Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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.
Path2 Hydrogen AGFRA:PTHH 22 Graham Number is €N/A as of Dec. 2025. GuruFocus rates FRA:PTHH with a GF Score™ of 22/100. The stock has 5 warning signs investors should review. Among 414 Utilities - Regulated companies, Path2 Hydrogen AG ranks worse than 241545.65% 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 (2026-07-26), the stock price of Path2 Hydrogen AG is €0.436. Path2 Hydrogen AG's graham number for the quarter that ended in Dec. 2025 was €N/A. Therefore, Path2 Hydrogen AG's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Path2 Hydrogen AG's Graham Number or its related term are showing as below:
FRA:PTHH's Price-to-Graham-Number is not ranked *
in the Utilities - Regulated industry.
Industry Median: 1.135 * 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.
Path2 Hydrogen AG (FRA:PTHH) 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.
Path2 Hydrogen AG's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
0.436
/
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.
Path2 Hydrogen AG Graham Number Related Terms
Path2 Hydrogen AG Graham Number Historical Data
* Premium members only.
The historical data trend for Path2 Hydrogen AG'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:PTHH vs ATO, NI, UGI: Graham Number Comparison
For the Utilities - Regulated Gas subindustry, Path2 Hydrogen AG'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.
Path2 Hydrogen AG Price-to-Graham-Number vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Path2 Hydrogen AG's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Path2 Hydrogen AG'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.
Path2 Hydrogen AG (FRA:PTHH) has a Graham Number of €N/A as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Path2 Hydrogen AG and its competitors. According to the industry distribution chart, Path2 Hydrogen AG ranks #999999 out of 414 companies in the Utilities - Regulated industry.
Is Path2 Hydrogen AG's Graham Number too high?
Path2 Hydrogen AG's current Graham Number is €N/A. Based on the distribution chart, Path2 Hydrogen AG ranks #999999 out of 414 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Path2 Hydrogen AG has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Path2 Hydrogen AG's Graham Number compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Path2 Hydrogen AG ranks #999999 out of 414 companies for Graham Number. This places Path2 Hydrogen AG in the lower half of its industry. The industry median Graham Number is 1.14. 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 Utilities - Regulated company?
The median Graham Number among Utilities - Regulated companies is 1.14, based on 414 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 Path2 Hydrogen AG and its competitors. For the Utilities - Regulated industry, the median Graham Number is 1.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Path2 Hydrogen AG'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 Path2 Hydrogen AG stock overvalued right now?
Path2 Hydrogen AG (FRA:PTHH) has a current Graham Number of €N/A. The current Graham Number is €N/A. Path2 Hydrogen AG's overall GF Score™ is 22/100 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 Path2 Hydrogen AG (FRA:PTHH), the current Graham Number is €N/A as of Dec. 2025. 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.
Path2 Hydrogen AG is focused on advancing the hydrogen infrastructure economy. It involves in liquefaction, transfer and storage of hydrogen and equipment.
22GF Score
Get the complete analysis for FRA:PTHH
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:PTHH has been successfully added to your 
