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Caledonia MiningCMCL +1.70%89 Graham Number is $30.72 as of Mar. 2026, which is 5107% above its 10-year median of 0.59. GuruFocus rates CMCL with a GF Score™ of 89/100 and a GF Value™ of $21.26 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 609 Metals & Mining companies, Caledonia Mining ranks better than 84.73% 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 (2026-07-16), the stock price of Caledonia Mining is $17.34. Caledonia Mining's graham number for the quarter that ended in Mar. 2026 was $30.72. Therefore, Caledonia Mining's Price to Graham Number ratio for today is 0.56.
The historical rank and industry rank for Caledonia Mining's Graham Number or its related term are showing as below:
CMCL'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.09 Med: 0.59 Max: 1.34
Current: 0.56
During the past 13 years, the highest Price to Graham Number ratio of Caledonia Mining was 1.34. The lowest was 0.09. And the median was 0.59.
CMCL's Price-to-Graham-Number is ranked better than 84.73% of 609
companies
in the Metals & Mining industry
Industry Median: 1.27
vs CMCL: 0.56
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Caledonia Mining (AMEX:CMCL) 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.
Caledonia Mining's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
17.34
/
30.72
=
0.56
* 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.
Caledonia Mining Graham Number Related Terms
Caledonia Mining Graham Number Historical Data
* Premium members only.
The historical data trend for Caledonia Mining'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 Gold subindustry, Caledonia Mining'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.
Caledonia Mining Price-to-Graham-Number vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Caledonia Mining's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Caledonia Mining'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.
Caledonia Mining (CMCL) has a Graham Number of $30.72 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Caledonia Mining and its competitors. This is 5107% above median its historical median of 0.59. Over the past decade, Caledonia Mining's Graham Number has ranged from 0.09 to 1.34. According to the industry distribution chart, Caledonia Mining ranks #93 out of 609 companies in the Metals & Mining industry, placing it in the top 15.3%.
Is Caledonia Mining's Graham Number too high?
Caledonia Mining's current Graham Number of $30.72 is 5107% above median its 10-year median of 0.59. Over the past 10 years, this metric has ranged from a low of 0.09 to a high of 1.34. The Metals & Mining industry median Graham Number is 1.27. Caledonia Mining's value of $30.72 is 2318.9% above this industry median. Based on the distribution chart, Caledonia Mining ranks #93 out of 609 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Caledonia Mining has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Caledonia Mining's Graham Number compare to VGZ and CTGO?
According to the Metals & Mining industry distribution chart, Caledonia Mining ranks #93 out of 609 companies for Graham Number. This places Caledonia Mining in the top 15% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.27. Caledonia Mining's value of $30.72 is 2318.9% above this benchmark. Historically, Caledonia Mining's own Graham Number has ranged from 0.09 to 1.34 over the past decade. While the company's 10-year median is 0.59 vs. the industry median of 1.27, Caledonia Mining 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 Metals & Mining company?
The median Graham Number among Metals & Mining companies is 1.27, based on 609 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. Caledonia Mining's current Graham Number of $30.72 is 2318.9% 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 Caledonia Mining and its competitors. For the Metals & Mining industry, the median Graham Number is 1.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Caledonia Mining's current Graham Number is $30.72, which is 5107% above median its own 10-year median of 0.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Caledonia Mining stock overvalued right now?
Based on GuruFocus' analysis, Caledonia Mining (CMCL) is currently considered Modestly Undervalued. The stock's GF Value™ is $21.26, compared to a current price of $17.34 — trading 18.4% below its estimated fair value. The current Graham Number is $30.72, which is 5107% above median its 10-year median of 0.59 and 2318.9% above the Metals & Mining industry median of 1.27. Caledonia Mining's overall GF Score™ is 89/100 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 Caledonia Mining (CMCL), the current Graham Number is $30.72 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 Caledonia Mining (CMCL) Overvalued in 2026?
Based on GuruFocus' analysis, Caledonia Mining stock appears to be undervalued.
The current stock price of $17.34 is trading 18.4% below its estimated GF Value™ of $21.26.
GuruFocus considers Caledonia Mining to be Modestly Undervalued.
Key valuation signals for CMCL:
Graham Number: $30.72 (5107% above median its 10-year median of 0.59)
GF Value™: $21.26 vs. price of $17.34 (18.4% below fair value)
Industry Position: 2318.9% above the Metals & Mining median (#93 of 609)
No single metric tells the full story. See the CMCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Caledonia Mining Corp PLC is a gold exploration, development, and mining company. The company's segment includes Blanket, South Africa, Bilboes Oxide mine, and E&E projects. The company generates the majority of its revenue from the Blanket project. The Blanket Mine is located in the south-west of Zimbabwe and operates at a depth of approximately 750 meters below the surface. Its project includes Maligreen and Motapa.
89GF Score
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