Graham Holdings Company
GHCNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1,222.24 Prior regular-session close from the quote source.
- $1,206.90–$1,219.87 Regular-session low and high so far today.
- 18.3K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 24 projected Projected for 2027-02-24 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $1,016.37–$1,269.00 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own GHC if Graham Holdings converts a portfolio of cash-generative operating businesses—led by Kaplan education and a fast-growing healthcare platform—into steady free cash flow and shareholder returns through disciplined capital allocation, while legacy broadcasting and cyclical units.
GHC price history
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Investment thesis
What must happen next
Continued expansion of healthcare (CSI infusion and home health/hospice services) will be the primary driver of multi-year consolidated operating-income and operating-cash-flow growth, offsetting declines in television broadcasting.StrengtheningMateriality: High
Operating income rose to 234,947,000 USD in FY2025 from 215,504,000 USD in FY2024 (operating_income). If true, consolidated operating income and cash flow will become less cyclical and support M&A/buybacks; if false, the company remains exposed to advertising and auto cyclicality and returns stall.
Watch: A material CMS/Medicare reimbursement cut or new restrictive regulation on home infusion/home health that reduces volumes or margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income rose to 234,947,000 USD in FY2025 from 215,504,000 USD in FY2024 (operating_income).
Open source ↗Kaplan’s diversified education relationships (universities, employers, professional exam contracts) create sticky demand and pricing power that sustain mid-single-digit revenue growth and protect margins versus low-cost online entrants.HoldingMateriality: High
Education accounted for 35% of consolidated revenues in 2025 and is the largest operating income contributor (business_text, mdna_text). Durable Kaplan revenue underpins a predictable revenue base (35% of consolidated revenue in 2025) and reduces reliance on one-off gains; if Kaplan weakens, consolidated growth will be harder to achieve.
Watch: Regulatory changes (student visas, UK/US education regulation) or a decision by large university partners to internalize services or to shift to lower-cost providers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Education accounted for 35% of consolidated revenues in 2025 and is the largest operating income contributor (business_text, mdna_text).
Open source ↗Local television broadcasting revenues will remain structurally pressured by cord-cutting and political-ad cycle volatility, meaning broadcasting cannot be relied on for consistent operating-income growth and will cap consolidated revenue growth unless other segments offset it.StrengtheningMateriality: Medium
MD&A: broadcasting reported lower revenues and operating income in 2025 due largely to a significant decrease in political advertising revenue from the 2024 election cycle and declines in local and digital advertising revenue (mdna_text). If broadcasting continues to decline, Graham must rely on healthcare/education to drive growth; if broadcasting stabilizes or digital monetization accelerates, downside risk lessens.
Watch: A rebound in political advertising in an election year large enough to materially lift station-level results.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A: broadcasting reported lower revenues and operating income in 2025 due largely to a significant decrease in political advertising revenue.
Open source ↗Graham’s balance sheet (cash, equity and moderate liabilities) plus recurring operating cash flow gives management the flexibility to fund accretive bolt-on acquisitions and buybacks that can compound EPS.HoldingMateriality: Medium
Cash and cash equivalents of 266,988,000 USD at FY2025 year-end (cash). If management can deploy cash into above-ROIC uses, EPS will grow materially; if balance-sheet strength is overstated or cash is consumed by losses/impairments, per-share returns will stall.
Watch: Large acquisitions that require heavy debt financing or equity issuance, or repeated goodwill/impairment charges (e.g., continued large losses at Framebridge).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents of 266,988,000 USD at FY2025 year-end (cash).
Open source ↗
Full investment case & evidence
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Original research
Continued expansion of healthcare (CSI infusion and home health/hospice services) will be the primary driver of multi-year consolidated operating-income and operating-cash-flow growth, offsetting declines in television broadcasting. If true, consolidated operating income and cash flow will become less cyclical and support M&A/buybacks; if false, the company remains exposed to advertising and auto cyclicality and returns stall.
Kaplan’s diversified education relationships (universities, employers, professional exam contracts) create sticky demand and pricing power that sustain mid-single-digit revenue growth and protect margins versus low-cost online entrants. Durable Kaplan revenue underpins a predictable revenue base (35% of consolidated revenue in 2025) and reduces reliance on one-off gains; if Kaplan weakens, consolidated growth will be harder to achieve.
Local television broadcasting revenues will remain structurally pressured by cord-cutting and political-ad cycle volatility, meaning broadcasting cannot be relied on for consistent operating-income growth and will cap consolidated revenue growth unless other segments offset it. If broadcasting continues to decline, Graham must rely on healthcare/education to drive growth; if broadcasting stabilizes or digital monetization accelerates, downside risk lessens.
Graham’s balance sheet (cash, equity and moderate liabilities) plus recurring operating cash flow gives management the flexibility to fund accretive bolt-on acquisitions and buybacks that can compound EPS. If management can deploy cash into above-ROIC uses, EPS will grow materially; if balance-sheet strength is overstated or cash is consumed by losses/impairments, per-share returns will stall.
All standing thesis claims
Original report summary
Graham Holdings converts a portfolio of cash-generative operating businesses—led by Kaplan education and a fast-growing healthcare platform—into steady free cash flow and shareholder returns through disciplined capital allocation, while legacy broadcasting and cyclical units.
Bull case and bear case
Bull case and bear case for Graham Holdings Co
Where the evidence on Graham Holdings Co stands: Holding on the latest evidence (Nov 8, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
Continued expansion of healthcare (CSI infusion and home health/hospice services) will be the primary driver of multi-year consolidated operating-income and operating-cash-flow growth, offsetting declines in television broadcasting.
Kaplan’s diversified education relationships (universities, employers, professional exam contracts) create sticky demand and pricing power that sustain mid-single-digit revenue growth and protect margins versus low-cost online entrants.
Local television broadcasting revenues will remain structurally pressured by cord-cutting and political-ad cycle volatility, meaning broadcasting cannot be relied on for consistent operating-income growth and will cap consolidated revenue growth unless other segments offset it.
Graham’s balance sheet (cash, equity and moderate liabilities) plus recurring operating cash flow gives management the flexibility to fund accretive bolt-on acquisitions and buybacks that can compound EPS.
Bear case: what would count against it
A material CMS/Medicare reimbursement cut or new restrictive regulation on home infusion/home health that reduces volumes or margins.
Regulatory changes (student visas, UK/US education regulation) or a decision by large university partners to internalize services or to shift to lower-cost providers.
A rebound in political advertising in an election year large enough to materially lift station-level results.
Thesis-Break Engine
Thesis-break watch · Graham Holdings Co
No break has crossed Graham Holdings Co’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Graham Holdings Co filed an SEC 8-K on 2026-11-05: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Graham Holdings Co filed an SEC 8-K on 2026-10-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Graham Holdings Co filed an SEC 8-K on 2026-08-05: Other material event. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A material CMS/Medicare reimbursement cut or new restrictive regulation on home infusion/home health that reduces volumes or margins.
- Regulatory changes (student visas, UK/US education regulation) or a decision by large university partners to internalize services or to shift to lower-cost providers.
- A rebound in political advertising in an election year large enough to materially lift station-level results.
- Large acquisitions that require heavy debt financing or equity issuance, or repeated goodwill/impairment charges (e.g., continued large losses at Framebridge).
GHC news
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Financial statements
GHC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
GHC: quick answers
- When does Graham Holdings Co (GHC) report earnings next?
- Graham Holdings Co's next results are projected for February 24, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 29, 2026. Earnings calendar
- What is GHC's short interest?
- As of October 30, 2026, 235,168 GHC shares were sold short, down 4.2% from the count before. At the stock's average daily volume that is 9.3 days to cover. FINRA publishes the count twice a month. GHC short interest history
- Which well-known investors own GHC?
- 2 of the 37 well-known funds tracked here reported GHC shares in their latest 13F filings. By share of the fund's portfolio: Markel Group (Tom Gayner), 0.1%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
GHC in well-known investors’ portfolios
2 of 37 funds reported GHC shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Tom GaynerMarkel Group | 0.05% | $5.9M | No change | Q3 2026 |
| Ray DalioBridgewater Associates | 0.00% | $244K | −1.8% | Q2 2026 |