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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.
The historical rank and industry rank for Treasury Wine Estates's Graham Number or its related term are showing as below:
During the past 13 years, the highest Price to Graham Number ratio of Treasury Wine Estates was 4.29. The lowest was 1.27. And the median was 2.29.
ASX:TWE's Price-to-Graham-Number is not ranked *
in the Beverages - Alcoholic industry.
Industry Median: 1.505 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Treasury Wine Estates (ASX:TWE) 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.
Treasury Wine Estates's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
5.77
/
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.
Treasury Wine Estates Graham Number Related Terms
Treasury Wine Estates Graham Number Historical Data
* Premium members only.
The historical data trend for Treasury Wine Estates'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 Beverages - Wineries & Distilleries subindustry, Treasury Wine Estates'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.
Treasury Wine Estates Price-to-Graham-Number vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Treasury Wine Estates's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Treasury Wine Estates'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.
Treasury Wine Estates (ASX:TWE) has a Graham Number of A$N/A as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Treasury Wine Estates and its competitors. Over the past decade, Treasury Wine Estates' Graham Number has ranged from 1.27 to 4.29. According to the industry distribution chart, Treasury Wine Estates ranks #999999 out of 136 companies in the Beverages - Alcoholic industry.
Is Treasury Wine Estates' Graham Number too high?
Treasury Wine Estates' current Graham Number is A$N/A. Over the past 10 years, this metric has ranged from a low of 1.27 to a high of 4.29. Based on the distribution chart, Treasury Wine Estates ranks #999999 out of 136 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Treasury Wine Estates has a GF Score™ of 63/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Treasury Wine Estates' Graham Number compare to BF.B?
According to the Beverages - Alcoholic industry distribution chart, Treasury Wine Estates ranks #999999 out of 136 companies for Graham Number. This places Treasury Wine Estates in the lower half of its industry. The industry median Graham Number is 1.51. Historically, Treasury Wine Estates' own Graham Number has ranged from 1.27 to 4.29 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 Beverages - Alcoholic company?
The median Graham Number among Beverages - Alcoholic companies is 1.51, based on 136 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 Treasury Wine Estates and its competitors. For the Beverages - Alcoholic industry, the median Graham Number is 1.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Treasury Wine Estates's current Graham Number is A$N/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Treasury Wine Estates stock overvalued right now?
Based on GuruFocus' analysis, Treasury Wine Estates (ASX:TWE) is currently considered Possible Value Trap. The stock's GF Value™ is A$10.17, compared to a current price of A$5.77 — trading 43.3% below its estimated fair value. The current Graham Number is A$N/A. Treasury Wine Estates' overall GF Score™ is 63/100 with 10 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 Treasury Wine Estates (ASX:TWE), the current Graham Number is A$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 Treasury Wine Estates (ASX:TWE) Overvalued in 2026?
Based on GuruFocus' analysis, Treasury Wine Estates stock appears to be undervalued.
The current stock price of A$5.77 is trading 43.3% below its estimated GF Value™ of A$10.17.
GuruFocus considers Treasury Wine Estates to be Possible Value Trap.
Key valuation signals for ASX:TWE:
Graham Number: A$N/A
GF Value™: A$10.17 vs. price of A$5.77 (43.3% below fair value)
No single metric tells the full story. See the ASX:TWE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Treasury Wine Estates is an Australia-based global wine company that demerged from Foster's Group in 2011. The company is among the world's top five wine producers, and owns a portfolio that includes Australian labels such as Penfolds and Wolf Blass, US wines like Chateau St Jean and Sterling, and newly launched names such as 19 Crimes and Maison de Grand Esprit. An acquisition of Diageo's wine business in 2016 added additional US brands including BV and Stags' Leap. Treasury owns over 130 wineries, with more than 13,000 planted hectares.
63GF Score
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