Graham Corp (NYSE: GHM)

Graham Corporation is a global leader in the design and manufacture of mission critical fluid power heat transfer and vacuum technologies for the Defense Energy & Process and Space industries.

The company is headquartered in Batavia New York where it designs engineers and manufactures surface condensers and ejectors for the Defense and Energy & Process markets.

Its wholly owned subsidiary Barber Nichols LLC in Arvada Colorado develops specialty turbomachinery for Defense Space Aerospace Cryogenic and New Energy markets while Graham Vacuum and Heat Transfer Technology Co Ltd in Suzhou China and Graham India Private Limited in Ahmedabad and Pune India provide sales and engineering support in Southeast Asia India and the Middle East.

Graham Corporation generates revenue by selling custom engineered vacuum heat transfer cryogenic pump and turbomachinery technologies that are built to customer specifications.

These products serve missions in naval propulsion power generation thermal management rocket propulsion life support and various industrial processes such as refining petrochemicals hydrogen production and space exploration.

The company employs a team of sales engineers who work directly with customers to identify needs configure solutions and close sales.

In fiscal 2025 two customers each accounted for more than ten percent of total revenue although their names are not disclosed.

The company operates through the following segments: Defense Energy & Process and Space.

• The Defense segment provides ejectors surface condensers turbines alternators regulators pumps and blowers for naval propulsion power generation torpedo ejection and thermal management systems supporting platforms such as aircraft carriers Virginia class attack submarines Columbia and Ohio class ballistic submarines and US Navy torpedo programs.

• The Energy & Process segment supplies heat transfer and vacuum systems including ejectors process condensers surface condensers liquid ring pumps heat exchangers nozzles power generation systems such as turbines generators compressors pumps and thermal management systems comprising pumps blowers and electronics for applications ranging from conventional oil refining oil sands extraction ethanol plants cogeneration power plants geothermal biomass facilities concentrated solar power molten salt reactor development small modular nuclear reactor development hydrogen fuel cell power hydrogen production transportation distribution fueling zero emission aviation ethylene methanol nitrogen plants urea fertilizer plants plastics resins fibers plants downstream petrochemical plants coal to chemicals plants gas to liquids plants edible oil plants food & beverage plants and pulp & paper plants.

• The Space segment offers rocket propulsion systems such as turbopumps fuel pumps cryogenic pumps and nuclear propellant pump cooling systems including pumps compressors fans blowers and life support systems consisting of fans pumps blowers for uses in NASA xEMU next generation space suit commercial derivatives in space nuclear thermal propulsion turbomachinery propellant recirculation pumps space exploration blowers satellite active cooling pumps and various commercial space propulsion fluid heat transfer applications and space simulation chambers.

Graham Corporation occupies a specialized niche in the industrial equipment market where it competes on engineering excellence product reliability and lifecycle support.

Its main competitors include DC Fabricators Joseph Oat PCC Triumph Aerospace Xylem Croll Reynolds Company Inc Gardner Denver Inc Schutte Koerting GEA Wiegand GmbH Ametek Inc Concepts NREC Curtiss Wright Honeywell Kratos Defense & Security Solns Donghwa Entec Co Ltd KEMCO Oeltechnik GmbH Holtec Mazak India and Thermal Engineering International USA Inc.

The company differentiates itself through a deep engineering sales process an ability to manage highly complex custom orders a responsive flexible manufacturing model a global outsourced production capability strong technical support services a skilled tenured workforce and precision manufacturing to tight tolerances.

Graham Corporation serves a diverse customer base that includes tier one and tier two suppliers to the defense and aerospace sectors refineries petrochemical plants large engineering firms that act as engineering procurement contractors and original equipment manufacturers.

Representative customers are Air Liquide Applied Research Laboratory at Pennsylvania State University Aramco Axiom Space Bechtel Plant Machinery Inc Blue Origin Boeing CERN China State owned Refiners Cummins Dow Chemical DuPont Echogen Power Systems General Atomics General Dynamics ExxonMobil Fluor Corporation Intuitive Machines Jacobs Engineering Group Inc Kairos Power Koch Fertilizer ENID LLC L3Harris Lockheed Martin MHI Compressor International Corporation NASA Newport News Shipbuilding Northrop Grumman Oak Ridge National Laboratory Radiant Nuclear Raytheon Technologies Relativity Rolls Royce North America SAIC SES Sierra Space U S Navy United Launch Alliance and Varian.

The company also notes that two customers each contributed more than ten percent of fiscal 2025 revenue although their specific identities are not disclosed.