GHC vs L: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: GHC is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. GHC and L share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined GHC and L exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Graham Holdings Company (NYSE: GHC) is a diversified holding company headquartered in Arlington, Virginia. Its largest division is education, run through Kaplan, which provides higher education services (including the Purdue Global relationship), professional test prep and supplemental and international education. Beyond Kaplan, Graham owns Graham Media Group (a group of local television stations), CSI Pharmacy in home-infusion healthcare, a manufacturing group of industrial businesses, automotive dealerships, and a collection of Other Businesses that includes brands like Slate, Foreign Policy, Framebridge, Clyde's Restaurant Group and several digital and marketing properties. It also holds a substantial portfolio of marketable securities and equity-method stakes.

Full GHC guide

Loews Corporation is a diversified holding company controlled by the Tisch family. Its largest asset is an approximately 92% ownership stake in CNA Financial (NYSE: CNA), a commercial property and casualty and specialty insurer. Loews also owns Boardwalk Pipelines, a natural gas and NGL midstream transportation and storage business, and Loews Hotels & Co, a chain of upscale hotels across the United States and one in Canada. A corporate segment holds a large portfolio of cash and investments, and the parent uses those funds for opportunistic acquisitions, dividends, and heavy share repurchases.

Full L guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• GHC drivers: Education (Kaplan) as the core engine; Healthcare (CSI Pharmacy) expansion.
• L drivers: CNA insurance earnings and investment income; Boardwalk Pipelines midstream growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Reported earnings are lumpy because they include unrealized gains and losses on the equity portfolio and periodic impairment charges, which can obscure underlying operating trends. For L, because CNA drives most earnings, weaker underwriting, higher catastrophe losses, or unfavorable prior-year reserve development can pressure results, as seen when Q1 2026 net income fell to $337 million from $370 million a year earlier on a combined ratio above 100%.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick GHC if you believe its drivers more; L if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the GHC and L guides.

GHC. Graham trades at a market value roughly in line with its trailing revenue, reflecting its conglomerate, sum-of-the-parts profile rather than a high-growth multiple. Headline EPS is distorted by mark-to-market movements on its investment portfolio and one-off impairment charges, so operating income by segment and book value are commonly used alongside it. The very small share count means per-share figures and buybacks carry outsized weight.

L. Loews trades at a mid-teens earnings multiple and often below its book value adjusted for the sum of its parts, reflecting the usual holding-company discount. Q1 2026 net income slipped to $337 million on softer CNA underwriting, partly offset by stronger pipelines and hotels. The dividend yield is small (a quarterly payout of about $0.0625 per share), with most capital returned through buybacks.

Headline figures (approximate, July 2026): GHC shows revenue (ttm) ~$4.9B, q1 2026 revenue ~$1.24B (up ~6% YoY), q1 2026 operating income ~$58M, market cap ~$4.9B; L shows revenue (ttm) ~$18B, net income (fy2025) ~$1.67B, diluted eps (fy2025) ~$7.97, market cap ~$21B.

GHC and L are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined GHC and L exposure against your real portfolio. It is not an investment adviser.