Graham Holdings Co (GHC) - Net Assets
Based on the latest financial reports, Graham Holdings Co (GHC) has net assets worth $4.82 Billion USD as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($8.14 Billion) and total liabilities ($3.32 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check GHC strategic asset allocation to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $4.82 Billion |
| % of Total Assets | 59.22% |
| Annual Growth Rate | 6.81% |
| 5-Year Change | 9.97% |
| 10-Year Change | 98.42% |
| Growth Volatility | 14.05 |
Graham Holdings Co - Net Assets Trend (1985–2025)
This chart illustrates how Graham Holdings Co's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see GHC stock market capitalisation.
Annual Net Assets for Graham Holdings Co (1985–2025)
The table below shows the annual net assets of Graham Holdings Co from 1985 to 2025. Also explore how fast is Graham Holdings Co growing its equity to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $4.87 Billion | +12.39% |
| 2024-12-31 | $4.33 Billion | +6.49% |
| 2023-12-31 | $4.07 Billion | +7.74% |
| 2022-12-31 | $3.77 Billion | -14.72% |
| 2021-12-31 | $4.43 Billion | +16.86% |
| 2020-12-31 | $3.79 Billion | +13.63% |
| 2019-12-31 | $3.33 Billion | +14.28% |
| 2018-12-31 | $2.92 Billion | +0.06% |
| 2017-12-31 | $2.92 Billion | +18.84% |
| 2016-12-31 | $2.45 Billion | -1.52% |
| 2015-12-31 | $2.49 Billion | -20.96% |
| 2014-12-31 | $3.15 Billion | -4.82% |
| 2013-12-31 | $3.31 Billion | +27.48% |
| 2012-12-31 | $2.60 Billion | -0.43% |
| 2011-12-31 | $2.61 Billion | -7.53% |
| 2010-12-31 | $2.82 Billion | -4.05% |
| 2009-12-31 | $2.94 Billion | +2.89% |
| 2008-12-31 | $2.86 Billion | -17.44% |
| 2007-12-31 | $3.46 Billion | +9.55% |
| 2006-12-31 | $3.16 Billion | +19.75% |
| 2005-12-31 | $2.64 Billion | +9.37% |
| 2004-12-31 | $2.41 Billion | +16.27% |
| 2003-12-31 | $2.07 Billion | +12.93% |
| 2002-12-31 | $1.84 Billion | +9.14% |
| 2001-12-31 | $1.68 Billion | +12.67% |
| 2000-12-31 | $1.49 Billion | +8.30% |
| 1999-12-31 | $1.38 Billion | -13.77% |
| 1998-12-31 | $1.60 Billion | +33.78% |
| 1997-12-31 | $1.20 Billion | -10.39% |
| 1996-12-31 | $1.33 Billion | +12.71% |
| 1995-12-31 | $1.18 Billion | +5.08% |
| 1994-12-31 | $1.13 Billion | +3.63% |
| 1993-12-31 | $1.09 Billion | +9.51% |
| 1992-12-31 | $993.00 Million | +7.43% |
| 1991-12-31 | $924.30 Million | +2.12% |
| 1990-12-31 | $905.10 Million | -3.87% |
| 1989-12-31 | $941.50 Million | +8.44% |
| 1988-12-31 | $868.20 Million | +41.40% |
| 1987-12-31 | $614.00 Million | +40.63% |
| 1986-12-31 | $436.60 Million | +24.92% |
| 1985-12-31 | $349.50 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Graham Holdings Co's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1408.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $8.29 Billion | 172.98% |
| Common Stock | $20.00 Million | 0.42% |
| Other Comprehensive Income | $587.08 Million | 12.25% |
| Total Equity | $4.79 Billion | 100.00% |
Graham Holdings Co Competitors by Market Cap
The table below lists competitors of Graham Holdings Co ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Aspen Pharmacare Holdings Ltd
JSE:APN
|
$3.76 Billion |
|
Inner Mongolia ERDOS Resources Co Ltd
SHG:600295
|
$3.76 Billion |
|
Spar Nord Bank
CO:SPNO
|
$3.76 Billion |
|
ZoomInfo Technologies Inc
NASDAQ:ZI
|
$3.77 Billion |
|
Daeduck Electronics Co Ltd
KO:353200
|
$3.76 Billion |
|
Otter Tail Corporation
NASDAQ:OTTR
|
$3.76 Billion |
|
Beijing GeoEnviron Engineering
SHG:603588
|
$3.76 Billion |
|
Pulse Biosciences Inc
NASDAQ:PLSE
|
$3.76 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Graham Holdings Co's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,256,661,000 to 4,794,025,000, a change of 537,364,000 (12.6%).
- Net income of 292,291,000 contributed positively to equity growth.
- Dividend payments of 31,360,000 reduced retained earnings.
- Share repurchases of 3,468,000 reduced equity.
- Other comprehensive income increased equity by 252,282,999.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $292.29 Million | +6.1% |
| Dividends Paid | $31.36 Million | -0.65% |
| Share Repurchases | $3.47 Million | -0.07% |
| Other Comprehensive Income | $252.28 Million | +5.26% |
| Other Changes | $27.62 Million | +0.58% |
| Total Change | $- | 12.62% |
Book Value vs Market Value Analysis
This analysis compares Graham Holdings Co's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.05x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 43.43x to 1.05x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $26.48 | $1150.03 | x |
| 1986-12-31 | $33.99 | $1150.03 | x |
| 1987-12-31 | $47.75 | $1150.03 | x |
| 1988-12-31 | $67.46 | $1150.03 | x |
| 1989-12-31 | $73.74 | $1150.03 | x |
| 1990-12-31 | $74.91 | $1150.03 | x |
| 1991-12-31 | $77.87 | $1150.03 | x |
| 1992-12-31 | $83.92 | $1150.03 | x |
| 1993-12-31 | $92.57 | $1150.03 | x |
| 1994-12-31 | $96.96 | $1150.03 | x |
| 1995-12-31 | $106.60 | $1150.03 | x |
| 1996-12-31 | $121.58 | $1150.03 | x |
| 1997-12-31 | $111.46 | $1150.03 | x |
| 1998-12-31 | $157.96 | $1150.03 | x |
| 1999-12-31 | $136.87 | $1150.03 | x |
| 2000-12-31 | $157.97 | $1150.03 | x |
| 2001-12-31 | $177.20 | $1150.03 | x |
| 2002-12-31 | $192.92 | $1150.03 | x |
| 2003-12-31 | $217.12 | $1150.03 | x |
| 2004-12-31 | $251.55 | $1150.03 | x |
| 2005-12-31 | $274.40 | $1150.03 | x |
| 2006-12-31 | $328.96 | $1150.03 | x |
| 2007-12-31 | $363.26 | $1150.03 | x |
| 2008-12-31 | $303.03 | $1150.03 | x |
| 2009-12-31 | $312.99 | $1150.03 | x |
| 2010-12-31 | $315.12 | $1150.03 | x |
| 2011-12-31 | $329.15 | $1150.03 | x |
| 2012-12-31 | $350.77 | $1150.03 | x |
| 2013-12-31 | $451.48 | $1150.03 | x |
| 2014-12-31 | $480.38 | $1150.03 | x |
| 2015-12-31 | $434.90 | $1150.03 | x |
| 2016-12-31 | $438.89 | $1150.03 | x |
| 2017-12-31 | $525.06 | $1150.03 | x |
| 2018-12-31 | $543.16 | $1150.03 | x |
| 2019-12-31 | $623.10 | $1150.03 | x |
| 2020-12-31 | $731.52 | $1150.03 | x |
| 2021-12-31 | $886.12 | $1150.03 | x |
| 2022-12-31 | $771.58 | $1150.03 | x |
| 2023-12-31 | $854.26 | $1150.03 | x |
| 2024-12-31 | $966.32 | $1150.03 | x |
| 2025-12-31 | $1096.28 | $1150.03 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Graham Holdings Co utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 6.10%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 5.95%
- • Asset Turnover: 0.59x
- • Equity Multiplier: 1.75x
- Recent ROE (6.10%) is below the historical average (13.50%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 32.70% | 10.60% | 1.22x | 2.53x | $79.35 Million |
| 1986 | 22.95% | 8.25% | 1.06x | 2.62x | $56.54 Million |
| 1987 | 30.41% | 14.19% | 1.10x | 1.94x | $125.30 Million |
| 1988 | 31.00% | 19.68% | 0.96x | 1.64x | $182.28 Million |
| 1989 | 21.02% | 13.70% | 0.94x | 1.63x | $103.75 Million |
| 1990 | 19.29% | 12.14% | 0.96x | 1.65x | $84.09 Million |
| 1991 | 12.84% | 8.60% | 0.93x | 1.61x | $26.27 Million |
| 1992 | 12.87% | 8.81% | 0.93x | 1.58x | $28.50 Million |
| 1993 | 15.21% | 11.04% | 0.92x | 1.49x | $56.66 Million |
| 1994 | 15.06% | 10.51% | 0.95x | 1.51x | $57.01 Million |
| 1995 | 16.05% | 11.06% | 0.99x | 1.46x | $71.68 Million |
| 1996 | 16.54% | 11.91% | 0.99x | 1.40x | $87.33 Million |
| 1997 | 23.55% | 14.39% | 0.94x | 1.74x | $162.00 Million |
| 1998 | 26.08% | 19.77% | 0.77x | 1.71x | $257.30 Million |
| 1999 | 16.37% | 10.19% | 0.74x | 2.16x | $87.83 Million |
| 2000 | 9.13% | 5.66% | 0.75x | 2.14x | $-12.95 Million |
| 2001 | 13.64% | 9.52% | 0.68x | 2.11x | $61.29 Million |
| 2002 | 11.12% | 7.90% | 0.72x | 1.95x | $20.54 Million |
| 2003 | 11.62% | 8.49% | 0.73x | 1.88x | $33.59 Million |
| 2004 | 13.79% | 10.08% | 0.76x | 1.79x | $91.48 Million |
| 2005 | 11.91% | 8.85% | 0.78x | 1.74x | $50.50 Million |
| 2006 | 10.27% | 8.31% | 0.73x | 1.70x | $8.51 Million |
| 2007 | 8.34% | 6.90% | 0.70x | 1.73x | $-57.51 Million |
| 2008 | 2.30% | 1.47% | 0.86x | 1.81x | $-220.03 Million |
| 2009 | 3.16% | 2.11% | 0.85x | 1.76x | $-201.18 Million |
| 2010 | 9.88% | 6.06% | 0.89x | 1.83x | $-3.32 Million |
| 2011 | 4.50% | 3.32% | 0.70x | 1.93x | $-143.04 Million |
| 2012 | 5.09% | 3.92% | 0.66x | 1.97x | $-127.60 Million |
| 2013 | 7.15% | 9.11% | 0.45x | 1.76x | $-94.21 Million |
| 2014 | 41.06% | 47.27% | 0.48x | 1.83x | $978.76 Million |
| 2015 | -4.04% | -3.89% | 0.59x | 1.75x | $-349.72 Million |
| 2016 | 6.87% | 6.79% | 0.56x | 1.81x | $-76.70 Million |
| 2017 | 10.36% | 11.65% | 0.52x | 1.69x | $10.53 Million |
| 2018 | 9.30% | 10.06% | 0.57x | 1.63x | $-20.47 Million |
| 2019 | 9.88% | 11.18% | 0.49x | 1.79x | $-4.07 Million |
| 2020 | 7.99% | 10.40% | 0.45x | 1.71x | $-75.57 Million |
| 2021 | 8.00% | 11.05% | 0.43x | 1.69x | $-87.88 Million |
| 2022 | 1.80% | 1.71% | 0.60x | 1.76x | $-306.06 Million |
| 2023 | 5.16% | 4.65% | 0.61x | 1.81x | $-192.29 Million |
| 2024 | 17.02% | 15.13% | 0.62x | 1.80x | $298.97 Million |
| 2025 | 6.10% | 5.95% | 0.59x | 1.75x | $-187.11 Million |
Industry Comparison
This section compares Graham Holdings Co's net assets metrics with peer companies in the Conglomerates industry.
Industry Context
- Industry: Conglomerates
- Average net assets among peers: $488,307,952
- Average return on equity (ROE) among peers: -5.58%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Graham Holdings Co (GHC) | $4.82 Billion | 32.70% | 0.69x | $3.76 Billion |
| AIAI Holdings Corporation Class A Common Stock (AIAI) | $1.36 Billion | -11.72% | 0.30x | $247.32 Million |
| Air T Inc (AIRT) | $31.09 Million | 24.62% | 3.87x | $85.02 Million |
| Alpine 4 Holdings Inc (ALPP) | $-217.97K | 0.00% | 0.00x | $13.53K |
| Brookfield Business Corp (BBUC) | $2.63 Billion | -33.70% | 6.25x | $5.39 Billion |
| Boston Omaha Corp (BOC) | $62.19 Million | -5.10% | 0.06x | $398.58 Million |
| Dmc Global Inc (BOOM) | $4.90 Million | 6.12% | 0.53x | $124.68 Million |
| Compass Diversified Holdings (CODI) | $99.00K | -1.01% | 33.42x | $833.61 Million |
| Deluxe Corporation (DLX) | $302.70 Million | 47.77% | 3.59x | $1.09 Billion |
| Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) | $28.01 Million | -33.79% | 1.66x | $260.73 Million |
| FTAI Infrastructure Inc. (FIP) | $456.36 Million | -49.01% | 4.20x | $385.27 Million |
About Graham Holdings Co
Graham Holdings Company, through its subsidiaries, operates as a diversified holding company in the United States and internationally. The company provides academic preparation programs for international students; professional training and postsecondary education services, as well as English-language programs; operations support services for pre-college, certificate, undergraduate and graduate pr… Read more