Formula
Graham Number = sqrt(22.5 x EPS x Book Value Per Share)
Workflow
1
Normalize EPS if one-off gains or losses distort current earnings.
2
Calculate book value per share and apply the Graham multiplier.
3
Compare the result with market price and peer valuation signals.
Best Used For
- Profitable companies with positive equity and relatively stable earnings.
- A first-pass value screen before deeper peer or cash-flow analysis.
Limitations
- Not suitable when EPS or book value is negative.
- Can undervalue asset-light companies where book value misses intangible economics.