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DeFi TechnologiesFRA:R9B -3.16%50 Graham Number is €0.72 as of Mar. 2026, which is 100% below its 10-year median of 12.95. GuruFocus rates FRA:R9B with a GF Score™ of 50/100 and a GF Value™ of €0.53 (Possible Value Trap). The stock has 9 warning signs investors should review. Among 527 Capital Markets companies, DeFi Technologies ranks better than 84.63% 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 DeFi Technologies is €0.368. DeFi Technologies's graham number for the quarter that ended in Mar. 2026 was €0.72. Therefore, DeFi Technologies's Price to Graham Number ratio for today is 0.51.
The historical rank and industry rank for DeFi Technologies's Graham Number or its related term are showing as below:
FRA:R9B'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.48 Med: 12.95 Max: 17.63
Current: 0.48
During the past 13 years, the highest Price to Graham Number ratio of DeFi Technologies was 17.63. The lowest was 0.48. And the median was 12.95.
FRA:R9B's Price-to-Graham-Number is ranked better than 84.63% of 527
companies
in the Capital Markets industry
Industry Median: 1.11
vs FRA:R9B: 0.48
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
DeFi Technologies (FRA:R9B) 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.
DeFi Technologies's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
0.368
/
0.72
=
0.51
* 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.
DeFi Technologies Graham Number Related Terms
DeFi Technologies Graham Number Historical Data
* Premium members only.
The historical data trend for DeFi Technologies'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.
For the Capital Markets subindustry, DeFi Technologies'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.
DeFi Technologies Price-to-Graham-Number vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, DeFi Technologies's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where DeFi Technologies'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.
DeFi Technologies (FRA:R9B) has a Graham Number of €0.72 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on DeFi Technologies and its competitors. This is 94% below median its historical median of 12.95. Over the past decade, DeFi Technologies' Graham Number has ranged from 0.48 to 17.63. According to the industry distribution chart, DeFi Technologies ranks #81 out of 527 companies in the Capital Markets industry, placing it in the top 15.4%.
Is DeFi Technologies' Graham Number too high?
DeFi Technologies' current Graham Number of €0.72 is 94% below median its 10-year median of 12.95. Over the past 10 years, this metric has ranged from a low of 0.48 to a high of 17.63. Based on the distribution chart, DeFi Technologies ranks #81 out of 527 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, DeFi Technologies has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does DeFi Technologies' Graham Number compare to MS and GS?
According to the Capital Markets industry distribution chart, DeFi Technologies ranks #81 out of 527 companies for Graham Number. This places DeFi Technologies in the top 15% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.11. Historically, DeFi Technologies' own Graham Number has ranged from 0.48 to 17.63 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 Capital Markets company?
The median Graham Number among Capital Markets companies is 1.11, based on 527 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 DeFi Technologies and its competitors. For the Capital Markets industry, the median Graham Number is 1.11 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. DeFi Technologies's current Graham Number is €0.72, which is 94% below median its own 10-year median of 12.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DeFi Technologies stock overvalued right now?
Based on GuruFocus' analysis, DeFi Technologies (FRA:R9B) is currently considered Possible Value Trap. The stock's GF Value™ is €0.53, compared to a current price of €0.37 — trading 30.6% below its estimated fair value. The current Graham Number is €0.72, which is 94% below median its 10-year median of 12.95. DeFi Technologies' overall GF Score™ is 50/100 with 9 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 DeFi Technologies (FRA:R9B), the current Graham Number is €0.72 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 DeFi Technologies (FRA:R9B) Overvalued in 2026?
Based on GuruFocus' analysis, DeFi Technologies stock appears to be undervalued.
The current stock price of €0.37 is trading 30.6% below its estimated GF Value™ of €0.53.
GuruFocus considers DeFi Technologies to be Possible Value Trap.
Key valuation signals for FRA:R9B:
Graham Number: €0.72 (94% below median its 10-year median of 12.95)
GF Value™: €0.53 vs. price of €0.37 (30.6% below fair value)
No single metric tells the full story. See the FRA:R9B stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
DeFi Technologies Inc is a Canadian technology company bridging the gap between traditional capital markets and decentralized finance. The Company generates revenues through the issuance of exchange-traded products that synthetically track the value of a single DeFi protocol, investments in various companies and protocols across the decentralized finance ecosystem to build a diversified portfolio of decentralized finance assets, providing premium membership for research reports to investors and offering node management of decentralized protocols to support governance, security and transaction validation.
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