Graham Corp
F:781
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Graham Corp
F:781
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Graham Corp
Graham Corp designs and builds custom equipment that moves, heats, cools, and controls fluids and steam in demanding industrial plants. Its products include vacuum systems, heat exchangers, pumps, ejectors, and other engineered packages used where reliability and precise thermal control matter, such as refining, chemical processing, defense, and power generation. The company sells mostly to industrial end users and to engineering firms that build large projects for them. It also serves the U.S. Navy and other defense customers with specialized systems for ships and military applications. Graham makes money by manufacturing these systems to order, along with spare parts, aftermarket service, and support over the life of the equipment. What makes Graham different is that it is not a mass-market equipment maker; it is a niche engineering company that solves hard process problems for critical facilities. Customers come to Graham when off-the-shelf equipment is not enough, so the business depends on technical design, application know-how, and long equipment lifecycles rather than high-volume production.
Graham Corp designs and builds custom equipment that moves, heats, cools, and controls fluids and steam in demanding industrial plants. Its products include vacuum systems, heat exchangers, pumps, ejectors, and other engineered packages used where reliability and precise thermal control matter, such as refining, chemical processing, defense, and power generation.
The company sells mostly to industrial end users and to engineering firms that build large projects for them. It also serves the U.S. Navy and other defense customers with specialized systems for ships and military applications. Graham makes money by manufacturing these systems to order, along with spare parts, aftermarket service, and support over the life of the equipment.
What makes Graham different is that it is not a mass-market equipment maker; it is a niche engineering company that solves hard process problems for critical facilities. Customers come to Graham when off-the-shelf equipment is not enough, so the business depends on technical design, application know-how, and long equipment lifecycles rather than high-volume production.
Record year: Graham said fiscal 2026 was a record year, with revenue of $245 million, orders of $359 million, backlog of $533 million, and a book-to-bill of 1.5x.
Guidance up: Management guided fiscal 2027 revenue to $285 million-$295 million and adjusted EBITDA to $35 million-$40 million, saying both are in line with long-term goals.
Defense and Space: Demand stayed strong in Defense and improved in Space as programs moved from development toward production, helping drive record backlog and visibility.
Margins pressured: Gross margin came under pressure from a higher mix of lower-margin defense revenue, lower aftermarket sales, tariffs, and FlackTek purchase accounting amortization.
FlackTek integration: The FlackTek acquisition is progressing well, with management focused on commercialization and seeing strong customer engagement, while still in the early integration phase.
Liquidity strong: Graham ended the year with over $100 million of available liquidity after the T. Rowe Price investment and debt repayment, giving it room to fund growth and acquisitions.
