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Exmar NVCHIX:EXMB 61 Graham Number is €11.62 as of Dec. 2025, which is 100% below its 10-year median of 0.60. GuruFocus rates CHIX:EXMB with a GF Score™ of 61/100 and a GF Value™ of €7.00. The stock has 10 warning signs investors should review. Among 607 Oil & Gas companies, Exmar NV ranks better than 56.18% 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 (2026-07-13), the stock price of Exmar NV is €11.52. Exmar NV's graham number for the quarter that ended in Dec. 2025 was €11.62. Therefore, Exmar NV's Price to Graham Number ratio for today is 0.99.
The historical rank and industry rank for Exmar NV's Graham Number or its related term are showing as below:
CHIX:EXMb'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.18 Med: 0.6 Max: 0.96
Current: 0.96
During the past 13 years, the highest Price to Graham Number ratio of Exmar NV was 0.96. The lowest was 0.18. And the median was 0.60.
CHIX:EXMb's Price-to-Graham-Number is ranked better than 56.18% of 607
companies
in the Oil & Gas industry
Industry Median: 1.06
vs CHIX:EXMb: 0.96
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Exmar NV (CHIX:EXMb) 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.
Exmar NV's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
11.52
/
11.62
=
0.99
* 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.
Exmar NV Graham Number Related Terms
Exmar NV Graham Number Historical Data
* Premium members only.
The historical data trend for Exmar NV'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.
CHIX:EXMB vs SLB, BKR, HAL: Graham Number Comparison
For the Oil & Gas Equipment & Services subindustry, Exmar NV'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.
Exmar NV Price-to-Graham-Number vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Exmar NV's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Exmar NV'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.
Exmar NV (CHIX:EXMB) has a Graham Number of €11.62 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Exmar NV and its competitors. This is 1837% above median its historical median of 0.60. Over the past decade, Exmar NV's Graham Number has ranged from 0.18 to 0.96. According to the industry distribution chart, Exmar NV ranks #266 out of 607 companies in the Oil & Gas industry, placing it in the top 43.8%.
Is Exmar NV's Graham Number too high?
Exmar NV's current Graham Number of €11.62 is 1837% above median its 10-year median of 0.60. Over the past 10 years, this metric has ranged from a low of 0.18 to a high of 0.96. Based on the distribution chart, Exmar NV ranks #266 out of 607 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Exmar NV has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.
How does Exmar NV's Graham Number compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Exmar NV ranks #266 out of 607 companies for Graham Number. This puts Exmar NV in the upper half of its industry. The industry median Graham Number is 1.06. Historically, Exmar NV's own Graham Number has ranged from 0.18 to 0.96 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 an Oil & Gas company?
The median Graham Number among Oil & Gas companies is 1.06, based on 607 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 Exmar NV and its competitors. For the Oil & Gas industry, the median Graham Number is 1.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Exmar NV's current Graham Number is €11.62, which is 1837% 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 Exmar NV stock overvalued right now?
Exmar NV (CHIX:EXMB) has a current Graham Number of €11.62. The stock's GF Value™ is €7.00, compared to a current price of €11.52 — trading 64.6% above its estimated fair value. The current Graham Number is €11.62, which is 1837% above median its 10-year median of 0.60. Exmar NV's overall GF Score™ is 61/100 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 Exmar NV (CHIX:EXMB), the current Graham Number is €11.62 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 Exmar NV (CHIX:EXMB) Overvalued in 2026?
Based on GuruFocus' analysis, Exmar NV stock appears to be overvalued.
The current stock price of €11.52 is trading 64.6% above its estimated GF Value™ of €7.00.
Key valuation signals for CHIX:EXMB:
Graham Number: €11.62 (1837% above median its 10-year median of 0.60)
GF Value™: €7.00 vs. price of €11.52 (64.6% above fair value)
No single metric tells the full story. See the CHIX:EXMB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Exmar NV is a liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carrier. It provides industrial marine and energy logistical solutions for transport, regasification and liquefaction within the oil and gas industry. The company has three reportable segments: Shipping, Infrastructure, and Supporting Services. The activities in the shipping segment include the transportation of liquefied gas products such as Liquid Petroleum Gas, anhydrous ammonia, and petrochemical gases. The infrastructure segment includes LNG infrastructure and Offshore, and the segment supporting services include specialized supporting services such as ship management services and travel agency services. The majority of the revenue is generated from the Shipping segment.
61GF Score
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