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McGraw Hill, Inc. (MH)

NYSE / Consumer Defensive / Education & Training Services

Share price

13.98 USD Market dataClose of Oct 16, 2026

Market capitalisation

2.67B USD Market dataClose of Oct 16, 2026
Market data
Oct 16, 2026
Filed accounts
FY2026, filed Jun 11, 2026
Ratios computed
Oct 16, 2026
Filed years
3, FY2024 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

7.1% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

73.58x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

9.6% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2016 Revenue: 1.74B USDFY2016 Net income: -137.0M USDFY2017 Revenue: 1.72B USDFY2017 Net income: -65.9M USDFY2018 Revenue: 1.60B USDFY2018 Net income: -160.4M USDFY2020 Revenue: 1.58B USDFY2020 Net income: -135.3M USDFY2021 Revenue: 1.54B USDFY2021 Net income: 44.8M USDFY2022 Revenue: 1.79B USDFY2022 Net income: -674.3M USDFY2023 Revenue: 1.95B USDFY2023 Net income: -404.1M USDFY2024 Revenue: 1.96B USDFY2024 Net income: -193.0M USDFY2025 Revenue: 2.10B USDFY2025 Net income: -85.8M USDFY2026 Revenue: 2.10B USDFY2026 Net income: 35.3M USD
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 73.58x at the close of 2026-10-16 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Consumer Defensive sector (135 companies), 73.58x sits at the 92nd percentile; the middle half of that group runs from 13.73x to 34.00x.

Is it good

Return on invested capital was 7.1% in FY2026, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Consumer Defensive sector (102 companies), 7.1% sits at the 53rd percentile; the middle half of that group runs from 2.7% to 14.1%.

Is it safe

Net debt to EBITDA was 3.76x in FY2026, in the band labelled "Elevated" (2.50x to 4.00x), on lines set by credit-analyst convention.

Year by year against peers
Whether McGraw Hill, Inc.'s gross margin stayed above the median of the Education & Training Services industry, year by year. (FY2022 to FY2026, 5 fiscal years of McGraw Hill, Inc. with a comparable figure)
The direction
Which way McGraw Hill, Inc.'s gross margin has moved, and how steadily. (FY2016 to FY2026, 10 filed years of McGraw Hill, Inc.)
What could explain it
What in McGraw Hill, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines McGraw Hill, Inc. filed)
What to check next
What to check next on McGraw Hill, Inc., and where in its filings. (9 questions for McGraw Hill, Inc.)
In one paragraph
One paragraph on McGraw Hill, Inc.'s returns, cash, balance sheet and price. (14 of sixteen figures read for McGraw Hill, Inc.)

These are MH’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MHPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Jun 11, 2026, accession 0001951070-26-000022.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

McGraw Hill, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax7.1% ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Return on equity4.9% ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Return on capital employed, pre-tax6.6% ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Return on assets0.6% ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Gross margin80.9% ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Operating margin13.2% ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Net margin1.7% ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
MH 1.7%
DAO 1.6%GHC 6.0%LAUR 16.6%EDU 8.4%LRN 13.4%
1.6%16.6%
Net margin: MH against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

McGraw Hill, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity3.66 ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Current ratio0.77 ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Quick ratio0.61 ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Altman Z-score0.49 ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Net debt2.40B ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Total assets 5.49BTotal liabilities 4.76BShareholders' equity 726.2MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What McGraw Hill, Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Jun 11, 2026, 0001951070-26-000022).

McGraw Hill, Inc: balance sheet position
Total assets5.49B FiledFY2026 10-K, filed Jun 11, 2026
Total liabilities4.76B FiledFY2026 10-K, filed Jun 11, 2026
Shareholders' equity726.2M FiledFY2026 10-K, filed Jun 11, 2026
Cash253.5M FiledFY2026 10-K, filed Jun 11, 2026
Total debt2.66B FiledFY2026 10-K, filed Jun 11, 2026
Net debt2.40B
Current ratio0.77
Debt to equity3.66
  • Interest cover: FY2026: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

McGraw Hill, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings73.58x ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
P/E on trailing twelve months5.99x ComputedClose of Oct 16, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.54x ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Price to sales1.22x ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Enterprise value to EBIT17.96x ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Enterprise value to EBITDA7.78x ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Diluted earnings per share0.19 USD FiledFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Graham number4.11 USD ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022

We publish no fair value or price target of our own. Value MH on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for McGraw Hill, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

McGraw Hill, Inc: valuation
Share price13.98 USD
Market capitalisation2.67B USD
Enterprise value to EBITDA7.78x
Graham number4.11 USD
Diluted earnings per share, FY20260.19 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 12, 2025: low 5.59x, median 7.53x, high 8.29x, latest 5.99x. 61 trading days with a meaningful ratio, 172 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like McGraw Hill, Inc

  1. Youdao, Inc. (DAO)Market cap 2.19B USD
  2. Graham Holdings Company (GHC)Market cap 5.10B USD
  3. Laureate Education, Inc. (LAUR)Market cap 5.32B USD
  4. New Oriental Education & Technology Group Inc. (EDU)Market cap 9.44B USD
  5. Stride, Inc. (LRN)Market cap 3.42B USD

Same industry (Education & Training Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

McGraw Hill, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield9.6% ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Free cash flow246.3M USD ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Free cash flow margin11.7% ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
FY2016 Free cash flow: 159.7M USDFY2016 Net income: -137.0M USDFY2017 Free cash flow: 218.8M USDFY2017 Net income: -65.9M USDFY2018 Free cash flow: 93.1M USDFY2018 Net income: -160.4M USDFY2020 Free cash flow: 189.8M USDFY2020 Net income: -135.3M USDFY2021 Free cash flow: 287.4M USDFY2021 Net income: 44.8M USDFY2022 Free cash flow: 175.0M USDFY2022 Net income: -674.3M USDFY2023 Free cash flow: 116.1M USDFY2023 Net income: -404.1M USDFY2024 Free cash flow: 154.2M USDFY2024 Net income: -193.0M USDFY2025 Free cash flow: 575.2M USDFY2025 Net income: -85.8M USDFY2026 Free cash flow: 246.3M USDFY2026 Net income: 35.3M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

McGraw Hill, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
73.58xFY2026Oct 16, 2026
3.54xFY2026Oct 16, 2026
17.96xFY2026Oct 16, 2026
9.6%FY2026Oct 16, 2026
7.1%FY2026Jun 11, 2026
n/aFY2026Oct 16, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
3.66FY2026Jun 11, 2026
0.77FY2026Jun 11, 2026
1.22xFY2026Oct 16, 2026
n/aFY2026Oct 16, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
0.49FY2026Oct 16, 2026
-2.60FY2026Jun 11, 2026
7/9FY2026Jun 11, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 3 filed fiscal years on record, FY2024 to FY2026, from SEC EDGAR. Prices as of Oct 16, 2026. Ratios recomputed Oct 16, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2016 to FY2026. 3 read from the annual reports McGraw Hill, Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

McGraw Hill, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20262.10B276.8M35.3M0.19246.3M13.2%4.9%10-K, Jun 11, 20260001951070-26-000022
FY20252.10B306.8M-85.8M-0.52575.2M14.6%-30.6%10-K, Jun 11, 20260001951070-26-000022
FY20241.96B155.3M-193.0M-1.16154.2M7.9%n/a10-K, Jun 11, 20260001951070-26-000022
FY20231.95B-188.2M-404.1M-2.12116.1M-9.7%-72.4%Market data, supplied Oct 15, 2026accession n/a
FY20221.79B-435.9M-674.3M-3.53175.0M-24.4%-71.0%Market data, supplied Oct 15, 2026accession n/a
FY20211.54B249.5M44.8M3.86287.4M16.1%n/mMarket data, supplied Oct 15, 2026accession n/a
FY20201.58B55.2M-135.3M-11.77189.8M3.5%n/mMarket data, supplied Oct 15, 2026accession n/a
FY20181.60B30.7M-160.4M-14.0993.1M1.9%n/mMarket data, supplied Oct 15, 2026accession n/a
FY20171.72B93.4M-65.9M-5.85218.8M5.4%n/mMarket data, supplied Oct 15, 2026accession n/a
FY20161.74B106.1M-137.0M-12.03159.7M6.1%n/mMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2016 to FY2026: 1.9%
  • Earnings: Earnings was not positive in both 2016 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2016 to FY2026: 4.4%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

McGraw Hill, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.60 ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Piotroski F-score7/9 ComputedFY2026 10-K, filed Jun 11, 2026, 0001951070-26-000022
Named tests met2 of 30 Computed
Beta
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026

The named tests

Of 30 tests value investors published: 2 met, 27 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(8)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Beta: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 8 figures could not be read on this company, among them PEG Ratio, Interest Coverage, Dividend Yield. Each blank in the table above names the rest, with its reason. 1 named test comes back incomplete because of them, which is neither met nor missed.
  • We hold 3 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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