Graham Corporation
Graham Corp designs and manufactures custom-engineered fluid, heat transfer, vacuum, cryogenic pump, and turbomachinery systems used in mission-critical applications. Its core end markets are Defense, Energy & Process, and Space, with production centered in Batavia, New York and specialized turbomachinery operations through Barber-Nichols in Colorado.
Tilikausi 2026 · muutos edellisvuodesta
Kehitys 2021–2026
Liiketoiminta
Osuus liikevaihdostaCustom equipment for naval propulsion, power, fluid transfer, and thermal management programs.
Vacuum, heat transfer, and fluid transfer systems for refining, chemicals, and industrial processing.
Rocket engine turbopumps, cryogenic systems, and thermal/fluid management products for space applications.
Spare parts, service, and support tied to installed equipment and long-cycle industrial customers.
Tuotteet
Raportoitu · osuus liikevaihdosta- Defense60,1 %
- Energy and Process34,0 %
- Space5,9 %
Lähde: 10-K FY2026, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Graham sells mainly to industrial and government-linked customers that need highly engineered, low-volume, high-specification equipment. The largest demand comes from U.S. Navy and defense contractors, while Energy & Process customers include refiners, chemical producers, and industrial processors; Space customers are launch providers and aerospace system developers.
Buys propulsion, power, fluid transfer, and thermal management equipment for naval platforms and related programs.
Buys vacuum, heat transfer, and fluid transfer systems for refining, chemicals, fertilizers, and alternative energy projects.
Buys rocket engine turbopumps, cryogenic products, and thermal management systems for launch and space applications.
Buys engineered equipment as part of larger project delivery, often with long qualification and bidding cycles.
Buys replacement parts, service, and support for existing Graham-installed equipment.
Strategia
Management is focused on targeted markets with high barriers to entry, operational excellence, and disciplined capital deployment. Recent investments in a new Batavia manufacturing facility, automated welding equipment, and a cryogenic testing facility show a push to expand capacity, improve execution, and support organic growth.
Defense programs provide scale, backlog visibility, and higher strategic importance.
Additional capacity and qualification infrastructure support growth and improve delivery performance.
More self-funded development can broaden the product base and support organic growth.
Better process control and execution help protect margins in project-based businesses.
Maantiede
The company is primarily U.S.-based, with 81% of fiscal 2025 sales in the United States and 19% internationally. Manufacturing and engineering are centered in Batavia, NY and Arvada, CO, while foreign subsidiaries in China and India provide sales and engineering support across Asia and the Middle East.
Riskit
The business is exposed to customer concentration, especially in defense where U.S. Navy-related work is a large share of sales and backlog. It also faces execution, pricing, cybersecurity, and project-timing risk because revenue depends on complex engineered contracts, long qualification cycles, and customer funding decisions.
- Customer concentration in Defense / U.S. Navy programsVaikutus: KorkeaTodennäköisyys: Kohtalainen
Defense sales rose to 58% of business, and many programs ultimately depend on the same end customer.
Kohdistuu: U.S. Navy-related projects
- Delay or reduction in purchases by largest customersVaikutus: KorkeaTodennäköisyys: Kohtalainen
A small number of large, long-cycle contracts can drive a disproportionate share of revenue.
- Competitive pricing pressureVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Competitors may have greater resources or lower-cost geographies and can compete on price.
- Cybersecurity breach or ransomwareVaikutus: KeskitasoTodennäköisyys: Kohtalainen
The company relies on engineering data, customer information, and connected systems that could be disrupted.
- Project timing and milestone slippageVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Revenue on large contracts is recognized over time and depends on labor, cost, and milestone estimates.
Kirjanpito
Harkinnanvaraiset erätMost large contracts are recognized as work progresses, so estimate changes affect revenue and gross margin.
Vaikutus: Labor hours, total cost, and milestone judgments can move earnings between periods.
Acquisitions require fair value allocation and subsequent impairment testing.
Vaikutus: Goodwill or intangibles could be written down if performance weakens.
Defense projects can involve claims, liabilities, or insurance coverage limits.
Vaikutus: Accruals can materially affect operating results if claims arise.
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
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Päivitetty: 24.9.2026