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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 (2026-08-04), the stock price of Pandora AS is kr846.80. Pandora AS's graham number for the quarter that ended in Mar. 2026 was krN/A. Therefore, Pandora AS's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Pandora AS's Graham Number or its related term are showing as below:
During the past 13 years, the highest Price to Graham Number ratio of Pandora AS was 17.25. The lowest was 7.29. And the median was 9.34.
CHIX:PNDORc's Price-to-Graham-Number is not ranked *
in the Retail - Cyclical industry.
Industry Median: 1.24 * 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.
Pandora AS (CHIX:PNDORc) 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.
Pandora AS's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
846.80
/
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.
Pandora AS Graham Number Related Terms
Pandora AS Graham Number Historical Data
* Premium members only.
The historical data trend for Pandora AS'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 Luxury Goods subindustry, Pandora AS'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.
Pandora AS Price-to-Graham-Number vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Pandora AS's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Pandora AS'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.
Pandora AS (CHIX:PNDORC) has a Graham Number of krN/A as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Pandora AS and its competitors. Over the past decade, Pandora AS's Graham Number has ranged from 7.29 to 17.25. According to the industry distribution chart, Pandora AS ranks #999999 out of 762 companies in the Retail - Cyclical industry.
Is Pandora AS's Graham Number too high?
Pandora AS's current Graham Number is krN/A. Over the past 10 years, this metric has ranged from a low of 7.29 to a high of 17.25. Based on the distribution chart, Pandora AS ranks #999999 out of 762 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Pandora AS has a GF Score™ of 85/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Pandora AS's Graham Number compare to TPR and SIG?
According to the Retail - Cyclical industry distribution chart, Pandora AS ranks #999999 out of 762 companies for Graham Number. This places Pandora AS in the lower half of its industry. The industry median Graham Number is 1.24. Historically, Pandora AS's own Graham Number has ranged from 7.29 to 17.25 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 Retail - Cyclical company?
The median Graham Number among Retail - Cyclical companies is 1.24, based on 762 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 Pandora AS and its competitors. For the Retail - Cyclical industry, the median Graham Number is 1.24 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pandora AS's current Graham Number is krN/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pandora AS stock overvalued right now?
Based on GuruFocus' analysis, Pandora AS (CHIX:PNDORC) is currently considered Significantly Undervalued. The stock's GF Value™ is kr1,209.77, compared to a current price of kr846.80 — trading 30% below its estimated fair value. The current Graham Number is krN/A. Pandora AS's overall GF Score™ is 85/100 with 2 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 Pandora AS (CHIX:PNDORC), the current Graham Number is krN/A as of Mar. 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 Pandora AS (CHIX:PNDORC) Overvalued in 2026?
Based on GuruFocus' analysis, Pandora AS stock appears to be undervalued.
The current stock price of kr846.80 is trading 30% below its estimated GF Value™ of kr1,209.77.
GuruFocus considers Pandora AS to be Significantly Undervalued.
Key valuation signals for CHIX:PNDORC:
Graham Number: krN/A
GF Value™: kr1,209.77 vs. price of kr846.80 (30% below fair value)
No single metric tells the full story. See the CHIX:PNDORC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pandora is a premium jewelry brand and the market leader in the charm bracelet category. The company was established in the 1980s in Denmark and since then has expanded globally. Pandora has over 2,700 concept stores globally (2,000 owned and operated, and the remainder run by its franchise partners) as well as multibrand locations and stores-in-stores. Pandora owned retail accounts for over 80% and wholesale for the remainder. Charms and bracelets account for almost three-fourths of its sales. The firm produces mostly internally in two jewelry-crafting facilities in Thailand.
85GF Score
Get the complete analysis for CHIX:PNDORC
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