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.
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.
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.
As of today (2026-08-09), the stock price of Andover Bancorp is $21.00. Andover Bancorp's graham number for the quarter that ended in Dec. 2025 was $N/A. Therefore, Andover Bancorp's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Andover Bancorp's Graham Number or its related term are showing as below:
ANDC'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.57 Med: 0.81 Max: 1.25
Current: 0.84
During the past 7 years, the highest Price to Graham Number ratio of Andover Bancorp was 1.25. The lowest was 0.57. And the median was 0.81.
ANDC's Price-to-Graham-Number is ranked worse than 51.22% of 1429
companies
in the Banks industry
Industry Median: 0.81
vs ANDC: 0.84
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Andover Bancorp (OTCPK:ANDC) 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.
Andover Bancorp's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
21.00
/
N/A
=
N/A
* 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.
Andover Bancorp Graham Number Related Terms
Andover Bancorp Graham Number Historical Data
* Premium members only.
The historical data trend for Andover Bancorp's Graham Number 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.
ANDC vs SSBP, FMFP, LKSB: Graham Number Comparison
For the Banks - Regional subindustry, Andover Bancorp'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.
Andover Bancorp Price-to-Graham-Number vs Banks Industry
For the Banks industry and Financial Services sector, Andover Bancorp's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Andover Bancorp'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.
Andover Bancorp (ANDC) has a Graham Number of $N/A as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Andover Bancorp and its competitors. Over the past decade, Andover Bancorp's Graham Number has ranged from 0.57 to 1.25. According to the industry distribution chart, Andover Bancorp ranks #732 out of 1429 companies in the Banks industry, placing it in the top 51.2%.
Is Andover Bancorp's Graham Number too high?
Andover Bancorp's current Graham Number is $N/A. Over the past 10 years, this metric has ranged from a low of 0.57 to a high of 1.25. Based on the distribution chart, Andover Bancorp ranks #732 out of 1429 companies in the Banks industry, which is below the industry midpoint. Overall, Andover Bancorp has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Andover Bancorp's Graham Number compare to SSBP and FMFP?
According to the Banks industry distribution chart, Andover Bancorp ranks #732 out of 1429 companies for Graham Number. This places Andover Bancorp in the lower half of its industry. The industry median Graham Number is 0.81. Historically, Andover Bancorp's own Graham Number has ranged from 0.57 to 1.25 over the past decade. 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 Banks company?
The median Graham Number among Banks companies is 0.81, based on 1,429 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. 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 Andover Bancorp and its competitors. For the Banks industry, the median Graham Number is 0.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Andover Bancorp's current Graham Number is $N/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Andover Bancorp stock overvalued right now?
Based on GuruFocus' analysis, Andover Bancorp (ANDC) is currently considered Fairly Valued. The stock's GF Value™ is $22.87, compared to a current price of $21.00 — trading 8.2% below its estimated fair value. The current Graham Number is $N/A. Andover Bancorp's overall GF Score™ is 61/100. 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 Andover Bancorp (ANDC), the current Graham Number is $N/A as of Dec. 2025. 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 Andover Bancorp (ANDC) Overvalued in 2026?
Based on GuruFocus' analysis, Andover Bancorp stock appears to be undervalued.
The current stock price of $21.00 is trading 8.2% below its estimated GF Value™ of $22.87.
GuruFocus considers Andover Bancorp to be Fairly Valued.
Key valuation signals for ANDC:
Graham Number: $N/A
GF Value™: $22.87 vs. price of $21.00 (8.2% below fair value)
No single metric tells the full story. See the ANDC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Andover Bancorp Inc is a United States-based holding company for Andover bank. The bank is a locally owned and independent community bank. The company provides banking services to personal and business customers. The bank provides a full range of banking products, including consumer, mortgage, and commercial loans; checking, savings, and others. The majority of the Company's income is derived from retail lending activities.
61GF Score
Get the complete analysis for ANDC
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ANDC has been successfully added to your 
