Graham Holdings Company (GHC)
適正価値ファンダメンタル
68
株価
$1146.02
時価総額
$4.85B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
需要を左右する要因
中程度の景気循環性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.
主なリスク
- 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.
強気材料
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.
弱気材料
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
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$4.91B
2025/12/31に終了した会計年度
純利益
$292M
2025/12/31に終了した会計年度
フリーキャッシュフロー
$275M
自己資本合計
$4.79B
負債合計
$3.53B
流動比率
1.86
利払い倍率
1.98
負債/EBITDA
2.03
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$1329.14
現在株価
$1146.02
安全マージン
+13.8%
適正価値レンジ
$863.94 - $1794.35
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
17.23
ROE
6.1%
P/B レシオ
0.78
P/FCF
-
粗利益率
-
ROIC
2.6%
収益性レーダー
価値創造（経済的モート）
ROIC
2.6%
WACC
8.3%
ROIC − WACC
-5.6 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（16）
- EPS shows upward trend
- EPS CAGR 14.28%
- Price CAGR 8.40%
- P/B Ratio 0.78
- 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
不合格（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
データなし（5）
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Price below Graham Number
- Net Margin Trend (invalid data)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
7
取締役会リスク
8
報酬リスク
7
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for GHC, sourced from Markets Gazette.