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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and GRAHAM CORP (GHM). Click either name above to swap in a different company.
GRAHAM CORP is the larger business by last-quarter revenue ($56.7M vs $32.9M, roughly 1.7× FTC Solar, Inc.). GRAHAM CORP runs the higher net margin — 5.0% vs -110.7%, a 115.8% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 20.5%). GRAHAM CORP produced more free cash flow last quarter ($2.4M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 7.5%).
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
FTCI vs GHM — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $56.7M |
| Net Profit | $-36.4M | $2.8M |
| Gross Margin | 14.9% | 23.8% |
| Operating Margin | -17.2% | 5.5% |
| Net Margin | -110.7% | 5.0% |
| Revenue YoY | 148.9% | 20.5% |
| Net Profit YoY | -197.4% | 79.2% |
| EPS (diluted) | $-2.31 | $0.25 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $32.9M | $56.7M | ||
| Q3 25 | $26.0M | $66.0M | ||
| Q2 25 | $20.0M | $55.5M | ||
| Q1 25 | $20.8M | $59.3M | ||
| Q4 24 | $13.2M | $47.0M | ||
| Q3 24 | $10.1M | $53.6M | ||
| Q2 24 | $11.4M | $50.0M | ||
| Q1 24 | $12.6M | $49.1M |
| Q4 25 | $-36.4M | $2.8M | ||
| Q3 25 | $-23.9M | $3.1M | ||
| Q2 25 | $-15.4M | $4.6M | ||
| Q1 25 | $-3.8M | $4.4M | ||
| Q4 24 | $-12.2M | $1.6M | ||
| Q3 24 | $-15.4M | $3.3M | ||
| Q2 24 | $-12.2M | $3.0M | ||
| Q1 24 | $-8.8M | $1.3M |
| Q4 25 | 14.9% | 23.8% | ||
| Q3 25 | 6.1% | 21.7% | ||
| Q2 25 | -19.6% | 26.5% | ||
| Q1 25 | -16.6% | 27.0% | ||
| Q4 24 | -29.1% | 24.8% | ||
| Q3 24 | -42.5% | 23.9% | ||
| Q2 24 | -20.5% | 24.8% | ||
| Q1 24 | -16.7% | 25.9% |
| Q4 25 | -17.2% | 5.5% | ||
| Q3 25 | -29.6% | 6.5% | ||
| Q2 25 | -57.5% | 8.9% | ||
| Q1 25 | -50.8% | 9.3% | ||
| Q4 24 | -101.7% | 4.7% | ||
| Q3 24 | -147.8% | 7.9% | ||
| Q2 24 | -104.3% | 6.5% | ||
| Q1 24 | -99.3% | 3.1% |
| Q4 25 | -110.7% | 5.0% | ||
| Q3 25 | -92.0% | 4.7% | ||
| Q2 25 | -77.2% | 8.3% | ||
| Q1 25 | -18.4% | 7.4% | ||
| Q4 24 | -92.7% | 3.4% | ||
| Q3 24 | -151.5% | 6.1% | ||
| Q2 24 | -107.1% | 5.9% | ||
| Q1 24 | -69.7% | 2.7% |
| Q4 25 | $-2.31 | $0.25 | ||
| Q3 25 | $-1.61 | $0.28 | ||
| Q2 25 | $-1.18 | $0.42 | ||
| Q1 25 | $-0.58 | $0.40 | ||
| Q4 24 | $-0.95 | $0.14 | ||
| Q3 24 | $-1.21 | $0.30 | ||
| Q2 24 | $-0.97 | $0.27 | ||
| Q1 24 | $-0.70 | $0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.1M | $22.3M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $131.3M |
| Total Assets | $111.8M | $292.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $22.3M | ||
| Q3 25 | $24.4M | $20.6M | ||
| Q2 25 | $3.5M | $10.8M | ||
| Q1 25 | $5.9M | $21.6M | ||
| Q4 24 | $11.2M | $30.0M | ||
| Q3 24 | $8.3M | $32.3M | ||
| Q2 24 | $10.8M | $21.6M | ||
| Q1 24 | $14.0M | $16.9M |
| Q4 25 | $9.9M | — | ||
| Q3 25 | $16.6M | — | ||
| Q2 25 | $10.9M | — | ||
| Q1 25 | $10.2M | — | ||
| Q4 24 | $9.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-43.0M | $131.3M | ||
| Q3 25 | $-13.7M | $127.6M | ||
| Q2 25 | $9.0M | $123.4M | ||
| Q1 25 | $15.5M | $119.6M | ||
| Q4 24 | $19.0M | $114.4M | ||
| Q3 24 | $30.4M | $112.5M | ||
| Q2 24 | $44.2M | $108.2M | ||
| Q1 24 | $55.2M | $105.6M |
| Q4 25 | $111.8M | $292.9M | ||
| Q3 25 | $111.5M | $287.0M | ||
| Q2 25 | $83.0M | $252.3M | ||
| Q1 25 | $84.1M | $264.1M | ||
| Q4 24 | $89.9M | $264.3M | ||
| Q3 24 | $91.7M | $249.5M | ||
| Q2 24 | $100.3M | $244.2M | ||
| Q1 24 | $115.0M | $233.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.0M | $4.8M |
| Free Cash FlowOCF − Capex | $-8.4M | $2.4M |
| FCF MarginFCF / Revenue | -25.7% | 4.3% |
| Capex IntensityCapex / Revenue | 1.3% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $-6.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $4.8M | ||
| Q3 25 | $-14.6M | $13.6M | ||
| Q2 25 | $-2.3M | $-2.3M | ||
| Q1 25 | $-8.5M | $-3.6M | ||
| Q4 24 | $-16.7M | $5.2M | ||
| Q3 24 | $-2.4M | $13.9M | ||
| Q2 24 | $-3.8M | $8.7M | ||
| Q1 24 | $-11.9M | $8.6M |
| Q4 25 | $-8.4M | $2.4M | ||
| Q3 25 | $-15.1M | $9.4M | ||
| Q2 25 | $-2.5M | $-9.3M | ||
| Q1 25 | $-8.6M | $-8.7M | ||
| Q4 24 | $-17.0M | $-2.1M | ||
| Q3 24 | $-2.6M | $10.4M | ||
| Q2 24 | $-4.5M | $5.7M | ||
| Q1 24 | $-12.3M | $4.6M |
| Q4 25 | -25.7% | 4.3% | ||
| Q3 25 | -57.9% | 14.3% | ||
| Q2 25 | -12.4% | -16.7% | ||
| Q1 25 | -41.2% | -14.7% | ||
| Q4 24 | -128.6% | -4.5% | ||
| Q3 24 | -25.6% | 19.5% | ||
| Q2 24 | -39.2% | 11.5% | ||
| Q1 24 | -97.6% | 9.4% |
| Q4 25 | 1.3% | 4.1% | ||
| Q3 25 | 1.7% | 6.3% | ||
| Q2 25 | 0.9% | 12.6% | ||
| Q1 25 | 0.4% | 8.7% | ||
| Q4 24 | 2.2% | 15.6% | ||
| Q3 24 | 2.2% | 6.5% | ||
| Q2 24 | 6.1% | 6.0% | ||
| Q1 24 | 3.4% | 8.2% |
| Q4 25 | — | 1.67× | ||
| Q3 25 | — | 4.40× | ||
| Q2 25 | — | -0.49× | ||
| Q1 25 | — | -0.81× | ||
| Q4 24 | — | 3.29× | ||
| Q3 24 | — | 4.25× | ||
| Q2 24 | — | 2.94× | ||
| Q1 24 | — | 6.45× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
GHM
| Defense | $35.3M | 62% |
| Energy And Process | $18.3M | 32% |
| Space | $3.1M | 6% |
