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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.
First Real Estate Investment Trust of New Jersey (OTCPK:FREVS) 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.
First Real Estate Investment Trust of New Jersey's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
21.35
/
6.19
=
3.45
* 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.
First Real Estate Investment Trust of New Jersey Graham Number Related Terms
First Real Estate Investment Trust of New Jersey Graham Number Historical Data
* 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.
First Real Estate Investment Trust of New Jersey Graham Number Chart
First Real Estate Investment Trust of New Jersey Annual Data
FREVS vs ELME, MRTI, CLPR: Graham Number Comparison
For the REIT - Residential subindustry, First Real Estate Investment Trust of New Jersey'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.
First Real Estate Investment Trust of New Jersey Price-to-Graham-Number vs REITs Industry
* 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.
First Real Estate Investment Trust of New Jersey (FREVS) has a Graham Number of $6.19 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on First Real Estate Investment Trust of New Jersey and its competitors. This is 27% above median its historical median of 4.88. Over the past decade, First Real Estate Investment Trust of New Jersey's Graham Number has ranged from 2.16 to 17.27. According to the industry distribution chart, First Real Estate Investment Trust of New Jersey ranks #692 out of 732 companies in the REITs industry, placing it in the top 94.5%.
Is First Real Estate Investment Trust of New Jersey's Graham Number too high?
First Real Estate Investment Trust of New Jersey's current Graham Number of $6.19 is 27% above median its 10-year median of 4.88. Over the past 10 years, this metric has ranged from a low of 2.16 to a high of 17.27. The REITs industry median Graham Number is 0.73. First Real Estate Investment Trust of New Jersey's value of $6.19 is 747.9% above this industry median. Based on the distribution chart, First Real Estate Investment Trust of New Jersey ranks #692 out of 732 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, First Real Estate Investment Trust of New Jersey has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Real Estate Investment Trust of New Jersey's Graham Number compare to ELME and MRTI?
According to the REITs industry distribution chart, First Real Estate Investment Trust of New Jersey ranks #692 out of 732 companies for Graham Number. This places First Real Estate Investment Trust of New Jersey in the lower half of its industry. The industry median Graham Number is 0.73. First Real Estate Investment Trust of New Jersey's value of $6.19 is 747.9% above this benchmark. Historically, First Real Estate Investment Trust of New Jersey's own Graham Number has ranged from 2.16 to 17.27 over the past decade. While the company's 10-year median is 4.88 vs. the industry median of 0.73, First Real Estate Investment Trust of New Jersey has consistently been above the industry average. 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 REITs company?
The median Graham Number among REITs companies is 0.73, based on 732 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. First Real Estate Investment Trust of New Jersey's current Graham Number of $6.19 is 747.9% above the industry median. 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 First Real Estate Investment Trust of New Jersey and its competitors. For the REITs industry, the median Graham Number is 0.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Real Estate Investment Trust of New Jersey's current Graham Number is $6.19, which is 27% above median its own 10-year median of 4.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Real Estate Investment Trust of New Jersey stock overvalued right now?
Based on GuruFocus' analysis, First Real Estate Investment Trust of New Jersey (FREVS) is currently considered Modestly Overvalued. The stock's GF Value™ is $17.10, compared to a current price of $21.35 — trading 24.9% above its estimated fair value. The current Graham Number is $6.19, which is 27% above median its 10-year median of 4.88 and 747.9% above the REITs industry median of 0.73. First Real Estate Investment Trust of New Jersey's overall GF Score™ is 65/100 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 First Real Estate Investment Trust of New Jersey (FREVS), the current Graham Number is $6.19 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 First Real Estate Investment Trust of New Jersey (FREVS) Overvalued in 2026?
Based on GuruFocus' analysis, First Real Estate Investment Trust of New Jersey stock appears to be overvalued.
The current stock price of $21.35 is trading 24.9% above its estimated GF Value™ of $17.10.
GuruFocus considers First Real Estate Investment Trust of New Jersey to be Modestly Overvalued.
Key valuation signals for FREVS:
Graham Number: $6.19 (27% above median its 10-year median of 4.88)
GF Value™: $17.10 vs. price of $21.35 (24.9% above fair value)
Industry Position: 747.9% above the REITs median (#692 of 732)
No single metric tells the full story. See the FREVS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Real Estate Investment Trust of New Jersey Inc operates in the real estate sector of the United States. It implies the investment in real estate properties and passing on a regular income and benefit of capital appreciation to its shareholders. The company operates in two reportable segments; commercial properties and residential properties. Its revenues consist of fixed rental income from its residential and commercial properties and additional rent in the form of expense reimbursements acquired from its income-producing commercial properties. The majority of revenue is derived from the Residential properties segment.
65GF Score
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