GHC
Graham Holdings Company
GHC's fundamentals are mixed: revenue grew 4.3%, but free cash flow fell 39%. Its PE of 11x looks cheaper than it really is, because one-off gains boosted its recent earnings.
GHC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Stable |
GHC's revenue, profitability and balance sheet are currently stable, but its cash flow is under pressure.
GHC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.6x | $751 | -38% |
| Current | 11x | $1,213 | — |
| Fair | 12x | $1,363 | +12% |
| Expensive | 20x | $2,292 | +89% |
Historical ranges are pointers, not guarantees.
GHC's PE is in its fair range at 11x, but its recent earnings include one-off gains.
GHC Forward outlook
There aren't enough analyst estimates for GHC to show an outlook.
GHC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $113.84 | -31% |
| Q2 2026 | $124.15 | -20% |
| Q1 2026 | $67.64 | -52% |
| Q4 2025 | $66.47 | -59% |
| Q3 2025 | $165.76 | +225% |
| Q2 2025 | $154.27 | +421% |
| Q1 2025 | $141.13 | +134% |
| Q4 2024 | $163.40 | +276% |
GHC's earnings per share have fallen from their peak: $113.84 over the past year, against $165.76 in late 2025. Its recent earnings include one-off gains.
GHC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +3.7% |
| Q2 2026 | $1.3B | +7.1% |
| Q1 2026 | $1.2B | +6% |
| Q4 2025 | $1.3B | +0.4% |
| Q3 2025 | $1.3B | +5.9% |
| Q2 2025 | $1.2B | +2.6% |
| Q1 2025 | $1.2B | +1.1% |
| Q4 2024 | $1.2B | +6.8% |
GHC's revenue has grown year over year for 22 quarters in a row: $1.3B last quarter, up 3.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.5% | +1.2 points |
| Q2 2026 | 6.4% | +0.4 points |
| Q1 2026 | 4.7% | +0.6 points |
| Q4 2025 | 3.8% | -2 points |
| Q3 2025 | 5.3% | -1.5 points |
| Q2 2025 | 6% | +3.8 points |
| Q1 2025 | 4.1% | +1 points |
| Q4 2024 | 5.8% | +2.3 points |
GHC's operating margin was 6.5% last quarter, up 1.2 points from the same quarter a year ago, near the top of its range since 2019.
GHC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $134.6M | -17% |
| Q2 2026 | $32.6M | -58% |
| Q1 2026 | $48.6M | +59% |
| Q4 2025 | $5M | -94% |
| Q3 2025 | $161.8M | -26% |
| Q2 2025 | $78M | +131% |
| Q1 2025 | $30.5M | +$50.7M |
| Q4 2024 | $91.1M | +263% |
GHC still generates free cash flow, though less than at its 2024 peak: $221M over the past year.
GHC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -66K shares |
| 1 year | -3.1% | -135K shares |
| 3 years | -7.8% | -359K shares |
| 5 years | -15% | -734K shares |
| Available history | -20% | -1.1M shares |
GHC has 4M diluted shares, down 3.1% from a year ago, with $199M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $76.6M |
| Q2 2026 | $87.8M |
| Q1 2026 | $34.1M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $3.5M |
| Q4 2024 | $15.9M |
GHC spent $199M buying back its own shares over the past year, more than ten times what it spent the year before.
GHC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.5x | Healthy |
| Q2 2025 | 1.7x | Healthy |
| Q1 2025 | 2.0x | Moderate |
| Q4 2024 | 1.4x | Healthy |
GHC's net debt is about 1.9 years of its operating earnings (EBITDA), up from 1.4 years a year ago.
GHC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.1 | Neutral |
| Stochastic | 61.1 | Neutral |
GHC's weekly RSI is 59 (neutral) and its Stochastic is 61 (neutral).
GHC PE vs Consumer Defensive Sector
| Metric | GHC | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 19x | 45% below |
| PE % | 45 | 18 | 27 pts above |
GHC is trading at 11x earnings, a 45% discount to the Consumer Defensive sector's median of 19x, though its recent earnings include one-off gains.
GHC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,186.0 | 2.3% above |
| 20 week MA | $1,174.4 | 3.3% above |
| 50 week MA | $1,136.3 | 6.8% above |
| 100 week MA | $1,057.6 | 15% above |
| 200 week MA | $870.8 | 39% above |
GHC is in an uptrend: it's above all five of its weekly moving averages, and 39% above its 200-week average.
GHC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $639.4 | $524.1 | -18% |
| 2021 | $524.1 | $585.5 | +12% |
| 2022 | $585.5 | $597.4 | +2% |
| 2023 | $597.4 | $696.5 | +17% |
| 2024 | $696.5 | $879.0 | +26% |
| 2025 | $879.0 | $1,109.8 | +26% |
| 2026 YTD | $1,109.8 | $1,213.0 | +9.3% |
GHC has finished higher in five of the last six years. It's up 9.3% so far in 2026.