Graham Corp

GHM remains in a pronounced Stage 4 decline, with short‐term and medium‐term trends bearish despite the long‐term uptrend. Price is below the 9/21 EMAs and 50 DMA, signaling follow‐through of the breakdown, while oversold conditions suggest deferment of additional selling. We will trim on relief rallies into the falling EMAs and 50 DMA, aligning with the bearish medium‐term bias and avoiding selling into extended weakness.

• ↑Q2 FY2026 revenue $66M, +23% YoY driven by defense & energy
• ↑Record backlog $515.6M (+34% YoY), 35–40% expected to convert next 12 months
• ↓P/E 95.5x vs market average; negative earnings yield raises valuation concerns