Graham Corporation (GHM) Income Statement

30Y historyFree accessUpdated daily

Revenue accelerated 28.6% year-over-year to $71.3M in 2027Q1, yet operating margin compressed to 5.8% from a peak of 8.9% in 2026Q1, suggesting growth is not yet translating into consistent profitability.

Annual statement

GHM Income Statement

Graham Corporation (GHM) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Mar'26	Mar'25	Mar'24	Mar'23	Mar'22	Mar'21	Mar'20	Mar'19	Mar'18	Mar'17	Mar'17	Mar'16	Mar'15	Mar'14	Mar'13	Mar'12	Mar'11	Mar'10	Mar'09	Mar'08	Mar'07	Mar'06	Mar'05	Mar'04	Mar'03	Mar'02	Mar'01	Mar'00	Mar'99	Mar'98

Sales/Revenue	261.15M	245.29M	209.9M	185.53M	157.12M	122.81M	97.49M	90.6M	90.6M	91.83M	91.77M	91.77M	90.04M	135.17M	102.22M	104.97M	103.19M	74.23M	62.19M	101.11M	86.43M	65.82M	55.21M	41.33M	43.32M	49.38M	47.4M	44.43M	38.73M	53M	56.2M
Revenue Growth %	21.22%	16.86%	13.13%	18.09%	27.93%	25.98%	7.6%	0%	-1.34%	0.07%	1.92%	1.92%	-33.39%	32.24%	-2.62%	1.73%	39%	19.37%	-38.49%	16.99%	31.31%	19.23%	33.57%	-4.59%	-12.27%	4.18%	6.67%	14.73%	-26.93%	-5.69%	9.34%
Cost of Goods Sold	200.32M	187.54M	157.03M	144.95M	131.71M	113.69M	77.02M	72.46M	69.92M	60.2M	69.61M	69.61M	66.78M	93.36M	70.41M	73.15M	70.55M	52.38M	39.96M	59.4M	52.27M	49M	39.25M	33.79M	35.77M	40.03M	37.32M	34.64M	27.71M	37.1M	37.1M
COGS % of Revenue	-	76.46%	74.82%	78.13%	83.83%	92.57%	79%	79.97%	77.17%	65.56%	75.85%	75.85%	74.17%	69.07%	68.88%	69.69%	68.37%	70.57%	64.25%	58.75%	60.47%	74.45%	71.09%	81.76%	82.57%	81.06%	78.74%	77.95%	71.56%	70%	66.01%
Gross Profit	60.83M	57.75M	52.86M	40.59M	25.41M	9.13M	20.47M	18.15M	18.15M	21.91M	16.98M	22.16M	23.25M	41.8M	31.81M	31.82M	32.63M	21.85M	22.23M	41.71M	34.16M	16.82M	15.96M	7.54M	7.55M	9.35M	10.08M	9.8M	11.01M	15.9M	19.1M
Gross Margin %	23.29%	23.54%	25.18%	21.87%	16.17%	7.43%	21%	20.03%	20.03%	23.86%	18.5%	24.15%	25.83%	30.93%	31.12%	30.31%	31.63%	29.43%	35.75%	41.25%	39.53%	25.55%	28.91%	18.24%	17.43%	18.94%	21.26%	22.05%	28.44%	30%	33.99%
Gross Profit Growth %	-	9.25%	30.25%	59.73%	178.32%	-55.4%	12.79%	0%	-17.17%	29.07%	-27%	-4.7%	-44.37%	31.41%	-0.03%	-2.49%	49.35%	-1.71%	-46.7%	22.1%	103.12%	5.39%	111.66%	-0.12%	-19.26%	-7.21%	2.87%	-11.06%	-30.73%	-16.75%	17.18%
Operating Expenses	47.25M	43.35M	37.67M	33.66M	24.16M	20.47M	17.47M	17.5M	17.5M	21.18M	14.86M	14.86M	16.57M	18.51M	17.2M	16.56M	15.54M	13.08M	12.19M	15.38M	13.07M	10.34M	9.82M	7.69M	9.78M	10.2M	10.44M	9.49M	9.99M	12.8M	13.4M
OpEx % of Revenue	-	17.67%	17.95%	18.14%	15.38%	16.67%	17.92%	19.31%	19.31%	23.06%	16.19%	16.19%	18.4%	13.7%	16.82%	15.78%	15.06%	17.61%	19.6%	15.21%	15.13%	15.71%	17.78%	18.61%	22.58%	20.66%	22.03%	21.37%	25.8%	24.15%	23.84%
Selling, General & Admin	44.72M	41.56M	37.14M	32.22M	23.06M	20.39M	17.47M	16.88M	16.88M	17.64M	15.53M	14.62M	16.33M	18.28M	16.97M	16.33M	15.54M	13.01M	12.09M	14.82M	13.07M	10.34M	9.82M	7.69M	9.78M	10.2M	10.44M	9.49M	8.94M	11.8M	12.4M
SG&A % of Revenue	-	16.94%	17.7%	17.36%	14.68%	16.6%	17.92%	18.63%	18.63%	19.21%	16.93%	15.94%	18.14%	13.53%	16.6%	15.56%	15.06%	17.52%	19.45%	14.66%	15.13%	15.71%	17.78%	18.61%	22.58%	20.66%	22.03%	21.37%	23.09%	22.26%	22.06%
Research & Development	0	0	0	0	4.14M	0	0	0	3.35M	3.54M	3.21M	3.86M	3.75M	3.58M	3.44M	3.58M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	2.64%	-	-	-	3.7%	3.85%	3.5%	4.21%	4.16%	2.65%	3.36%	3.41%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2.25M	1.79M	530K	1.45M	-3.05M	86K	0	617K	-2.74M	0	-3.89M	234K	1.79M	229K	222K	228K	0	67K	0	559K	0	0	0	0	0	0	0	0	1.05M	1M	1M
Operating Income	13.58M	14.4M	15.19M	6.92M	1.25M	-11.34M	3M	652K	652K	4.03M	1.21M	6.67M	8.48M	21.57M	14.62M	15.26M	17.09M	8.78M	10.04M	26.74M	21.09M	6.48M	6.14M	-151K	-2.23M	-852K	-362K	302K	1.02M	3.1M	5.7M
Operating Margin %	5.2%	5.87%	7.24%	3.73%	0.8%	-9.24%	3.08%	0.72%	0.72%	4.39%	1.31%	7.27%	9.42%	15.96%	14.3%	14.54%	16.57%	11.82%	16.15%	26.45%	24.4%	9.85%	11.12%	-0.37%	-5.16%	-1.73%	-0.76%	0.68%	2.64%	5.85%	10.14%
Operating Income Growth %	-	-5.21%	119.42%	453.76%	111.02%	-478.35%	359.82%	0%	-83.83%	234.25%	-85.78%	-21.3%	-60.7%	47.6%	-4.23%	-10.72%	94.81%	-12.62%	-62.44%	26.8%	225.38%	5.54%	4166.89%	93.24%	-162.21%	-135.36%	-219.87%	-70.42%	-67.06%	-45.61%	32.56%
EBITDA	22.62M	22.24M	21.12M	12.35M	7.24M	-5.74M	4.94M	2.62M	2.86M	6.25M	3.53M	9M	10.91M	23.88M	16.82M	17.34M	19.12M	10.42M	11.84M	27.85M	22.08M	7.37M	6.93M	629K	-1.2M	59K	594K	1.25M	2.07M	4.1M	6.7M
EBITDA Margin %	8.66%	9.07%	10.06%	6.66%	4.61%	-4.68%	5.07%	2.89%	3.15%	6.81%	3.85%	9.81%	12.12%	17.67%	16.45%	16.52%	18.53%	14.04%	19.04%	27.54%	25.54%	11.19%	12.56%	1.52%	-2.77%	0.12%	1.25%	2.81%	5.35%	7.74%	11.92%
EBITDA Growth %	-1.53%	5.28%	70.99%	70.71%	225.99%	-216.2%	88.66%	-8.3%	-54.31%	77.04%	-67.64%	-17.55%	-54.3%	42.02%	-3.03%	-9.3%	83.43%	-11.96%	-57.49%	26.15%	199.63%	6.26%	1002.38%	152.46%	-2132.2%	-90.07%	-52.48%	-39.64%	-49.49%	-38.81%	28.85%
D&A (Non-Cash Add-back)	9.04M	7.84M	5.94M	5.43M	5.99M	5.6M	1.95M	1.97M	2.21M	2.22M	2.33M	2.33M	2.44M	2.31M	2.2M	2.08M	2.02M	1.65M	1.8M	1.11M	989K	887K	793K	780K	1.03M	911K	956K	948K	1.05M	1M	1M
EBIT	13.98M	14.76M	14.82M	5.82M	1.63M	-10.82M	3.28M	2.32M	1.62M	-133K	1.21M	7.06M	8.74M	21.76M	14.71M	15.26M	17.09M	8.85M	10.1M	26.74M	21.09M	6.48M	6.14M	-151K	-1.92M	-881K	-362K	302K	1.02M	3.08M	5.71M
Net Interest Income	80K	257K	583K	-248K	-939K	-400K	156K	1.31M	1.45M	594K	376K	376K	251K	178K	93K	315K	-418K	-15K	19K	411K	0	0	0	0	0	0	0	0	0	0	0
Interest Income	80K	257K	0	0	129K	50K	167K	1.32M	1.46M	606K	386K	386K	261K	189K	94K	315K	58K	77K	55K	416K	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	-583K	248K	1.07M	450K	11K	12K	12K	12K	10K	10K	10K	11K	1K	0	476K	92K	36K	5K	0	10K	17K	0	0	0	0	0	0	0	0
Other Income/Expense	-318K	-300K	219K	-1.35M	-689K	127K	269K	1.66M	1.66M	-4.18M	-14.06M	-244K	2.04M	-1.54M	93K	87K	-418K	-15K	-77K	-148K	1.02M	38K	-388K	510K	476K	1.1M	3.84M	-328K	-2.13M	-278K	-206K
Pretax Income	13.27M	14.1M	15.41M	5.57M	561K	-11.22M	3.27M	2.31M	2.31M	-145K	-12.85M	7.05M	8.73M	21.75M	14.71M	15.58M	16.68M	8.76M	10.06M	26.74M	22.1M	6.52M	5.75M	359K	1.85M	192K	3.48M	-26K	-1.11M	2.8M	5.5M
Pretax Margin %	5.08%	5.75%	7.34%	3%	0.36%	-9.13%	3.35%	2.55%	2.55%	-0.16%	-14.01%	7.68%	9.7%	16.09%	14.39%	14.84%	16.16%	11.8%	16.18%	26.45%	25.57%	9.9%	10.42%	0.87%	4.26%	0.39%	7.34%	-0.06%	-2.87%	5.28%	9.79%
Income Tax	1.45M	1.6M	3.18M	1.02M	194K	-2.44M	893K	440K	440K	163K	3.01M	2.03M	2.6M	7.02M	4.57M	4.43M	6.12M	2.89M	3.7M	9.27M	7.07M	758K	2.17M	63K	-777K	59K	1.17M	-221K	-280K	400K	1.7M
Effective Tax Rate %	10.92%	11.32%	20.62%	18.26%	34.58%	21.78%	27.33%	19.03%	19.03%	-112.41%	-23.42%	28.74%	29.77%	32.26%	31.03%	28.43%	36.72%	32.95%	36.78%	34.68%	31.99%	11.63%	37.67%	17.55%	-42.07%	30.73%	33.71%	850%	25.16%	14.29%	30.91%
Net Income	11.82M	12.5M	12.23M	4.56M	367K	-8.77M	2.37M	1.87M	-308K	-9.84M	5.02M	5.02M	6.13M	14.73M	10.14M	11.15M	10.55M	5.87M	6.36M	17.47M	15.03M	5.76M	3.59M	-2.91M	-1.07M	133K	2.31M	195K	-833K	2.4M	3.8M
Net Margin %	4.52%	5.1%	5.83%	2.46%	0.23%	-7.14%	2.44%	2.07%	-0.34%	-10.72%	5.47%	5.47%	6.81%	10.9%	9.92%	10.62%	10.23%	7.91%	10.23%	17.28%	17.39%	8.75%	6.5%	-7.03%	-2.47%	0.27%	4.86%	0.44%	-2.15%	4.53%	6.76%
Net Income Growth %	-14.73%	2.21%	168.44%	1141.42%	104.18%	-469.55%	26.82%	707.79%	96.87%	-295.98%	-18.07%	-18.07%	-58.39%	45.24%	-9%	5.64%	79.66%	-7.66%	-63.58%	16.18%	160.96%	60.65%	223.4%	-171.59%	-904.51%	-94.23%	1082.05%	123.41%	-134.71%	-36.84%	22.58%
Net Income (Continuing)	11.82M	12.5M	12.23M	4.56M	367K	-8.77M	2.37M	1.87M	1.87M	-308K	5.02M	5.02M	6.13M	14.73M	10.14M	11.15M	10.55M	5.87M	6.36M	17.47M	15.03M	5.76M	3.59M	296K	-832K	148K	2.31M	195K	-833K	2.4M	3.8M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	1.01	1.12	1.11	0.42	0.03	-0.83	0.24	0.19	-0.03	-1.01	0.52	0.52	0.61	1.45	1.00	1.11	1.06	0.59	0.64	1.71	1.49	0.47	0.38	-0.32	-0.13	0.01	0.28	0.01	-0.11	0.29	0.44
EPS Growth %	-18.25%	0.9%	164.29%	1120.93%	104.14%	-445.83%	26.32%	705.1%	96.89%	-294.23%	-14.75%	-14.75%	-57.93%	45%	-9.91%	4.72%	79.66%	-7.81%	-62.57%	14.77%	217.02%	23.68%	218.75%	-146.15%	-	-97.14%	-	107.27%	-137.93%	-34.09%	193.33%
EPS (Basic)	-	1.14	1.12	0.42	0.03	-0.83	0.24	0.19	-0.03	-1.01	0.52	0.52	0.61	1.46	1.01	1.11	1.06	0.59	0.64	1.72	1.52	0.47	0.39	-0.33	-0.13	0.01	0.28	0.01	-0.11	0.30	0.45
Diluted Shares Outstanding	11.71M	11.14M	11.07M	10.84M	10.65M	10.54M	9.96M	9.88M	9.82M	9.76M	9.73M	9.73M	9.98M	10.14M	10.1M	10.05M	10M	9.96M	9.94M	10.2M	10.08M	12.31M	9.34M	8.97M	8.19M	8.36M	8.35M	8.18M	7.57M	8.22M	8.6M
Basic Shares Outstanding	11.6M	10.99M	10.88M	10.74M	10.61M	10.54M	9.96M	9.88M	9.82M	9.75M	9.72M	9.72M	9.98M	10.12M	10.07M	10.03M	9.96M	9.92M	9.9M	10.13M	9.91M	12.17M	9.13M	8.8M	8.19M	8.36M	8.23M	7.8M	7.57M	8.11M	8.37M
Dividend Payout Ratio	-	-	-	-	-	-	184.96%	227.03%	-	-	69.52%	69.52%	53.76%	13.75%	12.89%	8.06%	7.51%	13.45%	12.39%	4.32%	3.28%	6.72%	12.6%	-	-	129.32%	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrained

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Margin volatility and EPS swings

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q1)

Revenue Momentum Accelerates

GHM's revenue growth has accelerated significantly, rising from 11.1% year-over-year growth in 2026Q1 to a robust 28.6% in 2027Q1, indicating strengthening demand for its industrial machinery products.

The revenue trajectory shows clear acceleration, with the most recent quarter posting the strongest growth in the dataset. This suggests the company is capturing market share or benefiting from a favorable order cycle in its end markets. The durability of this acceleration will be key to watch, as industrial equipment demand can be cyclical.

Gross Margin Compressed by Costs

Despite strong top-line growth, gross margins have compressed from a peak of 27.0% in 2025Q4 to 25.0% in 2027Q1, with recent quarters showing volatility between 21.7% and 26.5%, pointing to input cost pressures or unfavorable product mix.

The gross margin profile appears volatile and lacks the stability typical of a mature industrial manufacturer. The decline from the 2025Q4 peak suggests the company may be facing rising raw material or labor costs, or potentially using pricing to drive volume, which warrants close monitoring for sustained profitability.

Operating Leverage Shows Sporadic Efficiency

Operating margin spiked to 8.9% in 2026Q1 on contained SG&A, but has since fallen back to 5.8% in 2027Q1 despite record revenue, suggesting inconsistent execution in converting gross profit into operating income.

The lack of a clear, improving trend in operating margin indicates that SG&A expenses are not scaling down predictably with revenue growth. The volatility implies either lumpy project-related spending or challenges in managing overhead, which undermines the potential benefits of the strong revenue growth.

Net Income Volatility Masks Underlying Trends

Net income has swung dramatically from a loss of $0.1M implied in some periods to a profit of $4.6M, with EPS growth rates ranging from -57.5% to +78.6% quarter-over-quarter, indicating low predictability in bottom-line results.

The erratic net income and EPS performance, especially the -21.4% EPS decline in the most recent quarter despite 28.6% revenue growth, suggests significant non-operating items or tax effects are distorting the core earnings trend. This volatility complicates valuation and makes forward estimates challenging.

SG&A is a Persistent Overhead Burden

SG&A expenses have grown from $8.7M in 2025Q2 to $12.6M in 2027Q1, consistently consuming over 15% of revenue, which appears to be a structural drag on operating profitability.

SG&A as a percentage of revenue has remained stubbornly high, generally in the 17-20% range, indicating limited expense discipline or necessary investments that have not yet scaled. Until this cost line is better controlled, revenue growth will not fully translate to bottom-line improvement.

Growth at the Expense of Profitability

The primary analytical challenge is that GHM's strong revenue acceleration may be masking underlying margin weakness, as gross and operating margins have failed to expand commensurately and have shown recent deterioration.

A skeptical view would argue the company is potentially 'buying' growth with pricing concessions or accepting lower-margin work, evident in the disconnect between revenue growth and margin performance. This pattern, if sustained, would indicate the business is not generating scalable value from its expanding top line.

GHM — Frequently Asked Questions

Quick answers to the most common questions about buying GHM stock.

What was Graham Corporation's (GHM) revenue in 2026?

For fiscal year 2026, Graham Corporation (GHM) reported total revenue of $245.3M. This represents a 336.5% increase compared to $56.2M in 1997.

Is Graham Corporation (GHM) profitable?

Graham Corporation (GHM) is profitable, generating $12.5M in net income for the fiscal year ending 2026 with a net profit margin of 5.1%.

What is Graham Corporation's operating profit margin?

Graham Corporation (GHM) reported an operating income of $14.4M, resulting in an operating profit margin of 5.9%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Graham Corporation's gross profit and gross margin?

Graham Corporation (GHM) generated $57.8M in gross profit for the year, representing a gross profit margin of 23.5%. This demonstrates the company's core pricing power and production efficiency.