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DocCheck AGFRA:AJ91 +0.92%71 Graham Number is €13.36 as of Dec. 2025. GuruFocus rates FRA:AJ91 with a GF Score™ of 71/100 and a GF Value™ of €9.41 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 376 Healthcare Providers & Services companies, DocCheck AG ranks better than 83.51% 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 (2026-09-08), the stock price of DocCheck AG is €11.00. DocCheck AG's graham number for the quarter that ended in Dec. 2025 was €13.36. Therefore, DocCheck AG's Price to Graham Number ratio for today is 0.82.
The historical rank and industry rank for DocCheck AG's Graham Number or its related term are showing as below:
FRA:AJ91'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.63 Med: 1.17 Max: 1.61
Current: 0.83
During the past 13 years, the highest Price to Graham Number ratio of DocCheck AG was 1.61. The lowest was 0.63. And the median was 1.17.
FRA:AJ91's Price-to-Graham-Number is ranked better than 83.51% of 376
companies
in the Healthcare Providers & Services industry
Industry Median: 1.62
vs FRA:AJ91: 0.83
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
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.
DocCheck AG's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
11.00
/
13.36
=
0.82
* 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.
DocCheck AG Graham Number Related Terms
DocCheck AG Graham Number Historical Data
* Premium members only.
The historical data trend for DocCheck AG'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.
FRA:AJ91 vs VEEV, BTSG, TEM: Graham Number Comparison
For the Health Information Services subindustry, DocCheck AG'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.
DocCheck AG Price-to-Graham-Number vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, DocCheck AG's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where DocCheck AG'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.
DocCheck AG (FRA:AJ91) has a Graham Number of €13.36 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on DocCheck AG and its competitors. According to the industry distribution chart, DocCheck AG ranks #62 out of 376 companies in the Healthcare Providers & Services industry, placing it in the top 16.5%.
Is DocCheck AG's Graham Number too high?
DocCheck AG's current Graham Number is €13.36. Based on the distribution chart, DocCheck AG ranks #62 out of 376 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers. Overall, DocCheck AG has a GF Score™ of 71/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does DocCheck AG's Graham Number compare to VEEV and BTSG?
According to the Healthcare Providers & Services industry distribution chart, DocCheck AG ranks #62 out of 376 companies for Graham Number. This places DocCheck AG in the top 17% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.62. 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 1.62, based on 376 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 DocCheck AG and its competitors. For the Healthcare Providers & Services industry, the median Graham Number is 1.62 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. DocCheck AG's current Graham Number is €13.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DocCheck AG stock overvalued right now?
Based on GuruFocus' analysis, DocCheck AG (FRA:AJ91) is currently considered Modestly Overvalued. The stock's GF Value™ is €9.41, compared to a current price of €11.00 — trading 16.9% above its estimated fair value. The current Graham Number is €13.36. DocCheck AG's overall GF Score™ is 71/100 with 3 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 DocCheck AG (FRA:AJ91), the current Graham Number is €13.36 as of Dec. 2025. 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 DocCheck AG (FRA:AJ91) Overvalued in 2026?
Based on GuruFocus' analysis, DocCheck AG stock appears to be overvalued.
The current stock price of €11.00 is trading 16.9% above its estimated GF Value™ of €9.41.
GuruFocus considers DocCheck AG to be Modestly Overvalued.
Key valuation signals for FRA:AJ91:
Graham Number: €13.36
GF Value™: €9.41 vs. price of €11.00 (16.9% above fair value)
No single metric tells the full story. See the FRA:AJ91 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
DocCheck AG is a Germany-based company engaged in the healthcare sector. It operates through subsidiaries: antwerpes AG develops integrated communication concepts for the healthcare sector, including social media and digital communication with focus on e-marketing concepts, search engine optimization (SEO), search engine advertising (SEA) and search engine marketing (SEM); DocCheck Medical Services GmbH operates an online platform for healthcare professionals, such as physicians and pharmacists; DocCheck Medizinbedarf und Logistik GmbH wholesales medical products from third parties and also produces own medical products, and DocCheck Guano AG is a venture capital company with focus on e-health companies and promotes healthcare startups.
71GF Score
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