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RaySearch Laboratories ABCHIX:RAYBS 93 Graham Number is kr44.73 as of Mar. 2026, which is 100% below its 10-year median of 5.94. GuruFocus rates CHIX:RAYBS with a GF Score™ of 93/100 and a GF Value™ of kr182.83 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 369 Healthcare Providers & Services companies, RaySearch Laboratories AB ranks worse than 84.01% 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.
The historical rank and industry rank for RaySearch Laboratories AB's Graham Number or its related term are showing as below:
CHIX:RAYBs'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 2.81 Med: 5.94 Max: 10.88
Current: 3.81
During the past 13 years, the highest Price to Graham Number ratio of RaySearch Laboratories AB was 10.88. The lowest was 2.81. And the median was 5.94.
CHIX:RAYBs's Price-to-Graham-Number is ranked worse than 84.01% of 369
companies
in the Healthcare Providers & Services industry
Industry Median: 1.66
vs CHIX:RAYBs: 3.81
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
RaySearch Laboratories AB (CHIX:RAYBs) 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.
RaySearch Laboratories AB's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
234.70
/
44.73
=
5.25
* 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.
RaySearch Laboratories AB Graham Number Related Terms
RaySearch Laboratories AB 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.
CHIX:RAYBS vs VEEV, BTSG, HQY: Graham Number Comparison
For the Health Information Services subindustry, RaySearch Laboratories AB'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.
RaySearch Laboratories AB Price-to-Graham-Number vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, RaySearch Laboratories AB's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where RaySearch Laboratories AB'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.
RaySearch Laboratories AB (CHIX:RAYBS) has a Graham Number of kr44.73 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on RaySearch Laboratories AB and its competitors. This is 653% above median its historical median of 5.94. Over the past decade, RaySearch Laboratories AB's Graham Number has ranged from 2.81 to 10.88. According to the industry distribution chart, RaySearch Laboratories AB ranks #310 out of 369 companies in the Healthcare Providers & Services industry, placing it in the top 84%.
Is RaySearch Laboratories AB's Graham Number too high?
RaySearch Laboratories AB's current Graham Number of kr44.73 is 653% above median its 10-year median of 5.94. Over the past 10 years, this metric has ranged from a low of 2.81 to a high of 10.88. Based on the distribution chart, RaySearch Laboratories AB ranks #310 out of 369 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, RaySearch Laboratories AB has a GF Score™ of 93/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does RaySearch Laboratories AB's Graham Number compare to VEEV and BTSG?
According to the Healthcare Providers & Services industry distribution chart, RaySearch Laboratories AB ranks #310 out of 369 companies for Graham Number. This places RaySearch Laboratories AB in the lower half of its industry. The industry median Graham Number is 1.66. Historically, RaySearch Laboratories AB's own Graham Number has ranged from 2.81 to 10.88 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 Healthcare Providers & Services company?
The median Graham Number among Healthcare Providers & Services companies is 1.66, based on 369 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 RaySearch Laboratories AB and its competitors. For the Healthcare Providers & Services industry, the median Graham Number is 1.66 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. RaySearch Laboratories AB's current Graham Number is kr44.73, which is 653% above median its own 10-year median of 5.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RaySearch Laboratories AB stock overvalued right now?
Based on GuruFocus' analysis, RaySearch Laboratories AB (CHIX:RAYBS) is currently considered Modestly Overvalued. The stock's GF Value™ is kr182.83, compared to a current price of kr234.70 — trading 28.4% above its estimated fair value. The current Graham Number is kr44.73, which is 653% above median its 10-year median of 5.94. RaySearch Laboratories AB's overall GF Score™ is 93/100 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 RaySearch Laboratories AB (CHIX:RAYBS), the current Graham Number is kr44.73 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 RaySearch Laboratories AB (CHIX:RAYBS) Overvalued in 2026?
Based on GuruFocus' analysis, RaySearch Laboratories AB stock appears to be overvalued.
The current stock price of kr234.70 is trading 28.4% above its estimated GF Value™ of kr182.83.
GuruFocus considers RaySearch Laboratories AB to be Modestly Overvalued.
Key valuation signals for CHIX:RAYBS:
Graham Number: kr44.73 (653% above median its 10-year median of 5.94)
GF Value™: kr182.83 vs. price of kr234.70 (28.4% above fair value)
No single metric tells the full story. See the CHIX:RAYBS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
RaySearch Laboratories AB is a Sweden-based medical technology company. The company develops software solutions for improved cancer treatment. The company develops and markets the RayStation treatment planning system and RayCare oncology information system to clinics all over the world and distributes products through licensing agreements with medical technology companies. Its geographic segments consist of the Americas, Asia-Pacific & Middle East, Europe, and the rest of world.
93GF Score
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