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Graham (GHM) investor relations material
Graham Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 11% year-over-year to $55.5M, driven by strong energy, process, and defense markets, with aftermarket sales up 33%.
Net income increased 55% to $4.6M ($0.42 per diluted share); adjusted net income per diluted share was $0.45, up 36%.
Adjusted EBITDA rose 33% to $6.8M, with margin at 12.3%; gross margin improved 170 bps to 26.5%.
Record backlog reached $482.9M, up 22% year-over-year, with a book-to-bill ratio of 2.3x, mainly from large defense contracts.
Major Navy contracts and strategic investments in manufacturing, R&D, and workforce training support future growth.
Financial highlights
Gross profit rose 19% to $14.7M; operating income up 54% to $5.0M; gross margin expanded to 26.5%.
Adjusted EBITDA margin improved to 12.3%; net income margin increased to 8.3%.
Orders totaled $125.9M, up 126% year-over-year, with $86.5M for Virginia class submarines; aftermarket orders up 16%.
Ended quarter with $10.8M cash, no debt, and $44.3M available on revolver; capex was $7M, focused on capacity and productivity.
SG&A expenses rose to $9.8M, but as a percent of sales declined to 17.7%.
Outlook and guidance
Fiscal 2026 guidance reiterated: net sales of $225M–$235M, gross margin 24.5%–25.5%, adjusted EBITDA $22M–$28M, capex $15M–$18M.
Guidance assumes stable operations, supply chain access, and no major disruptions.
Long-term targets: 8–10% organic revenue growth per year and low to mid-teen adjusted EBITDA margins.
Backlog expected to convert 35–40% to revenue within one year.
SG&A guidance: 17.5%–18.5% of sales; tax rate 20%–22%.
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