Graham Corp
graham-mfg.comGraham Corporation (NYSE: GHM) is a defense and industrial equipment company that designs and manufactures custom-engineered vacuum, heat transfer, cryogenic pump, and turbomachinery technologies. Revenue is generated through engineered-to-order equipment sales across three end markets: Defense, Energy & Process, and Space. GHM operates from two primary locations: Batavia, NY (surface condensers and ejectors) and Arvada, CO (specialty turbomachinery through wholly-owned subsidiary Barber-Nichols, LLC). Net sales were $209.9 million in FY2025 (year ended March 31, 2025), up from $185.5 million in FY2024. Net income was $12.2 million in FY2025 (5.8% of revenue), compared to $4.6 million in FY2024. Adjusted EBITDA was $22.4 million in FY2025 (10.7% margin), up from $13.3 million in FY2024 (7.2% margin). Daniel J. Thoren served as CEO through June 10, 2025, when Matt Malone, formerly President and COO, assumed the role. Corporate headquarters are in Batavia, NY.
Products & Services
Vacuum technologies (ejectors, vacuum systems), surface condensers, heat transfer equipment, cryogenic pumps, and specialty turbomachinery (through Barber-Nichols). Defense applications include nuclear and non-nuclear propulsion, power, fluid transfer, and thermal management. Space applications include propulsion, power, thermal management, and life support. Energy & Process applications cover oil refining, petrochemicals, fertilizers, ethylene, methanol, edible oil, food and beverage, pulp and paper, and alternative energy including hydrogen, small modular nuclear, concentrated solar, and geothermal.
Revenue Model
Engineered-to-order equipment sales. GHM designs and manufactures custom equipment to customer specifications across Defense, Energy & Process, and Space end markets. Capital-intensive production with project-based revenue recognition.
Customers & Markets
End markets are Defense, Energy & Process, and Space. Defense demand includes naval nuclear and non-nuclear propulsion programs. A major Defense customer funded a $13.5 million strategic grant for a new 30,000 square foot manufacturing facility at Batavia, NY (FY2025), and a separate $2.2 million strategic investment for Radiographic Testing equipment. Customer concentration is material given disclosed strategic customer funding, though specific revenue percentages by customer are not provided in the excerpts.
Geographic Exposure
Primary operations in North America. Manufacturing and headquarters in Batavia, NY (approximately 270,000 square feet manufacturing, warehousing, and R&D, plus 43,000 square feet headquarters, both owned). Barber-Nichols operates from Arvada, CO (office and manufacturing, leased). A cryogenic propellant testing facility was under construction near P3 in Florida as of FY2025. International sales occur in Energy & Process and Turbomachinery OEM markets based on disclosed competitor listings, but no geographic revenue split is provided in the excerpts.
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