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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 Interactive Brokers Group's Graham Number or its related term are showing as below:
FRA:KY6'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.26 Med: 1.65 Max: 9.83
Current: 3.52
During the past 13 years, the highest Price to Graham Number ratio of Interactive Brokers Group was 9.83. The lowest was 1.26. And the median was 1.65.
FRA:KY6's Price-to-Graham-Number is ranked worse than 88.7% of 522
companies
in the Capital Markets industry
Industry Median: 1.1
vs FRA:KY6: 3.52
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Interactive Brokers Group (FRA:KY6) 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.
Interactive Brokers Group's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
79.13
/
23.40
=
3.38
* 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.
Interactive Brokers Group Graham Number Related Terms
Interactive Brokers Group 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:KY6 vs LPLA, TW, CRCL: Graham Number Comparison
For the Capital Markets subindustry, Interactive Brokers Group'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.
Interactive Brokers Group Price-to-Graham-Number vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Interactive Brokers Group's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Interactive Brokers Group'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.
Interactive Brokers Group (FRA:KY6) has a Graham Number of €23.40 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Interactive Brokers Group and its competitors. According to the industry distribution chart, Interactive Brokers Group ranks #463 out of 522 companies in the Capital Markets industry, placing it in the top 88.7%.
Is Interactive Brokers Group's Graham Number too high?
Interactive Brokers Group's current Graham Number is €23.40. Based on the distribution chart, Interactive Brokers Group ranks #463 out of 522 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Interactive Brokers Group has a GF Score™ of 85/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Interactive Brokers Group's Graham Number compare to LPLA and TW?
According to the Capital Markets industry distribution chart, Interactive Brokers Group ranks #463 out of 522 companies for Graham Number. This places Interactive Brokers Group in the lower half of its industry. The industry median Graham Number is 1.10. 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 Capital Markets company?
The median Graham Number among Capital Markets companies is 1.10, based on 522 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 Interactive Brokers Group and its competitors. For the Capital Markets industry, the median Graham Number is 1.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Interactive Brokers Group's current Graham Number is €23.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Interactive Brokers Group stock overvalued right now?
Based on GuruFocus' analysis, Interactive Brokers Group (FRA:KY6) is currently considered Significantly Overvalued. The stock's GF Value™ is €41.25, compared to a current price of €79.13 — trading 91.8% above its estimated fair value. The current Graham Number is €23.40. Interactive Brokers Group's overall GF Score™ is 85/100 with 8 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 Interactive Brokers Group (FRA:KY6), the current Graham Number is €23.40 as of Jun. 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 Interactive Brokers Group (FRA:KY6) Overvalued in 2026?
Based on GuruFocus' analysis, Interactive Brokers Group stock appears to be overvalued.
The current stock price of €79.13 is trading 91.8% above its estimated GF Value™ of €41.25.
GuruFocus considers Interactive Brokers Group to be Significantly Overvalued.
Key valuation signals for FRA:KY6:
Graham Number: €23.40
GF Value™: €41.25 vs. price of €79.13 (91.8% above fair value)
No single metric tells the full story. See the FRA:KY6 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Interactive Brokers is a large, automated, retail and institutional brokerage that boasted nearly $780 billion in customer equity at the end of 2025. The company cut its teeth as a market maker, introducing US financial markets to automated and algorithmic training before expanding into brokerage services in 1993. The firm has a wide-ranging client base, with its best-in-class order execution and extremely low margin lending rates catering to a sophisticated audience of hedge funds, proprietary traders, and introducing brokers that account for about 45% of the firm's commissions. With operations spanning more than 170 electronic exchanges, 40 countries, and 29 currencies, Interactive Brokers caters to a global clientele, with more than 80% of active accounts sitting outside the US.
85GF Score
Get the complete analysis for FRA:KY6
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