McGraw Hill, Inc. (MH) Stock Price & How to Invest
Last updated July 2026
Short answer
McGraw Hill (MH) is a way to own one of the largest US education content and learning-platform companies, a business shifting from print textbooks to recurring digital subscriptions, whose recently public stock is weighed down by leftover debt from its private-equity years.
MH stock price
As of 2026-07-14, McGraw Hill, Inc. (MH) last closed at $10.41, down 38.8% over the past year. Over the past 52 weeks it has traded between $9.15 and $17.99.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or McGraw Hill, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does McGraw Hill, Inc. (MH) do?
McGraw Hill, Inc. is a global education company that provides curriculum, courseware, assessments, and adaptive-learning platforms across K-12 schools, higher education, and professional and international markets. It has moved well beyond its textbook roots: digital products such as its ALEKS adaptive-learning system and Connect courseware now drive the majority of revenue, and management emphasizes recurring subscription and licensing income over one-time print sales. The company was taken private by Apollo Global Management in 2013, merged plans with Cengage were abandoned, and it returned to the public market with a July 2025 IPO on the NYSE at $17 per share.
The investment picture centers on a digital-subscription transition paired with balance-sheet repair. In fiscal 2026 (year ended March 31, 2026), roughly 73% of revenue was recurring and digital revenue grew mid-single digits, while the company returned to positive net income and cut a large chunk of debt. The counterweight is leverage inherited from the Apollo era, slow overall top-line growth, exposure to school and college budget cycles, and competition from both traditional publishers and free open educational resources. For investors, MH is a moderate-growth, cash-generative content business whose equity return depends heavily on how fast it can pay down debt and expand its digital, recurring mix.
What's driving McGraw Hill, Inc. (MH)?
1. Shift to recurring digital revenue
Recurring, or re-occurring, revenue reached about $1.54 billion in fiscal 2026, up roughly 6% and more than 73% of total revenue, while digital revenue climbed to about $1.43 billion. This mix shift replaces lumpy print adoption cycles with steadier subscription and licensing income. A higher recurring share tends to make revenue more predictable and can support a richer valuation over time.
2. Higher Education momentum and AI features
Higher Education has been the standout, with segment revenue growing double digits in recent quarters as students adopt digital courseware. Management is embedding generative-AI study tools and tutoring features into platforms like Connect and ALEKS. Success here is central to offsetting slower or more budget-dependent K-12 sales.
3. Deleveraging and early capital return
The company reduced gross debt by roughly $646 million in fiscal 2026 and ended the year with a net leverage ratio near 3.2 times, targeting a longer-run range of 2 to 2.5 times. It also authorized a $50 million share buyback after returning to positive net income. Lower interest expense from paying down debt flows directly toward the bottom line.
4. Scale and entrenched school relationships
McGraw Hill is one of a small handful of at-scale providers spanning K-12, higher education, and professional learning, with deep institutional relationships and large content libraries. That breadth creates switching costs for schools and universities that standardize on its platforms. This installed base underpins the recurring revenue that management is trying to grow.
What are the risks to McGraw Hill, Inc. (MH)?
McGraw Hill still carries meaningful debt from its private-equity ownership, so a large share of operating cash flow goes to interest and principal rather than shareholders, and rising rates or a stumble in growth would pressure the equity. Overall revenue growth has been roughly flat, with strength in Higher Education offset by softer K-12 and international results that depend on school-district and government budgets. The industry faces structural pressure from free open educational resources, used-book and rental markets, and enrollment declines in parts of US higher education. Competition is intense from Pearson, Cengage, and Houghton Mifflin Harcourt, and increasingly from large technology firms building AI tutors and content. The stock has traded well below its $17 IPO price, and as a recently public, controlled company it carries limited trading history and concentrated ownership.
How is McGraw Hill, Inc. (MH) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see McGraw Hill, Inc.'s investor relations page or your broker.
- Revenue (FY2026, ended March 2026): ~$2.10B (+0.1% YoY)
- Recurring revenue: ~$1.54B (+5.8%, ~73% of total)
- Adjusted EBITDA: ~$744M (~35% margin)
- Net income (FY2026): ~$35M (from a prior-year loss)
- Net leverage ratio: ~3.2x (target 2.0-2.5x)
- Market cap: ~$1.9B
McGraw Hill trades at a market cap below its annual revenue, reflecting both its debt load, which sits ahead of shareholders, and modest overall top-line growth. The trailing P/E has been elevated near 50 times because net income only recently turned positive, so investors have leaned on EV/EBITDA and free cash flow instead. The stock traded around $9 to $10 in mid-July 2026, well below its $17 July 2025 IPO price, within a 52-week range of roughly $8.95 to $18.
Who competes with McGraw Hill, Inc. (MH)?
Large education publishers
Pearson, Cengage Group, and Houghton Mifflin Harcourt are McGraw Hill's closest peers, competing across K-12, higher education, and professional learning with overlapping textbook, courseware, and assessment products. Pearson and Cengage in particular are the standard benchmarks for digital courseware share and margin against which McGraw Hill is judged.
Open and low-cost content
Free open educational resources such as OpenStax, along with used-book, rental, and library-access models, pressure pricing on traditional textbooks and courseware. These alternatives are a structural headwind that pushes publishers like McGraw Hill toward bundled digital subscriptions and platform lock-in rather than one-time book sales.
Technology and AI learning entrants
Large technology firms including Google, Microsoft, and Amazon, plus a wave of AI-tutoring and edtech startups, are building learning content, adaptive tutors, and classroom software. They compete less on legacy curriculum and more on the AI-driven study and tutoring features McGraw Hill is also racing to embed.
How to invest in McGraw Hill, Inc. (MH)
There are three common ways to get MH 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 basket, so MH sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where MH 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.
The bottom line on McGraw Hill, Inc. (MH)
MH is a digital-transition and deleveraging story in education publishing, where growing recurring subscription revenue and returning profitability are running against a heavy debt load and a stock that has traded well below its 2025 IPO price.
More on McGraw Hill, Inc. (MH)
Whether MH 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 MH a buy?, and where the stock could go from here in the MH stock forecast.
For income investors, whether MH pays a dividend and how the payout looks is covered in does MH pay a dividend?
Build a basket around MH with Walnut
Use McGraw Hill, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does McGraw Hill do?
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McGraw Hill is a global education company that provides curriculum, courseware, assessments, and adaptive-learning platforms for K-12 schools, colleges and universities, and professional learners. Its digital products, including ALEKS and Connect, now generate most of its revenue, shifting the business from printed textbooks toward recurring subscriptions.
Is MH stock the same McGraw Hill from S&P and the credit ratings business?
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No. The old McGraw Hill Companies became S&P Global, keeping the ratings and financial-data businesses. The education division was sold to Apollo Global Management in 2013, operated privately, and returned to the public market as McGraw Hill, Inc. under the ticker MH in July 2025. They are separate companies.
Is McGraw Hill profitable?
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In fiscal 2026, ended March 31, 2026, McGraw Hill reported positive GAAP net income of about $35 million, a swing from a prior-year loss, on revenue of roughly $2.1 billion and adjusted EBITDA near $744 million. Profitability has been improving as recurring digital revenue grows and interest expense from debt reduction falls.
Why has MH stock traded below its IPO price?
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McGraw Hill went public in July 2025 at $17 per share and traded around $9 to $10 by mid-July 2026. The decline reflects its heavy debt load, roughly flat overall revenue growth, and investor caution toward recently public, private-equity-backed companies, even as digital and recurring revenue have grown.
How much debt does McGraw Hill have?
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McGraw Hill carries significant debt inherited from its years under Apollo ownership. It reduced gross debt by roughly $646 million in fiscal 2026 and ended the year with a net leverage ratio near 3.2 times adjusted EBITDA, with a stated goal of reaching a 2 to 2.5 times range over time.
What are McGraw Hill's growth drivers?
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The main drivers are its shift to recurring digital subscriptions, strong Higher Education courseware adoption, and new generative-AI study and tutoring features embedded in its platforms. Growing the recurring revenue mix, which is already more than 73% of the total, is the core of management's strategy.
Does MH pay a dividend?
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McGraw Hill has prioritized paying down debt and authorized a $50 million share buyback rather than establishing a regular common dividend after its 2025 IPO. Investors should confirm the current capital-return policy directly in company filings before assuming any payout.
What are the main risks of owning MH?
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Key risks include a heavy debt load, slow overall revenue growth, dependence on school-district and college budgets, and structural pressure from free open educational resources and used-book markets. Competition from Pearson, Cengage, Houghton Mifflin Harcourt, and large technology firms building AI tutors adds further uncertainty.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with McGraw Hill, Inc.'s investor relations page or your broker before making investment decisions.