Graham Corporation

What Graham Corporation does

Graham Corporation (NYSE: GHM) is a U.S.-based, publicly traded industrial manufacturer founded in 1936 and headquartered in Batavia, New York, that designs and produces mission-critical fluid, power, heat transfer, vacuum, and advanced mixing equipment for the Defense, Space, and Energy & Process industries. The business is structured around three proprietary technology platforms: (1) vacuum and heat transfer systems via the legacy Graham Manufacturing subsidiary, (2) high-speed turbomachinery, cryogenics, and propulsion via the wholly-owned Barber-Nichols subsidiary acquired in 2021, and (3) advanced mixing and materials processing via FlackTek, acquired in January 2026. A fourth bolt-on, Xdot Bearing Technologies (October 2025), adds high-speed bearing capabilities that complement the turbomachinery platform. Engineering and qualification work is performed in the U.S., with wholly-owned manufacturing subsidiaries in Arvada (CO), Jupiter (FL), Louisville (CO), Greenville (SC), Suzhou (China), and Ahmedabad and Pune (India).

Graham sells directly to government agencies and large industrial prime contractors under long-cycle, contract-based pricing, with revenue recognized primarily as one-time hardware sales alongside a smaller recurring aftermarket parts/consumables stream. In FY2026 (year ended March 31, 2026), the company generated record revenue of $245.3 million (+17% YoY), record Adjusted EBITDA of $26.0 million, and a record backlog of $532.6 million (+29% YoY, 1.5x book-to-bill), of which roughly 35-40% is expected to convert to revenue within twelve months. Defense represents the dominant end-market, anchored by the U.S. Navy's Virginia Class Submarine program ($136.5M follow-on contract through February 2034) and the MK48 Mod 7 Heavyweight Torpedo program ($25.5M order in July 2025), with the Space segment ramping on the back of $22M in orders from six space customers in November 2025 and the Energy & Process segment (including New Energy/SMR opportunities and FlackTek-enabled new verticals such as battery, medical, nuclear, semiconductor, and personal care) growing 14% YoY.

The go-to-market motion is enterprise field sales driven by program wins and engineering proposals, supported by a public-company investor relations presence (quarterly earnings, annual Analyst & Investor Day, regular sell-side conference participation). Fiscal 2027 management guidance calls for $285-$295M in net sales and $35-$40M in Adjusted EBITDA, alongside a publicly announced three-year plan targeting 8-10% annual organic revenue growth, with the T. Rowe Price $50M strategic investment (April 2026) and recent acquisitions (FlackTek, Xdot) providing capital and capability for both organic and inorganic expansion.

Name

Graham Corporation

Legal name

Graham Corporation

Website

https://grahamcorp.com

Company type

Public

Founded year

1936

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Graham Corporation (NYSE: GHM) designs and manufactures mission-critical fluid, power, heat transfer, vacuum, turbomachinery, and advanced mixing equipment for the U.S. Navy, space customers, and energy/process industries across three core platforms: Graham Manufacturing, Barber-Nichols, and FlackTek.

Ownership category

akta.pro rank

Product category

Engineered Industrial Equipment

NAICS

Fluid Power Pump and Motor Manufacturing (333996), Pump and Compressor Manufacturing (33391), Other Aircraft Parts and Auxiliary Equipment Manufacturing (336413), Speed Changer, Industrial High-Speed Drive, and Gear Manufacturing (333612)

SIC

Aircraft & Parts (3720), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Aircraft Engines & Engine Parts (3724)

akta.pro primary industry

Engine Control, Fuel & Ignition Systems (FADEC/Accessories) (IMABADAK)

akta.pro secondary industries

Pneumatic Components (FRLs, Cylinders, Valves) (IMAHAGAC), Linear Motion & Mechanical Power Transmission (Ball/roller screws, linear guides, bearings, couplings) (IMAHAGAM)

Keywords

• Vacuum distillation equipment
• Turbomachinery propulsion systems
• Heat transfer equipment
• Cryogenic pumping systems
• Mission-critical fluid handling

Headquarters

HQ city

Batavia

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Engineered equipment sales (Defense, Space, Energy & Process): Primary revenue stream from design and manufacture of mission-critical engineered fluid, power, heat transfer, vacuum, turbomachinery, and advanced mixing equipment sold directly to government agencies (notably U.S. Navy) and industrial customers under long-cycle contracts. Defense revenue grew significantly YoY in FY2026; Space market is expected to ramp in FY2027 (orders up 76% YoY); Energy & Process grew 14% YoY in FY2026.
2. Aftermarket parts and services: Aftermarket revenue stream providing spare parts and service for installed base of Graham-designed equipment; cited as 'solid aftermarket demand' supporting Energy & Process segment; FlackTek acquisition adds recurring consumables revenue from its installed base.
3. Long-cycle defense programs (multi-year backlog): Multi-year contracted revenue with backlog of US$532.6 million at FY2026 year-end (29% YoY growth, 1.5x book-to-bill), of which 35-40% converts to revenue over the next 12 months and the remainder extends over multiple years primarily in Defense.

Go-to-market motion3 records

Distribution channels1 record

Marketing channels6 records

Core offering

Graham Corporation designs and manufactures mission-critical fluid, power, heat transfer, vacuum, and advanced mixing technologies through three core engineering platforms: Graham Manufacturing (vacuum distillation and heat transfer), Barber-Nichols (turbomachinery, cryogenics, and propulsion for naval and space applications), and FlackTek (bladeless centrifugal mixing for material processing). The company sells engineered equipment primarily to the U.S. Navy, defense prime contractors, and energy/process industrial customers under long-cycle contracts, supplemented by recurring aftermarket parts and services revenue.

Product overview

Graham Corporation operates as a diversified, multi-platform engineered products business — not a single unified product — built around three core technology platforms: (1) vacuum and heat transfer, anchored by its legacy Graham Manufacturing subsidiary; (2) turbomachinery, cryogenics and propulsion, delivered through its Barber-Nichols subsidiary; and (3) advanced mixing and material processing, added in January 2026 via the acquisition of FlackTek. The portfolio was further extended in October 2025 with the Xdot Bearing Technologies acquisition, which augments the turbomachinery platform with high-speed bearing technology. Together these brands and platforms serve Defense (Navy, naval nuclear, MK48 torpedo, Virginia-class submarine), Space Economy (commercial space propulsion and turbomachinery), Energy & Process (refining, petrochemical, small modular reactors, new energy applications), and adjacent markets (battery, medical, nuclear, semiconductor) with mission-critical fluid, power, heat transfer, vacuum, and advanced mixing technologies. As of fiscal year-end March 31, 2026, the company held a record $532.6 million backlog and posted record full-year revenue of $245.3 million (+17% YoY).

Differentiator

Problem solved

Functional benefit

Brands

• Graham Manufacturing: Core operating brand for the legacy vacuum and heat transfer equipment business.
• Barber-Nichols
• FlackTek
• GHM Corporation

Products and services

• Graham Manufacturing Vacuum and Heat Transfer Equipment Graham Manufacturing is the legacy operating subsidiary that designs and manufactures mission-critical vacuum and heat transfer equipment, including vacuum distillation towers, condensers, and custom-engineered thermal management systems for chemical, petrochemical, refining, and process industry customers.
• Barber-Nichols Turbomachinery, Cryogenics, and Propulsion Systems Barber-Nichols LLC is a wholly-owned subsidiary and core technology platform of Graham Corporation that designs and manufactures high-speed turbomachinery, cryogenic systems, and propulsion components for the U.S. Navy (Virginia Class Submarines, MK48 torpedoes), commercial space industry customers, and energy applications. Holds a $515.6 million defense backlog and secured a $136.5 million Virginia Class Submarine follow-on contract through February 2034.
• FlackTek Advanced Mixing and Material Processing Equipment FlackTek (FlackTek Manufacturing, LLC and FlackTek Sales, LLC) is a wholly-owned subsidiary and Graham's third core technology platform, specializing in bladeless centrifugal mixing technology and material processing equipment serving defense, aerospace, battery, medical, nuclear, semiconductor, and personal care markets. Headquartered in Louisville, Colorado with operations in Greenville, South Carolina; contributes approximately $30 million in annualized revenue plus recurring consumables revenue from the installed base.
• Xdot Bearing Technologies (High-Speed Bearings) Xdot Bearing Technologies is a wholly-owned subsidiary acquired in October 2025 that adds high-speed bearing technology capabilities to Graham Corporation, complementing the Barber-Nichols turbomachinery platform and enabling integrated rotating equipment solutions for defense, space, and energy applications.
• Aftermarket Parts and Services Aftermarket parts and services business providing spare parts, service, and consumables for the installed base of Graham Corporation engineered equipment, supporting Energy & Process customers and FlackTek mixing equipment users.

Quantifiable outcome

• FY2026 record revenue $245.3M, +17% YoY
• +7 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• U.S. Navy (Virginia Class Submarine program)flagshipOthers · 5 June 2026Barber-Nichols subsidiary (wholly owned by Graham) awarded a $136.5 million follow-on contract for the U.S. Navy's Virginia Class Submarine program extending through February 2034.
• FlackTek Manufacturing, LLC and FlackTek Sales, LLCflagshipStrategic or Co-development Partner · 26 January 2026Graham Corporation acquired FlackTek Manufacturing and FlackTek Sales for $35 million (85% cash, 15% Graham common stock), with up to $25M in additional performance-based earnouts through fiscal year 2030. The acquisition establishes advanced mixing and materials processing as Graham's third core technology platform. FlackTek brings ~$30M in annualized revenue plus recurring consumables revenue.
• Leading space customers (six space industry players)coreStrategic or Co-development Partner · 7 November 2025Barber-Nichols subsidiary secured multiple orders totaling approximately $22 million from six space industry players for turbomachinery and components to meet demand for next-generation space systems.
• Xdot Bearing TechnologiescoreStrategic or Co-development Partner · 20 October 2025Graham Corporation acquired Xdot Bearing Technologies in October 2025, expanding its high-speed bearing technology capabilities for turbomachinery applications.
• U.S. Navy (MK48 Mod 7 Heavyweight Torpedo program)flagshipOthers · 29 July 2025Graham Corporation awarded $25.5 million follow-on order in July 2025 to provide engineered products for the U.S. Navy's MK48 Mod 7 Heavyweight Torpedo program.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Moog Inc. Moog (NYSE: MOG.A) is a precision motion control and fluid systems company serving defense, space, and industrial markets with engineered components similar to Barber-Nichols' turbomachinery and propulsion offerings. Its space and defense segments compete for similar programs and customers, including naval propulsion and commercial space.
• Flowserve Corporation: Flowserve (NYSE: FLS) is a leading manufacturer of pumps, valves, seals, and fluid handling equipment for power, chemical, oil & gas, and process industries, directly comparable to Graham Manufacturing's vacuum and heat transfer legacy platform. Both serve refining, petrochemical, and power generation customers with mission-critical engineered fluid handling equipment.
• Curtiss-Wright Corporation: Curtiss-Wright (NYSE: CW) is a closely comparable defense and industrial engineered products company with overlapping naval defense, nuclear, and energy end-markets, including significant U.S. Navy submarine and shipbuilding content. Both companies serve mission-critical applications with long-cycle contracts and proprietary engineered equipment, making Curtiss-Wright the most direct public peer for Graham.
• RBC Bearings: RBC Bearings (NYSE: RBC) is a manufacturer of highly engineered bearings and precision components for aerospace, defense, and industrial markets. The Xdot Bearing Technologies acquisition directly extends Graham into RBC's high-speed bearing category, making RBC a relevant peer for evaluating that platform's competitive dynamics and margin profile.
• CIRCOR International: CIRCOR International (private, owned by KKR) is a flow control and fluid handling company serving defense, aerospace, and industrial markets with engineered valves and pumps. Its naval and aerospace offerings directly overlap with Graham's defense and space fluid/power/heat transfer applications, making it a closely comparable — though privately-held — peer.

Broad incumbents

• Nordson Corporation: Nordson (NASDAQ: NDSN) is a precision dispensing and test equipment company serving packaging, electronics, and industrial markets. Its precision dispensing and mixing technology overlaps with the FlackTek advanced mixing platform, particularly in electronics, semiconductor, and battery applications where FlackTek's bladeless centrifugal mixing competes.
• SPX Technologies: SPX Technologies (NYSE: SPXC) is a diversified industrial company with heating, ventilation, cooling, and detection businesses serving HVAC and process industries. Its process cooling and heat transfer offerings overlap with Graham's vacuum and heat transfer platform, and its specialty engineered products business model parallels Graham's three-platform approach.
• Watts Water Technologies: Watts Water (NYSE: WTS) is a manufacturer of engineered water flow and treatment products for plumbing, heating, and industrial markets. While focused on water rather than broader process fluid handling, its engineered product model and exposure to industrial process customers create partial overlap with Graham Manufacturing's process industries business.
• IDEX Corporation: IDEX (NYSE: IEX) is a diversified engineered industrial company with significant fluid handling, dispensing, and precision components businesses. Its fluid and metering technologies portfolio overlaps with Graham's process industries offering, and IDEX's higher-margin specialty segment strategy is comparable to Graham's transformation toward higher-value engineered products.

Regional players

• Mueller Industries: Mueller Industries (NYSE: MLI) is a U.S. manufacturer of copper, brass, aluminum, and plastic products serving plumbing, HVAC, and industrial markets. While less specialized in Graham's mission-critical engineered fluid handling niche, both are U.S.-headquartered industrial manufacturers with overlapping process industry customer relationships and similar manufacturing footprints.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Graham Corporation