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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.
FRA:6HA'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.81 Med: 1.22 Max: 3.57
Current: 1.07
During the past 13 years, the highest Price to Graham Number ratio of HA Sustainable Infrastructure Capital was 3.57. The lowest was 0.81. And the median was 1.22.
FRA:6HA's Price-to-Graham-Number is ranked worse than 71.61% of 1173
companies
in the Asset Management industry
Industry Median: 0.7
vs FRA:6HA: 1.07
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
HA Sustainable Infrastructure Capital (FRA:6HA) 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.
HA Sustainable Infrastructure Capital's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
32.88
/
30.13
=
1.09
* 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.
HA Sustainable Infrastructure Capital Graham Number Related Terms
HA Sustainable Infrastructure Capital 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.
HA Sustainable Infrastructure Capital Graham Number Chart
FRA:6HA vs MAIN, OTF, OBDC: Graham Number Comparison
For the Asset Management subindustry, HA Sustainable Infrastructure Capital'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.
HA Sustainable Infrastructure Capital Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, HA Sustainable Infrastructure Capital's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where HA Sustainable Infrastructure Capital'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.
HA Sustainable Infrastructure Capital (FRA:6HA) has a Graham Number of €30.13 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on HA Sustainable Infrastructure Capital and its competitors. This is 2370% above median its historical median of 1.22. Over the past decade, HA Sustainable Infrastructure Capital's Graham Number has ranged from 0.81 to 3.57. According to the industry distribution chart, HA Sustainable Infrastructure Capital ranks #840 out of 1173 companies in the Asset Management industry, placing it in the top 71.6%.
Is HA Sustainable Infrastructure Capital's Graham Number too high?
HA Sustainable Infrastructure Capital's current Graham Number of €30.13 is 2370% above median its 10-year median of 1.22. Over the past 10 years, this metric has ranged from a low of 0.81 to a high of 3.57. Based on the distribution chart, HA Sustainable Infrastructure Capital ranks #840 out of 1173 companies in the Asset Management industry, which is below the industry midpoint. Overall, HA Sustainable Infrastructure Capital has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does HA Sustainable Infrastructure Capital's Graham Number compare to MAIN and OTF?
According to the Asset Management industry distribution chart, HA Sustainable Infrastructure Capital ranks #840 out of 1173 companies for Graham Number. This places HA Sustainable Infrastructure Capital in the lower half of its industry. The industry median Graham Number is 0.70. Historically, HA Sustainable Infrastructure Capital's own Graham Number has ranged from 0.81 to 3.57 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 an Asset Management company?
The median Graham Number among Asset Management companies is 0.70, based on 1,173 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 HA Sustainable Infrastructure Capital and its competitors. For the Asset Management industry, the median Graham Number is 0.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. HA Sustainable Infrastructure Capital's current Graham Number is €30.13, which is 2370% above median its own 10-year median of 1.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HA Sustainable Infrastructure Capital stock overvalued right now?
Based on GuruFocus' analysis, HA Sustainable Infrastructure Capital (FRA:6HA) is currently considered Modestly Overvalued. The stock's GF Value™ is €28.29, compared to a current price of €32.88 — trading 16.2% above its estimated fair value. The current Graham Number is €30.13, which is 2370% above median its 10-year median of 1.22. HA Sustainable Infrastructure Capital's overall GF Score™ is 74/100 with 7 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 HA Sustainable Infrastructure Capital (FRA:6HA), the current Graham Number is €30.13 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 HA Sustainable Infrastructure Capital (FRA:6HA) Overvalued in 2026?
Based on GuruFocus' analysis, HA Sustainable Infrastructure Capital stock appears to be overvalued.
The current stock price of €32.88 is trading 16.2% above its estimated GF Value™ of €28.29.
GuruFocus considers HA Sustainable Infrastructure Capital to be Modestly Overvalued.
Key valuation signals for FRA:6HA:
Graham Number: €30.13 (2370% above median its 10-year median of 1.22)
GF Value™: €28.29 vs. price of €32.88 (16.2% above fair value)
No single metric tells the full story. See the FRA:6HA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
HA Sustainable Infrastructure Capital Inc is an investor in sustainable infrastructure assets advancing the energy transition. Its investment is focused on actively partnering with clients to deploy capital in income-generating real assets that are supported by long-term recurring cash flows. This enabled to the generation of attractive risk-adjusted returns and provided stockholders with diversified exposure to the energy transition. The company's single reportable segment generates net investment and equity method investment income through investments in energy transition assets and infrastructure projects, as well as revenue through the gain on sale of assets and recurring asset management fees.
74GF Score
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