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Oxford InstrumentsFRA:OX3 +4.52%83 Graham Number is €11.07 as of Mar. 2026, which is 100% below its 10-year median of 2.61. GuruFocus rates FRA:OX3 with a GF Score™ of 83/100 and a GF Value™ of €23.62 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,622 Hardware companies, Oxford Instruments ranks worse than 69.54% 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 (2026-08-03), the stock price of Oxford Instruments is €32.40. Oxford Instruments's graham number for the quarter that ended in Mar. 2026 was €11.07. Therefore, Oxford Instruments's Price to Graham Number ratio for today is 2.93.
The historical rank and industry rank for Oxford Instruments's Graham Number or its related term are showing as below:
FRA:OX3'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.67 Med: 2.61 Max: 3.46
Current: 2.84
During the past 13 years, the highest Price to Graham Number ratio of Oxford Instruments was 3.46. The lowest was 1.67. And the median was 2.61.
FRA:OX3's Price-to-Graham-Number is ranked worse than 69.54% of 1622
companies
in the Hardware industry
Industry Median: 1.815
vs FRA:OX3: 2.84
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Oxford Instruments (FRA:OX3) 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.
Oxford Instruments's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
32.40
/
11.07
=
2.93
* 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.
Oxford Instruments Graham Number Related Terms
Oxford Instruments Graham Number Historical Data
* Premium members only.
The historical data trend for Oxford Instruments'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:OX3 vs COHR, KEYS, GRMN: Graham Number Comparison
For the Scientific & Technical Instruments subindustry, Oxford Instruments'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.
Oxford Instruments Price-to-Graham-Number vs Hardware Industry
For the Hardware industry and Technology sector, Oxford Instruments's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Oxford Instruments'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.
Oxford Instruments (FRA:OX3) has a Graham Number of €11.07 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Oxford Instruments and its competitors. This is 324% above median its historical median of 2.61. Over the past decade, Oxford Instruments' Graham Number has ranged from 1.67 to 3.46. According to the industry distribution chart, Oxford Instruments ranks #1128 out of 1622 companies in the Hardware industry, placing it in the top 69.5%.
Is Oxford Instruments' Graham Number too high?
Oxford Instruments' current Graham Number of €11.07 is 324% above median its 10-year median of 2.61. Over the past 10 years, this metric has ranged from a low of 1.67 to a high of 3.46. Based on the distribution chart, Oxford Instruments ranks #1128 out of 1622 companies in the Hardware industry, which is below the industry midpoint. Overall, Oxford Instruments has a GF Score™ of 83/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Oxford Instruments' Graham Number compare to COHR and KEYS?
According to the Hardware industry distribution chart, Oxford Instruments ranks #1128 out of 1622 companies for Graham Number. This places Oxford Instruments in the lower half of its industry. The industry median Graham Number is 1.82. Historically, Oxford Instruments' own Graham Number has ranged from 1.67 to 3.46 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 1.82, based on 1,622 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 Oxford Instruments and its competitors. For the Hardware industry, the median Graham Number is 1.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Oxford Instruments's current Graham Number is €11.07, which is 324% above median its own 10-year median of 2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oxford Instruments stock overvalued right now?
Based on GuruFocus' analysis, Oxford Instruments (FRA:OX3) is currently considered Significantly Overvalued. The stock's GF Value™ is €23.62, compared to a current price of €32.40 — trading 37.2% above its estimated fair value. The current Graham Number is €11.07, which is 324% above median its 10-year median of 2.61. Oxford Instruments' overall GF Score™ is 83/100 with 2 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 Oxford Instruments (FRA:OX3), the current Graham Number is €11.07 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 Oxford Instruments (FRA:OX3) Overvalued in 2026?
Based on GuruFocus' analysis, Oxford Instruments stock appears to be overvalued.
The current stock price of €32.40 is trading 37.2% above its estimated GF Value™ of €23.62.
GuruFocus considers Oxford Instruments to be Significantly Overvalued.
Key valuation signals for FRA:OX3:
Graham Number: €11.07 (324% above median its 10-year median of 2.61)
GF Value™: €23.62 vs. price of €32.40 (37.2% above fair value)
No single metric tells the full story. See the FRA:OX3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Oxford Instruments PLC is engaged in researching, developing, manufacturing, renting, selling, and servicing high-technology tools and systems. The company's operating segment includes Materials and Characterisation; Research and Discovery and Service and Healthcare. It generates maximum revenue from the Materials and Characterisation segment. The Materials and Characterisation segment focuses on applied R&D and commercial customers, enabling the fabrication and characterization of materials and devices down to the atomic scale. Geographically, it derives a majority of its revenue from Asia and also has a presence in Europe, North America, and the Rest of the World.
83GF Score
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