Short answer
GRAHAM CORP (GHM) filed its fiscal 2025 10-K annual report with the SEC on Jun 9, 2025. It reported revenue of $210M (+13.1% year over year) and net income of $12M.
- Top risk flagged: Regulatory risk: Potential liability from self-reported unauthorized export of technical data under ITAR to DDTC, with compliance program strengthening underway
FY2025 key financial metrics · XBRL
- Revenue
- $210M
- +13.1% YoY
- Net income
- $12M
- +168.4% YoY
- Operating margin
- 7.2%
- +3.5 pp YoY
- Gross margin
- 25.2%
- +3.3 pp YoY
- EPS (diluted)
- $1.11
- +164.3% YoY
- ROE
- 10.2%
- +5.9 pp YoY
- Operating cash flow
- $24M
- −13.5% YoY
Source: XBRL data from the GRAHAM CORP (GHM) FY2025 10-K on SEC EDGAR. USD.
GRAHAM CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Custom-engineered mission critical fluid, power, heat transfer, and vacuum technologies for Defense, Energy & Process, and Space industries
- Acquisition of P3 Technologies in Nov 2023 expanding turbomachinery solutions for Space, New Energy, Defense, and Medical markets under Barber-Nichols
- New product launch: NextGen™ steam ejector nozzle reducing steam consumption, lowering costs, increasing system capacity, and minimizing carbon footprint in fiscal 2025
- Fiscal 2025 backlog $412.3M, up from $390.9M in fiscal 2024, with 81% domestic sales and 58% Defense industry concentration reflecting increased U.S. Navy focus
- Added patent-protected P3 intellectual property including multi-channel diffuser and magnetic pump technologies enhancing pump and compressor efficiency
Management Discussion & Analysis
- Revenue reclassification: Refining, Chemical/Petrochemical, Other combined into "Energy & Process" segment, prior periods restated for consistency
- Acquisition of P3 for $11,238 ($1,930 stock, $7,268 cash from credit line), with up to $3,000 contingent earn-out, broadening turbomachinery offerings
- No disclosed revenue, profitability, margin, cash flow, or forward-looking guidance details in provided text
Risk Factors
- Regulatory risk: Potential liability from self-reported unauthorized export of technical data under ITAR to DDTC, with compliance program strengthening underway
- Macroeconomic risk: Energy & Process sales highly cyclical, down to 35% of revenue in 2025 from 75% in 2021, impacted by crude oil and natural gas price volatility due to Ukraine-Russia and Israel-Hamas wars
- Operational risk: Large Defense contracts (3-7 year duration) require ongoing government funding; funding lapses or shutdowns could disrupt production and shipping
- Competitive risk: U.S. Navy’s fleet expansion may be hampered by supply chain constraints, affecting Graham’s growth in Defense segment
- Financial risk: Customer concentration with Defense sales at 58% of total revenue in 2025, creating dependency risk if Navy funding or projects are disrupted
Generated from the filing text; verify against the original. How to read a 10-K
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