What is Graham Holdings's gross margin?

Graham Holdings (GHC) reported gross margin of 29.7% in Q4 2023.

How has Graham Holdings's gross margin changed year-over-year?

Graham Holdings's gross margin decreased by 7.9% year-over-year, from 32.3% to 29.7%.

What does gross margin mean?

Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

Graham Holdings GHC Gross margin

Gross margin at other companies

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50.6%+1.4pp

NetflixNFLX

49%+2.1pp

EtsyETSY

72%-0.8pp

WayfairW

30.1%-0.2pp

BrightSpring Health Services, Inc.BTSG

12.2%-0.1pp

CHE

ChemedCHE

32.4%-2.4pp

Other financials

Income statement

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Revenue$1.2B+6.0%

Gross profit$340.5M-2.3%

Operating income$57.8M+21.8%

Net income$29.1M+21.8%

EPS (diluted)$6.62+21.5%

Balance sheet

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Cash & equivalents$234.0M+13.1%

Total debt$1.4B-6.4%

Total equity$4.7B+10.2%

Total assets$8.2B+7.4%

Cash flow

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Operating cash flow$67.7M+47.2%

CapEx$19.2M+23.8%

Free cash flow$48.6M+59.0%

Valuation

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Market cap$4.93B+9.7%

Enterprise value$6.05B+5.3%

P/E16.6×+9.4×

P/S1×+0.1×

Profitability

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Operating margin4.9%+0.2pp

Net margin6%-7.0pp

FCF margin5.9%-1.9pp

Returns & leverage

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Return on equity6.6%-8.4pp

Debt / equity0.3×-0.1×

Current ratio1.8×+0.2×

Where this comes from

Calculated from Graham Holdings’s reported figures.

gross profit/total revenue=29.7%

Based on trailing twelve months.

The official record: Graham Holdings’s 10-Q, filed October 29, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Graham Holdings's gross margin?: Graham Holdings (GHC) reported gross margin of 29.7% in Q4 2023.
How has Graham Holdings's gross margin changed year-over-year?: Graham Holdings's gross margin decreased by 7.9% year-over-year, from 32.3% to 29.7%.
What does gross margin mean?: Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.