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Companies Graham Corp

Graham (GHM): executive pay, fiscal 2026

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CEO total pay$1,809,120CEO Matthew Malone · source
Say-on-pay support99.59%Latest vote · source
CEO vs. named peers19th pct.Of 17 peer CEOs
CEO pay ratio19:1To the median employee · source

CEO pay, last three years

  • $1,075,008FY2024
  • $828,017FY2025
  • $1,809,120FY2026

CEO total pay was $1,809,120 in fiscal 2026, up from $828,017 in fiscal 2025.

FY2026: salary $462,769 · bonus $0 · stock awards $600,004 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Graham Corp in fiscal 2026?
As disclosed, Matthew Malone (President & CEO, Former VP and GM - Barber-Nichols) was the highest-paid executive at Graham Corp in fiscal 2026, with total compensation of $1,809,120.
How does Graham Corp's chief executive pay compare to its disclosed peer group?
As disclosed, Matthew Malone's total compensation ranked at the 19th percentile of Graham Corp's disclosed peer group.
What is Graham Corp's CEO-to-median employee pay ratio?
As disclosed, Graham Corp's CEO-to-median employee pay ratio was 19:1.
How did shareholders vote on Graham Corp's executive compensation?
As disclosed, 99.59% of shareholders supported Graham Corp's executive compensation in the latest say-on-pay vote.
How much does Graham Corp spend in total on board compensation for fiscal 2026?
As disclosed, Graham Corp reported total board compensation of $833,349 for fiscal 2026.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Malone$462,769$0$600,004$0$636,308$0$110,039$1,809,120
President & CEO, Former VP and GM - Barber-Nichols
Christopher Thome370,7850259,6970227,106026,788884,376
VP - Finance, CFO, CAO and Corporate Secretary
Alan Smith339,9020203,9640219,152014,582777,600
Former VP and General Manager - Graham Manufacturing
Michael Dixon290,62280,282180,0330121,405024,973697,315
VP and GM - Barber-Nichols
Daniel Thoren304,6060125,0070177,433072,796679,842
Executive Chairman, Former CEO

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2026 totalFY2025 totalFY2024 totalΔ FY2025→2026
Matthew Malone$1,809,120$828,017$1,075,008↑ +981,103
Christopher Thome884,376842,644757,887↑ +41,732
Alan Smith777,600812,401795,797↓ −34,801
Michael Dixon697,315———
Daniel Thoren679,8421,853,3742,251,043↓ −1,173,532

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee's philosophy focuses on aligning the interests of named executive officers with those of stockholders by rewarding performance that enhances the objective of increasing both current and long-term stockholder value. The programs are designed to provide a strong link between the amounts earned by executives and Company and individual performance, with a significant portion of compensation being 'at-risk' and dependent on meeting performance-based criteria.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2026

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Alan SmithPSU2025-06-021,2952,591—5,182$101,982
Daniel ThorenPSU2025-06-027941,588—3,17662,504
Christopher ThomePSU2025-06-021,6493,299—6,598129,849
Matthew MalonePSU2025-06-023,8117,622—15,244300,002
Michael DixonPSU2025-06-021,1432,287—4,57490,016
Michael DixonRSU2025-06-02——2,287—90,016
Matthew MaloneRSU2025-06-02——7,622—300,002
Alan SmithRSU2025-06-02——2,591—101,982
Christopher ThomeRSU2025-06-02——3,299—129,849
Daniel ThorenRSU2025-06-02——1,588—62,504

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Alan Smith$101,982$101,982$050.0%
Daniel Thoren62,50462,504050.0%
Christopher Thome129,849129,849050.0%
Matthew Malone300,002300,002050.0%
Michael Dixon90,01690,016050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2026

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael DixonRSU711—$56,112
Daniel ThorenRSU1,588—125,325
Michael DixonRSU2,287—180,490
Matthew MaloneRSU2,375—187,435
Christopher ThomeRSU2,375—187,435
Alan SmithRSU2,375—187,435
Matthew MaloneRSU2,582—203,771
Alan SmithRSU2,582—203,771
Alan SmithRSU2,591—204,482
Daniel ThorenPSU3,176—250,650
Christopher ThomeRSU3,287—259,410
Christopher ThomeRSU3,299—260,357
Michael DixonPSU4,574—360,980
Alan SmithPSU5,182—408,963
Daniel ThorenRSU6,089—480,544
Christopher ThomePSU6,598—520,714
Matthew MaloneRSU7,622—601,528
Matthew MalonePSU7,746—611,314
Alan SmithPSU7,746—611,314
Christopher ThomePSU9,860—778,151
Daniel ThorenRSU11,086—874,907
Matthew MalonePSU14,246—1,124,294
Christopher ThomePSU14,246—1,124,294
Alan SmithPSU14,246—1,124,294
Matthew MalonePSU15,244—1,203,056
Daniel ThorenPSU33,256—2,624,564
Daniel ThorenPSU36,530—2,882,948
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jonathan W. PainterIndependent · Board Chair · Audit$107,000$76,988———$183,988
Lisa M. SchnorrIndependent · Audit (Chair)72,00076,988———148,988
Cari L. JaroslawskyIndependent · Audit69,50076,988———146,488
James J. BarberIndependent · Compensation (Chair) · Nominating and Corporate Governance69,50076,988———146,488
Troy A. StonerIndependent · Audit57,00076,988———133,988
Mauro GregorioIndependent · Compensation · Nominating and Corporate Governance28,50044,909———73,409
Matthew J. MaloneEmployee director—————0

Board fee structure and ownership guideline

Annual cash retainer$57,000
Annual equity retainer$76,988
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)15,000 / 12,500 / 12,500
Stock ownership guideline$5

Total cost of the board

ComponentFY2026
Cash retainers and fees$403,500
Equity awards (grant-date value)$429,849
All other compensation$0
Total cost of the board$833,349

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Graham as a peer

Companies that benchmark against GHM

15 companies name GHM as a compensation peer

Each company listed discloses GHM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named GHM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2026

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies Graham Corp names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including Graham Corp.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Mercury Systems, Inc.2026William Ballhaus$1,049,269$8,099,087$0$1,946,160$11,131,048
2Ducommun Incorporated2025Stephen Oswald1,019,6246,121,650—3,058,87110,329,989
3Cadre Holdings, Inc.2025Warren Kanders1,700,0001,314,9201,317,86806,789,841
4The Eastern Company2025Denis Sheahan800,0003,371,2970792,0005,069,867
5Intuitive Machines, Inc.2025Stephen Altemus732,5073,500,0000306,8565,066,113
6Astronics Corporation2025Peter Gundermann658,570500,455951,10804,564,990
7Redwire Corporation2025Peter Cannito574,5003,656,3330189,5854,432,562
8Allient Inc.2025Richard Warzala740,0001,110,03501,615,2323,530,820
9Energy Recovery, Inc.2025David Moon614,2312,599,996003,222,147
10Natural Gas Services Group, Inc.2025Justin Jacobs581,2501,631,8620711,7062,968,713
11Thermon Group Holdings, Inc.2025Bruce Thames715,0351,299,9630543,6202,579,122
12The Gorman-Rupp Company2025Scott King717,500750,000002,187,652
13Hurco Companies, Inc.2025Gregory Volovic675,8001,249,991002,023,603
14Graham Corp2026Matthew Malone462,769600,0040636,3081,809,120
15Perma-Pipe International Holdings, Inc.2025Saleh Sagr424,502450,0030649,9701,747,437
16CPI Aerostructures, Inc.2025Dorith Hakim405,481230,92500643,405
17Sifco Industries, Inc.2025George Scherff341,923000352,602

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Graham Corpnot disclosedRSU 50 · PSU 50not disclosedFrederic W. Cook & Co., Inc.
Allient Inc.not disclosednot disclosedNoBurke Capital Group
Astronics Corporationnot disclosednot disclosedNonot disclosed
Cadre Holdings, Inc.not disclosedRSU 50 · Options 50not disclosednot disclosed
CPI Aerostructures, Inc.not disclosedRSU 50 · PRSU 50not disclosednot disclosed
Ducommun Incorporatednot disclosednot disclosednot disclosedWillis Towers Watson LLC
Energy Recovery, Inc.not disclosedRSU 50 · PSU 50NoCompensia, Inc.
Hurco Companies, Inc.not disclosedPSU 55 · RSU 45NoPay Governance, LLC
Intuitive Machines, Inc.not disclosedRSU 100not disclosedExequity LLP
Mercury Systems, Inc.not disclosedPSU 55 · RSU 45Yes — Relative TSRMeridian Compensation Partners, LLC
Natural Gas Services Group, Inc.not disclosedRSU 50 · PSU 50not disclosedFrederic W. Cook & Co., Inc. (FW Cook)
Perma-Pipe International Holdings, Inc.not disclosednot disclosednot disclosedWillis Towers Watson
Redwire Corporationnot disclosednot disclosednot disclosedWTW
Sifco Industries, Inc.not disclosednot disclosednot disclosednot disclosed
The Eastern Companynot disclosedPSU 60 · RSU 40Yes — Relative Total Shareholder Return (“TSR”) vs. KRX BanksPearl Meyer
The Gorman-Rupp Companynot disclosednot disclosednot disclosedSemler Brossy Consulting Group
Thermon Group Holdings, Inc.76%not disclosedNoMercer

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-08-258,848,83136,156141,66599.59%Passed
20252025-08-267,993,843333,75398,41795.99%Passed
20242024-08-206,998,16466,94122,11099.05%Passed
20232023-08-227,403,557370,42523,24795.24%Passed
20222022-07-276,446,055853,60771,05088.31%Passed
20212021-07-287,711,920552,48582,41593.31%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-08-2599.59%a
20252025-08-2695.99%b
20242024-08-2099.05%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)19 : 1
CEO total compensation$1,177,444
Median employee compensation$62,800
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (56 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Matthew Malone. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 1,809,120. View filing ↗
  • Section 01, Christopher Thome. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 884,376. View filing ↗
  • Section 01, Alan Smith. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 777,600. View filing ↗
  • Section 01, Michael Dixon. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 697,315. View filing ↗
  • Section 01, Daniel Thoren. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Summary Compensation Table”. As printed: 679,842. View filing ↗
  • Section 03, Alan Smith PSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Daniel Thoren PSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Christopher Thome PSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Malone PSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Dixon PSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Dixon RSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Malone RSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Alan Smith RSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Christopher Thome RSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Daniel Thoren RSU. DEF 14A, filed 2026-07-14. Section “Fiscal Year 2026 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2019-06-27. Section “CEO Pay Ratio”. As printed: 19 : 1. View filing ↗
  • Section 08, Jonathan W. Painter. DEF 14A, filed 2026-07-14. Section “Director Compensation”. As printed: 183,988. View filing ↗
  • Section 08, Lisa M. Schnorr. DEF 14A, filed 2026-07-14. Section “Director Compensation”. As printed: 148,988. View filing ↗
  • Section 08, Cari L. Jaroslawsky. DEF 14A, filed 2026-07-14. Section “Director Compensation”. As printed: 146,488. View filing ↗
  • Section 08, James J. Barber. DEF 14A, filed 2026-07-14. Section “Director Compensation”. As printed: 146,488. View filing ↗
  • Section 08, Troy A. Stoner. DEF 14A, filed 2026-07-14. Section “Director Compensation”. As printed: 133,988. View filing ↗
  • Section 08, Mauro Gregorio. DEF 14A, filed 2026-07-14. Section “Director Compensation”. As printed: 73,409. View filing ↗
  • Section 08, Matthew J. Malone. DEF 14A, filed 2026-07-14. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-08-27. Item 5.07 · say-on-pay result. As reported: 99.59% (votes for as printed: 8,848,831). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-08-29. Item 5.07 · say-on-pay result. As reported: 95.99% (votes for as printed: 7,993,843). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-08-23. Item 5.07 · say-on-pay result. As reported: 99.05% (votes for as printed: 6,998,164). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 403,500 + equity 429,849 + all other 0 = 833,349, summed across the director compensation table rows.
  • Mercury Systems, Inc., Section 10b CEO total. DEF 14A, filed 2026-09-17. CEO total compensation as printed in Mercury Systems, Inc.'s own proxy. As printed: 11,131,048. View filing ↗
  • Ducommun Incorporated, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Ducommun Incorporated's own proxy. As printed: 10,329,989. View filing ↗
  • Cadre Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Cadre Holdings, Inc.'s own proxy. As printed: 6,789,841. View filing ↗
  • The Eastern Company, Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in The Eastern Company's own proxy. As printed: 5,069,867. View filing ↗
  • Intuitive Machines, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Intuitive Machines, Inc.'s own proxy. As printed: 5,066,113. View filing ↗
  • Astronics Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Astronics Corporation's own proxy. As printed: 4,564,990. View filing ↗
  • Redwire Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Redwire Corporation's own proxy. As printed: 4,432,562. View filing ↗
  • Allient Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Allient Inc.'s own proxy. As printed: 3,530,820. View filing ↗
  • Energy Recovery, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Energy Recovery, Inc.'s own proxy. As printed: 3,222,147. View filing ↗
  • Natural Gas Services Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Natural Gas Services Group, Inc.'s own proxy. As printed: 2,968,713. View filing ↗
  • Thermon Group Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2025-06-18. CEO total compensation as printed in Thermon Group Holdings, Inc.'s own proxy. As printed: 2,579,122. View filing ↗
  • The Gorman-Rupp Company, Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in The Gorman-Rupp Company's own proxy. As printed: 2,187,652. View filing ↗
  • Hurco Companies, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-28. CEO total compensation as printed in Hurco Companies, Inc.'s own proxy. As printed: 2,023,603. View filing ↗
  • Graham Corp (subject), Section 10b CEO total. DEF 14A, filed 2026-07-14. CEO total compensation as printed in Graham Corp's own proxy. As printed: 1,809,120. View filing ↗
  • Perma-Pipe International Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-05-13. CEO total compensation as printed in Perma-Pipe International Holdings, Inc.'s own proxy. As printed: 1,747,437. View filing ↗
  • CPI Aerostructures, Inc., Section 10b CEO total. DEF 14A, filed 2026-07-31. CEO total compensation as printed in CPI Aerostructures, Inc.'s own proxy. As printed: 643,405. View filing ↗
  • Sifco Industries, Inc., Section 10b CEO total. DEF 14A, filed 2025-12-22. CEO total compensation as printed in Sifco Industries, Inc.'s own proxy. As printed: 352,602. View filing ↗
  • Section 10a, Energy Recovery, Inc. reciprocity. DEF 14A. Energy Recovery, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
  • Section 10a, Intuitive Machines, Inc. reciprocity. DEF 14A. Intuitive Machines, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
  • Section 10a, Mercury Systems, Inc. reciprocity. DEF 14A. Mercury Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
  • Section 10a, Perma-Pipe International Holdings, Inc. reciprocity. DEF 14A. Perma-Pipe International Holdings, Inc. names Graham Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Ducommun Incorporated reciprocity. DEF 14A. Ducommun Incorporated's most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
  • Section 10a, Natural Gas Services Group, Inc. reciprocity. DEF 14A. Natural Gas Services Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
  • Section 10a, Thermon Group Holdings, Inc. reciprocity. DEF 14A. Thermon Group Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
  • Section 10a, The Gorman-Rupp Company reciprocity. DEF 14A. The Gorman-Rupp Company's most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
  • Section 10a, The Eastern Company reciprocity. DEF 14A. The Eastern Company's most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
  • Section 10a, Allient Inc. reciprocity. DEF 14A. Allient Inc.'s most recent proxy was read; its disclosed peer group does not include Graham Corp. View filing ↗
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