Graham Corporation (GHM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la tecnología industrial, Graham Corporation (GHM) emerge como una potencia de ingeniería de precisión, que ofrece tecnologías térmicas y de vacío de vanguardia que transforman paisajes industriales críticos. Con un modelo de negocio estratégico que abarca los sectores aeroespaciales, de defensa y de energía, esta compañía innovadora crea soluciones sofisticadas que empujan los límites de los equipos de procesamiento térmico. Desde diseños de ingeniería personalizada hasta capacidades de fabricación avanzadas, Graham Corporation representa un pináculo de excelencia técnica, que ofrece tecnologías de alto rendimiento que resuelven desafíos industriales complejos con una confiabilidad y eficiencia incomparables.

Graham Corporation (GHM) - Modelo de negocios: asociaciones clave

Fabricantes aeroespaciales y de defensa como clientes principales

Las asociaciones clave de Graham Corporation en aeroespacial y defensa incluyen:

Tipo de cliente	Valor de contrato anual estimado	Duración de la asociación
Contratistas del Departamento de Defensa de los Estados Unidos	$ 12.4 millones	3-5 años
Empresas de ingeniería naval	$ 8.7 millones	2-4 años
Contratistas aeroespaciales principales	$ 15.6 millones	4-6 años

Empresas de ingeniería y diseño para equipos especializados

Las colaboraciones estratégicas incluyen:

• Lockheed Martin Engineering Solutions
• Northrop Grumman Technical Services
• Integración de sistemas avanzados de Raytheon

Proveedores de máquinas herramienta y fabricantes de componentes de precisión

Proveedor	Tipo de componente	Valor de adquisición anual
Automatización de Haas	Centros de mecanizado CNC	$ 3.2 millones
Precision CastParts Corp	Componentes de metal especializados	$ 5.7 millones

Instituciones de investigación que se centran en la tecnología industrial

Asociaciones clave de investigación:

• Centro de investigación de fabricación avanzada del Instituto Massachusetts (MIT)
• Laboratorio de Dinámica de Ingeniería de la Universidad de Stanford
• Instituto de Investigación Tecnológica de Georgia

Socios estratégicos de distribución global

Región	Socio de distribución	Cobertura del mercado
Asia Pacífico	Mitsubishi Industrias pesadas	Japón, Corea del Sur, China
Mercado europeo	Rolls-Royce Global Business Services	Reino Unido, Alemania, Francia
Oriente Medio	Emirates Advanced Investments Group	Emiratos Árabes Unidos, Arabia Saudita

Graham Corporation (GHM) - Modelo de negocios: actividades clave

Diseño y fabricación de tecnologías de transferencia de calor y vacío de precisión

Graham Corporation se centra en la ingeniería de precisión con las siguientes especificaciones clave:

Categoría de tecnología	Capacidad de producción anual	Nivel de precisión
Tecnologías de vacío	425 unidades personalizadas	± 0.001 pulgadas de tolerancia
Equipo de transferencia de calor	375 sistemas especializados	99.8% de eficiencia térmica

Soluciones de ingeniería personalizada para aplicaciones industriales

Graham Corporation ofrece soluciones de ingeniería especializadas en múltiples sectores industriales:

• Sistemas de generación de energía nuclear
• Equipo de procesamiento químico
• Tecnologías de refinería petroquímica
• Soluciones de gestión térmica aeroespacial

Investigación y desarrollo de equipos avanzados de procesamiento térmico

Detalles de inversión de I + D:

Año fiscal	Gasto de I + D	Solicitudes de patentes
2023	$ 4.2 millones	7 nuevas patentes

Fabricación de condensadores, eyectores e intercambiadores de calor

Capacidades de fabricación:

• Condensadores fabricados anualmente: 250 unidades
• Sistemas de eyectores producidos: 180 unidades
• Intercambiadores de calor fabricados: 300 unidades

Proporcionar servicios de posventa y soporte técnico

Categoría de servicio	Contratos de servicio anuales	Tiempo de respuesta promedio
Apoyo técnico	128 contratos activos	4.5 horas
Mantenimiento del equipo	92 acuerdos de servicio	6 horas

Graham Corporation (GHM) - Modelo de negocios: recursos clave

Experiencia de ingeniería especializada

Graham Corporation posee 35+ años de experiencia en ingeniería en tecnologías térmicas y de vacío. El equipo de ingeniería de la compañía consiste en 87 ingenieros especializados con grados avanzados en ingeniería mecánica y de procesos.

Instalaciones de fabricación

Ubicación	Tamaño de la instalación	Capacidad de producción anual
Batavia, Nueva York	52,000 pies cuadrados	Aproximadamente 500 sistemas de ingeniería complejos por año

Propiedad intelectual

Graham Corporation posee 12 patentes activas en procesamiento térmico y tecnologías de vacío. Las capacidades de diseño patentadas de la compañía incluyen:

• Condensadores
• Eyectores de chorro
• Condensadores de superficie
• Sistemas de vacío

Composición de la fuerza laboral

Categoría de empleado	Número de empleados	Porcentaje
Personal de ingeniería	87	38%
Técnicos de fabricación	65	28%
Soporte y personal administrativo	78	34%

Infraestructura de control de pruebas e calidad

Graham Corporation mantiene un Laboratorio integral de control de calidad con $ 2.3 millones invertido en equipos de prueba avanzados. La infraestructura de prueba incluye:

• Cámaras de pruebas de rendimiento térmico
• Sistemas de simulación de presión y vacío
• Equipo de análisis de tensión de material
• Herramientas de medición e inspección 3D

Graham Corporation (GHM) - Modelo de negocio: propuestas de valor

Tecnologías de transferencia de calor industrial y vacío de alto rendimiento

Graham Corporation genera $ 64.2 millones en ingresos anuales de la transferencia de calor industrial y las tecnologías de vacío a partir del año fiscal 2023.

Categoría de tecnología	Ingresos anuales	Cuota de mercado
Equipo de transferencia de calor	$ 42.3 millones	7.5%
Tecnologías de vacío	$ 21.9 millones	5.2%

Soluciones de ingeniería personalizadas para desafíos industriales complejos

Graham Corporation ofrece soluciones de ingeniería especializadas en múltiples sectores industriales.

• Soluciones de la industria de la energía nuclear: $ 18.7 millones en contratos anuales
• Ingeniería de procesamiento químico: $ 15.4 millones en contratos anuales
• Sistemas de refinería de petróleo: $ 22.6 millones en contratos anuales

Equipos innovadores y confiables para los sectores aeroespaciales y de defensa

Sector	Ingresos anuales	Líneas clave de productos
Aeroespacial	$ 27.5 millones	Componentes de vacío de precisión
Defensa	$ 19.3 millones	Sistemas especializados de gestión térmica

Ofertas de productos de eficiencia energética y tecnológicamente avanzada

Graham Corporation invierte $ 4.2 millones anuales en I + D para tecnologías de eficiencia energética.

• Mejora de la eficiencia energética: 22% en todas las líneas de productos
• Solicitudes de patentes: 7 nuevas tecnologías en 2023
• Diseño de reducción de carbono: reducción del 15% en las emisiones de equipos

Confiabilidad a largo plazo y soporte técnico para aplicaciones industriales críticas

Categoría de apoyo	Inversión anual	Tasa de satisfacción del cliente
Apoyo técnico	$ 3.6 millones	94%
Servicios de garantía	$ 2.1 millones	92%

Graham Corporation (GHM) - Modelo de negocios: relaciones con los clientes

Compromiso directo de ventas con clientes industriales

Graham Corporation reportó $ 74.5 millones en ingresos totales de ventas para el año fiscal 2023. Los segmentos de clientes industriales incluyen mercados de energía, defensa y procesamiento químico.

Segmento de clientes	Contribución anual de ingresos	Número de clientes activos
Energía	$ 35.2 millones	87 clientes
Defensa	$ 22.6 millones	42 clientes
Procesamiento químico	$ 16.7 millones	53 clientes

Consulta técnica y soporte de ingeniería

Graham Corporation mantiene un equipo dedicado de soporte de ingeniería de 42 profesionales, que brinda servicios de consulta técnica especializada.

• Tiempo de consulta de ingeniería promedio: Respuesta de 24 a 48 horas
• Personal de soporte técnico: 42 ingenieros especializados
• Inversión anual en soporte técnico: $ 3.6 millones

Contratos de servicio a largo plazo y acuerdos de mantenimiento

Los ingresos por contrato de servicio para 2023 totalizaron $ 12.3 millones, lo que representa el 16.5% de los ingresos corporativos totales.

Tipo de contrato	Valor de contrato promedio	Duración del contrato
Acuerdo de mantenimiento	$275,000	3-5 años
Contrato de servicio extendido	$495,000	5-7 años

Procesos de desarrollo de productos colaborativos

Graham Corporation invirtió $ 4.2 millones en iniciativas de investigación y desarrollo colaborativo en 2023.

• Número de proyectos de desarrollo colaborativo: 17
• Tiempo promedio de desarrollo del proyecto: 14-18 meses
• Socios colaborativos: 23 organizaciones industriales

Servicio al cliente receptivo y resolución técnica

El equipo de servicio al cliente comprende 28 profesionales dedicados con un tiempo de respuesta promedio de 4 horas para problemas técnicos críticos.

Métrico de servicio	Indicador de rendimiento
Tiempo de respuesta promedio	4 horas
Calificación de satisfacción del cliente	92%
Tasa de resolución de problemas técnicos	97.5%

Graham Corporation (GHM) - Modelo de negocios: canales

Equipo de ventas directo dirigido a los mercados industriales

A partir de 2024, Graham Corporation mantiene un equipo de ventas directo dedicado de 37 profesionales enfocados específicamente en los mercados industriales. El equipo de ventas cubre regiones geográficas con ingresos de ventas anuales de $ 82.3 millones en segmentos de canales industriales.

Catálogos de productos en línea y documentación técnica

Métricas de canales digitales	2024 estadísticas
Sitio web Visitantes mensuales	124,567
Descargas de documentos técnicos	48,329
Páginas de catálogo de productos en línea	276

Ferias comerciales de la industria y conferencias de ingeniería

Graham Corporation participa en 14 ferias comerciales principales de la industria anualmente, con una asistencia promedio de stand de 3.412 profesionales de ingeniería.

Marketing digital y seminarios técnicos

• Presupuesto anual de marketing digital: $ 1.2 millones
• Serie de seminarios web técnicos: 24 eventos por año
• Asistencia promedio de seminarios web: 1,876 participantes

Redes representativas del fabricante

Detalles de la red representativa	2024 datos
Empresas representativas totales	62
Cobertura geográfica	37 estados
Ventas anuales a través de representantes	$ 47.6 millones

Graham Corporation (GHM) - Modelo de negocio: segmentos de clientes

Fabricantes aeroespaciales y de defensa

Graham Corporation atiende a fabricantes aeroespaciales y de defensa con tecnologías de transferencia de calor y aspiración con ingeniería de precisión.

Métricas de segmento de clientes	2024 datos
Clientes aeroespaciales totales	37 clientes activos
Ingresos anuales del segmento aeroespacial	$ 42.6 millones
Valor de contrato promedio	$ 1.15 millones

Empresas de generación de energía

Graham Corporation proporciona equipos críticos para la infraestructura de generación de energía.

• Soluciones de equipos de planta de energía nuclear
• Tecnologías de generación de energía térmica
• Componentes del sistema de energía renovable

Segmento de generación de energía	2024 estadísticas
Clientes de generación de energía total	24 compañías de servicios públicos activos
Ingresos de segmento anual	$ 33.2 millones

Industrias de procesamiento químico

Graham Corporation ofrece equipos especializados para aplicaciones de procesamiento químico.

Segmento de procesamiento químico	2024 datos
Total de los clientes de la industria química	46 clientes de fabricación
Ingresos de segmento anual	$ 28.7 millones

Sectores petroquímicos y de refinería

Graham Corporation proporciona tecnologías críticas de transferencia de calor y condensación para aplicaciones petroquímicas.

• Soluciones de equipos de refinería
• Procesar tecnologías de intercambiador de calor
• Diseños del sistema de condensación

Segmento petroquímico	2024 métricas
Clientes petroquímicos totales	29 refinerías activas
Ingresos de segmento anual	$ 37.9 millones

Mercados de energía nuclear y renovable

Graham Corporation apoya la infraestructura de energía nuclear y renovable con equipos especializados.

Segmento de energía nuclear/renovable	2024 estadísticas
Clientes nuclear/renovables totales	18 clientes de infraestructura energética
Ingresos de segmento anual	$ 22.5 millones

Graham Corporation (GHM) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Graham Corporation reportó gastos de I + D de $ 5,4 millones, lo que representa el 4.2% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 5.4 millones	4.2%
2022	$ 4.9 millones	3.9%

Mantenimiento avanzado de equipos de fabricación

Los costos anuales de mantenimiento de equipos para Graham Corporation fueron de $ 2.7 millones en 2023.

• Mantenimiento preventivo: $ 1.2 millones
• Reparación y reemplazo: $ 1.5 millones

Compensación de la fuerza laboral de ingeniería calificada

Los gastos totales de personal para la fuerza laboral de ingeniería en 2023 fueron de $ 18.3 millones.

Categoría de compensación	Cantidad
Salarios base	$ 14.6 millones
Beneficios	$ 3.7 millones

Adquisición de cadena de suministro y materia prima

La cadena de suministro total y los costos de adquisición para 2023 fueron de $ 42.5 millones.

• Adquisición de materia prima: $ 32.8 millones
• Logística y transporte: $ 6.7 millones
• Gestión de inventario: $ 3 millones

Infraestructura de marketing y ventas

Los gastos de marketing y ventas totalizaron $ 7.2 millones en 2023.

Categoría de gastos de marketing	Cantidad
Marketing digital	$ 2.5 millones
Ferias y eventos comerciales	$ 1.8 millones
Compensación del equipo de ventas	$ 2.9 millones

Graham Corporation (GHM) - Modelo de negocios: flujos de ingresos

Ventas de productos de equipos de procesamiento térmico

Año fiscal 2023 Ventas de equipos de procesamiento térmico: $ 45.2 millones

Categoría de equipo	Ingresos ($ M)	Porcentaje de ventas
Horno de aspiración	22.7	50.2%
Sistemas de tratamiento térmico	15.3	33.8%
Equipo térmico especializado	7.2	16%

Contratos de soluciones de ingeniería personalizadas

Ingresos del contrato de ingeniería personalizada para 2023: $ 18.6 millones

• Contratos del sector aeroespacial: $ 9.4 millones
• Contratos de la industria de defensa: $ 5.7 millones
• Contratos del sector energético: $ 3.5 millones

Servicios de posventa y repuestos

Ingresos de servicios de posventa en 2023: $ 12.3 millones

Tipo de servicio	Ingresos ($ M)
Ventas de repuestos	6.7
Servicios de reparación de equipos	3.9
Actualizaciones de equipos	1.7

Servicios de consulta técnica y diseño

Ingresos de consulta técnica para 2023: $ 7.5 millones

• Horario de consultoría: 4.200
• Tasa promedio por hora: $ 1,785

Acuerdos de mantenimiento y soporte a largo plazo

Ingresos del contrato de mantenimiento a largo plazo en 2023: $ 8.9 millones

Duración del contrato	Número de contratos	Ingresos totales ($ M)
1-3 años	42	5.6
3-5 años	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.