Graham (GHM) Investor presentation summary

Business overview

• Supplies mission-critical fluid, power, vacuum, and heat transfer solutions across defense, energy & process, and space markets.

• FY25 revenue split: 58% defense, 35% energy & process, 7% space.

• Global presence with manufacturing and engineering locations in the US, China, and India.

• $494M market cap as of June 2025; 630+ employees.

• Revenue CAGR of 21% since FY21.

Investment thesis and growth strategy

• $412M backlog provides long-term visibility and supports capital allocation.

• Targeting 13–15% adjusted EBITDA margin and >20% ROIC by FY27.

• Diversified end-markets with stable defense and growing commercial sectors.

• Growth driven by operational excellence, disciplined capital allocation, and experienced management.

Defense segment

• Strong demand from increased US defense budgets and shipbuilding; 80% of revenue is sole-sourced.

• Key supplier for submarines, aircraft carriers, and undersea propulsion systems.

• Revenue opportunity of ~$1.7B through 2056 from Navy nuclear programs.

• FY25 defense revenue: $121.9M, 25% CAGR since FY22.