NYSE : MH
McGraw Hill, Inc. — Financial statements
Consumer Staples · Education & Training Services · United States
Last price 13.34 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.55B
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Financial statements
McGraw Hill, Inc. (MH) reported revenue of 2.12B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 2.12B | 2.10B | 2.10B | 1.96B | 1.95B | 1.79B |
| Cost of Revenue | 388.46M | 401.14M | 422.29M | 420.33M | 464.56M | 369.06M |
| Gross Profit | 1.73B | 1.70B | 1.68B | 1.54B | 1.48B | 1.42B |
| Selling, General & Admin | 1.08B | 1.07B | 1.04B | 986.67M | 1.00B | 1.02B |
| Amortization of Goodwill & Intangibles | 219.76M | 223.63M | 239.01M | 254.94M | 270.19M | 196.43M |
| Operating Expenses | 1.38B | 1.38B | 1.34B | 1.29B | 1.32B | 1.26B |
| Operating Income | 344.14M | 325.55M | 334.42M | 245.55M | 166.54M | 165.35M |
| Interest Expense | -194.22M | -207.23M | -293.45M | -326.44M | -278.22M | -216.61M |
| Other Non Operating Income (Expenses) | 3.50M | |||||
| EBT Excluding Unusual Items | 149.92M | 118.32M | 40.97M | -80.89M | -111.68M | -47.76M |
| Merger & Restructuring Charges | -12.91M | -12.37M | -27.61M | -40.75M | -42.71M | -111.23M |
| Impairment of Goodwill | -40.50M | -258.00M | ||||
| Asset Writedown | -39.00M | -39.00M | -9.00M | -54.00M | -405.00M | |
| Legal Settlements | 2.60M | 2.60M | 8.00M | |||
| Other Unusual Items | -25.77M | -25.77M | -2.72M | 3.42M | 4.55M | -75.80M |
| Pretax Income | 74.85M | 43.79M | 10.64M | -167.72M | -453.84M | -639.79M |
| Income Tax Expense | -17.83M | 8.47M | 96.48M | 25.29M | -49.73M | -20.42M |
| Earnings From Continuing Operations | 92.68M | 35.32M | -85.84M | -193.02M | -404.10M | -619.38M |
| Net Income | 92.68M | 35.32M | -85.84M | -193.02M | -404.10M | -619.38M |
| Net Income to Common | 92.68M | 35.32M | -85.84M | -193.02M | -404.10M | -619.38M |
| Shares Outstanding (Basic) | 189.63M | 183.47M | 166.61M | 166.61M | 166.58M | 114.24M |
| Shares Outstanding (Diluted) | 189.84M | 183.67M | 166.61M | 166.61M | 166.58M | 114.24M |
| EPS (Basic) | 0.49 | 0.19 | -0.52 | -1.16 | -2.43 | -5.42 |
| EPS (Diluted) | 0.48 | 0.19 | -0.52 | -1.16 | -2.43 | -5.42 |
| Free Cash Flow | 335.92M | 246.31M | 575.22M | 154.20M | 186.58M | 175.04M |
| Free Cash Flow Per Share | 1.77 | 1.34 | 3.45 | 0.93 | 1.12 | 1.53 |
| Gross Margin | 81.65% | 80.92% | 79.90% | 78.56% | 76.15% | 79.38% |
| Operating Margin | 16.26% | 15.48% | 15.92% | 12.53% | 8.55% | 9.24% |
| Profit Margin | 4.38% | 1.68% | -4.08% | -9.85% | -20.75% | -34.60% |
| Free Cash Flow Margin | 15.87% | 11.71% | 27.38% | 7.87% | 9.58% | 9.78% |
| EBITDA | 588.76M | 574.23M | 590.22M | 527.72M | 465.05M | 390.99M |
| EBITDA Margin | 27.81% | 27.31% | 28.09% | 26.92% | 23.88% | 21.84% |
| D&A For EBITDA | 244.61M | 248.68M | 255.80M | 282.17M | 298.51M | 225.64M |
| EBIT | 344.14M | 325.55M | 334.42M | 245.55M | 166.54M | 165.35M |
| EBIT Margin | 16.26% | 15.48% | 15.92% | 12.53% | 8.55% | 9.24% |
| Effective Tax Rate | 19.34% | 906.61% |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 193.64M | 253.52M | 389.83M | 203.62M | 181.47M | 296.37M |
| Cash & Short-Term Investments | 193.64M | 253.52M | 389.83M | 203.62M | 181.47M | 296.37M |
| Receivables | 377.88M | 362.48M | 338.43M | 340.42M | 307.58M | 252.25M |
| Inventory | 183.21M | 195.02M | 174.02M | 213.88M | 248.31M | 226.20M |
| Prepaid Expenses | 14.19M | 25.02M | 9.05M | 10.73M | 27.98M | 11.42M |
| Other Current Assets | 119.14M | 137.61M | 141.30M | 135.28M | 138.10M | 124.33M |
| Total Current Assets | 888.06M | 973.65M | 1.05B | 903.93M | 903.44M | 910.57M |
| Property, Plant & Equipment | 135.73M | 135.26M | 144.86M | 162.05M | 177.11M | 209.95M |
| Long-Term Investments | 2.82M | |||||
| Goodwill | 2.52B | 2.52B | 2.56B | 2.56B | 2.60B | 2.85B |
| Other Intangible Assets | 1.18B | 1.23B | 1.45B | 1.69B | 1.96B | 2.25B |
| Long-Term Deferred Tax Assets | 8.55M | 8.57M | 7.98M | 6.35M | 6.71M | 6.11M |
| Long-Term Deferred Charges | 585.92M | 561.74M | 473.06M | 414.52M | 385.26M | 303.82M |
| Other Long-Term Assets | 58.49M | 56.46M | 67.45M | 71.30M | 43.14M | 55.29M |
| Total Assets | 5.38B | 5.49B | 5.76B | 5.81B | 6.07B | 6.59B |
| Accounts Payable | 118.74M | 126.70M | 146.74M | 110.05M | 148.82M | 156.25M |
| Accrued Expenses | 190.54M | 209.82M | 216.87M | 165.80M | 191.36M | 204.66M |
| Current Portion of Long-Term Debt | 13.17M | 13.17M | 13.17M | 21.25M | 21.25M | 21.25M |
| Current Portion of Leases | 13.90M | 14.54M | 12.67M | 17.63M | 22.86M | 21.04M |
| Current Income Taxes Payable | 14.96M | 7.38M | 59.80M | 13.35M | 4.66M | 18.02M |
| Current Unearned Revenue | 732.93M | 835.36M | 794.03M | 736.43M | 688.41M | 616.57M |
| Other Current Liabilities | 60.97M | 59.58M | 87.14M | 78.56M | 71.97M | 176.34M |
| Total Current Liabilities | 1.15B | 1.27B | 1.33B | 1.14B | 1.15B | 1.21B |
| Long-Term Debt | 2.56B | 2.56B | 3.16B | 3.41B | 3.46B | 3.56B |
| Long-Term Leases | 65.46M | 67.19M | 70.31M | 83.11M | 89.78M | 105.43M |
| Long-Term Unearned Revenue | 789.23M | 836.00M | 882.16M | 774.64M | 760.14M | 653.85M |
| Long-Term Deferred Tax Liabilities | 15.44M | 15.21M | 15.66M | 15.40M | 46.15M | 104.70M |
| Other Long-Term Liabilities | 13.65M | 13.65M | 14.42M | 9.02M | 4.26M | 2.87M |
| Total Liabilities | 4.59B | 4.76B | 5.48B | 5.44B | 5.51B | 5.64B |
| Common Stock | 1.91M | 1.91M | 1.67M | 1.56M | 1.56M | 1.56M |
| Additional Paid-In Capital | 1.98B | 1.97B | 1.56B | 1.56B | 1.56B | 1.55B |
| Retained Earnings | -1.19B | -1.25B | -1.28B | -1.20B | -1.00B | -598.24M |
| Comprehensive Income & Other | -3.91M | -2.52M | -2.43M | 245.00K | -3.40M | -3.42M |
| Shareholders' Equity | 788.39M | 726.22M | 280.24M | 368.75M | 558.13M | 948.95M |
| Total Liabilities & Equity | 5.38B | 5.49B | 5.76B | 5.81B | 6.07B | 6.59B |
| Total Debt | 2.65B | 2.66B | 3.26B | 3.54B | 3.60B | 3.71B |
| Net Cash (Debt) | -2.46B | -2.40B | -2.87B | -3.33B | -3.42B | -3.41B |
| Net Cash Per Share | -12.96 | -13.08 | -17.23 | -20.00 | -20.51 | -29.88 |
| Filing Date Shares Outstanding | 191.31M | 191.28M | 156.36M | 156.36M | 156.36M | 156.31M |
| Total Common Shares Outstanding | 191.28M | 191.15M | 156.36M | 156.36M | 156.36M | 156.31M |
| Working Capital | -257.14M | -292.90M | -277.79M | -239.15M | -245.89M | -303.56M |
| Book Value Per Share | 4.12 | 3.80 | 1.79 | 2.36 | 3.57 | 6.07 |
| Tangible Book Value | -2.91B | -3.02B | -3.73B | -3.88B | -4.00B | -4.16B |
| Tangible Book Value Per Share | -15.23 | -15.82 | -23.86 | -24.82 | -25.55 | -26.60 |
| Land | 3.68M | 3.68M | 3.68M | 3.68M | 4.18M | |
| Buildings | 76.22M | 74.24M | 71.35M | 73.48M | 89.74M | |
| Machinery | 67.89M | 78.61M | 78.27M | 71.66M | 61.50M |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 92.68M | 35.32M | -85.84M | -193.02M | -404.10M | -619.38M |
| Depreciation & Amortization | 244.61M | 248.68M | 255.80M | 282.17M | 298.51M | 225.64M |
| Other Amortization | 156.69M | 153.63M | 156.86M | 119.22M | 106.25M | 117.55M |
| Loss (Gain) From Sale of Assets | -1.89M | -3.24M | ||||
| Asset Writedown & Restructuring Costs | 39.00M | 39.00M | 49.50M | 312.00M | 405.00M | |
| Loss (Gain) From Sale of Investments | 235.00K | 2.58M | -2.82M | |||
| Stock-Based Compensation | 37.61M | 33.72M | 85.00M | |||
| Provision & Write-off of Bad Debts | 3.34M | 2.31M | 2.77M | 10.57M | 903.00K | 2.17M |
| Other Operating Activities | 109.95M | 110.08M | 90.18M | 77.28M | 68.13M | 116.98M |
| Change in Accounts Receivable | 64.35M | -22.90M | -12.49M | -42.76M | -52.33M | -9.98M |
| Change in Inventory | -32.15M | -29.47M | 26.30M | -784.00K | -85.62M | -27.32M |
| Change in Accounts Payable | 6.74M | -21.27M | 85.54M | -46.83M | -24.98M | 79.82M |
| Change in Unearned Revenue | -128.01M | -6.17M | 166.55M | 61.43M | 175.98M | 6.28M |
| Change in Other Net Operating Assets | -166.38M | -211.76M | -39.63M | -81.31M | -135.30M | -172.84M |
| Operating Cash Flow | 428.43M | 331.17M | 646.28M | 236.16M | 256.62M | 205.69M |
| Capital Expenditures | -92.51M | -84.86M | -71.06M | -81.95M | -70.04M | -30.66M |
| Sale of Property, Plant & Equipment | 3.50M | |||||
| Cash Acquisitions | -6.00M | -21.76M | -5.27B | |||
| Investment in Securities | 42.07M | |||||
| Other Investing Activities | -130.57M | -119.00M | -90.00M | -54.16M | -70.52M | -70.27M |
| Investing Cash Flow | -223.08M | -203.86M | -167.06M | -136.11M | -162.32M | -5.32B |
| Short-Term Debt Issued | 30.00M | 175.00M | ||||
| Long-Term Debt Issued | 650.00M | 3.69B | ||||
| Total Debt Issued | 650.00M | 30.00M | 3.87B | |||
| Short-Term Debt Repaid | -30.00M | -175.00M | ||||
| Long-Term Debt Repaid | -652.19M | -920.65M | -77.24M | -124.52M | -123.66M | |
| Total Debt Repaid | -652.16M | -652.19M | -920.65M | -107.24M | -124.52M | -298.66M |
| Net Debt Issued (Repaid) | -652.16M | -652.19M | -270.65M | -77.24M | -124.52M | 3.57B |
| Issuance of Common Stock | 396.19M | 394.36M | 13.26M | 1.55B | ||
| Other Financing Activities | -4.66M | -7.04M | -24.03M | -93.31M | -60.42M | |
| Financing Cash Flow | -260.63M | -264.87M | -294.68M | -77.24M | -204.57M | 5.06B |
| Foreign Exchange Rate Adjustments | 1.59M | 1.25M | 1.67M | -659.00K | -4.63M | 2.35M |
| Net Cash Flow | -53.69M | -136.31M | 186.21M | 22.14M | -114.90M | -57.95M |
| Free Cash Flow | 335.92M | 246.31M | 575.22M | 154.20M | 186.58M | 175.04M |
| Free Cash Flow Margin | 15.87% | 11.71% | 27.38% | 7.87% | 9.58% | 9.78% |
| Free Cash Flow Per Share | 1.77 | 1.34 | 3.45 | 0.93 | 1.12 | 1.53 |
| Levered Free Cash Flow | 435.59M | 302.06M | 605.10M | 289.51M | 106.15M | 475.87M |
| Unlevered Free Cash Flow | 539.26M | 413.63M | 757.29M | 472.54M | 259.53M | 592.50M |
| Cash Interest Paid | 194.99M | 207.93M | 274.73M | 333.37M | 257.70M | 179.71M |
| Cash Income Tax Paid | 16.26M | 76.58M | 46.92M | 43.78M | 16.01M | 19.55M |
| Change in Working Capital | -255.45M | -291.57M | 226.27M | -110.26M | -122.26M | -124.03M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.55B | 2.62B | ||||
| Enterprise Value | 5.01B | 4.80B | ||||
| Last Close Price | 13.34 | 13.70 | ||||
| PE Ratio | 27.59 | 74.09 | ||||
| Forward PE | 6.74 | 8.32 | ||||
| PS Ratio | 1.21 | 1.24 | ||||
| PB Ratio | 3.24 | 3.60 | ||||
| P/FCF Ratio | 7.60 | 10.62 | ||||
| P/OCF Ratio | 5.96 | 7.90 | ||||
| PEG Ratio | 1.23 | |||||
| EV/Sales Ratio | 2.37 | 2.28 | ||||
| EV/EBITDA Ratio | 8.51 | 8.37 | ||||
| EV/EBIT Ratio | 14.56 | 14.75 | ||||
| EV/FCF Ratio | 14.92 | 19.50 | ||||
| Debt / Equity Ratio | 3.37 | 3.66 | 11.63 | 9.59 | 6.45 | 3.91 |
| Debt / EBITDA Ratio | 4.42 | 4.53 | 5.40 | 6.51 | 7.48 | 9.07 |
| Debt / FCF Ratio | 7.90 | 10.78 | 5.67 | 22.93 | 19.28 | 21.19 |
| Net Debt / Equity Ratio | 3.12 | 3.31 | 10.24 | 9.04 | 6.12 | 3.60 |
| Net Debt / EBITDA Ratio | 4.18 | 4.18 | 4.86 | 6.32 | 7.35 | 8.73 |
| Net Debt / FCF Ratio | 7.32 | 9.75 | 4.99 | 21.61 | 18.31 | 19.50 |
| Asset Turnover | 0.38 | 0.37 | 0.36 | 0.33 | 0.31 | 0.40 |
| Inventory Turnover | 2.26 | 2.17 | 2.18 | 1.82 | 1.96 | 1.94 |
| Quick Ratio | 0.50 | 0.49 | 0.55 | 0.48 | 0.43 | 0.45 |
| Current Ratio | 0.78 | 0.77 | 0.79 | 0.79 | 0.79 | 0.75 |
| Return on Equity (ROE) | 17.30% | 7.02% | -26.45% | -41.65% | -53.63% | |
| Return on Assets (ROA) | 3.90% | 3.62% | 3.61% | 2.58% | 1.64% | 2.32% |
| Return on Invested Capital (ROIC) | 10.79% | 8.36% | -78.73% | 6.40% | 4.00% | 5.78% |
| Return on Capital Employed (ROCE) | 8.10% | 7.70% | 7.60% | 5.30% | 3.40% | 3.10% |
| Earnings Yield | 3.62% | 1.35% | ||||
| FCF Yield | 13.16% | 9.41% | ||||
| Buyback Yield / Dilution | -13.94% | -10.24% | -0.02% | -45.82% | -883.49% |