Covista vs Graham
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KIRA’s take AI analyst
I put Covista and Graham side by side, using each one’s latest annual report. Here is what stands out:
- Graham is the larger business, with $4.9B of revenue in fiscal 2025 against $2.0B for Covista, about 2.5 times as much.
- Covista grew revenue faster (9.3%, against 2.5%).
- Covista kept more of each dollar of sales as operating profit (19.6% operating margin, against 4.8%).
- Covista turned more of its sales into free cash flow (20.1% FCF margin, against 5.6%).
- Covista earned a higher return on the capital invested in it (17.0%, against 3.1%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Covista
CVSA
10/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Graham
GHC
0/10
Side by side
Best in the row
| Latest fiscal year | CVSA FY26 | GHC FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.7B | $5.3B |
| Revenue | $2.0B | $4.9B |
| Free cash flow | $393M | $275M |
| Net income | $252M | $292M |
| Growth | ||
| Revenue growth | 9.3% | 2.5% |
| 5-year growth | 16.8% | 11.2% |
| Share count change | −6.8% | −0.7% |
| Profitability | ||
| Gross margin | 57.3% | — |
| Operating margin | 19.6% | 4.8% |
| Net margin | 12.9% | 6.0% |
| FCF margin | 20.1% | 5.6% |
| Return on capital | 17.0% | 3.1% |
| Return on equity | 17.5% | 6.5% |
| Balance sheet | ||
| Net debt | $257M | $638M |
| Net debt / EBITDA | 0.6x | 1.8x |
| Dividends and buybacks | $240M | $34.9M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 8 | 5 |
Ten years
Revenue
FY17
CVSA $1.2B
GHC $2.6B
FY18
CVSA $960M
GHC $2.7B
FY19
CVSA $1.0B
GHC $2.9B
FY20
CVSA $866M
GHC $2.9B
FY21
CVSA $899M
GHC $3.2B
FY22
CVSA $1.4B
GHC $3.9B
FY23
CVSA $1.5B
GHC $4.4B
FY24
CVSA $1.6B
GHC $4.8B
FY25
CVSA $1.8B
GHC $4.9B
FY26
CVSA $2.0B
GHC —
CVSA
GHC
Operating margin
FY17
CVSA —
GHC 5.3%
FY18
CVSA —
GHC 9.1%
FY19
CVSA 15.4%
GHC 4.9%
FY20
CVSA 12.7%
GHC 3.5%
FY21
CVSA 12.3%
GHC 2.4%
FY22
CVSA 5.6%
GHC 2.1%
FY23
CVSA 11.6%
GHC 1.6%
FY24
CVSA 13.7%
GHC 4.5%
FY25
CVSA 19.1%
GHC 4.8%
FY26
CVSA 19.6%
GHC —
CVSA
GHC
Free cash flow
FY17
CVSA $188M
GHC $208M
FY18
CVSA $193M
GHC $189M
FY19
CVSA $147M
GHC $71.7M
FY20
CVSA $68.1M
GHC $141M
FY21
CVSA $152M
GHC $39.9M
FY22
CVSA −$20.5M
GHC $153M
FY23
CVSA $166M
GHC $166M
FY24
CVSA $247M
GHC $324M
FY25
CVSA $288M
GHC $275M
FY26
CVSA $393M
GHC —
CVSA
GHC
Return on capital
FY17
CVSA —
GHC 5.2%
FY18
CVSA 8.0%
GHC 6.7%
FY19
CVSA 8.5%
GHC 3.3%
FY20
CVSA 8.3%
GHC 2.0%
FY21
CVSA 6.2%
GHC 1.4%
FY22
CVSA 3.1%
GHC 1.1%
FY23
CVSA 7.9%
GHC 1.1%
FY24
CVSA 9.9%
GHC 3.3%
FY25
CVSA 14.9%
GHC 3.1%
FY26
CVSA 17.0%
GHC —
CVSA
GHC
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.