Company Overview - Graham Corporation

Core Business

Graham Corporation is a global leader in the design and manufacture of mission-critical technologies for Defense, Energy & Process, and Space industries. The company specializes in custom-engineered systems focused on fluid, power, heat transfer, and vacuum solutions.

Product Lines and Technologies

• Vacuum Systems (surface condensers, ejectors, liquid ring pumps, condensers)
• Heat Transfer Equipment (heat exchangers, process condensers)
• Cryogenic Pumps and Turbomachinery (cryogenic pumps, turbopumps, turbines)
• Space and Aerospace Propulsion (rocket turbopumps, fuel pumps, cryogenic systems)
• Life Support and Thermal Management Systems (fans, pumps, blowers, cooling pumps)
• Marine and Defense Systems (torpedo propulsion, surface condensers, thermal management for submarines and aircraft carriers)
• Specialty Pumps and Compressors (for aerospace, defense, and energy systems)

Market Applications and End Markets

• Defense:
  • Nuclear/non-nuclear propulsion systems (e.g., submarines, aircraft carriers, torpedoes)
  • Power plants, fluid transfer, thermal management systems used in military vessels and systems
  • Examples: U.S. Navy programs (Virginia, Ohio, Columbia, Ohio-class submarines; Ford-class carriers; torpedoes)
• Energy & Process:
  • Oil refining, chemical and petrochemical processing, fertilizers, ethylene, methanol, edible oils, food & beverage, pulp & paper
  • Power generation (cogeneration, geothermal, biomass, small modular nuclear reactors, hydrogen, renewable energy applications)
• Space:
  • Rocket propulsion systems, thermal management for spacecraft, life support systems, in-space nuclear thermal propulsion, satellite cooling
  • Customers include NASA, commercial launch providers, space exploration entities, satellite manufacturers

Customers and Market Presence

• Serves primarily U.S. and international defense, space, and energy markets
• Principal customers include:
  • U.S. government agencies (e.g., U.S. Navy, NASA, Department of Energy)
  • Large corporations like Boeing, Lockheed Martin, Northrop Grumman, Raytheon, Boeing, Blue Origin, General Dynamics, and others
  • Many are tier-one and tier-two suppliers and OEMs
• In fiscal 2025, 2 customers accounted for more than 10% of revenue
• Domestic sales: roughly 81% of total sales in fiscal 2025
• Defense industry sales: 58% of total sales in fiscal 2025

Employees and Financials

• Number of Employees: 636 total (including 20 outside the U.S.) as of March 31, 2025
• Revenue:
  • Fiscal 2025: $209.9 million (up 13% from fiscal 2024)
• Net Income:
  • Fiscal 2025: $12.2 million (diluted EPS of $1.11)
  • Fiscal 2024: $4.6 million (diluted EPS of $0.42)

Strategic Highlights

• Focus on high-reliability, mission-critical custom products with complex engineering requirements
• Strong emphasis on customer collaboration early in project lifecycle
• Diversification from cyclical energy markets to defense, space, and broad energy applications
• Recent acquisition of P3 Technologies in November 2023, expanding capabilities in turbomachinery for space, energy, and medical markets
• Backlog at March 31, 2025: $412.3 million, with approximately 83% tied to defense (U.S. Navy programs)
• Long-term growth strategy targets 8-10% organic revenue growth and low-mid teens EBITDA margins by fiscal 2027

Manufacturing and Locations

• Corporate headquarters and primary manufacturing in Batavia, NY
• Subsidiary Barber-Nichols, LLC (Arvada, CO) designs high-end turbomachinery
• Foreign subsidiaries in China (GVHTT) and India (GIPL) for sales and engineering support in Southeast Asia, India, and Middle East
• Ongoing expansion projects include new manufacturing facilities and testing centers supported by strategic defense investments

Summary: Graham Corporation manufactures mission-critical, highly engineered systems primarily for defense (notably U.S. Navy), space exploration, and energy industries, with a broad portfolio of vacuum, heat transfer, cryogenic, turbomachinery, and thermal management products. It has approximately 636 employees, $209.9 million in sales for fiscal 2025, and it serves key customers including government agencies, OEMs, and large industrial companies worldwide. Its backlog of $412 million as of March 31, 2025, is heavily weighted toward defense programs, reflecting its focus on long-term, complex projects.