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Highwater Ethanol LLCHEOL 24 Graham Number is $49,768.51 as of Apr. 2026, which is 10588945% above its 10-year median of 0.47. GuruFocus rates HEOL with a GF Score™ of 24/100 and a GF Value™ of $13,044.53. The stock has 4 warning signs investors should review. Among 610 Oil & Gas companies, Highwater Ethanol LLC ranks better than 96.23% 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 (2026-07-27), the stock price of Highwater Ethanol LLC is $14555.00. Highwater Ethanol LLC's graham number for the quarter that ended in Apr. 2026 was $49,768.51. Therefore, Highwater Ethanol LLC's Price to Graham Number ratio for today is 0.29.
The historical rank and industry rank for Highwater Ethanol LLC's Graham Number or its related term are showing as below:
HEOL'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.15 Med: 0.47 Max: 1.33
Current: 0.29
During the past 13 years, the highest Price to Graham Number ratio of Highwater Ethanol LLC was 1.33. The lowest was 0.15. And the median was 0.47.
HEOL's Price-to-Graham-Number is ranked better than 96.23% of 610
companies
in the Oil & Gas industry
Industry Median: 1.115
vs HEOL: 0.29
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Highwater Ethanol LLC (OTCPK:HEOL) 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.
Highwater Ethanol LLC's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
14555.00
/
49,768.51
=
0.29
* 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.
Highwater Ethanol LLC Graham Number Related Terms
Highwater Ethanol LLC Graham Number Historical Data
* Premium members only.
The historical data trend for Highwater Ethanol LLC'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.
HEOL vs BDCO, DLXY, FGPR: Graham Number Comparison
For the Oil & Gas Refining & Marketing subindustry, Highwater Ethanol LLC'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.
Highwater Ethanol LLC Price-to-Graham-Number vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Highwater Ethanol LLC's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Highwater Ethanol LLC'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.
Highwater Ethanol LLC (HEOL) has a Graham Number of $49,768.51 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Highwater Ethanol LLC and its competitors. This is 10588945% above median its historical median of 0.47. Over the past decade, Highwater Ethanol LLC's Graham Number has ranged from 0.15 to 1.33. According to the industry distribution chart, Highwater Ethanol LLC ranks #23 out of 610 companies in the Oil & Gas industry, placing it in the top 3.8%.
Is Highwater Ethanol LLC's Graham Number too high?
Highwater Ethanol LLC's current Graham Number of $49,768.51 is 10588945% above median its 10-year median of 0.47. Over the past 10 years, this metric has ranged from a low of 0.15 to a high of 1.33. The Oil & Gas industry median Graham Number is 1.12. Highwater Ethanol LLC's value of $49,768.51 is 4463443.5% above this industry median. Based on the distribution chart, Highwater Ethanol LLC ranks #23 out of 610 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Highwater Ethanol LLC has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.
How does Highwater Ethanol LLC's Graham Number compare to BDCO and DLXY?
According to the Oil & Gas industry distribution chart, Highwater Ethanol LLC ranks #23 out of 610 companies for Graham Number. This places Highwater Ethanol LLC in the top 4% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.12. Highwater Ethanol LLC's value of $49,768.51 is 4463443.5% above this benchmark. Historically, Highwater Ethanol LLC's own Graham Number has ranged from 0.15 to 1.33 over the past decade. While the company's 10-year median is 0.47 vs. the industry median of 1.12, Highwater Ethanol LLC 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 Oil & Gas company?
The median Graham Number among Oil & Gas companies is 1.12, based on 610 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. Highwater Ethanol LLC's current Graham Number of $49,768.51 is 4463443.5% 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 Highwater Ethanol LLC and its competitors. For the Oil & Gas industry, the median Graham Number is 1.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Highwater Ethanol LLC's current Graham Number is $49,768.51, which is 10588945% above median its own 10-year median of 0.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Highwater Ethanol LLC stock overvalued right now?
Highwater Ethanol LLC (HEOL) has a current Graham Number of $49,768.51. The stock's GF Value™ is $13,044.53, compared to a current price of $14,555.00 — trading 11.6% above its estimated fair value. The current Graham Number is $49,768.51, which is 10588945% above median its 10-year median of 0.47 and 4463443.5% above the Oil & Gas industry median of 1.12. Highwater Ethanol LLC's overall GF Score™ is 24/100 with 4 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 Highwater Ethanol LLC (HEOL), the current Graham Number is $49,768.51 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 Highwater Ethanol LLC (HEOL) Overvalued in 2026?
Based on GuruFocus' analysis, Highwater Ethanol LLC stock appears to be overvalued.
The current stock price of $14,555.00 is trading 11.6% above its estimated GF Value™ of $13,044.53.
Key valuation signals for HEOL:
Graham Number: $49,768.51 (10588945% above median its 10-year median of 0.47)
GF Value™: $13,044.53 vs. price of $14,555.00 (11.6% above fair value)
Industry Position: 4463443.5% above the Oil & Gas median (#23 of 610)
No single metric tells the full story. See the HEOL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Highwater Ethanol LLC is engaged in the production of ethanol and distillers grains at the plant. It focuses on the manufacturing and marketing of fuel-grade ethanol and the co-products of the ethanol production process. Its products include fuel-grade ethanol, distillers grains, and corn oil. The company produces and sells fuel ethanol and co-products of the fuel ethanol production process in the continental United States.
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