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Ceragon NetworksFRA:GGN -0.52%70 Graham Number is €1.42 as of Mar. 2026, which is 100% below its 10-year median of 1.17. GuruFocus rates FRA:GGN with a GF Score™ of 70/100 and a GF Value™ of €2.02 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,621 Hardware companies, Ceragon Networks ranks better than 66.81% 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 (2026-08-11), the stock price of Ceragon Networks is €1.896. Ceragon Networks's graham number for the quarter that ended in Mar. 2026 was €1.42. Therefore, Ceragon Networks's Price to Graham Number ratio for today is 1.33.
The historical rank and industry rank for Ceragon Networks's Graham Number or its related term are showing as below:
FRA:GGN'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.65 Med: 1.17 Max: 3.21
Current: 1.28
During the past 13 years, the highest Price to Graham Number ratio of Ceragon Networks was 3.21. The lowest was 0.65. And the median was 1.17.
FRA:GGN's Price-to-Graham-Number is ranked better than 66.81% of 1621
companies
in the Hardware industry
Industry Median: 1.91
vs FRA:GGN: 1.28
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Ceragon Networks (FRA:GGN) 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.
Ceragon Networks's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
1.896
/
1.42
=
1.33
* 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.
Ceragon Networks Graham Number Related Terms
Ceragon Networks Graham Number Historical Data
* Premium members only.
The historical data trend for Ceragon Networks'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:GGN vs SILC, LTRX, AMPG: Graham Number Comparison
For the Communication Equipment subindustry, Ceragon Networks'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.
Ceragon Networks Price-to-Graham-Number vs Hardware Industry
For the Hardware industry and Technology sector, Ceragon Networks's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Ceragon Networks'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.
Ceragon Networks (FRA:GGN) has a Graham Number of €1.42 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Ceragon Networks and its competitors. This is 21% above median its historical median of 1.17. Over the past decade, Ceragon Networks' Graham Number has ranged from 0.65 to 3.21. According to the industry distribution chart, Ceragon Networks ranks #538 out of 1621 companies in the Hardware industry, placing it in the top 33.2%.
Is Ceragon Networks' Graham Number too high?
Ceragon Networks' current Graham Number of €1.42 is 21% above median its 10-year median of 1.17. Over the past 10 years, this metric has ranged from a low of 0.65 to a high of 3.21. Based on the distribution chart, Ceragon Networks ranks #538 out of 1621 companies in the Hardware industry, which is above the industry midpoint. Overall, Ceragon Networks has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ceragon Networks' Graham Number compare to SILC and LTRX?
According to the Hardware industry distribution chart, Ceragon Networks ranks #538 out of 1621 companies for Graham Number. This puts Ceragon Networks in the upper half of its industry. The industry median Graham Number is 1.91. Historically, Ceragon Networks' own Graham Number has ranged from 0.65 to 3.21 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 a Hardware company?
The median Graham Number among Hardware companies is 1.91, based on 1,621 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 Ceragon Networks and its competitors. For the Hardware industry, the median Graham Number is 1.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ceragon Networks's current Graham Number is €1.42, which is 21% above median its own 10-year median of 1.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ceragon Networks stock overvalued right now?
Based on GuruFocus' analysis, Ceragon Networks (FRA:GGN) is currently considered Fairly Valued. The stock's GF Value™ is €2.02, compared to a current price of €1.90 — trading 6.1% below its estimated fair value. The current Graham Number is €1.42, which is 21% above median its 10-year median of 1.17. Ceragon Networks' overall GF Score™ is 70/100 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 Ceragon Networks (FRA:GGN), the current Graham Number is €1.42 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 Ceragon Networks (FRA:GGN) Overvalued in 2026?
Based on GuruFocus' analysis, Ceragon Networks stock appears to be undervalued.
The current stock price of €1.90 is trading 6.1% below its estimated GF Value™ of €2.02.
GuruFocus considers Ceragon Networks to be Fairly Valued.
Key valuation signals for FRA:GGN:
Graham Number: €1.42 (21% above median its 10-year median of 1.17)
GF Value™: €2.02 vs. price of €1.90 (6.1% below fair value)
No single metric tells the full story. See the FRA:GGN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ceragon Networks Ltd is a wireless transport specialist, providing wireless connectivity solutions to markets globally across various industries, including wireless (mobile) network service providers and private networks, enabling them to build new networks and evolve networks towards 4G and 5G services. Its portfolio mainly comprises the IP-20 and IP-50 product series, including integrated multi-technology radio units operating across frequencies from 4 GHz to 86 GHz, as well as single-radio devices used for wireless data transport. Additionally, the company offers turnkey services including: network and radio planning, site survey, installation, network auditing and optimization, and more. Geographically, it derives maximum revenue from India, followed by North America and other regions.
70GF Score
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