GHCGraham Holdings Co

Services-Educational Services

Revenue: $4.9B; 2.5% YoY
Operating margin: 4.8%; 6.3% YoY
EBITDA: $315M; 4.2% YoY
Market cap: $5.0B
Employees: 19,920; $247K revenue each
Net debt / EBITDA: 2.2×; $699M net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
119% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
43% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$247K per employee
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.2B	$3.9B	$4.4B	$4.8B	$4.9B	2.5%
Operating income	$77M	$84M	$69M	$216M	$235M	9.0%
Net income	$352M	$67M	$205M	$725M	$292M	60%
Operating cash flow	$202M	$236M	$260M	$407M	$347M	15%
Capex	$163M	$83M	$93M	$83M	$72M	13%
Stock-based comp	$6M	$6M	$7M	$6M	$6M	9.6%
Buybacks	$56M	$71M	$193M	$114M	$3M	97%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 2, 2026	O'Shaughnessy Laura	SCHEDULE 13D/A	12.0%	Passive
Feb 28, 2025	O'Shaughnessy Timothy J	SCHEDULE 13D/A	4.4%	Passive
Sep 5, 2024	GRAHAM DONALD	SC 13D/A	14.1%	Passive
Sep 5, 2024	O'Shaughnessy Laura	SC 13D	10.8%	Passive
May 10, 2024	O'Shaughnessy Timothy J	SC 13D	5.8%	Passive
Dec 18, 2019	GRAHAM DONALD	SC 13D/A	11.5%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.