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What is Commercial National Financial (MI) Graham Number?
Commercial National Financial (MI)CEFC 60 Graham Number is $22.52 as of Dec. 2025, which is 3653% above its 10-year median of 0.60. GuruFocus rates CEFC with a GF Score™ of 60/100 and a GF Value™ of $10.26 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,436 Banks companies, Commercial National Financial (MI) ranks better than 67.76% 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.
CEFC'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.47 Med: 0.6 Max: 0.72
Current: 0.67
During the past 13 years, the highest Price to Graham Number ratio of Commercial National Financial (MI) was 0.72. The lowest was 0.47. And the median was 0.60.
CEFC's Price-to-Graham-Number is ranked better than 67.76% of 1436
companies
in the Banks industry
Industry Median: 0.81
vs CEFC: 0.67
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Commercial National Financial (MI) (OTCPK:CEFC) 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.
Commercial National Financial (MI)'s Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
15.05
/
22.52
=
0.67
* 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.
Commercial National Financial (MI) Graham Number Related Terms
Commercial National Financial (MI) 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.
Commercial National Financial (MI) Graham Number Chart
CEFC vs FMFG, BAOB, LFGP: Graham Number Comparison
For the Banks - Regional subindustry, Commercial National Financial (MI)'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.
Commercial National Financial (MI) Price-to-Graham-Number vs Banks Industry
For the Banks industry and Financial Services sector, Commercial National Financial (MI)'s Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Commercial National Financial (MI)'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.
Commercial National Financial (MI) (CEFC) has a Graham Number of $22.52 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Commercial National Financial (MI) and its competitors. This is 3653% above median its historical median of 0.60. Over the past decade, Commercial National Financial (MI)'s Graham Number has ranged from 0.47 to 0.72. According to the industry distribution chart, Commercial National Financial (MI) ranks #463 out of 1436 companies in the Banks industry, placing it in the top 32.2%.
Is Commercial National Financial (MI)'s Graham Number too high?
Commercial National Financial (MI)'s current Graham Number of $22.52 is 3653% above median its 10-year median of 0.60. Over the past 10 years, this metric has ranged from a low of 0.47 to a high of 0.72. The Banks industry median Graham Number is 0.81. Commercial National Financial (MI)'s value of $22.52 is 2680.2% above this industry median. Based on the distribution chart, Commercial National Financial (MI) ranks #463 out of 1436 companies in the Banks industry, which is above the industry midpoint. Overall, Commercial National Financial (MI) has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Commercial National Financial (MI)'s Graham Number compare to FMFG and BAOB?
According to the Banks industry distribution chart, Commercial National Financial (MI) ranks #463 out of 1436 companies for Graham Number. This puts Commercial National Financial (MI) in the upper half of its industry. The industry median Graham Number is 0.81. Commercial National Financial (MI)'s value of $22.52 is 2680.2% above this benchmark. Historically, Commercial National Financial (MI)'s own Graham Number has ranged from 0.47 to 0.72 over the past decade. While the company's 10-year median is 0.60 vs. the industry median of 0.81, Commercial National Financial (MI) 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 Banks company?
The median Graham Number among Banks companies is 0.81, based on 1,436 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. Commercial National Financial (MI)'s current Graham Number of $22.52 is 2680.2% 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 Commercial National Financial (MI) 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. Commercial National Financial (MI)'s current Graham Number is $22.52, which is 3653% above median its own 10-year median of 0.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Commercial National Financial (MI) stock overvalued right now?
Based on GuruFocus' analysis, Commercial National Financial (MI) (CEFC) is currently considered Significantly Overvalued. The stock's GF Value™ is $10.26, compared to a current price of $15.05 — trading 46.7% above its estimated fair value. The current Graham Number is $22.52, which is 3653% above median its 10-year median of 0.60 and 2680.2% above the Banks industry median of 0.81. Commercial National Financial (MI)'s overall GF Score™ is 60/100 with 5 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 Commercial National Financial (MI) (CEFC), the current Graham Number is $22.52 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 Commercial National Financial (MI) (CEFC) Overvalued in 2026?
Based on GuruFocus' analysis, Commercial National Financial (MI) stock appears to be overvalued.
The current stock price of $15.05 is trading 46.7% above its estimated GF Value™ of $10.26.
GuruFocus considers Commercial National Financial (MI) to be Significantly Overvalued.
Key valuation signals for CEFC:
Graham Number: $22.52 (3653% above median its 10-year median of 0.60)
GF Value™: $10.26 vs. price of $15.05 (46.7% above fair value)
Industry Position: 2680.2% above the Banks median (#463 of 1436)
No single metric tells the full story. See the CEFC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Commercial National Financial (MI) Business Description
Commercial National Financial Corp (MI) is a one-bank holding company which conducts limited business activities. The Bank performs the majority of business activities. The Bank provides a full range of banking services to individuals, agricultural businesses, commercial businesses and light industries located in its service area. It maintains a diversified loan portfolio, including loans to individuals for home mortgages, automobiles and personal expenditures, and loans to business enterprises for current operations and expansion. The Bank offers a variety of deposit products, including checking, savings, certificates of deposit, and individual retirement accounts.
60GF Score
Get the complete analysis for CEFC
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