Monday, November 09, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
George Proost, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. Graham’s 2Q27 results reflected continued improvements in operating execution and profitability, despite more modest revenue growth. Gross margin expanded significantly, supporting strong growth in adjusted EBITDA and earnings. Orders remained ahead of sales, and backlog reached another record level, providing visibility into future revenue.
2Q27 Results. Revenue of $69.8 million increased 6% y-o-y, reflecting strength of the diversified revenue base and the addition of FlackTek. We were at $73 million. Gross profit margin of 28.2% was up 650 bps y-o-y and above our 25.3% estimate. Adjusted EBITDA was up 64% to $10.3 million. We had projected $8.9 million. Adjusted EPS of $0.52 was up 68% y-o-y and above our $0.44 projection.
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