Amphastar PharmaceuticalsAMPH +0.69%82 Graham Number is $15.26 as of Mar. 2026, which is 561% above its 10-year median of 2.31. GuruFocus rates AMPH with a GF Score™ of 82/100 and a GF Value™ of $48.86 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 601 Drug Manufacturers companies, Amphastar Pharmaceuticals ranks better than 62.06% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Amphastar Pharmaceuticals's Graham Number or its related term are showing as below:
AMPH'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.22 Med: 2.31 Max: 9.72
Current: 1.25
During the past 13 years, the highest Price to Graham Number ratio of Amphastar Pharmaceuticals was 9.72. The lowest was 1.22. And the median was 2.31.
AMPH's Price-to-Graham-Number is ranked better than 62.06% of 601
companies
in the Drug Manufacturers industry
Industry Median: 1.49
vs AMPH: 1.25
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Amphastar Pharmaceuticals (NAS:AMPH) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Amphastar Pharmaceuticals's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
19.02
/
15.26
=
1.25
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Amphastar Pharmaceuticals Graham Number Related Terms
Amphastar Pharmaceuticals Graham Number Historical Data
* 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.
AMPH vs ETON, PCRX, BIOA: Graham Number Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, Amphastar Pharmaceuticals's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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.
Amphastar Pharmaceuticals Price-to-Graham-Number vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Amphastar Pharmaceuticals's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Amphastar Pharmaceuticals's Price-to-Graham-Number falls into.
* 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.
Amphastar Pharmaceuticals (AMPH) has a Graham Number of $15.26 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Amphastar Pharmaceuticals and its competitors. This is 561% above median its historical median of 2.31. Over the past decade, Amphastar Pharmaceuticals' Graham Number has ranged from 1.22 to 9.72. According to the industry distribution chart, Amphastar Pharmaceuticals ranks #228 out of 601 companies in the Drug Manufacturers industry, placing it in the top 37.9%.
Is Amphastar Pharmaceuticals' Graham Number too high?
Amphastar Pharmaceuticals' current Graham Number of $15.26 is 561% above median its 10-year median of 2.31. Over the past 10 years, this metric has ranged from a low of 1.22 to a high of 9.72. The Drug Manufacturers industry median Graham Number is 1.49. Amphastar Pharmaceuticals' value of $15.26 is 924.2% above this industry median. Based on the distribution chart, Amphastar Pharmaceuticals ranks #228 out of 601 companies in the Drug Manufacturers industry, which is above the industry midpoint. Overall, Amphastar Pharmaceuticals has a GF Score™ of 82/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Amphastar Pharmaceuticals' Graham Number compare to ETON and PCRX?
According to the Drug Manufacturers industry distribution chart, Amphastar Pharmaceuticals ranks #228 out of 601 companies for Graham Number. This puts Amphastar Pharmaceuticals in the upper half of its industry. The industry median Graham Number is 1.49. Amphastar Pharmaceuticals' value of $15.26 is 924.2% above this benchmark. Historically, Amphastar Pharmaceuticals' own Graham Number has ranged from 1.22 to 9.72 over the past decade. While the company's 10-year median is 2.31 vs. the industry median of 1.49, Amphastar Pharmaceuticals has consistently been above 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 Graham Number for a Drug Manufacturers company?
The median Graham Number among Drug Manufacturers companies is 1.49, based on 601 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Amphastar Pharmaceuticals's current Graham Number of $15.26 is 924.2% above 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 Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Amphastar Pharmaceuticals and its competitors. For the Drug Manufacturers industry, the median Graham Number is 1.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Amphastar Pharmaceuticals's current Graham Number is $15.26, which is 561% above median its own 10-year median of 2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Amphastar Pharmaceuticals stock overvalued right now?
Based on GuruFocus' analysis, Amphastar Pharmaceuticals (AMPH) is currently considered Significantly Undervalued. The stock's GF Value™ is $48.86, compared to a current price of $19.02 — trading 61.1% below its estimated fair value. The current Graham Number is $15.26, which is 561% above median its 10-year median of 2.31 and 924.2% above the Drug Manufacturers industry median of 1.49. Amphastar Pharmaceuticals' overall GF Score™ is 82/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Amphastar Pharmaceuticals (AMPH), the current Graham Number is $15.26 as of Mar. 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 Amphastar Pharmaceuticals (AMPH) Overvalued in 2026?
Based on GuruFocus' analysis, Amphastar Pharmaceuticals stock appears to be undervalued.
The current stock price of $19.02 is trading 61.1% below its estimated GF Value™ of $48.86.
GuruFocus considers Amphastar Pharmaceuticals to be Significantly Undervalued.
Key valuation signals for AMPH:
Graham Number: $15.26 (561% above median its 10-year median of 2.31)
GF Value™: $48.86 vs. price of $19.02 (61.1% below fair value)
Industry Position: 924.2% above the Drug Manufacturers median (#228 of 601)
No single metric tells the full story. See the AMPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Amphastar Pharmaceuticals Inc is a bio-pharmaceutical company focusing on developing, manufacturing, marketing, and selling technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as insulin active pharmaceutical ingredient (or insulin API products. The company's finished products are used in hospital or urgent care clinical settings and are contracted and distributed through group purchasing organizations and drug wholesalers. The company has one reportable segment: pharmaceutical products. Geographically, the business presence of the firm is seen in the United States, China, and France, of which the U.S. accounts for the majority of the revenue.
82GF Score
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