Graham Holdings Company (GHC)
Juste valeurFondamental
68
Prix
$1155.84
Capitalisation boursière
$4.85B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par segment
Test preparation, professional training and higher-education support services, largely outside the U.S. and in the U.K.
Eight new-car dealerships and repair services in the Washington, D.C. and Richmond, VA areas.
In-home infusion therapy, home health, hospice and behavioral therapy services, billed largely to Medicare and Medicaid.
Building materials, electrical components, linear-motion equipment and combustion-monitoring systems sold to industrial customers.
Seven network-affiliated local stations earning advertising and retransmission-consent revenue.
Restaurants, custom framing, online art platforms and digital media ventures, none individually large enough to be a reportable segment.
Ce qui stimule la demande
Modérément cycliqueIndividually, 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Through Capella and Strayer it sells online degrees and employer-funded upskilling to the same working adults and corporate clients Kaplan serves, the largest of Graham Holdings' businesses.
It provides universities with the same online program management services — recruiting, admissions, marketing and technology — that Kaplan supplies to Purdue University Global and other partner institutions.
It competes for the same US students seeking career-oriented postsecondary and professional qualifications, and for the same federal and employer tuition dollars as Kaplan's North American schools.
Its local television stations compete with Graham Media Group's seven stations for local advertising budgets, viewers and retransmission fees in overlapping US markets.
Pearson sells professional certification preparation, English-language training and university pathway courses to the same international and professional students as Kaplan International.
Gray owns local network affiliates that fight for the same local news audiences, station advertising and cable retransmission payments as Graham's stations in Detroit, Houston, Orlando and San Antonio.
Bilan & Liquidités
Chiffre d'affaires
$4.91B
Exercice clos le 31/12/2025
Résultat net
$292M
Exercice clos le 31/12/2025
Flux de trésorerie libre
$275M
Capitaux propres totaux
$4.79B
Passif total
$3.53B
Ratio de liquidité général
1.86
Couverture des intérêts
1.98
Dette/EBITDA
2.03
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$1328.85
Prix actuel
$1155.84
Marge de sécurité
+13.0%
Fourchette de juste valeur
$863.75 - $1793.94
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
17.23
ROE
6.1%
Ratio P/B
0.79
P/FCF
-
Marge brute
-
ROIC
2.6%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
2.6%
WACC
8.3%
ROIC − WACC
-5.6 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (16)
- EPS shows upward trend
- EPS CAGR 14.28%
- Price CAGR 8.40%
- P/B Ratio 0.79
- 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
Échoué (7)
- ROIC 2.6%
- Operating Margin 4.8%
- CapEx intensity
- Low reliance on intangibles
- DCF valuation (Unknown)
- Analyst Consensus 0% Buy
- PEG Ratio 3.51
Indisponible (5)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Price below Graham Number
- Net Margin Trend (invalid data)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Timothy J. O'Shaughnessy | President, CEO & Director | 44 |
| Mr. Wallace R. Cooney CPA | Senior VP of Finance & CFO | 62 |
| Ms. Nicole Marie Maddrey M.D. | Senior VP, General Counsel & Secretary | 60 |
| Mr. Andrew Stephen Rosen | Executive Vice President | 64 |
| Mr. Jacob M. Maas | Executive Vice President | 48 |
| Mr. Marcel A. Snyman | VP & Chief Accounting Officer | 50 |
| Mr. Spiro Roiniotis | VP & CTO | - |
| Ms. Sandra M. Stonesifer | Senior VP & Chief HR and Administrative Officer | 40 |
| Mr. Matthew R. Greisler | VP & Treasurer | - |
| Ms. Dee Grein | Chief Executive Officer of Graham Healthcare Group | - |
Risque d'audit
7
Risque du conseil
8
Risque de rémunération
7
Risque droits des actionnaires
10
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-25
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-30
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-08-05
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for GHC, sourced from Markets Gazette.