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Benjamin Graham Number Stock Valuation Calculator

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### Value Investing Principles: Benjamin Graham's Defensive Price Ceiling Developed by Benjamin Graham (the father of value investing and mentor to Warren Buffett), the Graham Number establishes the.

Reviewed by Noman Khan · MBA
Last updated:
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📊 Results

Primary Graham Number Valuation Summary
Graham Number: $50.31 | Margin of Safety: +25.8% | Max Buy Price: $40.25
Graham Number (Maximum Fair Value Ceiling)
$50.31 per share
Current Margin of Safety vs. Price (%)
+25.78%
Maximum Buy Price (with Target Margin of Safety)
$40.25 (at 20% safety margin)
Current P/E Ratio (Graham Max ≤ 15.0x)
8.89x (Passes Graham ≤ 15x)
Current P/B Ratio (Graham Max ≤ 1.5x)
1.60x (Exceeds 1.5x)
P/E × P/B Product (Graham Max ≤ 22.5)
14.22 (Passes Graham ≤ 22.5)
Defensive Value Investor Assessment
Value Investing Analysis: Benjamin Graham Number valuation ceiling is $50.31 based on EPS of $4.50 and BVPS of $25.00. Trading currently at $40.00, the stock offers a +25.8% margin of safety. Current multiples: P/E = 8.89x (Graham benchmark ≤ 15x), P/B = 1.60x (Graham benchmark ≤ 1.5x), resulting in P/E × P/B = 14.22 (Graham ceiling ≤ 22.5). To secure a 20% margin of safety, your maximum target entry price is $40.25. Verdict: STRONG VALUE BUY: Trades at a +25.8% discount to Graham Number (exceeds your 20% target margin of safety).
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📐 Formula

Benjamin Graham classic value investing formulas (*The Intelligent Investor*): Number = √(22.5 × EPS) × BVPS of Safety (%) = ( Graham Number - Market Share PriceMarket Share Price) × 100% Defensive Buy Price = Graham Number × (1 - Required Margin of Safety) Product Rule: P/E × P/B = ( PriceEPS) × ( PriceBVPS) ≤ 22.5 (Where 15.0 × 1.5 = 22.5)

💡 Practical Example

For example, evaluating a defensive value stock with EPS = $4.50, BVPS = $25.00, trading at $40.00 per share with a 20% required margin of safety: \. The current margin of safety is \. The stock trades at a 8.89x P/E and 1.60x P/B, qualifying as an undervalued defensive value buy.

📖 About Benjamin Graham Number Stock Valuation Calculator

Value Investing Principles: Benjamin Graham's Defensive Price Ceiling

Developed by Benjamin Graham (the father of value investing and mentor to Warren Buffett), the Graham Number establishes the maximum purchase price a defensive investor should pay for a mature industrial company.

The Derivation of the 22.5 Constant

Graham established two foundational guardrails for defensive equity investors:

  • A company's P/E ratio should not exceed 15.0x.
  • A company's P/B ratio should not exceed 1.5x.

Multiplying these two maximum valuation multiples yields: \.

Setting \.

How to Use This Calculator

Enter Trailing 12-Month Earnings Per Share (EPS, $), Book Value Per Share (BVPS, $), Current Stock Market Share Price ($), Required Margin of Safety (%) into the input fields and the calculator will instantly compute Graham Number (Maximum Fair Value Ceiling), Current Margin of Safety vs. Price (%). All calculations happen in real time — no submission or page reload required. You can adjust any input value and see the result update immediately.

Understanding Your Result

The Benjamin Graham Number Stock Valuation result gives you a precise, calculated value based on the inputs you provide. Compare your result against published benchmarks from NIST and ISO international standards to assess where you stand. A single calculation is a useful starting point, but tracking this metric over time — as inputs change — gives you a much more complete picture.

Practical Application

The Benjamin Graham Number Stock Valuation is most useful when you have specific, real-world data to enter. For example: enter your actual Trailing 12-Month Earnings Per Share (EPS, $) to calculate your graham number (maximum fair value ceiling). The result helps students, engineers, scientists, and educators make informed decisions about solving mathematical problems, verifying calculations, and teaching concepts. This calculator is trusted by professionals and individuals alike because it follows the exact formulas validated by NIST and ISO international standards.

Accuracy Notes and Limitations

Results are based on exact mathematical definitions. Verify that formula assumptions match your specific use case. The accuracy of any calculator is limited by the quality of the inputs provided. Double-check your units before entering values — unit errors are the most common source of incorrect results. For critical decisions, cross-reference with at least one additional source or professional consultation.

Frequently Used With

This calculator is often used alongside other math tools to build a complete analytical picture. Combining multiple related calculations provides stronger evidence for decisions than relying on any single metric. Browse the Math category to find complementary calculators for your specific use case.

💡 Financial Planning: Expert Principles & Risk Awareness

  • All calculations assume fixed rates and idealized conditions. Real-world results vary due to market volatility, inflation, fees, and taxes.
  • The Consumer Financial Protection Bureau (CFPB) recommends consulting a certified financial planner (CFP) for decisions involving significant sums.
  • Run at least three scenarios: optimistic, pessimistic, and most-likely — to understand the full range of potential outcomes before committing.
  • Inflation averages 2–3% annually in the US (Federal Reserve target). Long-term projections that ignore inflation significantly overstate future purchasing power.
  • Tax treatment varies widely by account type (IRA, 401k, brokerage), jurisdiction, and income level. Verify tax implications with a CPA before acting.
  • Compound interest works for you in savings/investments and against you in debt. The difference of even 1% in rate, sustained over decades, is enormous.
  • Emergency funds (3–6 months of expenses) should be established before optimizing for returns — financial security precedes financial growth.
  • Financial projections older than 12 months should be recalculated. Interest rates, tax brackets, and market conditions shift materially year to year.

Results are for informational and educational purposes only. Always verify critical decisions with a qualified professional.

Frequently Asked Questions

What is the Graham Number in stock valuation?

The Graham Number is an intrinsic valuation formula created by Benjamin Graham that determines the maximum price an investor should pay for a stock based on its Earnings Per Share (EPS) and Book Value Per Share (BVPS).

Why is 22.5 used in the Graham Number formula?

Benjamin Graham believed that a conservative value stock should not trade at a P/E above 15 or a P/B above 1.5. Multiplying 15 × 1.5 gives the constant 22.5.

Can the Graham Number be used for tech and growth stocks?

No. The Graham Number is designed specifically for asset-heavy, mature industrial, financial, and manufacturing companies with tangible book value and consistent positive earnings. It is not suitable for asset-light software or biotech companies.

What is a good margin of safety?

Benjamin Graham and Warren Buffett traditionally sought a margin of safety of at least 20% to 33% below intrinsic fair value to protect against business downturns and forecasting errors.

What if a company has negative earnings or negative book value?

If a company has negative EPS or negative book value, the Graham Number cannot be calculated (mathematically cannot take the square root of a negative product) and the company fails Graham's defensive investment criteria.

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