Graham
GHC · Education Services
$1,213.48
2.1%Strategic Education
STRA · Education Services
$81.74
0.2%The short version
- Graham is the larger business, with $4.9B of revenue in fiscal 2025 against $1.3B for Strategic Education, about 3.9 times as much.
- Strategic Education grew revenue faster (4.0%, against 2.5%).
- Strategic Education kept more of each dollar of sales as operating profit (13.7% operating margin, against 4.8% operating margin).
- Strategic Education turned more of its sales into free cash flow (12.1% FCF margin, against 5.6% FCF margin).
- Strategic Education earned a higher return on the capital invested in it (8.4%, against 3.1%).
| Latest fiscal year | GHC · FY25 | STRA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.3B | $1.8B |
| Revenue | $4.9B | $1.3B |
| Free cash flow | $275M | $154M |
| Net income | $292M | $127M |
| Growth | ||
| Revenue growth | 2.5% | 4.0% |
| 5-year growth | 11.2% | 4.3% |
| Share count change | −0.7% | −3.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 4.8% | 13.7% |
| Net margin | 6.0% | 10.0% |
| FCF margin | 5.6% | 12.1% |
| Return on capital | 3.1% | 8.4% |
| Return on equity | 6.5% | 7.7% |
| Balance sheet | ||
| Net debt | $638M | −$148M |
| Net debt / EBITDA | 1.8x | −0.7x |
| Dividends and buybacks | $34.9M | $196M |
| Valuation & quality | ||
| P/E | — | 13.6x |
| Piotroski F-score | 5 | 6 |
FY16
GHC $2.5B
STRA $441M
FY17
GHC $2.6B
STRA $455M
FY18
GHC $2.7B
STRA $634M
FY19
GHC $2.9B
STRA $997M
FY20
GHC $2.9B
STRA $1.0B
FY21
GHC $3.2B
STRA $1.1B
FY22
GHC $3.9B
STRA $1.1B
FY23
GHC $4.4B
STRA $1.1B
FY24
GHC $4.8B
STRA $1.2B
FY25
GHC $4.9B
STRA $1.3B
GHC
STRA
FY16
GHC 9.0%
STRA 13.0%
FY17
GHC 5.3%
STRA 11.5%
FY18
GHC 9.1%
STRA −3.6%
FY19
GHC 4.9%
STRA 11.1%
FY20
GHC 3.5%
STRA 10.6%
FY21
GHC 2.4%
STRA 6.5%
FY22
GHC 2.1%
STRA 6.6%
FY23
GHC 1.6%
STRA 8.4%
FY24
GHC 4.5%
STRA 12.8%
FY25
GHC 4.8%
STRA 13.7%
GHC
STRA
FY16
GHC $195M
STRA $31.4M
FY17
GHC $208M
STRA $38.1M
FY18
GHC $189M
STRA $19.3M
FY19
GHC $71.7M
STRA $163M
FY20
GHC $141M
STRA $96.1M
FY21
GHC $39.9M
STRA $131M
FY22
GHC $153M
STRA $82.9M
FY23
GHC $166M
STRA $80.2M
FY24
GHC $324M
STRA $129M
FY25
GHC $275M
STRA $154M
GHC
STRA
FY16
GHC 6.8%
STRA —
FY17
GHC 5.2%
STRA —
FY18
GHC 6.7%
STRA —
FY19
GHC 3.3%
STRA —
FY20
GHC 2.0%
STRA 6.1%
FY21
GHC 1.4%
STRA 3.3%
FY22
GHC 1.1%
STRA 3.1%
FY23
GHC 1.1%
STRA 4.4%
FY24
GHC 3.3%
STRA 7.3%
FY25
GHC 3.1%
STRA 8.4%
GHC
STRA
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