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Oaktree Specialty LendingFRA:FFC +0.84%51 Graham Number is €12.22 as of Mar. 2026, which is 100% below its 10-year median of 0.80. GuruFocus rates FRA:FFC with a GF Score™ of 51/100 and a GF Value™ of €11.94 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,170 Asset Management companies, Oaktree Specialty Lending ranks worse than 62.48% 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.
The historical rank and industry rank for Oaktree Specialty Lending's Graham Number or its related term are showing as below:
FRA:FFC'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.32 Med: 0.8 Max: 4.39
Current: 0.86
During the past 13 years, the highest Price to Graham Number ratio of Oaktree Specialty Lending was 4.39. The lowest was 0.32. And the median was 0.80.
FRA:FFC's Price-to-Graham-Number is ranked worse than 62.48% of 1170
companies
in the Asset Management industry
Industry Median: 0.71
vs FRA:FFC: 0.86
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Oaktree Specialty Lending (FRA:FFC) 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.
Oaktree Specialty Lending's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
10.76
/
12.22
=
0.88
* 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.
Oaktree Specialty Lending Graham Number Related Terms
Oaktree Specialty Lending 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.
FRA:FFC vs MUC, CII, BTX: Graham Number Comparison
For the Asset Management subindustry, Oaktree Specialty Lending'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.
Oaktree Specialty Lending Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Oaktree Specialty Lending's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Oaktree Specialty Lending'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.
Oaktree Specialty Lending (FRA:FFC) has a Graham Number of €12.22 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Oaktree Specialty Lending and its competitors. This is 1428% above median its historical median of 0.80. Over the past decade, Oaktree Specialty Lending's Graham Number has ranged from 0.32 to 4.39. According to the industry distribution chart, Oaktree Specialty Lending ranks #731 out of 1170 companies in the Asset Management industry, placing it in the top 62.5%.
Is Oaktree Specialty Lending's Graham Number too high?
Oaktree Specialty Lending's current Graham Number of €12.22 is 1428% above median its 10-year median of 0.80. Over the past 10 years, this metric has ranged from a low of 0.32 to a high of 4.39. Based on the distribution chart, Oaktree Specialty Lending ranks #731 out of 1170 companies in the Asset Management industry, which is below the industry midpoint. Overall, Oaktree Specialty Lending has a GF Score™ of 51/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Oaktree Specialty Lending's Graham Number compare to MUC and CII?
According to the Asset Management industry distribution chart, Oaktree Specialty Lending ranks #731 out of 1170 companies for Graham Number. This places Oaktree Specialty Lending in the lower half of its industry. The industry median Graham Number is 0.71. Historically, Oaktree Specialty Lending's own Graham Number has ranged from 0.32 to 4.39 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 0.71, based on 1,170 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 Oaktree Specialty Lending and its competitors. For the Asset Management industry, the median Graham Number is 0.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Oaktree Specialty Lending's current Graham Number is €12.22, which is 1428% above median its own 10-year median of 0.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oaktree Specialty Lending stock overvalued right now?
Based on GuruFocus' analysis, Oaktree Specialty Lending (FRA:FFC) is currently considered Modestly Undervalued. The stock's GF Value™ is €11.94, compared to a current price of €10.76 — trading 9.9% below its estimated fair value. The current Graham Number is €12.22, which is 1428% above median its 10-year median of 0.80. Oaktree Specialty Lending's overall GF Score™ is 51/100 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 Oaktree Specialty Lending (FRA:FFC), the current Graham Number is €12.22 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 Oaktree Specialty Lending (FRA:FFC) Overvalued in 2026?
Based on GuruFocus' analysis, Oaktree Specialty Lending stock appears to be undervalued.
The current stock price of €10.76 is trading 9.9% below its estimated GF Value™ of €11.94.
GuruFocus considers Oaktree Specialty Lending to be Modestly Undervalued.
Key valuation signals for FRA:FFC:
Graham Number: €12.22 (1428% above median its 10-year median of 0.80)
GF Value™: €11.94 vs. price of €10.76 (9.9% below fair value)
No single metric tells the full story. See the FRA:FFC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Oaktree Specialty Lending Corp is a specialty finance company. The company provides lending services and invests in small and mid-sized companies. The company's investment objective is to maximize its portfolio's total return by generating current income from debt investments, and to a lesser extent, capital appreciation from equity investments. The company provides customized, one-stop credit solutions to companies with limited access to public or syndicated capital markets. The company operates as a single reportable segment and derives revenues from investing in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.
51GF Score
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