Academy Sports and OutdoorsASO -2.38%79 Graham Number is $37.93 as of Apr. 2026, which is 1928% above its 10-year median of 1.87. GuruFocus rates ASO with a GF Score™ of 79/100 and a GF Value™ of $59.54 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 750 Retail - Cyclical companies, Academy Sports and Outdoors ranks better than 50.53% 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 Academy Sports and Outdoors's Graham Number or its related term are showing as below:
ASO'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.15 Med: 1.87 Max: 10.44
Current: 1.17
During the past 9 years, the highest Price to Graham Number ratio of Academy Sports and Outdoors was 10.44. The lowest was 1.15. And the median was 1.87.
ASO's Price-to-Graham-Number is ranked better than 50.53% of 750
companies
in the Retail - Cyclical industry
Industry Median: 1.21
vs ASO: 1.17
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Academy Sports and Outdoors (NAS:ASO) 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.
Academy Sports and Outdoors's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
44.33
/
37.93
=
1.17
* 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.
Academy Sports and Outdoors Graham Number Related Terms
Academy Sports and Outdoors 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.
For the Specialty Retail subindustry, Academy Sports and Outdoors'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.
Academy Sports and Outdoors Price-to-Graham-Number vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Academy Sports and Outdoors's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Academy Sports and Outdoors'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.
Academy Sports and Outdoors (ASO) has a Graham Number of $37.93 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Academy Sports and Outdoors and its competitors. This is 1928% above median its historical median of 1.87. Over the past decade, Academy Sports and Outdoors' Graham Number has ranged from 1.15 to 10.44. According to the industry distribution chart, Academy Sports and Outdoors ranks #371 out of 750 companies in the Retail - Cyclical industry, placing it in the top 49.5%.
Is Academy Sports and Outdoors' Graham Number too high?
Academy Sports and Outdoors' current Graham Number of $37.93 is 1928% above median its 10-year median of 1.87. Over the past 10 years, this metric has ranged from a low of 1.15 to a high of 10.44. The Retail - Cyclical industry median Graham Number is 1.21. Academy Sports and Outdoors' value of $37.93 is 3034.7% above this industry median. Based on the distribution chart, Academy Sports and Outdoors ranks #371 out of 750 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Academy Sports and Outdoors has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Academy Sports and Outdoors' Graham Number compare to RH and MNSO?
According to the Retail - Cyclical industry distribution chart, Academy Sports and Outdoors ranks #371 out of 750 companies for Graham Number. This puts Academy Sports and Outdoors in the upper half of its industry. The industry median Graham Number is 1.21. Academy Sports and Outdoors' value of $37.93 is 3034.7% above this benchmark. Historically, Academy Sports and Outdoors' own Graham Number has ranged from 1.15 to 10.44 over the past decade. While the company's 10-year median is 1.87 vs. the industry median of 1.21, Academy Sports and Outdoors 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 Retail - Cyclical company?
The median Graham Number among Retail - Cyclical companies is 1.21, based on 750 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. Academy Sports and Outdoors's current Graham Number of $37.93 is 3034.7% 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 Academy Sports and Outdoors and its competitors. For the Retail - Cyclical industry, the median Graham Number is 1.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Academy Sports and Outdoors's current Graham Number is $37.93, which is 1928% above median its own 10-year median of 1.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Academy Sports and Outdoors stock overvalued right now?
Based on GuruFocus' analysis, Academy Sports and Outdoors (ASO) is currently considered Modestly Undervalued. The stock's GF Value™ is $59.54, compared to a current price of $44.33 — trading 25.5% below its estimated fair value. The current Graham Number is $37.93, which is 1928% above median its 10-year median of 1.87 and 3034.7% above the Retail - Cyclical industry median of 1.21. Academy Sports and Outdoors' overall GF Score™ is 79/100 with 3 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 Academy Sports and Outdoors (ASO), the current Graham Number is $37.93 as of Apr. 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 Academy Sports and Outdoors (ASO) Overvalued in 2026?
Based on GuruFocus' analysis, Academy Sports and Outdoors stock appears to be undervalued.
The current stock price of $44.33 is trading 25.5% below its estimated GF Value™ of $59.54.
GuruFocus considers Academy Sports and Outdoors to be Modestly Undervalued.
Key valuation signals for ASO:
Graham Number: $37.93 (1928% above median its 10-year median of 1.87)
GF Value™: $59.54 vs. price of $44.33 (25.5% below fair value)
Industry Position: 3034.7% above the Retail - Cyclical median (#371 of 750)
No single metric tells the full story. See the ASO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Academy Sports and Outdoors Inc is engaged in the full-line sporting goods and outdoor recreation retailer in the United States. The company's product categories are outdoors, apparel, sports & recreation, and footwear.
79GF Score
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