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Side-by-side financial comparison of Graham Holdings Co (GHC) and HEICO CORP (HEI), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $1.2B, roughly 1.0× HEICO CORP). HEICO CORP runs the higher net margin — 8.7% vs 15.6%, a 6.9% gap on every dollar of revenue. On growth, HEICO CORP posted the faster year-over-year revenue change (19.3% vs 0.4%). HEICO CORP produced more free cash flow last quarter ($268.5M vs $5.0M). Over the past eight quarters, HEICO CORP's revenue compounded faster (16.2% CAGR vs 4.2%).
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.
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger. Greg Abel succeeded Buffett as CEO at the beginning of 2026. Buffett personally owns 38.4% of the Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in t...
GHC vs HEI — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $1.2B |
| Net Profit | $108.7M | $188.3M |
| Gross Margin | — | 40.2% |
| Operating Margin | 3.8% | 23.1% |
| Net Margin | 8.7% | 15.6% |
| Revenue YoY | 0.4% | 19.3% |
| Net Profit YoY | -80.2% | 34.8% |
| EPS (diluted) | $24.76 | $1.32 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $992.2M | ||
| Q2 24 | $1.2B | $955.4M | ||
| Q1 24 | $1.2B | $896.4M |
| Q4 25 | $108.7M | $188.3M | ||
| Q3 25 | $122.9M | $177.3M | ||
| Q2 25 | $36.7M | $156.8M | ||
| Q1 25 | $23.9M | $168.0M | ||
| Q4 24 | $548.8M | $139.7M | ||
| Q3 24 | $72.5M | $136.6M | ||
| Q2 24 | $-21.0M | $123.1M | ||
| Q1 24 | $124.4M | $114.7M |
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 39.8% | ||
| Q2 25 | — | 39.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.9% | ||
| Q3 24 | — | 39.2% | ||
| Q2 24 | — | 38.9% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | 3.8% | 23.1% | ||
| Q3 25 | 5.2% | 23.1% | ||
| Q2 25 | 6.0% | 22.6% | ||
| Q1 25 | 4.1% | 22.0% | ||
| Q4 24 | 5.8% | 21.6% | ||
| Q3 24 | 6.8% | 21.8% | ||
| Q2 24 | 2.2% | 21.9% | ||
| Q1 24 | 3.1% | 20.1% |
| Q4 25 | 8.7% | 15.6% | ||
| Q3 25 | 9.6% | 15.5% | ||
| Q2 25 | 3.0% | 14.3% | ||
| Q1 25 | 2.0% | 16.3% | ||
| Q4 24 | 44.1% | 13.8% | ||
| Q3 24 | 6.0% | 13.8% | ||
| Q2 24 | -1.8% | 12.9% | ||
| Q1 24 | 10.8% | 12.8% |
| Q4 25 | $24.76 | $1.32 | ||
| Q3 25 | $27.91 | $1.26 | ||
| Q2 25 | $8.35 | $1.12 | ||
| Q1 25 | $5.45 | $1.20 | ||
| Q4 24 | $124.05 | $1.00 | ||
| Q3 24 | $16.42 | $0.97 | ||
| Q2 24 | $-4.79 | $0.88 | ||
| Q1 24 | $27.72 | $0.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $267.0M | $217.8M |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $4.8B | $4.3B |
| Total Assets | $8.4B | $8.5B |
| Debt / EquityLower = less leverage | — | 0.50× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $267.0M | $217.8M | ||
| Q3 25 | $190.8M | $261.9M | ||
| Q2 25 | $176.2M | $242.3M | ||
| Q1 25 | $156.7M | $165.5M | ||
| Q4 24 | $260.9M | $162.1M | ||
| Q3 24 | $244.4M | $202.9M | ||
| Q2 24 | $140.7M | $204.2M | ||
| Q1 24 | $130.9M | $196.3M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.5B |
| Q4 25 | $4.8B | $4.3B | ||
| Q3 25 | $4.5B | $4.1B | ||
| Q2 25 | $4.4B | $4.0B | ||
| Q1 25 | $4.3B | $3.7B | ||
| Q4 24 | $4.3B | $3.6B | ||
| Q3 24 | $4.0B | $3.5B | ||
| Q2 24 | $4.0B | $3.4B | ||
| Q1 24 | $4.0B | $3.3B |
| Q4 25 | $8.4B | $8.5B | ||
| Q3 25 | $7.9B | $8.5B | ||
| Q2 25 | $7.6B | $8.1B | ||
| Q1 25 | $7.6B | $7.9B | ||
| Q4 24 | $7.7B | $7.6B | ||
| Q3 24 | $7.4B | $7.4B | ||
| Q2 24 | $7.2B | $7.4B | ||
| Q1 24 | $7.3B | $7.3B |
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.3M | $295.3M |
| Free Cash FlowOCF − Capex | $5.0M | $268.5M |
| FCF MarginFCF / Revenue | 0.4% | 22.2% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.9% | 2.2% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 0.26× | 1.57× |
| TTM Free Cash FlowTrailing 4 quarters | $275.3M | $861.4M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $28.3M | $295.3M | ||
| Q3 25 | $178.1M | $231.2M | ||
| Q2 25 | $94.8M | $204.7M | ||
| Q1 25 | $46.0M | $203.0M | ||
| Q4 24 | $116.3M | $205.6M | ||
| Q3 24 | $237.6M | $214.0M | ||
| Q2 24 | $52.0M | $141.1M | ||
| Q1 24 | $1.1M | $111.7M |
| Q4 25 | $5.0M | $268.5M | ||
| Q3 25 | $161.8M | $218.5M | ||
| Q2 25 | $78.0M | $188.7M | ||
| Q1 25 | $30.5M | $185.7M | ||
| Q4 24 | $91.1M | $189.5M | ||
| Q3 24 | $219.4M | $198.1M | ||
| Q2 24 | $33.7M | $128.2M | ||
| Q1 24 | $-20.2M | $98.3M |
| Q4 25 | 0.4% | 22.2% | ||
| Q3 25 | 12.6% | 19.0% | ||
| Q2 25 | 6.4% | 17.2% | ||
| Q1 25 | 2.6% | 18.0% | ||
| Q4 24 | 7.3% | 18.7% | ||
| Q3 24 | 18.2% | 20.0% | ||
| Q2 24 | 2.8% | 13.4% | ||
| Q1 24 | -1.8% | 11.0% |
| Q4 25 | 1.9% | 2.2% | ||
| Q3 25 | 1.3% | 1.1% | ||
| Q2 25 | 1.4% | 1.5% | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 2.0% | 1.6% | ||
| Q3 24 | 1.5% | 1.6% | ||
| Q2 24 | 1.5% | 1.4% | ||
| Q1 24 | 1.8% | 1.5% |
| Q4 25 | 0.26× | 1.57× | ||
| Q3 25 | 1.45× | 1.30× | ||
| Q2 25 | 2.58× | 1.31× | ||
| Q1 25 | 1.93× | 1.21× | ||
| Q4 24 | 0.21× | 1.47× | ||
| Q3 24 | 3.28× | 1.57× | ||
| Q2 24 | — | 1.15× | ||
| Q1 24 | 0.01× | 0.97× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
