TacticScaleWhat Graham Does & How It Makes Money (GHC)
Updated October 2026 · reflects Graham's latest reported financials
Diversified holding company spanning education, TV, healthcare, manufacturing, and autos. It makes money from each subsidiary's own sales: tuition and education service fees, TV advertising, healthcare and therapy services, product sales from manufacturing, and vehicle sales and repairs at dealerships.
How Graham makes money
It makes money from each subsidiary's own sales: tuition and education service fees, TV advertising, healthcare and therapy services, product sales from manufacturing, and vehicle sales and repairs at dealerships. Smaller streams come from subscriptions, software, marketing services, and restaurants.
What Graham does
Graham Holdings is a diversified holding company that began as The Washington Post Company, founded in 1877, and took its current name in November 2013. Today it owns a broad portfolio: international student prep, professional training, exam prep, and a UK-style sixth-form college on the education side; local television stations; and healthcare businesses covering in-home infusion, home health and hospice, applied behavior analysis therapy, allergy physician services, and healthcare software. It also runs industrial businesses that supply the commercial building industry and make electrical, lifting, and utility parts, along with car dealerships, restaurants, and entertainment venues. Its media and digital assets include Slate, Foreign Policy, a local news podcast and newsletter, an audio subscription platform, and online art marketplaces. Because the businesses are so different from one another, results depend on how the whole mix performs rather than on any single industry.
Products & services
- Education and test-prep services
- Television broadcast stations
- Home health, hospice and infusion therapy
- Slate and Foreign Policy magazines
- Automotive dealerships
- Commercial building and electrical products
What is Graham worth?
On an owner-earnings DCF, Graham's most-likely value is about $920 versus a recent price near $1,173 (22% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$567) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Berkshire Hathaway (BRK-B) · Post (POST) · Hilton Worldwide (HLT) · Grand Canyon Education (LOPE)