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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.
CPZ'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.35 Med: 0.59 Max: 1.64
Current: 1.61
During the past 6 years, the highest Price to Graham Number ratio of Calamos L/S Equity & Dynamic Trust was 1.64. The lowest was 0.35. And the median was 0.59.
CPZ's Price-to-Graham-Number is ranked worse than 84.08% of 1162
companies
in the Asset Management industry
Industry Median: 0.69
vs CPZ: 1.61
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Calamos L/S Equity & Dynamic Trust (NAS:CPZ) 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.
Calamos L/S Equity & Dynamic Trust's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
13.36
/
8.32
=
1.61
* 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.
Calamos L/S Equity & Dynamic Trust Graham Number Related Terms
Calamos L/S Equity & Dynamic Trust 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.
Calamos L/S Equity & Dynamic Trust Graham Number Chart
For the Asset Management subindustry, Calamos L/S Equity & Dynamic Trust'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.
Calamos L/S Equity & Dynamic Trust Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Calamos L/S Equity & Dynamic Trust's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Calamos L/S Equity & Dynamic Trust'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.
Calamos L/S Equity & Dynamic Trust (CPZ) has a Graham Number of $8.32 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Calamos L/S Equity & Dynamic Trust and its competitors. According to the industry distribution chart, Calamos L/S Equity & Dynamic Trust ranks #977 out of 1162 companies in the Asset Management industry, placing it in the top 84.1%.
Is Calamos L/S Equity & Dynamic Trust's Graham Number too high?
Calamos L/S Equity & Dynamic Trust's current Graham Number is $8.32. The Asset Management industry median Graham Number is 0.69. Calamos L/S Equity & Dynamic Trust's value of $8.32 is 1105.8% above this industry median. Based on the distribution chart, Calamos L/S Equity & Dynamic Trust ranks #977 out of 1162 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Calamos L/S Equity & Dynamic Trust has a GF Score™ of 32/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Calamos L/S Equity & Dynamic Trust's Graham Number compare to NHS and JRS?
According to the Asset Management industry distribution chart, Calamos L/S Equity & Dynamic Trust ranks #977 out of 1162 companies for Graham Number. This places Calamos L/S Equity & Dynamic Trust in the lower half of its industry. The industry median Graham Number is 0.69. Calamos L/S Equity & Dynamic Trust's value of $8.32 is 1105.8% above this benchmark. 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 Asset Management company?
The median Graham Number among Asset Management companies is 0.69, based on 1,162 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. Calamos L/S Equity & Dynamic Trust's current Graham Number of $8.32 is 1105.8% 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 Calamos L/S Equity & Dynamic Trust and its competitors. For the Asset Management industry, the median Graham Number is 0.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Calamos L/S Equity & Dynamic Trust's current Graham Number is $8.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Calamos L/S Equity & Dynamic Trust stock overvalued right now?
Based on GuruFocus' analysis, Calamos L/S Equity & Dynamic Trust (CPZ) is currently considered Significantly Overvalued. The stock's GF Value™ is $1.41, compared to a current price of $13.36 — trading 847.5% above its estimated fair value. The current Graham Number is $8.32 and 1105.8% above the Asset Management industry median of 0.69. Calamos L/S Equity & Dynamic Trust's overall GF Score™ is 32/100 with 4 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 Calamos L/S Equity & Dynamic Trust (CPZ), the current Graham Number is $8.32 as of Apr. 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 Calamos L/S Equity & Dynamic Trust (CPZ) Overvalued in 2026?
Based on GuruFocus' analysis, Calamos L/S Equity & Dynamic Trust stock appears to be overvalued.
The current stock price of $13.36 is trading 847.5% above its estimated GF Value™ of $1.41.
GuruFocus considers Calamos L/S Equity & Dynamic Trust to be Significantly Overvalued.
Key valuation signals for CPZ:
Graham Number: $8.32
GF Value™: $1.41 vs. price of $13.36 (847.5% above fair value)
Industry Position: 1105.8% above the Asset Management median (#977 of 1162)
No single metric tells the full story. See the CPZ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Calamos L/S Equity & Dynamic Inc Trust is a trust company that seeks to provide current income and risk-managed capital appreciation, with an investment objective to deliver total return through a combination of capital appreciation and current income. The Fund invests in securities across sectors such as Industrials, Healthcare, Financials, Consumer Discretionary, and others, and holds securities with a broad range of maturities, with the average term to maturity typically ranging from two to ten years. Managed assets represent the Fund's total assets, including any assets attributable to leverage that may be outstanding, minus total liabilities other than debt representing financial leverage.
32GF Score
Get the complete analysis for CPZ
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