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MIND TechnologyFRA:MI70 +1.59%44 Graham Number is €3.51 as of Apr. 2026, which is 100% below its 10-year median of 0.64. GuruFocus rates FRA:MI70 with a GF Score™ of 44/100 and a GF Value™ of €1.14. The stock has 4 warning signs investors should review. Among 1,649 Hardware companies, MIND Technology ranks better than 70.22% 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 (2026-08-23), the stock price of MIND Technology is €3.84. MIND Technology's graham number for the quarter that ended in Apr. 2026 was €3.51. Therefore, MIND Technology's Price to Graham Number ratio for today is 1.09.
The historical rank and industry rank for MIND Technology's Graham Number or its related term are showing as below:
FRA:MI70'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.25 Med: 0.64 Max: 2.8
Current: 1.1
During the past 13 years, the highest Price to Graham Number ratio of MIND Technology was 2.80. The lowest was 0.25. And the median was 0.64.
FRA:MI70's Price-to-Graham-Number is ranked better than 70.22% of 1649
companies
in the Hardware industry
Industry Median: 1.78
vs FRA:MI70: 1.10
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
MIND Technology (FRA:MI70) 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.
MIND Technology's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
3.84
/
3.51
=
1.09
* 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.
MIND Technology Graham Number Related Terms
MIND Technology Graham Number Historical Data
* Premium members only.
The historical data trend for MIND Technology'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:MI70 vs ACFN, LGL, AATC: Graham Number Comparison
For the Scientific & Technical Instruments subindustry, MIND Technology'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.
MIND Technology Price-to-Graham-Number vs Hardware Industry
For the Hardware industry and Technology sector, MIND Technology's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where MIND Technology'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.
MIND Technology (FRA:MI70) has a Graham Number of €3.51 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on MIND Technology and its competitors. This is 448% above median its historical median of 0.64. Over the past decade, MIND Technology's Graham Number has ranged from 0.25 to 2.80. According to the industry distribution chart, MIND Technology ranks #491 out of 1649 companies in the Hardware industry, placing it in the top 29.8%.
Is MIND Technology's Graham Number too high?
MIND Technology's current Graham Number of €3.51 is 448% above median its 10-year median of 0.64. Over the past 10 years, this metric has ranged from a low of 0.25 to a high of 2.80. Based on the distribution chart, MIND Technology ranks #491 out of 1649 companies in the Hardware industry, which is above the industry midpoint. Overall, MIND Technology has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does MIND Technology's Graham Number compare to ACFN and LGL?
According to the Hardware industry distribution chart, MIND Technology ranks #491 out of 1649 companies for Graham Number. This puts MIND Technology in the upper half of its industry. The industry median Graham Number is 1.78. Historically, MIND Technology's own Graham Number has ranged from 0.25 to 2.80 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 1.78, based on 1,649 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 MIND Technology and its competitors. For the Hardware industry, the median Graham Number is 1.78 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MIND Technology's current Graham Number is €3.51, which is 448% above median its own 10-year median of 0.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MIND Technology stock overvalued right now?
MIND Technology (FRA:MI70) has a current Graham Number of €3.51. The stock's GF Value™ is €1.14, compared to a current price of €3.84 — trading 236.8% above its estimated fair value. The current Graham Number is €3.51, which is 448% above median its 10-year median of 0.64. MIND Technology's overall GF Score™ is 44/100 with 4 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 MIND Technology (FRA:MI70), the current Graham Number is €3.51 as of Apr. 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 MIND Technology (FRA:MI70) Overvalued in 2026?
Based on GuruFocus' analysis, MIND Technology stock appears to be overvalued.
The current stock price of €3.84 is trading 236.8% above its estimated GF Value™ of €1.14.
Key valuation signals for FRA:MI70:
Graham Number: €3.51 (448% above median its 10-year median of 0.64)
GF Value™: €1.14 vs. price of €3.84 (236.8% above fair value)
No single metric tells the full story. See the FRA:MI70 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MIND Technology Inc provides technology and solutions for exploration, survey, and defense applications in oceanographic, hydrographic, defense, seismic, and security industries. The company operates in single segment namely, Seamap which provides services and products, including engineering, repairs and software licensing, utilized in marine exploration, marine survey and maritime security for marine survey companies, seismic survey contractors, research institutes, non-military government organizations and operators of port facilities and other offshore installations. The company generates more revenue from Seamap Marine Products. The company's geographical segments include the United States; China, Norway; Turkey; Singapore; and Canada & Other.
44GF Score
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