Fnm (FRA:8FN) Cyclically Adjusted PB Ratio: 0.49 (As of Jul. 16, 2026) — Near Median

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Director of Data and Quant Analytics at GuruFocus
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:8FN Fnm FRA:8FN
71 GF Score
Price €0.40
GF Value €0.37
Valuation Fairly Valued
! 4 Warning Signs
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What is Fnm Cyclically Adjusted PB Ratio?

Fnm FRA:8FN 71 Cyclically Adjusted PB Ratio is 0.49 as of Jul. 16, 2026, which is 6% below its 10-year median of 0.52. GuruFocus rates FRA:8FN with a GF Score™ of 71/100 and a GF Value™ of €0.37 (Fairly Valued). The stock has 4 warning signs investors should review. Among 737 Transportation companies, Fnm ranks better than 83.85% on this metric.

As of today (2026-07-16), Fnm's current share price is €0.402. Fnm's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 was €0.82. Fnm's Cyclically Adjusted PB Ratio for today is 0.49.

The historical rank and industry rank for Fnm's Cyclically Adjusted PB Ratio or its related term are showing as below:

FRA:8FN' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.42   Med: 0.52   Max: 1.01
Current: 0.5

During the past years, Fnm's highest Cyclically Adjusted PB Ratio was 1.01. The lowest was 0.42. And the median was 0.52.

FRA:8FN's Cyclically Adjusted PB Ratio is ranked better than
83.85% of 737 companies
in the Transportation industry
Industry Median: 1.24 vs FRA:8FN: 0.50

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Fnm's adjusted book value per share data for the three months ended in Mar. 2026 was €1.074. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €0.82 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Fnm  (FRA:8FN) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Fnm Cyclically Adjusted PB Ratio Related Terms


Fnm Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Fnm's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Fnm Cyclically Adjusted PB Ratio Chart

Fnm Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.71 0.46 0.51 0.49 0.52

Fnm Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.46 0.44 0.51 0.52 0.50

FRA:8FN vs UNP, CSX, NSC: Cyclically Adjusted PB Ratio Comparison

For the Railroads subindustry, Fnm's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Fnm Cyclically Adjusted PB Ratio vs Transportation Industry

For the Transportation industry and Industrials sector, Fnm's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Fnm's Cyclically Adjusted PB Ratio falls into.


FRA:8FN
71GF Score
Fnm FRA:8FN
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fnm Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Fnm's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=0.402/0.82
=0.49

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Fnm's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, Fnm's adjusted Book Value per Share data for the three months ended in Mar. 2026 was:

Adj_Book=Book Value per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=1.074/124.5600*124.5600
=1.074

Current CPI (Mar. 2026) = 124.5600.

Fnm Quarterly Data

Book Value per Share CPI Adj_Book
201509 0.806 100.000 1.004
201512 0.805 99.814 1.005
201603 0.821 99.600 1.027
201606 0.819 99.900 1.021
201609 0.834 100.100 1.038
201612 0.846 100.300 1.051
201706 0.877 101.100 1.081
201712 0.911 101.200 1.121
201806 0.931 102.400 1.132
201809 0.000 102.600 0.000
201812 0.952 102.300 1.159
201903 0.000 102.800 0.000
201906 0.960 103.100 1.160
201909 0.980 102.900 1.186
201912 0.997 102.800 1.208
202003 1.000 102.900 1.210
202006 0.996 102.900 1.206
202009 1.012 102.300 1.232
202012 1.053 102.600 1.278
202103 0.541 103.700 0.650
202106 0.369 104.200 0.441
202109 0.449 104.900 0.533
202112 0.476 106.600 0.556
202203 0.486 110.400 0.548
202206 0.540 112.500 0.598
202209 0.580 114.200 0.633
202212 0.653 119.000 0.684
202303 0.678 118.800 0.711
202306 0.713 119.700 0.742
202309 0.762 120.300 0.789
202312 0.817 119.700 0.850
202403 0.761 120.200 0.789
202406 0.778 120.700 0.803
202409 0.831 121.200 0.854
202412 0.861 121.200 0.885
202503 0.890 122.500 0.905
202506 0.937 122.700 0.951
202509 0.983 123.100 0.995
202512 1.038 122.600 1.055
202603 1.074 124.560 1.074

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PB Ratio of 0.49 mean?
Fnm (FRA:8FN) has a Cyclically Adjusted PB Ratio of 0.49 as of Jul. 16, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Fnm and its competitors. This is near median its historical median of 0.52. Over the past decade, Fnm's Cyclically Adjusted PB Ratio has ranged from 0.42 to 1.01. According to the industry distribution chart, Fnm ranks #119 out of 737 companies in the Transportation industry, placing it in the top 16.1%.
Is Fnm's Cyclically Adjusted PB Ratio too high?
Fnm's current Cyclically Adjusted PB Ratio of 0.49 is near median its 10-year median of 0.52. Over the past 10 years, this metric has ranged from a low of 0.42 to a high of 1.01. The Transportation industry median Cyclically Adjusted PB Ratio is 1.24. Fnm's value of 0.49 is 60.5% below this industry median. Based on the distribution chart, Fnm ranks #119 out of 737 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Fnm has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fnm's Cyclically Adjusted PB Ratio compare to UNP and CSX?
According to the Transportation industry distribution chart, Fnm ranks #119 out of 737 companies for Cyclically Adjusted PB Ratio. This places Fnm in the top 16% of its industry — outperforming the majority of peers. The industry median Cyclically Adjusted PB Ratio is 1.24. Fnm's value of 0.49 is 60.5% below this benchmark. Historically, Fnm's own Cyclically Adjusted PB Ratio has ranged from 0.42 to 1.01 over the past decade. While the company's 10-year median is 0.52 vs. the industry median of 1.24, Fnm has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Transportation company?
The median Cyclically Adjusted PB Ratio among Transportation companies is 1.24, based on 737 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Fnm's current Cyclically Adjusted PB Ratio of 0.49 is 60.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Fnm and its competitors. For the Transportation industry, the median Cyclically Adjusted PB Ratio is 1.24 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fnm's current Cyclically Adjusted PB Ratio is 0.49, which is near median its own 10-year median of 0.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fnm stock overvalued right now?
Based on GuruFocus' analysis, Fnm (FRA:8FN) is currently considered Fairly Valued. The stock's GF Value™ is €0.37, compared to a current price of €0.40 — trading 8.6% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 0.49, which is near median its 10-year median of 0.52 and 60.5% below the Transportation industry median of 1.24. Fnm's overall GF Score™ is 71/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Fnm (FRA:8FN), the current Cyclically Adjusted PB Ratio is 0.49 as of Jul. 16, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Fnm (FRA:8FN) Overvalued in 2026?

Based on GuruFocus' analysis, Fnm stock appears to be overvalued. The current stock price of €0.40 is trading 8.6% above its estimated GF Value™ of €0.37. GuruFocus considers Fnm to be Fairly Valued.

Key valuation signals for FRA:8FN:

  • Cyclically Adjusted PB Ratio: 0.49 (near median its 10-year median of 0.52)
  • GF Value™: €0.37 vs. price of €0.40 (8.6% above fair value)
  • GF Score™: 71/100 with 4 warning signs
  • Industry Position: 60.5% below the Transportation median (#119 of 737)

No single metric tells the full story. See the FRA:8FN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Fnm Business Description

Other Exchanges FNM:Italy0EHB:UK
Address Piazzale Cadorna, 14, Milano, ITA, 20123
Fnm is an Italy based transport company. Along with its subsidiaries, the firm operates in rail transport, management, and maintenance of railway networks, road transportation, freight transportation, engineering and design, information communication technology, and energy sectors.
71GF Score

Get the complete analysis for FRA:8FN

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€0.40
Price
€0.37
GF Value