Graham
GHC · Education Services
$1,213.48
2.1%Stride
LRN · Education Services
$79.40
1.6%The short version
- Graham is the larger business, with $4.9B of revenue in fiscal 2025 against $2.5B for Stride, about 2.0 times as much.
- Stride grew revenue faster (4.7%, against 2.5%).
- Stride kept more of each dollar of sales as operating profit (17.9% operating margin, against 4.8% operating margin).
- Stride turned more of its sales into free cash flow (17.2% FCF margin, against 5.6% FCF margin).
- Stride earned a higher return on the capital invested in it (31.3%, against 3.1%).
- Investors pay more for each dollar of Graham’s earnings: a P/E of 18.3x against 11.0x for Stride.
| Latest fiscal year | GHC · FY25 | LRN · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.3B | $3.6B |
| Revenue | $4.9B | $2.5B |
| Free cash flow | $275M | $433M |
| Net income | $292M | $338M |
| Growth | ||
| Revenue growth | 2.5% | 4.7% |
| 5-year growth | 11.2% | 10.4% |
| Share count change | −0.7% | −2.2% |
| Profitability | ||
| Gross margin | — | 37.8% |
| Operating margin | 4.8% | 17.9% |
| Net margin | 6.0% | 13.4% |
| FCF margin | 5.6% | 17.2% |
| Return on capital | 3.1% | 31.3% |
| Return on equity | 6.5% | 21.7% |
| Balance sheet | ||
| Net debt | $638M | −$423M |
| Net debt / EBITDA | 1.8x | −0.7x |
| Dividends and buybacks | $34.9M | $189M |
| Valuation & quality | ||
| P/E | 18.3x | 11.0x |
| Piotroski F-score | 5 | 6 |
FY17
GHC $2.6B
LRN $889M
FY18
GHC $2.7B
LRN $918M
FY19
GHC $2.9B
LRN $1.0B
FY20
GHC $2.9B
LRN $1.0B
FY21
GHC $3.2B
LRN $1.5B
FY22
GHC $3.9B
LRN $1.7B
FY23
GHC $4.4B
LRN $1.8B
FY24
GHC $4.8B
LRN $2.0B
FY25
GHC $4.9B
LRN $2.4B
FY26
GHC —
LRN $2.5B
GHC
LRN
FY17
GHC 5.3%
LRN 1.5%
FY18
GHC 9.1%
LRN 2.8%
FY19
GHC 4.9%
LRN 4.5%
FY20
GHC 3.5%
LRN 3.1%
FY21
GHC 2.4%
LRN 7.2%
FY22
GHC 2.1%
LRN 9.3%
FY23
GHC 1.6%
LRN 9.0%
FY24
GHC 4.5%
LRN 12.2%
FY25
GHC 4.8%
LRN 15.0%
FY26
GHC —
LRN 17.9%
GHC
LRN
FY17
GHC $208M
LRN $86.6M
FY18
GHC $189M
LRN $96.7M
FY19
GHC $71.7M
LRN $136M
FY20
GHC $141M
LRN $78.7M
FY21
GHC $39.9M
LRN $131M
FY22
GHC $153M
LRN $197M
FY23
GHC $166M
LRN $199M
FY24
GHC $324M
LRN $277M
FY25
GHC $275M
LRN $431M
FY26
GHC —
LRN $433M
GHC
LRN
FY17
GHC 5.2%
LRN —
FY18
GHC 6.7%
LRN —
FY19
GHC 3.3%
LRN —
FY20
GHC 2.0%
LRN —
FY21
GHC 1.4%
LRN —
FY22
GHC 1.1%
LRN 13.5%
FY23
GHC 1.1%
LRN 13.6%
FY24
GHC 3.3%
LRN 20.5%
FY25
GHC 3.1%
LRN 27.9%
FY26
GHC —
LRN 31.3%
GHC
LRN
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.