NARRF (Nagoya Railroad Co) Cyclically Adjusted PB Ratio: 0.78 (As of Jul. 20, 2026) — 38% Below Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

NARRF Nagoya Railroad Co Ltd NARRF
72 GF Score
Price $15.70
GF Value $15.08
! 5 Warning Signs
View Full Analysis

What is Nagoya Railroad Co Cyclically Adjusted PB Ratio?

Nagoya Railroad Co NARRF 72 Cyclically Adjusted PB Ratio is 0.78 as of Jul. 20, 2026, which is 38% below its 10-year median of 1.25. GuruFocus rates NARRF with a GF Score™ of 72/100 and a GF Value™ of $15.08. The stock has 5 warning signs investors should review. Among 476 Conglomerates companies, Nagoya Railroad Co ranks better than 55.88% on this metric.

As of today (2026-07-20), Nagoya Railroad Co's current share price is $15.70. Nagoya Railroad Co's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 was $20.18. Nagoya Railroad Co's Cyclically Adjusted PB Ratio for today is 0.78.

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

NARRF' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.73   Med: 1.25   Max: 2.41
Current: 0.87

During the past years, Nagoya Railroad Co's highest Cyclically Adjusted PB Ratio was 2.41. The lowest was 0.73. And the median was 1.25.

NARRF's Cyclically Adjusted PB Ratio is ranked better than
55.88% of 476 companies
in the Conglomerates industry
Industry Median: 1.06 vs NARRF: 0.87

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.

Nagoya Railroad Co's adjusted book value per share data for the three months ended in Mar. 2026 was $15.586. 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 $20.18 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Nagoya Railroad Co  (OTCPK:NARRF) 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.


Nagoya Railroad Co Cyclically Adjusted PB Ratio Related Terms


Nagoya Railroad Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Nagoya Railroad Co'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.

Nagoya Railroad Co Cyclically Adjusted PB Ratio Chart

Nagoya Railroad Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.26 1.10 1.09 0.82 0.78

Nagoya Railroad Co 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 0.82 0.76 0.81 0.76 0.78

NARRF vs HON, MMM: Cyclically Adjusted PB Ratio Comparison

For the Conglomerates subindustry, Nagoya Railroad Co'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.


Nagoya Railroad Co Cyclically Adjusted PB Ratio vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Nagoya Railroad Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


NARRF
72GF Score
Nagoya Railroad Co Ltd NARRF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nagoya Railroad Co 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.

Nagoya Railroad Co's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=15.70/20.18
=0.78

* 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.

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

For example, Nagoya Railroad Co'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)
=15.586/112.7000*112.7000
=15.586

Current CPI (Mar. 2026) = 112.7000.

Nagoya Railroad Co Quarterly Data

Book Value per Share CPI Adj_Book
201606 15.091 98.100 17.337
201609 15.987 98.000 18.385
201612 14.702 98.400 16.839
201703 15.239 98.100 17.507
201706 15.894 98.500 18.185
201709 16.468 98.800 18.785
201712 16.801 99.400 19.049
201803 17.842 99.200 20.270
201806 17.310 99.200 19.666
201809 17.411 99.900 19.642
201812 17.631 99.700 19.930
201903 18.016 99.700 20.365
201906 18.535 99.800 20.931
201909 19.144 100.100 21.554
201912 19.366 100.500 21.717
202003 19.069 100.300 21.426
202006 18.426 99.900 20.787
202009 18.499 99.900 20.869
202012 18.969 99.300 21.529
202103 17.403 99.900 19.633
202106 17.106 99.500 19.375
202109 17.273 100.100 19.447
202112 16.854 100.100 18.975
202203 16.439 101.100 18.325
202206 14.638 101.800 16.205
202209 13.852 103.100 15.142
202212 15.115 104.100 16.364
202303 15.396 104.400 16.620
202306 14.921 105.200 15.985
202309 14.426 106.200 15.309
202312 15.156 106.800 15.993
202403 14.888 107.200 15.652
202406 14.324 108.200 14.920
202409 16.091 108.900 16.652
202412 15.454 110.700 15.733
202503 15.798 111.100 16.026
202506 16.275 111.700 16.421
202509 16.165 112.000 16.266
202512 15.771 113.000 15.729
202603 15.586 112.700 15.586

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 0.78 mean?
Nagoya Railroad Co (NARRF) has a Cyclically Adjusted PB Ratio of 0.78 as of Jul. 20, 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 Nagoya Railroad Co and its competitors. This is 38% below median its historical median of 1.25. Over the past decade, Nagoya Railroad Co's Cyclically Adjusted PB Ratio has ranged from 0.73 to 2.41. According to the industry distribution chart, Nagoya Railroad Co ranks #210 out of 476 companies in the Conglomerates industry, placing it in the top 44.1%.
Is Nagoya Railroad Co's Cyclically Adjusted PB Ratio too high?
Nagoya Railroad Co's current Cyclically Adjusted PB Ratio of 0.78 is 38% below median its 10-year median of 1.25. Over the past 10 years, this metric has ranged from a low of 0.73 to a high of 2.41. The Conglomerates industry median Cyclically Adjusted PB Ratio is 1.06. Nagoya Railroad Co's value of 0.78 is 26.4% below this industry median. Based on the distribution chart, Nagoya Railroad Co ranks #210 out of 476 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Nagoya Railroad Co has a GF Score™ of 72/100, reflecting its overall financial health beyond just this single metric.
How does Nagoya Railroad Co's Cyclically Adjusted PB Ratio compare to HON and MMM?
According to the Conglomerates industry distribution chart, Nagoya Railroad Co ranks #210 out of 476 companies for Cyclically Adjusted PB Ratio. This puts Nagoya Railroad Co in the upper half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.06. Nagoya Railroad Co's value of 0.78 is 26.4% below this benchmark. Historically, Nagoya Railroad Co's own Cyclically Adjusted PB Ratio has ranged from 0.73 to 2.41 over the past decade. While the company's 10-year median is 1.25 vs. the industry median of 1.06, Nagoya Railroad Co 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 Conglomerates company?
The median Cyclically Adjusted PB Ratio among Conglomerates companies is 1.06, based on 476 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. Nagoya Railroad Co's current Cyclically Adjusted PB Ratio of 0.78 is 26.4% 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 Nagoya Railroad Co and its competitors. For the Conglomerates industry, the median Cyclically Adjusted PB Ratio is 1.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nagoya Railroad Co's current Cyclically Adjusted PB Ratio is 0.78, which is 38% below median its own 10-year median of 1.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nagoya Railroad Co stock overvalued right now?
Nagoya Railroad Co (NARRF) has a current Cyclically Adjusted PB Ratio of 0.78. The stock's GF Value™ is $15.08, compared to a current price of $15.70 — trading 4.1% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 0.78, which is 38% below median its 10-year median of 1.25 and 26.4% below the Conglomerates industry median of 1.06. Nagoya Railroad Co's overall GF Score™ is 72/100 with 5 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 Nagoya Railroad Co (NARRF), the current Cyclically Adjusted PB Ratio is 0.78 as of Jul. 20, 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 Nagoya Railroad Co (NARRF) Overvalued in 2026?

Based on GuruFocus' analysis, Nagoya Railroad Co stock appears to be overvalued. The current stock price of $15.70 is trading 4.1% above its estimated GF Value™ of $15.08.

Key valuation signals for NARRF:

  • Cyclically Adjusted PB Ratio: 0.78 (38% below median its 10-year median of 1.25)
  • GF Value™: $15.08 vs. price of $15.70 (4.1% above fair value)
  • GF Score™: 72/100 with 5 warning signs
  • Industry Position: 26.4% below the Conglomerates median (#210 of 476)

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


Nagoya Railroad Co Business Description

Other Exchanges 9048:Japan
Address 1-2-4 Meieki, Nakamura-ku, Nagoya, JPN, 450-8501
Nagoya Railroad Co Ltd is mainly engaged in the provision of transportation services. The company operates through six segments. The Aviation-related Services segment includes airline operations and in-flight meal services. The Distribution segment covers department stores, petroleum sales, and product distribution. The Leisure and Service segment manages hotels, restaurants, tourist facilities, and travel operations. The Real Estate segment handles property sales, leasing, and management. The Transport segment involves trucking and shipping. The Transportation segment covers trains, buses, and taxis. The company generates the majority of its revenue from the Transport business.
72GF Score

Get the complete analysis for NARRF

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

$15.70
Price
$15.08
GF Value