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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.
GNT'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.32 Med: 0.65 Max: 0.84
Current: 0.36
During the past 9 years, the highest Price to Graham Number ratio of GAMCO Natural Resources, Gold &ome Trust was 0.84. The lowest was 0.32. And the median was 0.65.
GNT's Price-to-Graham-Number is ranked better than 88.96% of 1168
companies
in the Asset Management industry
Industry Median: 0.7
vs GNT: 0.36
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
GAMCO Natural Resources, Gold &ome Trust (NYSE:GNT) 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.
GAMCO Natural Resources, Gold &ome Trust's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
8.19
/
23.03
=
0.36
* 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.
GAMCO Natural Resources, Gold &ome Trust Graham Number Related Terms
GAMCO Natural Resources, Gold &ome Trust 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.
GAMCO Natural Resources, Gold &ome Trust Graham Number Chart
GAMCO Natural Resources, Gold &ome Trust Annual Data
For the Asset Management subindustry, GAMCO Natural Resources, Gold &ome Trust'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.
GAMCO Natural Resources, Gold &ome Trust Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, GAMCO Natural Resources, Gold &ome Trust's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where GAMCO Natural Resources, Gold &ome Trust'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.
GAMCO Natural Resources, Gold &ome Trust (GNT) has a Graham Number of $23.03 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on GAMCO Natural Resources, Gold &ome Trust and its competitors. This is 3443% above median its historical median of 0.65. Over the past decade, GAMCO Natural Resources, Gold &ome Trust's Graham Number has ranged from 0.32 to 0.84. According to the industry distribution chart, GAMCO Natural Resources, Gold &ome Trust ranks #129 out of 1168 companies in the Asset Management industry, placing it in the top 11%.
Is GAMCO Natural Resources, Gold &ome Trust's Graham Number too high?
GAMCO Natural Resources, Gold &ome Trust's current Graham Number of $23.03 is 3443% above median its 10-year median of 0.65. Over the past 10 years, this metric has ranged from a low of 0.32 to a high of 0.84. The Asset Management industry median Graham Number is 0.70. GAMCO Natural Resources, Gold &ome Trust's value of $23.03 is 3190% above this industry median. Based on the distribution chart, GAMCO Natural Resources, Gold &ome Trust ranks #129 out of 1168 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, GAMCO Natural Resources, Gold &ome Trust has a GF Score™ of 67/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does GAMCO Natural Resources, Gold &ome Trust's Graham Number compare to BCV and HEQ?
According to the Asset Management industry distribution chart, GAMCO Natural Resources, Gold &ome Trust ranks #129 out of 1168 companies for Graham Number. This places GAMCO Natural Resources, Gold &ome Trust in the top 11% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.70. GAMCO Natural Resources, Gold &ome Trust's value of $23.03 is 3190% above this benchmark. Historically, GAMCO Natural Resources, Gold &ome Trust's own Graham Number has ranged from 0.32 to 0.84 over the past decade. While the company's 10-year median is 0.65 vs. the industry median of 0.70, GAMCO Natural Resources, Gold &ome Trust 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 an Asset Management company?
The median Graham Number among Asset Management companies is 0.70, based on 1,168 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. GAMCO Natural Resources, Gold &ome Trust's current Graham Number of $23.03 is 3190% 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 GAMCO Natural Resources, Gold &ome Trust and its competitors. For the Asset Management industry, the median Graham Number is 0.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. GAMCO Natural Resources, Gold &ome Trust's current Graham Number is $23.03, which is 3443% above median its own 10-year median of 0.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GAMCO Natural Resources, Gold &ome Trust stock overvalued right now?
Based on GuruFocus' analysis, GAMCO Natural Resources, Gold &ome Trust (GNT) is currently considered Possible Value Trap. The stock's GF Value™ is $26.35, compared to a current price of $8.19 — trading 68.9% below its estimated fair value. The current Graham Number is $23.03, which is 3443% above median its 10-year median of 0.65 and 3190% above the Asset Management industry median of 0.70. GAMCO Natural Resources, Gold &ome Trust's overall GF Score™ is 67/100 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 GAMCO Natural Resources, Gold &ome Trust (GNT), the current Graham Number is $23.03 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.
Is GAMCO Natural Resources, Gold &ome Trust (GNT) Overvalued in 2026?
Based on GuruFocus' analysis, GAMCO Natural Resources, Gold &ome Trust stock appears to be undervalued.
The current stock price of $8.19 is trading 68.9% below its estimated GF Value™ of $26.35.
GuruFocus considers GAMCO Natural Resources, Gold &ome Trust to be Possible Value Trap.
Key valuation signals for GNT:
Graham Number: $23.03 (3443% above median its 10-year median of 0.65)
GF Value™: $26.35 vs. price of $8.19 (68.9% below fair value)
Industry Position: 3190% above the Asset Management median (#129 of 1168)
No single metric tells the full story. See the GNT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
GAMCO Natural Resources, Gold &ome Trust Business Description
GAMCO Natural Resources, Gold & Income Trust is a non-diversified closed-end management investment company. The company's primary investment objective is to provide a high level of current income from interest, dividends, and options premiums with its secondary objective being capital appreciation. Under normal market conditions, the company invests majority of its assets in securities of companies principally engaged in the natural resources and gold industries, and also engages in writing covered call options on the underlying equity securities. Its portfolio consists of securities from different sectors such as metals and mining, energy and energy services, specialty chemicals, agriculture, healthcare, machinery, food and beverage, and others.
67GF Score
Get the complete analysis for GNT
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