GHMGRAHAM CORP

General Industrial Machinery & Equipment

Revenue: $245M; 17% YoY
Operating margin: 6.1%; 15% YoY
EBITDA: $23M; 8.2% YoY
Market cap: $820M
Employees: 732; $335K revenue each
Net debt / EBITDA: -0.7×; −$15M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
127% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$335K · 31st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 17th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$820M 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	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$123M	$157M	$186M	$210M	$245M	17%
Operating income	−$11M	$1M	$7M	$15M	$15M	1.1%
Net income	−$9M	$367K	$5M	$12M	$13M	2.2%
Operating cash flow	−$2M	$14M	$28M	$24M	$16M	34%
Capex	$2M	$4M	$9M	$19M	$16M	15%
Stock-based comp	$809K	$806K	$1M	$2M	$2M	8.9%
Buybacks	$41K	$21K	$58K	$854K	—
Dividends	$4M	$0	$0	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	568	208
FY2025	—	—	207	131
FY2024	—	—	196	114
FY2023	—	—	94	94
FY2022	—	—	55	100