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Golub Capital BDCFRA:OGL -1.49%47 Graham Number is €13.57 as of Mar. 2026, which is 100% below its 10-year median of 0.76. GuruFocus rates FRA:OGL with a GF Score™ of 47/100 and a GF Value™ of €7.74 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,170 Asset Management companies, Golub Capital BDC ranks worse than 60.43% 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 (2026-07-21), the stock price of Golub Capital BDC is €11.255. Golub Capital BDC's graham number for the quarter that ended in Mar. 2026 was €13.57. Therefore, Golub Capital BDC's Price to Graham Number ratio for today is 0.83.
The historical rank and industry rank for Golub Capital BDC's Graham Number or its related term are showing as below:
FRA:OGL'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.49 Med: 0.76 Max: 1.74
Current: 0.82
During the past 13 years, the highest Price to Graham Number ratio of Golub Capital BDC was 1.74. The lowest was 0.49. And the median was 0.76.
FRA:OGL's Price-to-Graham-Number is ranked worse than 60.43% of 1170
companies
in the Asset Management industry
Industry Median: 0.71
vs FRA:OGL: 0.82
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Golub Capital BDC (FRA:OGL) 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.
Golub Capital BDC's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
11.255
/
13.57
=
0.83
* 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.
Golub Capital BDC Graham Number Related Terms
Golub Capital BDC Graham Number Historical Data
* Premium members only.
The historical data trend for Golub Capital BDC'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:OGL vs STEP, CSQ, AB: Graham Number Comparison
For the Asset Management subindustry, Golub Capital BDC'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.
Golub Capital BDC Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Golub Capital BDC's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Golub Capital BDC'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.
Golub Capital BDC (FRA:OGL) has a Graham Number of €13.57 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Golub Capital BDC and its competitors. This is 1686% above median its historical median of 0.76. Over the past decade, Golub Capital BDC's Graham Number has ranged from 0.49 to 1.74. According to the industry distribution chart, Golub Capital BDC ranks #707 out of 1170 companies in the Asset Management industry, placing it in the top 60.4%.
Is Golub Capital BDC's Graham Number too high?
Golub Capital BDC's current Graham Number of €13.57 is 1686% above median its 10-year median of 0.76. Over the past 10 years, this metric has ranged from a low of 0.49 to a high of 1.74. Based on the distribution chart, Golub Capital BDC ranks #707 out of 1170 companies in the Asset Management industry, which is below the industry midpoint. Overall, Golub Capital BDC has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Golub Capital BDC's Graham Number compare to STEP and CSQ?
According to the Asset Management industry distribution chart, Golub Capital BDC ranks #707 out of 1170 companies for Graham Number. This places Golub Capital BDC in the lower half of its industry. The industry median Graham Number is 0.71. Historically, Golub Capital BDC's own Graham Number has ranged from 0.49 to 1.74 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 Golub Capital BDC 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. Golub Capital BDC's current Graham Number is €13.57, which is 1686% above median its own 10-year median of 0.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Golub Capital BDC stock overvalued right now?
Based on GuruFocus' analysis, Golub Capital BDC (FRA:OGL) is currently considered Significantly Overvalued. The stock's GF Value™ is €7.74, compared to a current price of €11.26 — trading 45.4% above its estimated fair value. The current Graham Number is €13.57, which is 1686% above median its 10-year median of 0.76. Golub Capital BDC's overall GF Score™ is 47/100 with 7 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 Golub Capital BDC (FRA:OGL), the current Graham Number is €13.57 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 Golub Capital BDC (FRA:OGL) Overvalued in 2026?
Based on GuruFocus' analysis, Golub Capital BDC stock appears to be overvalued.
The current stock price of €11.26 is trading 45.4% above its estimated GF Value™ of €7.74.
GuruFocus considers Golub Capital BDC to be Significantly Overvalued.
Key valuation signals for FRA:OGL:
Graham Number: €13.57 (1686% above median its 10-year median of 0.76)
GF Value™: €7.74 vs. price of €11.26 (45.4% above fair value)
No single metric tells the full story. See the FRA:OGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Golub Capital BDC Inc. is an externally managed, closed-end, non-diversified management investment company. Its investment objective is to generate current income and capital appreciation by investing in senior secured and one-stop loans in U.S. middle-market companies. It also invests in second-lien and subordinated loans, warrants, and minority equity securities in U.S. middle-market companies. The company generally invests in securities rated below investment grade by independent rating agencies, or those that would be rated below investment grade if evaluated. The company operates in the USA, Canada, and other countries, with the majority of its revenue coming from the USA.
47GF Score
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