GRAHAM CORP

Graham Corporation

Overview

Graham Corporation (NYSE: GHM) designs and manufactures mission-critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries. The fiscal year ends March 31; this summary refers to fiscal 2026 (year ended March 31, 2026).

Headquarters and operations are in Batavia, NY, co-located with production facilities. Wholly owned subsidiaries operate in Arvada, CO; Greenville, SC; Jupiter, FL; and Louisville, CO. Sales and engineering offices are located in Houston, TX; Suzhou, China; Ahmedabad and Pune, India. Brands include Graham, Barber-Nichols, and FlackTek, with a focus on engineering-enabled, customized, high-compliance equipment and lifecycle solutions for complex, high-mix, low-volume orders.

Acquisitions and strategic additions:

• Oct 20, 2025: Completed acquisition of Xdot Bearing Technologies (foil bearing technology); integrated into Barber-Nichols, LLC.
• Jan 23, 2026: Acquired FlackTek Manufacturing, LLC and FlackTek Sales, LLC (FlackTek), adding MEGA™ bladeless mixing technology and related IP across multiple end markets.

Markets and product offerings

Defense

• Power plant systems: ejectors, surface condensers
• Torpedo ejection, propulsion & power systems: turbines, alternators, regulators, pumps, blowers
• Thermal management systems: pumps, blowers, drive electronics
• Advanced mixing systems: bladeless centrifugal mixers, accessories, services, consumables

Energy & Process

• Heat transfer & vacuum systems: ejectors, process condensers, surface condensers, liquid ring pumps, heat exchangers, nozzles
• Power generation systems: turbines, generators, compressors, pumps
• Thermal management systems: pumps, blowers, electronics
• Advanced mixing systems: bladeless centrifugal mixers, accessories, services, consumables

Space

• Rocket propulsion systems: turbopumps, fuel pumps, cryogenic pumps, nuclear propellant pump
• Cooling systems: pumps, compressors, fans, blowers
• Life support systems: fans, pumps, blowers
• Advanced mixing systems: bladeless centrifugal mixers, accessories, services, consumables

Customers

Principal customers include 3M, Air Liquide, Anduril, Applied Research Laboratory at Pennsylvania State University, Aramco, Axiom Space, Bechtel Plant Machinery Inc., Blue Origin, Boeing, CERN, China state-owned refiners, Cummins, Dow Chemical, DuPont, Echogen Power Systems, General Atomics, General Dynamics, GE Vernova, ExxonMobil, Fluor Corporation, Intuitive Machines, Jacobs Engineering Group Inc., Kairos Power, Koch Fertilizer ENID LLC, L3Harris, Lockheed Martin, MHI Compressor International Corporation, NASA, Newport News Shipbuilding, Northrop Grumman, Oak Ridge National Laboratory, Radiant Nuclear, Raytheon Technologies, Relativity, Rolls-Royce North America, SAIC, SES, Sierra Space, SpaceX, U.S. Navy, United Launch Alliance, and others.

Customer concentration:

• Two customers each accounted for more than 10% of revenue in fiscal 2026.
• The top ten customers accounted for 60% of consolidated net sales in fiscal 2026, 2025, and 2024.

Backlog and orders

• Backlog at March 31, 2026: $532,637 thousand
• Backlog at March 31, 2025: $412,335 thousand

Employees

• Total employees as of March 31, 2026: 732
• Employees located outside the United States: 23

Intellectual property and technology

Graham maintains patents, copyrights, trademarks, trade secrets, and confidentiality agreements. FlackTek contributes MEGA™ system IP for high-throughput mixing (reported >24x production throughput versus conventional methods) and P3 Technologies IP (multi-channel diffuser and SCAMP), expanding the company’s product platforms.

Proprietary capabilities include:

• Bladeless centrifugal mixers (FlackTek MEGA™)
• High-efficiency, process-critical mixing technologies
• Specialized turbomachinery and mixing-related technologies (Barber-Nichols heritage)

Financial and operational context

Research and development (R&D) spend:

• Fiscal 2026: $6,354 thousand
• Fiscal 2025: $4,039 thousand
• Fiscal 2024: $3,944 thousand

New product development R&D (not customer funded):

• Fiscal 2026: $1,204 thousand
• Fiscal 2025: $1,124 thousand
• Fiscal 2024: $904 thousand

Management expects R&D for new product development to increase to approximately 1%–2% of revenue, offset by process improvements and efficiencies. A large portion of contracts are fixed-price. Defense orders can have long order-to-shipment cycles (three to seven years), and backlog and revenue are affected by government funding cycles and changes in defense and energy investment. The company operates under government contracting regulations and export controls, including FAR, CAS, ITAR/EAR, and OFAC.

Strategic position and growth

Graham is diversified across Defense, Energy & Process, and Space, targeting niche applications with durable demand and lifecycle revenue opportunities. The company maintains production facilities at its Batavia, NY headquarters and uses additional U.S. and international offices and partnerships to support in-country manufacturing and supply chain flexibility. Recent acquisitions (Xdot and FlackTek) expand foil bearing, turbomachinery-related capabilities and advanced mixing platforms and are being integrated into Barber-Nichols and the broader Graham operating structure.