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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 (2026-09-03), the stock price of Anika Therapeutics is $21.55. Anika Therapeutics's graham number for the quarter that ended in Jun. 2026 was $14.95. Therefore, Anika Therapeutics's Price to Graham Number ratio for today is 1.44.
The historical rank and industry rank for Anika Therapeutics's Graham Number or its related term are showing as below:
ANIK'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.98 Med: 1.88 Max: 7.19
Current: 1.44
During the past 13 years, the highest Price to Graham Number ratio of Anika Therapeutics was 7.19. The lowest was 0.98. And the median was 1.88.
ANIK's Price-to-Graham-Number is ranked better than 56.04% of 596
companies
in the Drug Manufacturers industry
Industry Median: 1.595
vs ANIK: 1.44
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Anika Therapeutics (NAS:ANIK) 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.
Anika Therapeutics's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
21.55
/
14.95
=
1.44
* 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.
Anika Therapeutics Graham Number Related Terms
Anika Therapeutics Graham Number Historical Data
* Premium members only.
The historical data trend for Anika Therapeutics'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.
For the Drug Manufacturers - Specialty & Generic subindustry, Anika Therapeutics'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.
Anika Therapeutics Price-to-Graham-Number vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Anika Therapeutics's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Anika Therapeutics'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.
Anika Therapeutics (ANIK) has a Graham Number of $14.95 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Anika Therapeutics and its competitors. According to the industry distribution chart, Anika Therapeutics ranks #262 out of 596 companies in the Drug Manufacturers industry, placing it in the top 44%.
Is Anika Therapeutics' Graham Number too high?
Anika Therapeutics' current Graham Number is $14.95. The Drug Manufacturers industry median Graham Number is 1.60. Anika Therapeutics' value of $14.95 is 837.3% above this industry median. Based on the distribution chart, Anika Therapeutics ranks #262 out of 596 companies in the Drug Manufacturers industry, which is above the industry midpoint. Overall, Anika Therapeutics has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Anika Therapeutics' Graham Number compare to EBS and ELTP?
According to the Drug Manufacturers industry distribution chart, Anika Therapeutics ranks #262 out of 596 companies for Graham Number. This puts Anika Therapeutics in the upper half of its industry. The industry median Graham Number is 1.60. Anika Therapeutics' value of $14.95 is 837.3% above this benchmark. 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 1.60, based on 596 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. Anika Therapeutics's current Graham Number of $14.95 is 837.3% 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 Anika Therapeutics and its competitors. For the Drug Manufacturers industry, the median Graham Number is 1.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Anika Therapeutics's current Graham Number is $14.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Anika Therapeutics stock overvalued right now?
Based on GuruFocus' analysis, Anika Therapeutics (ANIK) is currently considered Modestly Overvalued. The stock's GF Value™ is $19.24, compared to a current price of $21.55 — trading 12% above its estimated fair value. The current Graham Number is $14.95 and 837.3% above the Drug Manufacturers industry median of 1.60. Anika Therapeutics' overall GF Score™ is 61/100 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 Anika Therapeutics (ANIK), the current Graham Number is $14.95 as of Jun. 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 Anika Therapeutics (ANIK) Overvalued in 2026?
Based on GuruFocus' analysis, Anika Therapeutics stock appears to be overvalued.
The current stock price of $21.55 is trading 12% above its estimated GF Value™ of $19.24.
GuruFocus considers Anika Therapeutics to be Modestly Overvalued.
Key valuation signals for ANIK:
Graham Number: $14.95
GF Value™: $19.24 vs. price of $21.55 (12% above fair value)
Industry Position: 837.3% above the Drug Manufacturers median (#262 of 596)
No single metric tells the full story. See the ANIK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Anika Therapeutics Inc operates in the OA Pain Management and regenerative solutions space, focusing on early intervention orthopedics. The company leverages proprietary hyaluronic acid (HA) technology to develop differentiated products and provides products and services. Its OA Pain Management products include Orthovisc, Monovisc, and Cingal. Monovisc and Orthovisc are single- and multi-injection HA viscosupplement products indicated for pain relief from OA conditions and are generally administered to patients in an office setting. In the United States, Monovisc and Orthovisc are marketed exclusively by Johnson & Johnson MedTech. It generates maximum revenue from the OEM Channel and derives the majority of its revenue from the United States, with a presence in Europe and other countries.
61GF Score
Get the complete analysis for ANIK
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