.2	107	128	145	183
Total debt	0	0	0	0	0	18.5	12.5	0	0	13
Paid-in capital	23.2	23.8	25.3	26.4	27.3	27.8	28.1	32	34.6	41.7
Retained earnings	111	99	93.8	91.4	89.4	77.1	77.4	82	94.2	107
Treasury stock	-12.2	-12.3	-12.4	-12.5	-12.4	-2.96	-2.18	-2.53	-3.39	-3.39
Other comprehensive income	-8.43	-8.25	-8.83	-9.56	-7.4	-6.47	-7.46	-7.01	-6.99	-5.85
Shareholders' equity	114	103	99	96.7	97.9	96.5	96.9	106	120	140
Total equity	114	103	99	96.7	97.9	96.5	96.9	106	120	140
Total liabilities and equity	152	143	156	148	144	184	204	234	264	324
Shares outstanding	9.74	9.77	9.84	9.88	9.96	10.6	10.6	10.9	10.9	11.1

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	5.02	-9.84	-0.31	1.87	2.37	-8.77	0.37	4.56	12.2	12.5
Depreciation and amortization	2.09	1.99	1.97	1.96	1.95	3.08	5.99	5.43	5.94	7.84
Stock-based compensation	0.63	0.58	1.07	0.98	0.86	0.81	0.81	1.28	1.96	2.13
Deferred income tax	-0.88	-3.09	-0.16	-0.29	-0.56	-3.23	-0.12	-0.47	1.47	1.93
Change in receivables	1.13	-5.47	-1.23	2.04	-1.79	-2.06	1.52	-20.7	8	5.93
Change in inventory	1.56	-2.31	-2.07	2.28	5.19	3.48	-9.92	-6.22	-6.63	-6.79
Change in payables	0.08	5.76	-2.57	1.83	3.56	-3.24	3.47	0.4	3.49	-0.79
Cash from operations	12.4	8.51	7.92	1.24	-1.72	-2.22	13.9	28.1	24.3	15.9
Capital expenditures	-0.33	-2.05	-2.14	-2.42	-2.16	-2.32	-3.75	-9.23	-19	-16.1
Acquisitions				0	0	0	0	-6.81	-0.17	-27.3
Cash from investing	6.68	-4.07	-28.8	20.9	32.4	-57.1	-3.75	-16	-19.1	-43.1
Debt issued				0	4.6	58.3	5	13	0	33
Debt repaid				0	-4.6	-39.8	-11	-25.5	0	-20
Stock issued	0.14	0	0.31	0.02	0	0	0	0.48	0.65	0.83
Share buybacks	-0.03	-0.12	-0.15	-0.23	-0.02	-0.04	-0.02	-0.06	-0.85
Dividends paid	-3.49	-3.52	-3.83	-4.25	-4.39	-3.52	0	0
Cash from financing	-3.46	-3.74	-3.77	-4.51	-4.45	14.4	-6.44	-13.4	-0.52	12
Exchange rate effect	-0.2	0.28
Net change in cash	15.4	0.98	-24.9	17.4	26.6	-44.8	3.52	-1.32	4.64	-15
Free cash flow	12.1	6.46	5.78	-1.18	-3.88	-4.54	10.2	18.9	5.36	-0.12
Interest paid	0.01	0.01	0.01	0.01	0.01	0.42	1.03	0.82	0.3	0.5
Income taxes paid	0.95	1.92	-0.07	0.14	0.2	2.01	0.19	0.43	3.98	-0.04

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $87.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.3%	Gross profit / revenue.
Operating margin	5.4%	Operating income / revenue.
EBITDA margin	8.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.3%	Pre-tax income / revenue.
Net margin	4.5%	Net income / revenue.
FCF margin	-2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.1%	Cash from operations / revenue.
Effective tax rate	15.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.2%	Net income / average total assets.
Return on invested capital (ROIC)	7.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	17.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.5%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	129.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	38.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	46.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	35.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	224.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	39.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	234.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	36.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-34.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-102.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	17.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.23x	Current assets / current liabilities.
Quick ratio	0.48x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	47.2%	Total liabilities / total assets.
Net debt	-$27.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$37.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$117.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	4.30x	Revenue / average property, plant and equipment.
Inventory turnover	4.05x	Cost of revenue / average inventory.
Days inventory	90 days	365 x average inventory / cost of revenue.
Receivables turnover	5.25x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	115 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-51.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	210.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.30	Revenue / diluted weighted shares.
FCF per share	-$0.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.47	Cash from operations / diluted weighted shares.
Book value per share	$16.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.99	Tangible book value / shares outstanding.
Cash per share	$2.30	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.02B	Share price x shares outstanding.
Enterprise value	$996.6M	Market cap + total debt - cash - short-term investments.
P/E	86.6x	Market cap / net income. Only when net income is positive.
P/S	3.92x	Market cap / revenue.
P/B	5.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.74x	Market cap / tangible book value, when positive.
P/OCF	185x	Market cap / cash from operations, when positive.
EV/Sales	3.82x	Enterprise value / revenue.
EV/EBIT	70.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	42.9x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.6%	Free cash flow / market cap.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).
PEG	0.37x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was GRAHAM CORP's revenue in fiscal 2026?

GRAHAM CORP reported revenue of $245.3M for fiscal 2026, 16.9% higher than the year before.

Was GRAHAM CORP profitable in fiscal 2026?

Yes. Net income was $12.5M, a net margin of 5.1%.

How much free cash flow did GRAHAM CORP generate in fiscal 2026?

Cash from operations of $15.9M minus capital expenditures of $16.1M left free cash flow of -$121.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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