Graham Corporation (GHM): Business Model Canvas

In der komplexen Welt der Industrietechnologie entwickelt sich die Graham Corporation (GHM) zu einem Kraftpaket der Präzisionstechnik und liefert modernste Wärme- und Vakuumtechnologien, die kritische Industrielandschaften verändern. Mit einem strategischen Geschäftsmodell, das die Sektoren Luft- und Raumfahrt, Verteidigung und Energie umfasst, stellt dieses innovative Unternehmen anspruchsvolle Lösungen her, die die Grenzen der thermischen Verarbeitungsausrüstung verschieben. Von maßgeschneiderten Designs bis hin zu fortschrittlichen Fertigungskapazitäten stellt die Graham Corporation einen Gipfel technischer Exzellenz dar und bietet Hochleistungstechnologien, die komplexe industrielle Herausforderungen mit beispielloser Zuverlässigkeit und Effizienz lösen.

Graham Corporation (GHM) – Geschäftsmodell: Wichtige Partnerschaften

Luft- und Raumfahrt- und Verteidigungshersteller als Hauptkunden

Zu den wichtigsten Partnerschaften der Graham Corporation in den Bereichen Luft- und Raumfahrt und Verteidigung gehören:

Kundentyp	Geschätzter jährlicher Vertragswert	Dauer der Partnerschaft
Auftragnehmer des US-Verteidigungsministeriums	12,4 Millionen US-Dollar	3-5 Jahre
Schiffbauunternehmen	8,7 Millionen US-Dollar	2-4 Jahre
Hauptauftragnehmer der Luft- und Raumfahrtindustrie	15,6 Millionen US-Dollar	4-6 Jahre

Ingenieur- und Designbüros für Spezialausrüstung

Zu den strategischen Kooperationen gehören:

• Lockheed Martin Engineering Solutions
• Technische Dienste von Northrop Grumman
• Raytheon Advanced Systems Integration

Zulieferer von Werkzeugmaschinen und Hersteller von Präzisionskomponenten

Lieferant	Komponententyp	Jährlicher Beschaffungswert
Haas-Automatisierung	CNC-Bearbeitungszentren	3,2 Millionen US-Dollar
Precision Castparts Corp	Spezialisierte Metallkomponenten	5,7 Millionen US-Dollar

Forschungseinrichtungen mit Schwerpunkt Industrietechnologie

Wichtige Forschungspartnerschaften:

• Forschungszentrum für fortgeschrittene Fertigung des Massachusetts Institute of Technology (MIT).
• Labor für technische Dynamik der Stanford University
• Georgia Tech Forschungsinstitut

Strategische globale Vertriebspartner

Region	Vertriebspartner	Marktabdeckung
Asien-Pazifik	Mitsubishi Heavy Industries	Japan, Südkorea, China
Europäischer Markt	Rolls-Royce Global Business Services	Großbritannien, Deutschland, Frankreich
Naher Osten	Emirates Advanced Investments Group	Vereinigte Arabische Emirate, Saudi-Arabien

Graham Corporation (GHM) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Präzisionsvakuum- und Wärmeübertragungstechnologien

Die Graham Corporation konzentriert sich auf Präzisionstechnik mit den folgenden Schlüsselspezifikationen:

Kategorie „Technologie“.	Jährliche Produktionskapazität	Präzisionsniveau
Vakuumtechnologien	425 kundenspezifische Einheiten	±0,001 Zoll Toleranz
Wärmeübertragungsausrüstung	375 spezialisierte Systeme	99,8 % thermischer Wirkungsgrad

Kundenspezifische technische Lösungen für industrielle Anwendungen

Graham Corporation bietet spezialisierte technische Lösungen für mehrere Industriesektoren:

• Kernenergieerzeugungssysteme
• Ausrüstung für die chemische Verarbeitung
• Petrochemische Raffinerietechnologien
• Wärmemanagementlösungen für die Luft- und Raumfahrt

Forschung und Entwicklung fortschrittlicher thermischer Verarbeitungsgeräte

Details zu F&E-Investitionen:

Geschäftsjahr	F&E-Ausgaben	Patentanmeldungen
2023	4,2 Millionen US-Dollar	7 neue Patente

Herstellung von Kondensatoren, Ejektoren und Wärmetauschern

Fertigungsmöglichkeiten:

• Kondensatoren werden jährlich hergestellt: 250 Einheiten
• Auswerfersysteme hergestellt: 180 Einheiten
• Wärmetauscher hergestellt: 300 Einheiten

Bereitstellung von Aftermarket-Dienstleistungen und technischem Support

Servicekategorie	Jährliche Serviceverträge	Durchschnittliche Reaktionszeit
Technischer Support	128 aktive Verträge	4,5 Stunden
Gerätewartung	92 Serviceverträge	6 Stunden

Graham Corporation (GHM) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Ingenieurskompetenz

Graham Corporation besitzt Über 35 Jahre Erfahrung im Ingenieurwesen in der Thermo- und Vakuumtechnik. Das Ingenieurteam des Unternehmens besteht aus 87 spezialisierte Ingenieure mit weiterführenden Abschlüssen in Maschinenbau und Verfahrenstechnik.

Produktionsanlagen

Standort	Größe der Einrichtung	Jährliche Produktionskapazität
Batavia, New York	52.000 Quadratmeter	Etwa 500 komplexe Engineering-Systeme pro Jahr

Geistiges Eigentum

Graham Corporation hält 12 aktive Patente in der Thermoprozess- und Vakuumtechnik. Zu den proprietären Designfähigkeiten des Unternehmens gehören:

• Kondensatoren
• Strahlauswerfer
• Oberflächenkondensatoren
• Vakuumsysteme

Zusammensetzung der Belegschaft

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Prozentsatz
Technisches Personal	87	38%
Fertigungstechniker	65	28%
Support- und Verwaltungspersonal	78	34%

Prüf- und Qualitätskontrollinfrastruktur

Die Graham Corporation unterhält eine umfassendes Qualitätskontrolllabor mit 2,3 Millionen US-Dollar in moderne Prüfgeräte investiert. Die Testinfrastruktur umfasst:

• Kammern zur Prüfung der thermischen Leistung
• Druck- und Vakuumsimulationssysteme
• Geräte zur Materialspannungsanalyse
• 3D-Mess- und Inspektionswerkzeuge

Graham Corporation (GHM) – Geschäftsmodell: Wertversprechen

Leistungsstarke industrielle Wärmeübertragungs- und Vakuumtechnologien

Die Graham Corporation erwirtschaftet ab dem Geschäftsjahr 2023 einen Jahresumsatz von 64,2 Millionen US-Dollar mit industriellen Wärmeübertragungs- und Vakuumtechnologien.

Kategorie „Technologie“.	Jahresumsatz	Marktanteil
Wärmeübertragungsausrüstung	42,3 Millionen US-Dollar	7.5%
Vakuumtechnologien	21,9 Millionen US-Dollar	5.2%

Maßgeschneiderte technische Lösungen für komplexe industrielle Herausforderungen

Graham Corporation bietet spezialisierte technische Lösungen für mehrere Industriesektoren.

• Nuclear Power Industry Solutions: Jahresverträge im Wert von 18,7 Millionen US-Dollar
• Chemische Verfahrenstechnik: Jahresverträge im Wert von 15,4 Millionen US-Dollar
• Erdölraffineriesysteme: Jahresverträge im Wert von 22,6 Millionen US-Dollar

Innovative und zuverlässige Ausrüstung für die Luft- und Raumfahrt- und Verteidigungsbranche

Sektor	Jahresumsatz	Wichtige Produktlinien
Luft- und Raumfahrt	27,5 Millionen US-Dollar	Präzisions-Vakuumkomponenten
Verteidigung	19,3 Millionen US-Dollar	Spezialisierte Wärmemanagementsysteme

Energieeffiziente und technologisch fortschrittliche Produktangebote

Graham Corporation investiert Jährlich 4,2 Millionen US-Dollar für Forschung und Entwicklung für energieeffiziente Technologien.

• Verbesserung der Energieeffizienz: 22 % über alle Produktlinien hinweg
• Patentanmeldungen: 7 neue Technologien im Jahr 2023
• Carbon Reduction Design: 15 % Reduzierung der Geräteemissionen

Langfristige Zuverlässigkeit und technischer Support für kritische Industrieanwendungen

Support-Kategorie	Jährliche Investition	Kundenzufriedenheitsrate
Technischer Support	3,6 Millionen US-Dollar	94%
Garantieleistungen	2,1 Millionen US-Dollar	92%

Graham Corporation (GHM) – Geschäftsmodell: Kundenbeziehungen

Direktvertriebsengagement mit Industriekunden

Die Graham Corporation meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 74,5 Millionen US-Dollar. Zu den industriellen Kundensegmenten gehören Energie-, Verteidigungs- und chemische Verarbeitungsmärkte.

Kundensegment	Jährlicher Umsatzbeitrag	Anzahl der aktiven Kunden
Energie	35,2 Millionen US-Dollar	87 Kunden
Verteidigung	22,6 Millionen US-Dollar	42 Kunden
Chemische Verarbeitung	16,7 Millionen US-Dollar	53 Kunden

Technische Beratung und technische Unterstützung

Die Graham Corporation verfügt über ein engagiertes technisches Support-Team aus 42 Fachleuten, das spezialisierte technische Beratungsdienste anbietet.

• Durchschnittliche technische Beratungszeit: 24–48 Stunden Antwort
• Technisches Supportpersonal: 42 spezialisierte Ingenieure
• Jährliche Investition in den technischen Support: 3,6 Millionen US-Dollar

Langfristige Serviceverträge und Wartungsverträge

Der Servicevertragsumsatz für 2023 belief sich auf insgesamt 12,3 Millionen US-Dollar, was 16,5 % des gesamten Unternehmensumsatzes entspricht.

Vertragstyp	Durchschnittlicher Vertragswert	Vertragsdauer
Wartungsvertrag	$275,000	3-5 Jahre
Erweiterter Servicevertrag	$495,000	5-7 Jahre

Kollaborative Produktentwicklungsprozesse

Die Graham Corporation investierte im Jahr 2023 4,2 Millionen US-Dollar in gemeinsame Forschungs- und Entwicklungsinitiativen.

• Anzahl gemeinsamer Entwicklungsprojekte: 17
• Durchschnittliche Projektentwicklungszeit: 14-18 Monate
• Kooperationspartner: 23 Industrieorganisationen

Reaktionsschneller Kundenservice und technische Fehlerbehebung

Das Kundendienstteam besteht aus 28 engagierten Fachleuten mit einer durchschnittlichen Reaktionszeit von 4 Stunden bei kritischen technischen Problemen.

Servicemetrik	Leistungsindikator
Durchschnittliche Reaktionszeit	4 Stunden
Bewertung der Kundenzufriedenheit	92%
Lösungsrate für technische Probleme	97.5%

Graham Corporation (GHM) – Geschäftsmodell: Kanäle

Direktvertriebsteam mit Ausrichtung auf Industriemärkte

Ab 2024 unterhält die Graham Corporation ein engagiertes Direktvertriebsteam von 37 Fachleuten, die sich speziell auf Industriemärkte konzentrieren. Das Vertriebsteam deckt geografische Regionen mit einem Jahresumsatz von 82,3 Millionen US-Dollar in industriellen Vertriebssegmenten ab.

Online-Produktkataloge und technische Dokumentation

Digitale Kanalmetriken	Statistik 2024
Monatliche Website-Besucher	124,567
Technische Dokument-Downloads	48,329
Online-Produktkatalogseiten	276

Branchenmessen und Ingenieurkonferenzen

Die Graham Corporation nimmt jährlich an 14 großen Branchenmessen teil und verzeichnet durchschnittlich 3.412 Ingenieursfachleute an ihren Ständen.

Digitales Marketing und technische Webinare

• Jährliches Budget für digitales Marketing: 1,2 Millionen US-Dollar
• Technische Webinar-Reihe: 24 Veranstaltungen pro Jahr
• Durchschnittliche Webinar-Besucherzahl: 1.876 Teilnehmer

Netzwerke von Herstellervertretern

Details zum repräsentativen Netzwerk	Daten für 2024
Insgesamt repräsentative Unternehmen	62
Geografische Abdeckung	37 Staaten
Jährlicher Verkauf durch Vertreter	47,6 Millionen US-Dollar

Graham Corporation (GHM) – Geschäftsmodell: Kundensegmente

Luft- und Raumfahrt- und Verteidigungshersteller

Die Graham Corporation beliefert Luft- und Raumfahrt- und Verteidigungshersteller mit präzisionsgefertigten Vakuum- und Wärmeübertragungstechnologien.

Kennzahlen zum Kundensegment	Daten für 2024
Gesamtzahl der Luft- und Raumfahrtkunden	37 aktive Kunden
Jahresumsatz aus dem Luft- und Raumfahrtsegment	42,6 Millionen US-Dollar
Durchschnittlicher Vertragswert	1,15 Millionen US-Dollar

Energieerzeugungsunternehmen

Die Graham Corporation liefert wichtige Ausrüstung für die Stromerzeugungsinfrastruktur.

• Lösungen für die Ausrüstung von Kernkraftwerken
• Technologien zur thermischen Stromerzeugung
• Komponenten für erneuerbare Energiesysteme

Segment Stromerzeugung	Statistik 2024
Gesamtkunden im Bereich Stromerzeugung	24 aktive Versorgungsunternehmen
Jährlicher Segmentumsatz	33,2 Millionen US-Dollar

Chemische Verarbeitungsindustrie

Graham Corporation liefert Spezialausrüstung für chemische Verarbeitungsanwendungen.

Segment Chemische Verarbeitung	Daten für 2024
Gesamtzahl der Kunden in der chemischen Industrie	46 Fertigungskunden
Jährlicher Segmentumsatz	28,7 Millionen US-Dollar

Petrochemischer und Raffineriesektor

Graham Corporation bietet wichtige Wärmeübertragungs- und Kondensationstechnologien für petrochemische Anwendungen.

• Lösungen für Raffinerieausrüstung
• Prozesswärmetauschertechnologien
• Konstruktionen von Kondensationssystemen

Petrochemisches Segment	Kennzahlen für 2024
Gesamtzahl der Petrochemie-Kunden	29 aktive Raffinerien
Jährlicher Segmentumsatz	37,9 Millionen US-Dollar

Märkte für Kernenergie und erneuerbare Energien

Die Graham Corporation unterstützt die Infrastruktur für Kernenergie und erneuerbare Energien mit Spezialausrüstung.

Segment Kernenergie/erneuerbare Energien	Statistik 2024
Gesamtzahl der Kunden im Bereich Kernenergie/erneuerbare Energien	18 Energieinfrastrukturkunden
Jährlicher Segmentumsatz	22,5 Millionen US-Dollar

Graham Corporation (GHM) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete die Graham Corporation Forschungs- und Entwicklungskosten in Höhe von 5,4 Millionen US-Dollar, was 4,2 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	5,4 Millionen US-Dollar	4.2%
2022	4,9 Millionen US-Dollar	3.9%

Erweiterte Wartung von Fertigungsanlagen

Die jährlichen Kosten für die Gerätewartung der Graham Corporation beliefen sich im Jahr 2023 auf 2,7 Millionen US-Dollar.

• Vorbeugende Wartung: 1,2 Millionen US-Dollar
• Reparatur und Ersatz: 1,5 Millionen US-Dollar

Vergütung für Fachkräfte im Ingenieurwesen

Die gesamten Personalkosten für Ingenieure beliefen sich im Jahr 2023 auf 18,3 Millionen US-Dollar.

Vergütungskategorie	Betrag
Grundgehälter	14,6 Millionen US-Dollar
Vorteile	3,7 Millionen US-Dollar

Lieferkette und Rohstoffbeschaffung

Die gesamten Lieferketten- und Beschaffungskosten beliefen sich im Jahr 2023 auf 42,5 Millionen US-Dollar.

• Rohstoffeinkauf: 32,8 Millionen US-Dollar
• Logistik und Transport: 6,7 Millionen US-Dollar
• Bestandsverwaltung: 3 Millionen US-Dollar

Marketing- und Vertriebsinfrastruktur

Die Marketing- und Vertriebskosten beliefen sich im Jahr 2023 auf insgesamt 7,2 Millionen US-Dollar.

Kategorie der Marketingausgaben	Betrag
Digitales Marketing	2,5 Millionen Dollar
Messen und Events	1,8 Millionen US-Dollar
Vergütung des Vertriebsteams	2,9 Millionen US-Dollar

Graham Corporation (GHM) – Geschäftsmodell: Einnahmequellen

Produktverkauf von Geräten zur thermischen Verarbeitung

Umsatz mit Wärmeverarbeitungsgeräten im Geschäftsjahr 2023: 45,2 Millionen US-Dollar

Ausrüstungskategorie	Umsatz (Mio. USD)	Prozentsatz des Umsatzes
Vakuumöfen	22.7	50.2%
Wärmebehandlungssysteme	15.3	33.8%
Spezialisierte thermische Ausrüstung	7.2	16%

Verträge für kundenspezifische technische Lösungen

Umsatz aus kundenspezifischen Engineering-Verträgen für 2023: 18,6 Millionen US-Dollar

• Verträge im Luft- und Raumfahrtsektor: 9,4 Millionen US-Dollar
• Verträge der Verteidigungsindustrie: 5,7 Millionen US-Dollar
• Verträge im Energiesektor: 3,5 Millionen US-Dollar

Aftermarket-Services und Ersatzteile

Umsatz mit Aftermarket-Dienstleistungen im Jahr 2023: 12,3 Millionen US-Dollar

Servicetyp	Umsatz (Mio. USD)
Ersatzteilverkauf	6.7
Gerätereparaturdienste	3.9
Ausrüstungs-Upgrades	1.7

Technische Beratung und Designdienstleistungen

Einnahmen aus technischer Beratung für 2023: 7,5 Millionen US-Dollar

• Beratungsstunden: 4.200
• Durchschnittlicher Stundensatz: 1.785 $

Langfristige Wartungs- und Supportverträge

Einnahmen aus langfristigen Wartungsverträgen im Jahr 2023: 8,9 Millionen US-Dollar

Vertragsdauer	Anzahl der Verträge	Gesamtumsatz (Mio. USD)
1-3 Jahre	42	5.6
3-5 Jahre	18	3.3

Graham Corporation (GHM) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Graham Corporation (GHM), and frankly, the numbers from fiscal year 2025 show why they're sticking around. The value proposition centers on providing highly specialized, dependable technology where failure simply isn't an option.

Mission-critical, high-performance systems for extreme environments.

Graham Corporation is a global leader in designing and manufacturing mission critical fluid, power, heat transfer, and vacuum technologies. You see this value clearly in their primary markets: Defense, Energy & Process, and Space industries. The demand is robust, evidenced by the record backlog figures achieved by the end of fiscal 2025, which stood at $412.3 million. This backlog grew further to $482.9 million by the end of the first quarter of fiscal 2026. The company is actively involved in programs like the US Navy's Virginia and Columbia Class submarines, where their components are essential.

Long-term reliability and full lifecycle product support.

Reliability translates directly into financial performance. The company's focus on execution and product mix drove significant margin improvement. For the full fiscal year 2025, the Gross Margin expanded by 330 basis points to reach 25.2%. This operational success is key to supporting long-term customer relationships. Furthermore, the company is investing heavily in future capability, with capital expenditures/R&D lifted to approximately 10-12% of sales in fiscal 2026, up from almost 2% in 2022, aimed at driving enhanced margins and revenue opportunities.

Expertise in advanced turbomachinery and precision-engineered components.

The foundation of the value is deep engineering know-how. Graham Corporation's family of global brands is built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies. This specialized knowledge allows them to deliver precision-engineered components that meet the stringent requirements of their clients. The company is also strategically positioning itself in emerging energy segments like small modular reactors (SMRs) and cryogenics, indicating a forward-looking application of this expertise.

Improved gross margins, expanding to 25.2% for fiscal year 2025.

The financial proof of delivering superior value is the margin expansion. The 25.2% gross margin for fiscal 2025 was a significant improvement, driven by leverage on higher volume, better execution, and improved pricing. This contrasts sharply with gross margins around 7% in 2022. You can see the momentum carried into the next fiscal year, with the first quarter of fiscal 2026 posting a gross margin of 26.5%. The company achieved a Net Income of $12.2 million for fiscal 2025, up from $4.6 million in the prior fiscal year. Here's the quick math on the fiscal 2025 performance:

Metric	Fiscal Year 2025 Amount	Comparison/Context
Gross Margin	25.2%	Up 330 basis points from FY 2024
Net Income	$12.2 million	Up from $4.6 million in prior fiscal year
Adjusted EBITDA Margin	10.7%	$22.4 million in Adjusted EBITDA
Ending Backlog	$412.3 million	Record at fiscal year end

The value proposition is further supported by strong returns on equity, with the Return on Equity (ROE) at 11% based on trailing twelve months to June 2025 ($14m Net Profit / $123m Shareholders' Equity). Still, the market is pricing in expectations, as seen by the Price-to-Earnings (P/E) ratio of 44.5x as of October 2nd, 2025.

The ongoing strength in demand across their core segments is reflected in recent order flow:

• Defense orders drove a Book-to-Bill ratio of 2.3x in Q1 Fiscal 2026.
• Q3 CY2025 saw Defense rise 32% and Space rise 17% year-over-year.
• Q1 Fiscal 2026 Aftermarket sales were 33% higher than the prior year, totaling $10.4 million.

The company is definitely delivering high-value, specialized products. Finance: finalize the Q2 FY2026 backlog breakdown by next Tuesday.

Graham Corporation (GHM) - Canvas Business Model: Customer Relationships

You're looking at how Graham Corporation (GHM) keeps its key customers locked in, which is defintely central to their business given the mission-critical nature of their tech. The relationships are built on deep trust, especially with government entities.

Dedicated, long-term relationships with key government and industrial customers

The focus here is heavily weighted toward the Defense sector. For fiscal 2025, which ended March 31, 2025, sales to the defense industry made up approximately 54% of total sales, showing where the long-term commitment lies. To be fair, this concentration means customer management is paramount; in fiscal 2024, two customers each accounted for more than 10% of total revenue. Domestic sales overall were about 84% of total sales in fiscal 2024, underscoring the importance of the U.S. government and related industrial base.

• Defense market sales grew 23% in fiscal 2025.
• Domestic sales accounted for 84% of fiscal 2024 revenue.
• The company maintains a strong balance sheet, ending Q1 fiscal 2026 with no debt.

Collaborative development on complex, high-specification projects

Graham Corporation's engineering expertise drives these deep ties. You see this collaboration in the project pipeline. For instance, they secured orders in fiscal 2025 to support a North American customer aiming to create the world's first net-zero carbon emissions integrated ethylene cracker and derivatives site, using their custom surface condenser systems. Also, a Middle East expansion project involved supplying a new vacuum system for a crude to chemical vacuum distillation tower. These aren't off-the-shelf sales; they require working closely with the customer's engineering teams from the start. The resulting work feeds a massive order book; the backlog hit a record of $412.3 million as of March 31, 2025.

High-touch, responsive aftermarket service and support

This is where the long-term revenue stream is secured after the initial capital equipment sale. Aftermarket sales remained strong through fiscal 2025. In the fourth quarter of fiscal 2025, aftermarket sales to the Energy & Process and Defense markets totaled $12.1 million, up 3.3% year-over-year. That momentum carried into the new fiscal year; for the first quarter of fiscal 2026 (ended June 30, 2025), aftermarket sales were $10.4 million, showing a significant jump of 33% compared to the prior year period. Even new aftermarket orders are growing, totaling $10.5 million in Q1 fiscal 2026, a 16% increase.

Here's a quick look at how the service and core business segments performed in the most recent reported quarters:

Metric	Q1 Fiscal 2026 (Ended 6/30/2025)	Q4 Fiscal 2025 (Ended 3/31/2025)
Total Net Sales ($ millions)	$55.5	$59.3
Aftermarket Sales ($ millions)	$10.4	$12.1
Aftermarket Sales YoY Growth	33%	3.3%
Book-to-Bill Ratio	2.3x	1.1x

Account management focused on program renewals and new opportunities

Account management translates directly into the order book. The high book-to-bill ratio shows customers are placing new orders faster than Graham is delivering the existing backlog. For Q1 fiscal 2026, the book-to-bill ratio hit 2.3x, driven by large defense orders, including the remaining $86.5 million of a $136.5 million follow-on order for the U.S. Navy's Virginia Class Submarine program. This continuous flow of follow-on work, like the MK19 air turbine pump contract mentioned for Q2 fiscal 2025, proves the account teams are successfully managing program renewals and securing the next phase of work.

Finance: draft 13-week cash view by Friday.

Graham Corporation (GHM) - Canvas Business Model: Channels

You're looking at how Graham Corporation (GHM) gets its high-tech products-mission-critical fluid, power, heat transfer, and vacuum technologies-into the hands of its key customers. The channel strategy heavily leans on direct engagement within the Defense and Space sectors, supported by the specialized capabilities of its acquired entities.

The strength of the direct channel to government agencies, particularly the U.S. Navy, is evident in the backlog. As of March 31, 2025, Graham Corporation had a record backlog of $412.3 million. Honestly, about 83% of that backlog was tied to the Defense industry, which provides serious stability and visibility. You can see this direct relationship in prior activity, too; for instance, in fiscal 2024, Graham received a $13.5 million strategic investment from a major defense customer specifically to support the U.S. Navy's shipbuilding schedule. For fiscal 2025, sales to the Defense market grew by 23%, reaching $209.9 million in total net sales for the year.

Direct sales to prime contractors in the Defense and Space markets form the bulk of the business, often flowing through the same large defense programs. The overall net sales for fiscal 2025 hit $209.9 million, a 13% increase year-over-year. The Space industry saw its net sales increase by 11% in fiscal 2025, showing this channel is growing, too. The aftermarket sales channel, which serves both Defense and Energy & Process, also proved resilient; for the first quarter of fiscal 2026, these aftermarket sales were $10.4 million, up 33% year-over-year.

The wholly-owned subsidiaries are critical sales and delivery channels in themselves. Barber-Nichols LLC (BN) and P3 Technologies are integrated to serve these high-demand markets. For example, during the second and third quarters of the fiscal year, Barber-Nichols booked approximately $22 million in new orders from six commercial space launch customers. This shows the subsidiary isn't just manufacturing; it's actively securing new business through its specialized market access. Furthermore, Graham Corporation is investing in capacity near its subsidiaries; a new cryogenic test facility is being built near the P3 Technologies subsidiary in Jupiter, Florida, and Barber-Nichols is expanding its Colorado facility with new CNC machining centers. These investments defintely support the channel's ability to fulfill future demand.

Here's a quick look at how the market segments, which are served by these channels, contributed to the $209.9 million in net sales for fiscal 2025:

Market Segment	Fiscal 2025 Net Sales Growth (YoY)	Approximate Backlog Share (as of 3/31/2025)	Subsidiary/Channel Link
Defense	23%	Approx. 83% of total backlog	Direct sales/contracting
Space	11%	Significant portion, boosted by P3 acquisition	Barber-Nichols, P3 Technologies
Energy & Process	Consistent with prior year	Remainder of backlog/sales	Direct sales/aftermarket

The structure of Graham Corporation's order intake highlights the channel focus:

• Defense Industry Backlog: Approximately 83% of the $412.3 million backlog as of March 31, 2025, was defense-related.
• Space Order Capture: Barber-Nichols secured about $22 million in new Space orders in the first half of the following fiscal year (Q2/Q3 FY2026).
• Acquisition Revenue Impact: The P3 Technologies acquisition contributed $2.8 million in incremental revenue to fiscal 2025 sales.
• Aftermarket Strength: Energy & Process and Defense aftermarket sales were $10.4 million in Q1 Fiscal 2026, a 33% increase.

Graham Corporation (GHM) - Canvas Business Model: Customer Segments

You're looking at the core groups Graham Corporation (GHM) serves, which are heavily weighted toward long-term, high-specification government and industrial projects. The company's customer base is segmented by the critical industries they support, providing a diversified yet specialized revenue base.

The overall health of these segments is reflected in the company's record backlog, which stood at $500.1 million at the end of the third quarter of CY2025. This backlog provides significant revenue visibility, with management expecting 35-40% to convert to revenue over the next year.

Defense Market: U.S. Navy programs (Virginia/Columbia Class submarines)

The U.S. Navy remains a cornerstone customer, with Graham Corporation (GHM) supplying mission-critical fluid, power, heat transfer, and vacuum technologies, often through its subsidiary Barber-Nichols, LLC. This segment is characterized by multi-year procurement cycles and high barriers to entry.

Recent contract activity highlights the depth of this relationship:

• Secured a follow-on $136.5 million contract for the Virginia Class Submarine program, running from April 2025 through February 2034.
• Recognized approximately $50 million in backlog from that contract award during the fourth quarter of fiscal year ending March 31, 2025, for long-lead time materials.
• Received a $25.5 million follow-on order for the MK48 Torpedo program during Q3 CY2025.
• Sales to the Defense market grew by 23% in fiscal 2025 compared to the prior year.
• Defense sales surged by $9.9 million, or 32%, in a period leading up to Q3 CY2025.

Aftermarket sales to the Defense market were strong, totaling $12.1 million for fiscal 2025, representing a 3.3% increase over the prior year.

Energy & Process Industries: Refining, petrochemical, and new energy transition projects

This segment serves the refining and petrochemical sectors, including newer opportunities in the energy transition space. Demand here is often driven by capital equipment upgrades and essential aftermarket support.

Financial indicators for this segment show resilience and specific project wins:

• After-market orders for the refining and petrochemical markets totaled $13.0 million for Q3 fiscal 2025, a 51% increase year-over-year.
• Fiscal 2025 net sales were consistent with the prior year, despite a $2.7 million decline in aftermarket sales from the record levels of fiscal 2024.
• In the first quarter of fiscal 2026, this market contributed $5.7 million to growth, partly due to a surface condenser order for a North American net-zero carbon emissions ethylene cracker received in June 2024.
• Q1 Fiscal 2026 aftermarket sales to the Energy & Process market were $10.4 million, up 33% from the prior year.

Space Industry: Commercial space launch companies and next-generation systems

Graham Corporation (GHM) is capturing momentum in the commercial space launch sector. This is a growth area where the company's high-reliability components are in demand for next-generation systems.

New order activity in this sector was notable in recent quarters:

• Approximately $14.8 million of new Space orders were secured during Q3 CY2025.
• Barber-Nichols secured $22 million in new orders from six leading customers in the commercial space launch market.
• Net sales to the Space industry increased by 11% for fiscal 2025 over the prior year, partially due to the acquisition of P3 Technologies.

International Navies (e.g., Canada and Australia for overhauls)

While the primary defense focus is the U.S. Navy, Graham Corporation (GHM) also supports international navies, often for overhauls and sustainment work. The company's business segments include a geographical breakdown that accounts for international activity.

The following table summarizes key financial metrics related to the end-markets as of late 2025 data points:

Customer Segment	Key Financial Metric	Value/Rate	Reporting Period/Context
Defense Market (U.S. Navy)	Major Contract Value	$136.5 million	Virginia Class Submarine Follow-On Contract (Performance through Feb 2034)
Defense Market (U.S. Navy)	Defense Sales Growth	23%	Fiscal Year 2025 vs. Prior Year
Defense Market (U.S. Navy)	MK48 Torpedo Order	$25.5 million	Q3 CY2025 New Order
Energy & Process Industries	Aftermarket Orders	$13.0 million	Q3 Fiscal 2025 (Refining, Petrochemical, Defense)
Energy & Process Industries	Q1 FY2026 Market Contribution	$5.7 million	Growth Contribution from Chemical/Petrochemical and New Energy
Space Industry	New Orders Secured	$22 million	From six leading commercial space launch customers
Space Industry	Net Sales Growth	11%	Fiscal Year 2025 vs. Prior Year
Overall Company	Total Backlog	$500.1 million	As of Q3 CY2025 End

You'll note that the Defense and Space markets are cited as experiencing robust activity, driving much of the current backlog conversion expectation.

Graham Corporation (GHM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Graham Corporation (GHM)'s operations as of late 2025. For a company building mission-critical hardware for Defense and Space, the cost structure is heavily weighted toward direct production and specialized talent.

Manufacturing and materials costs are the largest component, reflecting the complexity and custom-engineering nature of the products. For the full fiscal year 2025, the Cost of products sold totaled $92,487 (which is $92.487 million based on the context of other figures in the same statement). This number directly ties to the work required to fulfill the record backlog.

Capital expenditures (CapEx) have been significant, reflecting a commitment to future throughput. You noted the projected range of $13.0M to $18.0M for FY2025; however, the company actually spent $19.0 million in capital expenditures for the full fiscal year 2025, focused on capacity expansion, increasing capabilities, and productivity improvements. All major capital projects were reported as on time and on budget. Looking ahead, the guidance for fiscal 2026 CapEx is set between $15.0 million to $18.0 million.

The costs associated with R&D and engineering talent are embedded within SG&A but are worth isolating because they represent investment in future value capture. For example, in the second quarter of fiscal 2025, there was a $0.2 million increase in investment in R&D mentioned. The company explicitly notes that SG&A increases reflect continued investments in its people, processes, and technology to drive long-term sustainable growth.

Selling, General, and Administrative (SG&A) expenses capture the overhead supporting these strategic investments. For the full fiscal year 2025, total SG&A, including amortization, was $38.9 million, representing 18.5% of sales. This includes specific, non-recurring or time-bound costs that you need to track carefully.

Here's a quick look at how the key cost components stacked up for the full fiscal year 2025 (ended March 31, 2025) compared to the prior year:

Cost Component (FY2025)	Amount (in thousands)	As Percentage of Sales (FY2025)
Cost of products sold	$92,487	Not explicitly stated in the same context as SG&A %
Selling, general and administrative (SG&A), including amortization	$38,900	18.5%
Capital Expenditures (Actual)	$19,000	N/A

You should also be aware of specific, large, non-operational costs flowing through SG&A that impact profitability comparisons:

• Barber-Nichols supplemental performance bonus, equity-based compensation, and ERP conversion costs were estimated to be between $6.5 million to $7.5 million in SG&A for the third quarter of fiscal 2025.
• For the full fiscal year 2025, the supplemental bonus and applicable taxes amounted to $4.3 million, which was a 203 basis point decrement to the Adjusted EBITDA margin.
• The projection for fiscal 2026 includes an estimated $6.0 million to $7.0 million for these same items within SG&A.

The company's focus on operational excellence is meant to drive down the SG&A percentage over time; for instance, Q1 fiscal 2026 SG&A was projected at 17.5% to 18.5% of sales, which is consistent with the 18.1% reported for Q4 FY2025.

Finance: draft 13-week cash view by Friday.

Graham Corporation (GHM) - Canvas Business Model: Revenue Streams

You're looking at how Graham Corporation (GHM) brings in the cash, which is heavily weighted toward long-term, specialized engineering work. The revenue streams are clearly segmented by the end-market served, reflecting the mission-critical nature of their technology.

The backbone of the revenue generation comes from product sales tied to long-cycle Defense and Space contracts. For the full fiscal year ending March 31, 2025, Graham Corporation (GHM) reported total revenue reaching $209.9 million. This represented a 13% increase over the prior fiscal year, showing solid execution against a robust order book. The Defense market was a major driver, with sales growing by 23% in fiscal 2025, and the Space industry saw its net sales increase by 11% for the same period.

Here's a quick look at how the revenue streams break down based on the provided figures for the fiscal year 2025:

• Product sales from long-cycle Defense and Space contracts.
• Aftermarket services and spare parts, totaling $46.6 million in FY2025.
• Revenue from Energy & Process capital projects and upgrades.

The recurring revenue component, aftermarket services and spare parts, is a key element for stability. You have the mandated figure that this stream totaled $46.6 million in FY2025. This is supported by activity in both the Energy & Process and Defense segments; for instance, aftermarket sales to those markets in the fourth quarter of fiscal 2025 were reported at $12.1 million.

The Energy & Process segment contributes through capital projects and upgrades. While Defense and Space often dominate the headlines, this segment remains important, as evidenced by Energy & Process sales contributing $1.8 million to growth in the fourth quarter of fiscal 2025, driven by capital equipment sales to foreign markets.

To give you a clearer picture of the scale and recent performance across these streams, look at this table summarizing key financial data points around the revenue generation as of late 2025:

Metric	Value (FY2025 or Latest Reported)	Context/Period
Total Revenue	$209.9 million	Fiscal Year 2025
Aftermarket Services & Spare Parts	$46.6 million	FY2025 (As specified)
Defense Market Sales Growth	23%	FY2025 vs. Prior Year
Space Industry Sales Growth	11%	FY2025 vs. Prior Year
Q3 CY2025 Revenue	$66.03 million	Quarterly Result
Projected FY2026 Revenue (Mid-Point)	$230 million	Guidance

The company's backlog, which feeds these revenue streams, was at a record $412.3 million as of the end of fiscal 2025, reinforcing the visibility into future product sales. Furthermore, the backlog grew to $500.1 million by the third quarter of the following period, showing sustained demand across all business lines.

You can see the revenue momentum carrying forward, as the company reconfirmed its full-year revenue guidance for fiscal 2026 to be around $230 million at the midpoint, which is about a 10% increase over the fiscal 2025 total.

Finance: draft 13-week cash view by Friday.