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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.
As of today (2026-07-25), the stock price of The Middleby is €113.00. The Middleby's graham number for the quarter that ended in Mar. 2026 was €N/A. Therefore, The Middleby's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for The Middleby's Graham Number or its related term are showing as below:
During the past 13 years, the highest Price to Graham Number ratio of The Middleby was 1.94. The lowest was 1.94. And the median was 1.94.
FRA:MBY's Price-to-Graham-Number is not ranked *
in the Industrial Products industry.
Industry Median: 1.69 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
The Middleby (FRA:MBY) 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.
The Middleby's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
113.00
/
N/A
=
N/A
* 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.
The Middleby Graham Number Related Terms
The Middleby Graham Number Historical Data
* Premium members only.
The historical data trend for The Middleby'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:MBY vs NPO, GTES, JBTM: Graham Number Comparison
For the Specialty Industrial Machinery subindustry, The Middleby'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.
The Middleby Price-to-Graham-Number vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, The Middleby's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where The Middleby'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.
The Middleby (FRA:MBY) has a Graham Number of €N/A as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on The Middleby and its competitors. Over the past decade, The Middleby's Graham Number has ranged from 1.94 to 1.94. According to the industry distribution chart, The Middleby ranks #999999 out of 2200 companies in the Industrial Products industry.
Is The Middleby's Graham Number too high?
The Middleby's current Graham Number is €N/A. Over the past 10 years, this metric has ranged from a low of 1.94 to a high of 1.94. Based on the distribution chart, The Middleby ranks #999999 out of 2200 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, The Middleby has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does The Middleby's Graham Number compare to NPO and GTES?
According to the Industrial Products industry distribution chart, The Middleby ranks #999999 out of 2200 companies for Graham Number. This places The Middleby in the lower half of its industry. The industry median Graham Number is 1.69. Historically, The Middleby's own Graham Number has ranged from 1.94 to 1.94 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 Industrial Products company?
The median Graham Number among Industrial Products companies is 1.69, based on 2,200 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 The Middleby and its competitors. For the Industrial Products industry, the median Graham Number is 1.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The Middleby's current Graham Number is €N/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Middleby stock overvalued right now?
The Middleby (FRA:MBY) has a current Graham Number of €N/A. The stock's GF Value™ is €96.01, compared to a current price of €113.00 — trading 17.7% above its estimated fair value. The current Graham Number is €N/A. The Middleby's overall GF Score™ is 79/100 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 The Middleby (FRA:MBY), the current Graham Number is €N/A 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 The Middleby (FRA:MBY) Overvalued in 2026?
Based on GuruFocus' analysis, The Middleby stock appears to be overvalued.
The current stock price of €113.00 is trading 17.7% above its estimated GF Value™ of €96.01.
Key valuation signals for FRA:MBY:
Graham Number: €N/A
GF Value™: €96.01 vs. price of €113.00 (17.7% above fair value)
No single metric tells the full story. See the FRA:MBY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The Middleby Corp is engaged in designing, manufacturing, marketing, distribution and service of a broad line of foodservice equipment used in all types of commercial restaurants and institutional kitchens, food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment used in the residential market. The company conducts its business through three principal business segments namely the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. The firm derives majority revenue from Commercial Foodservice Equipment Group segment.
79GF Score
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