Tuesday, June 09, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. Fiscal 2026 was another year of strong execution and continued progress against the strategic objectives Graham management has outlined. The Company generated record annual revenue, record orders, and record backlog, ending the year with a book-to-bill of 1.5x. These results reflect the strength of Graham’s diversified business model and the long-term demand environment across its core markets, in our view.
FY4Q and Full Year ’26 Results. Fourth quarter revenue was a record $67.1 million, up 13% y-o-y. Gross margin declined to 22.7% from 27% last year, mostly due to mix. Quarterly adjusted EBITDA totaled $6.8 million versus $7.7 million last year, while adjusted net income was $3.7 million, or $0.33/sh, compared to $4.8 million and $0.43/sh in 4Q25. Full-year revenue was a record $245.3 million, up 17%, gross margin was 23.5% versus 25.2%, adjusted EBITDA was $26 million, up from $22.5 million, and adjusted net income was $16 million, or $1.40/sh, compared to $13.7 million, or $1.24/sh, in FY 2025.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
