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Butler NationalBUKS -3.85%74 Graham Number is $2.84 as of Apr. 2026, which is 226% above its 10-year median of 0.87. GuruFocus rates BUKS with a GF Score™ of 74/100 and a GF Value™ of $1.89 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 216 Aerospace & Defense companies, Butler National ranks better than 77.78% 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.
As of today (2026-08-20), the stock price of Butler National is $4.25. Butler National's graham number for the quarter that ended in Apr. 2026 was $2.84. Therefore, Butler National's Price to Graham Number ratio for today is 1.49.
The historical rank and industry rank for Butler National's Graham Number or its related term are showing as below:
BUKS'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.62 Med: 0.87 Max: 1.64
Current: 1.5
During the past 13 years, the highest Price to Graham Number ratio of Butler National was 1.64. The lowest was 0.62. And the median was 0.87.
BUKS's Price-to-Graham-Number is ranked better than 77.78% of 216
companies
in the Aerospace & Defense industry
Industry Median: 3.15
vs BUKS: 1.50
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Butler National (OTCPK:BUKS) 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.
Butler National's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
4.25
/
2.84
=
1.49
* 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.
Butler National Graham Number Related Terms
Butler National Graham Number Historical Data
* Premium members only.
The historical data trend for Butler National'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.
BUKS vs SPCE, MRLN, ISSC: Graham Number Comparison
For the Aerospace & Defense subindustry, Butler National'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.
Butler National Price-to-Graham-Number vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Butler National's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Butler National'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.
Butler National (BUKS) has a Graham Number of $2.84 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Butler National and its competitors. This is 226% above median its historical median of 0.87. Over the past decade, Butler National's Graham Number has ranged from 0.62 to 1.64. According to the industry distribution chart, Butler National ranks #48 out of 216 companies in the Aerospace & Defense industry, placing it in the top 22.2%.
Is Butler National's Graham Number too high?
Butler National's current Graham Number of $2.84 is 226% above median its 10-year median of 0.87. Over the past 10 years, this metric has ranged from a low of 0.62 to a high of 1.64. The Aerospace & Defense industry median Graham Number is 3.15. Butler National's value of $2.84 is 9.8% below this industry median. Based on the distribution chart, Butler National ranks #48 out of 216 companies in the Aerospace & Defense industry, which is in the top quartile — a strong position relative to peers. Overall, Butler National has a GF Score™ of 74/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Butler National's Graham Number compare to SPCE and MRLN?
According to the Aerospace & Defense industry distribution chart, Butler National ranks #48 out of 216 companies for Graham Number. This places Butler National in the top 22% of its industry — outperforming the majority of peers. The industry median Graham Number is 3.15. Butler National's value of $2.84 is 9.8% below this benchmark. Historically, Butler National's own Graham Number has ranged from 0.62 to 1.64 over the past decade. While the company's 10-year median is 0.87 vs. the industry median of 3.15, Butler National has consistently been below 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 an Aerospace & Defense company?
The median Graham Number among Aerospace & Defense companies is 3.15, based on 216 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. Butler National's current Graham Number of $2.84 is 9.8% below 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 Butler National and its competitors. For the Aerospace & Defense industry, the median Graham Number is 3.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Butler National's current Graham Number is $2.84, which is 226% above median its own 10-year median of 0.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Butler National stock overvalued right now?
Based on GuruFocus' analysis, Butler National (BUKS) is currently considered Significantly Overvalued. The stock's GF Value™ is $1.89, compared to a current price of $4.25 — trading 124.9% above its estimated fair value. The current Graham Number is $2.84, which is 226% above median its 10-year median of 0.87 and 9.8% below the Aerospace & Defense industry median of 3.15. Butler National's overall GF Score™ is 74/100 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 Butler National (BUKS), the current Graham Number is $2.84 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 Butler National (BUKS) Overvalued in 2026?
Based on GuruFocus' analysis, Butler National stock appears to be overvalued.
The current stock price of $4.25 is trading 124.9% above its estimated GF Value™ of $1.89.
GuruFocus considers Butler National to be Significantly Overvalued.
Key valuation signals for BUKS:
Graham Number: $2.84 (226% above median its 10-year median of 0.87)
GF Value™: $1.89 vs. price of $4.25 (124.9% above fair value)
Industry Position: 9.8% below the Aerospace & Defense median (#48 of 216)
No single metric tells the full story. See the BUKS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Butler National Corp is involved in the design, engineering, manufacturing, selling, integrating, installing, repairing, modifying, overhauling, servicing, and distributing portfolio of aerostructures, aircraft components, avionics, accessories, subassemblies, and systems (Aerospace Products). The group serves the aviation industry, including owners of aircraft and contractors involved with private, commercial, business, and government aircraft operations. It also serves commercial weapon manufacturers and suppliers to governments and their agencies. The company has two operating segments: Professional Services and Aerospace Products. Its main source of revenue comes from the Aerospace Products segment. It operates in North America, Europe, Asia, Australia, and other geographical regions.
74GF Score
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