Graham Holdings Company (GHC) Stock Price & How to Invest

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.

The investment picture is that of a conglomerate valued on the sum of its parts rather than one theme. Revenue is roughly $5.1 billion on a trailing basis as of mid-2026, after second-quarter revenue of about $1.30 billion rose about 7% year over year, with education the biggest contributor and healthcare (CSI) among the faster-growing segments. The stock trades at a very high nominal price on a small share count (a few million shares), and the Graham family retains voting control through a dual-class structure. Reported earnings are volatile because they include mark-to-market swings on the equity portfolio and periodic impairment charges, so many investors look at operating income by segment and book value alongside headline EPS. Trailing net income of about $540 million (about $124 per share) is well above what operations alone produced, so the headline P/E near 10 understates the multiple on operating earnings; on the forward estimate of about $67 per share, the P/E is roughly 18.

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. Several segments face structural headwinds: local television advertising is in secular decline and depends on cyclical political spending, while the for-profit and pathways education market carries regulatory and enrollment risk. The dual-class structure concentrates voting control with the Graham family, limiting outside shareholder influence. The conglomerate structure also means a persistent sum-of-the-parts discount and complexity that makes the business hard to value on a single metric. Rapid healthcare expansion and acquisitions add integration and margin risk. Analyst coverage is thin (a single analyst in Yahoo's consensus as of October 2026, with a $990 target below the share price), so there is little outside forecasting to anchor expectations. Kaplan's own admissions surveys in fall 2026 pointed to worry about a coming enrollment cliff, a demographic headwind for parts of the education business.

We give no verdict on Graham Holdings Company. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Education (Kaplan) as the core engine. Education is the largest division, contributing roughly a third of consolidated revenue, anchored by Kaplan's higher education, professional and international units.

The case against. 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.

Read the full bull and bear case on GHC, including what would have to change to break either one. Walnut is not an investment adviser.

No. Graham Holdings Company (GHC) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Graham Holdings Company's investor relations page or your broker.

• Revenue (TTM): ~$5.1B; Q2 2026 ~$1.30B (up ~7% YoY)
• Q2 2026 EPS (adjusted): ~$19.46 vs ~$14.83 estimate
• Net income (TTM): ~$540M (~$124 per share, includes portfolio gains)
• Margins (TTM): ~30% gross, ~20% operating (per Yahoo), ~11% net
• P/E: ~10x trailing, ~18x forward
• Market cap: ~$5.1B (share price ~$1,211 on Oct 16, 2026)
• Dividend yield: ~0.6% (~$7.52 per share)
• Price-to-book: ~1.1x

Graham trades at a market value roughly in line with its trailing revenue (about 1 times sales) and about 1.1 times book value, consistent with 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 items, which is why the trailing P/E near 10 sits far below the forward P/E near 18. The very small share count (roughly 4.2 million shares implied by price and market cap) means per-share figures and buybacks carry outsized weight.

Other names that sit close to GHC: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get GHC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so GHC sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where GHC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

GHC is a Berkshire-style, family-controlled collection of operating businesses and investments where the story is capital allocation and segment mix, not a single growth engine. Operating results have been running ahead of the lone analyst estimate in 2026, with Q2 adjusted EPS of about $19.46 against $14.83 expected, and the next report is expected around October 28.

Whether GHC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is GHC a buy or a sell?, and where the stock could go from here in the GHC stock forecast.

For income investors, whether GHC pays a dividend and how the payout looks is covered in does GHC pay a dividend? And to weigh GHC against a peer, read the full side-by-side comparisons: GHC vs BRK-B and GHC vs L.