Graham Holdings Company (GHC) Financial Ratios
30 years of historical data (1996–2025) · Consumer Defensive · Education & Training Services
EV/EBITDA
↑
15.16
↑+27% vs avg
5yr avg: 11.93
30Y Low2.6·High14.8
P/FCF
↓
18.53
↓-37% vs avg
5yr avg: 29.36
30Y Low5.3·High78.4
P/B Ratio
↑
1.02
↑+23% vs avg
5yr avg: 0.83
30Y Low0.6·High2.6
ROE
↓
6.4%
-19% vs avg
5yr avg: 7.8%
30Y Low-4%·High40%
Debt/EBITDA
↑
4.09
↑+23% vs avg
5yr avg: 3.32
30Y Low0.5·High4.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
GHC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Graham Holdings Company trades at 17.2x earnings, 5% below its 5-year average of 18.1x, sitting at the 72nd percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 18.7x, the stock trades at a discount of 8%. On a free-cash-flow basis, the stock trades at 18.5x P/FCF, 37% below the 5-year average of 29.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.0B | $4.8B | $3.8B | $3.2B | $2.9B | $3.1B | $2.7B | $3.4B | $3.4B | $3.1B | $2.9B |
| Enterprise Value | $6.4B | $6.3B | $4.7B | $4.3B | $3.9B | $4.1B | $3.3B | $4.3B | $3.7B | $3.2B | $2.7B |
| P/E Ratio → | 17.16 | 16.53 | 5.34 | 15.90 | 43.82 | 8.94 | 9.18 | 10.44 | 12.68 | 10.36 | 17.18 |
| P/S Ratio | 1.01 | 0.98 | 0.80 | 0.73 | 0.74 | 0.98 | 0.95 | 1.16 | 1.28 | 1.20 | 1.15 |
| P/B Ratio | 1.02 | 0.99 | 0.89 | 0.80 | 0.77 | 0.71 | 0.72 | 1.02 | 1.18 | 1.06 | 1.16 |
| P/FCF | 18.53 | 17.95 | 11.85 | 19.48 | 19.11 | 78.40 | 19.43 | 47.50 | 18.22 | 14.93 | 14.70 |
| P/OCF | 14.61 | 14.15 | 9.44 | 12.47 | 12.40 | 15.45 | 13.01 | 20.61 | 11.98 | 11.56 | 10.95 |
P/E links to full P/E history page with 30-year chart
GHC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Graham Holdings Company's enterprise value stands at 15.2x EBITDA, 27% above its 5-year average of 11.9x. The Consumer Defensive sector median is 11.0x, placing the stock at a 38% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.28 | 0.99 | 0.98 | 1.00 | 1.30 | 1.16 | 1.46 | 1.36 | 1.24 | 1.09 |
| EV / EBITDA | 15.16 | 14.79 | 10.49 | 11.62 | 9.56 | 13.19 | 9.52 | 12.20 | 10.22 | 12.83 | 8.56 |
| EV / EBIT | 25.52 | 24.90 | 3.92 | 11.94 | 22.38 | 8.54 | 7.51 | 9.37 | 10.14 | 14.78 | 9.45 |
| EV / FCF | — | 23.43 | 14.65 | 25.98 | 25.78 | 103.58 | 23.73 | 59.63 | 19.40 | 15.42 | 13.89 |
GHC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Graham Holdings Company earns an operating margin of 5.1%, roughly in line with the Consumer Defensive sector average. Operating margins have expanded from 1.6% to 5.1% over the past 3 years, signaling improving operational efficiency. ROE of 6.4% is modest, trailing the sector median of 6.5%. ROIC of 3.3% represents below-average returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.6% | 27.6% | 30.6% | 29.7% | 32.3% | 33.6% | 33.8% | 33.6% | 41.1% | 43.9% | 48.8% |
| Operating Margin | 5.1% | 5.1% | 4.5% | 1.6% | 2.1% | 2.4% | 3.5% | 4.9% | 9.1% | 5.3% | 9.0% |
| Net Profit Margin | 6.0% | 6.0% | 15.1% | 4.6% | 1.7% | 11.1% | 10.4% | 11.2% | 10.1% | 11.7% | 6.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.4% | 6.4% | 17.3% | 5.2% | 1.6% | 8.6% | 8.4% | 10.5% | 9.3% | 11.2% | 6.8% |
| ROA | 3.6% | 3.6% | 9.7% | 3.0% | 1.0% | 5.1% | 4.9% | 6.1% | 5.6% | 6.4% | 3.8% |
| ROIC | 3.3% | 3.3% | 3.1% | 1.0% | 1.2% | 1.2% | 1.8% | 3.0% | 6.0% | 3.8% | 7.5% |
| ROCE | 3.7% | 3.7% | 3.5% | 1.2% | 1.4% | 1.3% | 1.9% | 3.3% | 6.1% | 3.6% | 6.2% |
GHC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Graham Holdings Company carries a Debt/EBITDA ratio of 4.1x, which is highly leveraged (17% above the sector average of 3.5x). Net debt stands at $1.5B ($1.7B total debt minus $267M cash). Interest coverage of just 2.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.27 | 0.31 | 0.32 | 0.26 | 0.27 | 0.32 | 0.16 | 0.17 | 0.20 |
| Debt / EBITDA | 4.09 | 4.09 | 2.58 | 3.36 | 2.88 | 3.67 | 2.93 | 3.09 | 1.33 | 1.98 | 1.56 |
| Net Debt / Equity | — | 0.30 | 0.21 | 0.27 | 0.27 | 0.23 | 0.16 | 0.26 | 0.08 | 0.04 | -0.06 |
| Net Debt / EBITDA | 3.46 | 3.46 | 2.01 | 2.91 | 2.47 | 3.21 | 1.73 | 2.48 | 0.62 | 0.41 | -0.50 |
| Debt / FCF | — | 5.48 | 2.80 | 6.51 | 6.67 | 25.18 | 4.30 | 12.13 | 1.19 | 0.50 | -0.81 |
| Interest Coverage | 2.11 | 2.11 | 6.50 | 5.72 | 3.24 | 14.25 | 11.63 | 15.32 | 9.54 | 6.39 | 8.08 |
GHC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.75x means Graham Holdings Company can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.50x to 1.75x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.75 | 1.75 | 1.75 | 1.50 | 1.47 | 1.58 | 1.87 | 1.60 | 1.89 | 1.98 | 2.29 |
| Quick Ratio | 1.53 | 1.53 | 1.50 | 1.26 | 1.27 | 1.46 | 1.74 | 1.49 | 1.80 | 1.91 | 2.24 |
| Cash Ratio | 0.98 | 0.98 | 0.93 | 0.71 | 0.69 | 0.83 | 1.06 | 0.78 | 0.95 | 1.08 | 1.34 |
| Asset Turnover | — | 0.59 | 0.62 | 0.61 | 0.60 | 0.43 | 0.45 | 0.49 | 0.57 | 0.52 | 0.56 |
| Inventory Turnover | 11.72 | 11.72 | 11.24 | 10.44 | 11.72 | 14.95 | 15.85 | 17.89 | 22.84 | 23.99 | 36.48 |
| Days Sales Outstanding | — | 42.86 | 39.78 | 43.98 | 50.34 | 73.35 | 71.57 | 79.04 | 81.43 | 90.72 | 96.58 |
GHC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Graham Holdings Company returns 0.7% to shareholders annually — split between a 0.6% dividend yield and 0.1% buyback yield. The payout ratio of 10.7% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.7% | 0.8% | 1.0% | 1.1% | 1.0% | 1.1% | 0.9% | 0.8% | 0.9% | 1.0% |
| Payout Ratio | 10.7% | 10.7% | 4.2% | 15.1% | 45.8% | 8.6% | 10.0% | 9.0% | 10.6% | 9.4% | 16.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 6.1% | 18.7% | 6.3% | 2.3% | 11.2% | 10.9% | 9.6% | 7.9% | 9.7% | 5.8% |
| FCF Yield | 5.4% | 5.6% | 8.4% | 5.1% | 5.2% | 1.3% | 5.1% | 2.1% | 5.5% | 6.7% | 6.8% |
| Buyback Yield | 0.1% | 0.1% | 3.0% | 6.0% | 2.4% | 1.8% | 5.9% | 0.1% | 3.4% | 1.6% | 3.8% |
| Total Shareholder Yield | 0.7% | 0.7% | 3.8% | 6.9% | 3.5% | 2.7% | 7.0% | 0.9% | 4.3% | 2.6% | 4.8% |
| Shares Outstanding | — | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M |
Peer Comparison
Compare GHC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 GHCYou | $5B | 17.2 | 15.2 | 18.5 | 27.6% | 5.1% | 6.4% | 3.3% | 4.1 |
 NYT | $12B | 34.5 | 21.0 | 21.2 | 50.8% | 16.0% | 17.3% | 18.7% | 0.1 |
 NWS | $15B | 34.5 | 9.9 | 21.0 | 56.2% | 16.7% | 5.0% | 10.5% | 1.8 |
 SSP | $333M | -1.5 | 266.2 | 51.0 | 33.7% | 7.5% | -7.9% | 3.1% | 239.5 |
 GTN | $357M | -4.4 | 9.2 | 2.0 | 96.6% | 12.7% | -3.0% | 3.5% | 9.2 |
 LAUR | $5B | 19.7 | 11.1 | 20.2 | 28.3% | 25.3% | 26.2% | 20.3% | 1.6 |
 PRDO | $2B | 13.6 | 8.5 | 9.5 | 71.7% | 23.2% | 16.6% | 15.3% | 0.4 |
 STRA | $2B | 14.1 | 7.0 | 11.3 | 49.0% | 15.5% | 7.7% | 9.0% | 0.4 |
 GCI | $877M | -33.1 | 18.1 | 17.3 | 38.4% | -1.7% | -11.2% | -2.3% | 11.3 |
 NXST | $5B | 54.7 | 7.0 | 6.7 | 39.0% | 17.4% | 5.0% | 7.4% | 4.2 |
 GOOGL | $4.2T | 32.3 | 28.3 | 57.7 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
| Consumer Defensive Median | — | 18.7 | 11.0 | 15.6 | 40.7% | 3.4% | 6.5% | 5.7% | 3.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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GHC — Frequently Asked Questions
Quick answers to the most common questions about buying GHC stock.
What is Graham Holdings Company's P/E ratio?
Graham Holdings Company's current P/E ratio is 17.2x. The historical average is 15.5x. This places it at the 72th percentile of its historical range.
What is Graham Holdings Company's EV/EBITDA?
Graham Holdings Company's current EV/EBITDA is 15.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.1x.
What is Graham Holdings Company's ROE?
Graham Holdings Company's return on equity (ROE) is 6.4%. The historical average is 11.1%.
Is GHC stock overvalued?
Based on historical data, Graham Holdings Company is trading at a P/E of 17.2x. This is at the 72th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Graham Holdings Company's dividend yield?
Graham Holdings Company's current dividend yield is 0.63% with a payout ratio of 10.7%.
What are Graham Holdings Company's profit margins?
Graham Holdings Company has 27.6% gross margin and 5.1% operating margin.
How much debt does Graham Holdings Company have?
Graham Holdings Company's Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.