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DollaramaDLMAF 88 Graham Number is $9.04 as of Apr. 2026, which is 36% below its 10-year median of 14.09. GuruFocus rates DLMAF with a GF Score™ of 88/100 and a GF Value™ of $131.47 (Fairly Valued). The stock has 1 warning sign investors should review. Among 239 Retail - Defensive companies, Dollarama ranks worse than 99.58% 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 (2026-07-19), the stock price of Dollarama is $134.68. Dollarama's graham number for the quarter that ended in Apr. 2026 was $9.04. Therefore, Dollarama's Price to Graham Number ratio for today is 14.89.
The historical rank and industry rank for Dollarama's Graham Number or its related term are showing as below:
DLMAF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 13.5 Med: 14.09 Max: 16.23
Current: 15.32
During the past 13 years, the highest Price to Graham Number ratio of Dollarama was 16.23. The lowest was 13.50. And the median was 14.09.
DLMAF's Price-to-Graham-Number is ranked worse than 99.58% of 239
companies
in the Retail - Defensive industry
Industry Median: 1.3
vs DLMAF: 15.32
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Dollarama (OTCPK:DLMAF) 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.
Dollarama's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
134.68
/
9.04
=
14.89
* 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.
Dollarama Graham Number Related Terms
Dollarama Graham Number Historical Data
* Premium members only.
The historical data trend for Dollarama'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 Discount Stores subindustry, Dollarama'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.
Dollarama Price-to-Graham-Number vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Dollarama's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Dollarama'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.
Dollarama (DLMAF) has a Graham Number of $9.04 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Dollarama and its competitors. This is 36% below median its historical median of 14.09. Over the past decade, Dollarama's Graham Number has ranged from 13.50 to 16.23. According to the industry distribution chart, Dollarama ranks #238 out of 239 companies in the Retail - Defensive industry, placing it in the top 99.6%.
Is Dollarama's Graham Number too high?
Dollarama's current Graham Number of $9.04 is 36% below median its 10-year median of 14.09. Over the past 10 years, this metric has ranged from a low of 13.50 to a high of 16.23. The Retail - Defensive industry median Graham Number is 1.30. Dollarama's value of $9.04 is 595.4% above this industry median. Based on the distribution chart, Dollarama ranks #238 out of 239 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Dollarama has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Dollarama's Graham Number compare to WMT and COST?
According to the Retail - Defensive industry distribution chart, Dollarama ranks #238 out of 239 companies for Graham Number. This places Dollarama in the lower half of its industry. The industry median Graham Number is 1.30. Dollarama's value of $9.04 is 595.4% above this benchmark. Historically, Dollarama's own Graham Number has ranged from 13.50 to 16.23 over the past decade. While the company's 10-year median is 14.09 vs. the industry median of 1.30, Dollarama 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 Retail - Defensive company?
The median Graham Number among Retail - Defensive companies is 1.30, based on 239 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. Dollarama's current Graham Number of $9.04 is 595.4% 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 Dollarama and its competitors. For the Retail - Defensive industry, the median Graham Number is 1.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Dollarama's current Graham Number is $9.04, which is 36% below median its own 10-year median of 14.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dollarama stock overvalued right now?
Based on GuruFocus' analysis, Dollarama (DLMAF) is currently considered Fairly Valued. The stock's GF Value™ is $131.47, compared to a current price of $134.68 — trading 2.4% above its estimated fair value. The current Graham Number is $9.04, which is 36% below median its 10-year median of 14.09 and 595.4% above the Retail - Defensive industry median of 1.30. Dollarama's overall GF Score™ is 88/100 with 1 warning sign 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 Dollarama (DLMAF), the current Graham Number is $9.04 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 Dollarama (DLMAF) Overvalued in 2026?
Based on GuruFocus' analysis, Dollarama stock appears to be overvalued.
The current stock price of $134.68 is trading 2.4% above its estimated GF Value™ of $131.47.
GuruFocus considers Dollarama to be Fairly Valued.
Key valuation signals for DLMAF:
Graham Number: $9.04 (36% below median its 10-year median of 14.09)
GF Value™: $131.47 vs. price of $134.68 (2.4% above fair value)
Industry Position: 595.4% above the Retail - Defensive median (#238 of 239)
No single metric tells the full story. See the DLMAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dollarama is Canada's largest dollar store chain that sells a broad range of everyday consumables and household items at low fixed price points, currently capped at CAD 5. General merchandise and consumables make up 90% of total sales, and the rest is from festivity-related seasonal items. The retailer operates close to 1,700 stores across Canada, mostly in convenient locations in metropolitan areas, midsize cities, and small towns. It also holds a 60% stake in South American value retailer Dollarcity, which operates more than 600 stores across Colombia, Guatemala, El Salvador, Peru, and Mexico. In 2025, the firm closed its CAD 234 million acquisition of Australian retail chain The Reject Shop, which operates about 400 stores.
88GF Score
Get the complete analysis for DLMAF
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